Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-01-23
EXCITING FINANCIAL DEBATE
The Bond Bill Earnestly Discussed in the
Senate.
Messrs. Sherman, Teller and German
Were the Principal Speakers-
Others Ask Questions.

A lively debate occurred in the Senate
yesterday after The Stars report closed
Following Mr.. Wolcotts speech the dis
cussion of the bond bill was taken up and
there was a sharp debate between Mr.. Sher-
man, Mr. German, Mr.. Teller and others.
which led to the most spirited financial de-
bate that has occurred since the present
Congress convened. Mr.. Sherman spoke at
length and with great earnestness, depre-
eating the thrusting of an "old WORKOUT
issue'-the silver ouestion-into the Senate
at a time VIII m practical legislation was
imperative. Mr.. Teller and Mr.. German
answered Mr.. Sherman from their respec-
tive standpoints, while Mr.. Aldrich, Mr..
Lindsay, Mr.. Gray and others took part In
the debate.
Senator Teller said that the gold element
In the Senate and in the country had never
yet presented monetary system. The four
Senators representing the gold element on
the finance committee had never offered
a system.
Mr.. Platt of Connecticut of the finance
committee, said he would suggest a system
namely, the payment of customs duties
in gold.
Mr.. Teller said this showed the entire alb
sence IF any philosophical monetary sys-
TEN. Here was proposition, which would
destroy the parity Of the metals and yet IL
was offered off hand by a member Of the
finance committee. 1t indicated that place
on the finance committee did not necessar-
lily give man complete knowledge of
finance
Mr.. Teller arraigned the policy of issuing
bonds, with a view, he said, to building up
permanent bonded debt to be borne by
posterity.
MIR. Shermnn's Earnest Remarks.
Mr. Sherman arose as soon as Mr.. Teller
closed. The silver discussion, said Mr..
Sherman, was purely a moot discussion.
No doubt there was silver majority In
the Senate. But the country had settled
down to the idea that free silver coinage
would bring us to single standard Of sill
Yer and was undesirable. State after state
had taken this position. The use of both
metals, the bimetallic system, was oeing
accepted as the best.
Under these circumstances, continued Mr..
Sherman, the thrusting of this worn-out old
question, which could not hope to succeed
in the present Congress, was unwise In the
present emergency of the treasury. 1t was
absolutely certain that this silver amend
ment, If passed, would be rejected Ivy the
House. Why thus obstruct the relief i'm
perauvely needed by the government?
The deficiency had caused the trouble,
and the House had offered an emergency
tariff bill to overcome that deficiency. Such
relief should not be delayed and DISTRACTED
by thrashing out an old worn subject.
Mr.. Cockrell asked IL Mr.. Sherman meant
to say that the relief as proposed was what
the executive had asked.
Mr.. Sherman said IT was not for the ex-
ecutiyee to determine upon the nature of
revenue legislation. That was for the
House of Representatives under the Con-
stitution. 1t was not for the President TO
say what was the best form Of relief. 1t
was sufficient that the House of Represen-
tatives, the representatives of the people,
determined upon means of revenue.
AT this point there was a colloquy. Mr..
Gray Del) asked MIR. Sherman where this
tariff bill was
the Senator on his right Zones Of Arkan-
sas).
Mr.. Jones CArk.)-That bill is in the hands
of a republican committee on finance.
Mr.. Shenandoah finance committee is
today practically democratic. One men,
Der of the committee Zones of Nevada has
| severed himself for the time from the re-
publican members of the committee. But
| it is important to understand that one
| democratic vote in the finance committee
will authorize report at any time.
Bond Bill VIII Afford Relief.
Mr. Teller asked if Mr.. Sherman thought
the bond bill would afford relief
Mr.. Sherman answered that he did. The
government had suffered heavy losses from
selling per cent bonds, and this afforded
an opportunity for 3 per cent bonds.
Mr.. Teller asked HON long it was intend
ed to keep up the sale of bonds.
| Mr.. Sherman-As long as il is necessary
to meet the governments needs, caused by
the course Of this administration.
! I'm the meantime" continued Mr.. Sher-
man, "the republican party stands here
ready TO do its duty, TO pay the public
debt, to overcome deficiencies. to raise suf-
| ficient revenue"
Mr.. Teller referred to the selling of bonds
| for the purpose of securing gold.
IF there had been no deficiency there
would have been no loss of Gold," said Mr.
| Sherman. THE gold had remained in the
| treasury for years. But as soon as there
was a deficiency the gold began TO go. Be
| cause the gold was used to pay current
| expenses. This administration had caused
a fright about gold losses. The banks
to their discredit-joined in the fright
| Banks seeing the government using gold
| had adopted the same course. Instead of
maintaining their bank reserve in notes
they drew gold for their reserve"
| In conclusion Mr.. Sherman said: LAS
far my voice can go i want It under
stood that this delay arises out of the
| discussion of an old WORKOUT issue-the
| free coinage of silver-while We should
| he turning our attention to the practical
remedies before US"
Mir. Teller responded with spirit. The
Senator (Sherman) and his associates On
! the republican side offered no monetary
| system. They stood practically with the
| President. The Senator from Ohio could
not get up and lecture him as TO urging a
measure that could not become law. This
bond bill could not become law. II there
was to be a play of politics" il would
| affect bond bills as wei as silver.
Mr.. German Defends the Treasury.
MIR. German OId) answered Mr.. Sher-
mans statements concerning the treasury
| administration. He declared that the
course of the treasury now was the same
as that under Secretary Foster and as
far back as the administration of Secretary
Sherman. The democratic Congress had
enacted a revenue law which would have
afforded ample revenue, but the income
tax had been wiped out by the decision of
| the Supreme Court of the United States.
| 1t was an unforeseen event. The ques-
ton now was not one of party politics.
The Senate aisle could not determine the
elements on this great financial subject.
1t was too great, too serious a question
that Senators should stand here bandying
charges as to which party is responsible
for the present conditions.
MIR. Aldrich Or. L. and Mr.. Lindsay Ry.)
Joined issue as to the political responsible
| ity for the deficiency.