The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1896-01-16
Senator Mills Voices His Views
on Finance
THE EXECUTIVE CRITICIZED
Aud Eloquent Objections Made to the
Issuance of Bonds
The Day in the House Consumed In Oratory
on Pension Appropriations-One Bill
Passed



criticisms of the president and the secre-
tary of the treasury. was the main feature
of today's session. There was added in
terest in the speech from the fact that Mr..
Mills had been prominent in the senate as
the champion of the presidential policy.
His criticisms today were temperate and
dignified, the senator giving expression to
his high personal regard for the executive,
although differing from him radically on
the question of financial policy.
Mr.. PETER followed with speech against
bonds and in favor of silver coinage.
During the day Mr.. Pugh gave notice
that on Monday next he would press to a
vote, without a debate, a resolution that
all government obligations should be paid
in either silver or gold.
Mr.. Sherman secured the floor shortly
after the session of the senate began today
and presented an adverse report on the
bill providing for citizens of the United
States accepting titles, decorations, etc.,
from foreign nations. Sherman said there
appeared to be no need for the proposed
legislation. Consideration of the bill was
indefinitely postponed. Sherman reported
favorably on the joint resolution appropri-
ating $50 900 for the expenses of the COM
mission engaged in fixing the boundary
between Alaska and British America along
the line of the 141st meridian, west longi-
tude. There was some objection to imme-
mediate consideration, but on Sherman'S
statement that the commission now at
work would have to suspend operations
unless an appropriation was given, the res
Olution was passed.
IF ", WI
of his resolution introduced yesterday con-
corning silver, bonds, etc. He spoke ex-
temporaneously, and received close atten-
ton. He first drew attention to the long
continued antagonism to silver and the
present locking up of the accumulation of
silver in the treasury vaults, due, he said,
to the powerful influence in this country
which claimed the prerogative of issuing
money should be given to corporations to
expand and contract as they pleased. The
national bank idea was not a Democratic
idea. The Democratic policy favored the
retention by the government and people of
the money-making prerogative. Mills
showed the contractions and expansions of
the circulation made by banks, and said
this system was now to be perpetuated by
the further issue of bonds.
Whenever the verdict of the people had
been taken it had been in favor of the legal
tender notes. The people had always
''Let any party,' said Mr.. Mills, ''dare to
go before the country in the coming con-
test with plain declaration favoring
bonded debt and bank circulation, and
when the campaign is over that party will
need the services of a first-class under
taker."
He differed with the president on this
subject and he regretted it. But this was
country of free discussion, and the differ
ence with the president and the secretary
of the treasury existed in spite of high per-
sonal regard for them. The president
wanted more bonds added to the peoples
burden and imposing this burden upon our
children and our children's children.
Mr.. Gray asked if Mr.. Mills believed in
notes which were never redeemed; in
short, in fiat money.
Mr.. Mills rejected the idea that legal
tender notes were fiat, and explained the
theory of fiat money. Why did not our dis
tinguished secretary of the treasury, asked
Mr.. Mills, when the bank conspiracy be-
gan. say to these gentlemen, now show
your cards and will pay you in silver? If
the secretary had coined the silver in the
treasury and paid it for current expenses
there would have been no deficit. The
presidents bond issues were futile. 1t was
like pouring water through sieve. The
S1OO,OOO,OOO issue a few days hence
would be followed by another $l00. OOO,-
600 in a few months. The presidents
language concerning finances sounded like
the statements of Jay Cooke, when he adj
vocated national debts as national bless
ings.
This bank power threatened to WELD
controlling power in the senate, the house
of representatives, the executive branch
and the United States supreme court. This
last branch had grown so powerful that it
could almost declare monarchy in the
United States. That would be no more abb
Irftth a 10 iaIn mt fl,, tvrA
tax, overruling the decisions of hundred
years.
The senator closed with a strong express
sion of his purpose at all times to resist the
growing influence of the bank power
The silver bond bill was taken up at 2
o'clock and Mr.. PETER, Populist of Kansas
addressed the senate. He said that the
speech of Mr.. Mills had at last justified
the Populist party.
1--WE have the remarkable spectacle
said Mr.. PETER, ''of Democratic senator,
holding distinguished place in his party,
arraigning and denouncing the policy of
the president which this party brought into
power"
Mr.. PETER urged in particular the repeal
of all laws authorizing the issue of bonds.
He yielded the floor to permit Mr.. Pugh,
Democrat, of Alabama to offer resolu-
ton, similar III text to the resolution histor-
ically known as the "Stanley Mathews res
obligation in either coin of gold or silver.
Mr.. Pugh gave notice that he will ask a
vote on his resolution on Monday.
Resuming. Mr.. PETER said the Populist
party would properly arrange the parity of
the metals when it came into power.
''That will be,' said Mr.. Hoar, when
the millennium occurs.H
1.-THE millennium is near at hand and we
will not have long to watt responded Mr..
PETER.
The senator said the bond policy of the
president was little less than great pub
lie crime"
Mr.. PETER will continue his remarks to-
morrow.
On motion of Mr.. Wolcott, Republican of
Colorado, the senate agreed that the adj
journment would be until Monday.
NOMINATIONS CONFIRMED
The senate today confirmed tine follow
ing nominations:
california: O. S. freshly.
at Azusa; c. P. Livingston, at Whittier; V.
Charter, at South Riverside.
Arizona-T. A. Fleming, at Williams:
T. J. Wylie, at NoQales.
At 30 the senate went into executive
session and at 4 80 adjourned.
FOREIGN RELATIONS
WASHINGTON, Jan. 15.-Ata meeting of
the senate committee on foreign relations
today, a resolution prepared by Senator
Davis, defining the legislative action and
attitude OF this country toward foreign en-
croachment on the western hemisphere in
accordance with the Monroe doctrine, was
discussed, but final consideration was post