The times. [volume] (Richmond, Va.) 1890-1903, 1896-01-04
BUTLER AGAINST BONDS.
NE WISHES 10 MIKE THE CON-
SENT or CONGRESS NECESSARY.
Financial Discussion Precipitated by the
Proposed Bond Bill-hr'
Mills Speech.


noil OF a financial discussion. 1T was
opened by an hours speech OF Mr. sher-
man. a leading member Of the Finance
Committee. in support Of his resolution
10 set apart the reserve fund Of Sl09,v0vV
gold when I'm the Treasury, and 10 segre-
gate il from tho ordinary currency re-
ceipts.
lie argued that there was no other
cause for the financial difficulties OF the
| Government than the unwise tariff legis-
lation of Congress. which had reduced
receipts below expenditures, had impaired
confidence. and had compelled the Gov
eminent 70 sell bonds in order 10 meet
/ deficiencies, and that there was no other
remedy except 10 borrow money on the
best terms possible 60 pay current oe-
fciencies), and TO provide sufficient reNe-
nue. To that extent and for those pur-
poses he was willing 10 support MT
! Clevelands administration, however much
/ ho disagreed with it's general policy
THE COIN RESERVE.
The coin reserve must be- Mr. Sher-
/ man said. kept unmpaired instead OF De-
/ inc drawn upon TO meet current expenses.
/ The impairing Of that fund. from whicn
/ Sle2 100000 had been paid out IN thc iasl
/ two and q half years, was the source ana
/ fountain Of all the financial oiincuitles'
/ ana the true remedy was TO supply py
taxation additional revenue ana TO DOR
row from the people Of the United states
! enough money TO cover past ana future
( deficiencies.
No action was taken on the bin under
discussion. which lies on the Nice-Presi-
dents table, to be taken up for further
/ discussion.
Tho resolution offered some days ago
/ by Mr. Elkins declaring it 10 be the sense
| Of the Senate that United States bonds
should not be sold under private con-
tract and without advertisement, was
| taken up and discussed with much spirit
/ until the ti--e of adjournment.
| A motion to refer IL TO the FINANCE
/ Committee was defeated by the immense
/ majority of As TO q. and the adjournment
/ motion was carried by majority or only
one
The Senate al $3.50 adjourned till Tues
| day next, leaving the Elkins resolution
unfinished business
Mr. Morrill,, chairman OF the Commit
tee on Finance. moved that when the
/ Senate adjourned to-day IL adjourn TO
| meet on Tuesday next lie expressed the
| hope that at that time the Fin lcc Com
mittee would be able TO rep both the
| bond and tariff bills OF the 4louse. The
motion was agreed 10.
PROOF OF LOYALTY.
Mr.. George introduced and asked unani-
| nous consent for the present cOnsidera-
tion of a bill TO repeal the law which re-
quires proof OF loyalty during the war
between the States as a prerequisite In
| any application for bounty land warrants
| TO soldiers in the Mexican war. After
| explanatory remarks by Mr. Hoar, advo-
| eating the measure. unanimous consent
was given and the bin was passed.
Mr.. Butler asked unanimous consent
for the present consideration OF a bii
Ito prohibit the further issuance Of i'm
terest-bearing bonds without the consent
! OF Congress"
MIR. Hin remarked that the bill would
! lead 10 some discussion, and as the Sem
ator from Ohio (dr. Sherman was ready
TO address the Senate on the whole gen.
eral financial question. he thought IL ur-
| wise TO have the discussion precipitated.
| Mr.. Butler said that his bill needed no
discussion. Everybody knew now as well
! as he would know a year from now how
he would vote on this question. IL had
! been discussed pro and con, and there
were two separate followings in the coun-
| try in regard TO IL. Still he would let
the matter lie over until the Senate should
hear from the Senator from Ohio.
Mr.. Allen offered a resolution. which
| the Treasury for information as 10 wheth-
er the reserve fund in the Treasury had
ever been segregated from other moneys
! I'm the Treasury.
Mr.. Lodge offered resolutions. which
were agreed TO. as TO pneumatic guns
and as to the cost of equipping a monitor
THE WEST INDIES.
Some days ago certain newspapers an
| nOunced that the Danish Government, be-
ing desrous OF avoiding the expense Of
maintaining the Government Of its pos
sessions In the caribbean Sea, had de-
cided to dispose OF the three islands be-
longing to it in those waters.
The subject was brought to the atten-
! tion Of the Senate this morning by Mr.
Lodge I'm a resolution which desires the
Committee on Foreign Relations to in
quire and report TO the Senate whether
the Islands Of St Croix, ST. John, and ST.
! Thomas, In the West Indies, can be now
! purchased from the Danish Government
as provided by the treaty signed at Co
| penhagen in October 1861 and whether,
If these islands are not purchased by the
| United states, it Is probable that they
will be sold by the Danish Government
10 some other power
The resolution offered by Mr.. Sherman
last Tuesday in relation to the reserve
fund, was laid before the Senate, and
Mr.. Sherman proceeded TO address the
Senate, prefacing his speech with a re-
mark that, contrary to his custom, he
had reduced his speech 10 writing on
account Of the Importance of the subject
! and for the sake Of clearness and brevity
and would proceed TO read IT,
The delivery Of the speech occupied
| exactly one hour. 1t was read with dis
tinctness and force, and listened TO with
! the closest interest and attention on
| both sides OF the chamber.
! No vote was asked for on the reso-
luton, but the floor was taken by Mr.
Butler. OF North Carolina. who argued
| OF bonds without the consent Of Con-
| gress. The President, he said, was wait
! ing to see what Congress was going to
| do on the subject.
BUTLER'S POSITION.
| Let us give it TO him." he exclaimed,
and let US give II TO him unanimously,
and not from partisan standpoint.
The consideration of the bin was OBJ
| jected to by Mr.. Hill. who was at that
moment acting az president pro TEN.
Mr.. Mills took issue with the statement
| of Mr.. Sherman, that the tariff act of
1893 was tho cause OF the present iinan-
| Kinley as man "ho never sh.rked or
| shrunk from the consequences OF his
| act. and said that "a he was 10 be the
| standard-bearer OF his party in the next
camps an, he would stand upon the doc
trine thst II was the duty OF the Ameri-
can Congress 10 prohibit importations, in