Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-01-04
SENATE AND HOUSE.
yr. Sherman Reads a Speech on Ills
Cold.ReserYe Resolution.
MILLS DEFENDS DEMOCRACY.
lie shows That the Existing
= c,ai pin,cuItics Were inher''eo
from the Repubiic"n'-'''~'""
yo,,,iou-uiu Against IL

/ WASHlNUlO-Ns - ~
Il aver 1--WE hours to-day the oS""'e
turmoil Of a financial discussioh ~ "aS
o,s,ed by an hours speech from MI
s..r,,ar a leading member OF the
,r,nsnce Committee, in support Oh n'S
...oiu,ion 10 set apart the reserve iuhu
=, x,oo ooo 900 gold when In the treasury
.,d 20 seeregate It from the ordinary cur
rcncy receipts. He argued that there was
No other cause for the financial Ncuiues
=, the government than the UNIV tarin
LEGISLATION OF Congress, when hau re-
a.ce6 recejpts below expenditures; had
Impaired confidence. aud had compelled
,he government 10 sell bonds In order
10 meet deficiencies; and that there was
no other remedy, except TO borrow money
IN the best terms possible Ito pay cur
rent dofciencles) and TO provide sum
cient revenue. To that extent and lot
those purposes he was willing to sup
mort MIR. Cleveland's Administration, how
over much he disagreed with its generai
policy.
4 The coin reserve must be. Mr.. sherman
4 said kept un!mpaired. Instead OF beins
H drawn upon to meet current expenses
H The impalring OF that fund. from when
,iG2. coo 600 had been paid out In the iast
two and a half years, was the source ana
fountain OF oil our financial dsfhcuiues
and the true remedy was to supply py
taxation additional revenue, ana 10 DOT
row from the peop.e Of the United states
enough money to cover past ana future
deficiencies.
No action was taken on the resolution,
which lies on the Nice-Presidents table,
to be taken up for ,urther discussion.
The resolution offered some days ago
fN Mr. Elkins. declaring 1t to be the
sense OF the Senate that United states
. bonds should not be sod under private
contract without advertisement, was
<saken up. and discussed with much spirit
Xnntil the time Of adjournment A motion
a b. refer ii to the Finance Committee was
#defested by the immense majority OF
f<s 60 g. and the adjournment motion was
carried by majority OF only l.
The Senate. at $50. adjourned till Tues
Il day next, leaving the Elkins resolution
unfinished business"
Mr.. Morrill,. chairman of the Committee
II oil Finance moved that when the Senate
4 adjourned to-day IL adjourn to meet on
Tuesday next He expressed the hope
hat at that time the Finance Committee
Mould be able to report both the bond
Ind tariff bills of the House. The mo-
ton was agreed to.
LOYALTY PROOF REPEAL.
Mr.. George introduced and asked unanl-
nous consent for the present considera-
4 lion OF a bill to repeal the law which
Eyequires proof of loyalty during the war
between the States as a prerequisite In
<tny application for bounty land warrants
20 soldiers In the Mexican war. After ex-
planatory remarks by Mr. Hoar advo-
Mating the measure. unanimous consent
n WAS given. and the bill was passed.
Mr.. Butler asked unanimous consent for
The present consideration Of a bill 40
prohibit the further Issuance of Interest
bearing bonds without the consent OF Con
tress.'
Mr.. Hill remarked that the bill would
lead to some discussion, and as the sena
tor from Ohio (Mr. Sherman) was ready
10 address the Senate on the whole
financial question, he thought II unwise
TO have the discussion preciptated.
Mr.. Butler said that his bill needed no
discussion Everybody knew now wei
as he would know a year from now how
he would vote on this question. 1t hau
been discussed pro and con. and there
were two separate followings in the coun-
ttD In regard TO IL. Sull. he would let
'shOuid hear from the Senator from ONO.
Mr.. Allen offered q resolution, which
was agreed to. calling on the Secretary
OF the Treasury for information as TO
whether the reserve fund in the Trca-
sury had ever been segregated from other
moneys in the Treasury.
Mr. Lodge offered resolutions, which
were agreed TO- as to pneumatic guns
and as to the cost of equpplng the
purchase OF The Danish West lndia
Islands. which was referred to the Com
mittce on Foreign Relations.
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
fhsd reduced his speech to writing. on
|account OF the Importance of the sub
d feet. and for the sake OF clearne5s ana
brevity, and would proceed TO read ft.
The delivery of the speech occupied
exactly one hour 1t was read with dis
tinctness and force. and listened TO witn
the closest interest and attention on both
sides Of the chamber.
No vote was asked for on the resolu-
ton: but the floor was taken by MIR.
Butler. who argued in support " his
bin TO prohibit the issue Of bonds with
&out the consent OF Congress. Ine Presi-
4nent. he said. was waiting to see what
&tongrcss was going to do on the subject.
"a Let MS give IL 10 him. he exclaimed.
& &''and let us give II TO him unanimously.
tand not from paisisan standpoint"
The consideration Of the bill was OBJ
iected 10 by Mr. Hill who was at the
moment acting as President pro TEN.
MILLS AGAINST SHERMAN
Mr. Mills took issue with the statement
OF Mr. sherman that the tariff act OF
lSs3 was the cause of the present imam
clal difficulties. lie spoke of Air. Nc
Kinley as a man who never shirked or
shrank from the consequences OF his act.
and said that II he was to be the stand
ard-bearer of his party in the next cam
paign. he would stand upon the doe
Urine that IL was the duty OF the Arreri-
can Congress TO prohibit importation IN
order to give increased prices TO A. eri-
can manufacturers.
lie asserted that the present unsatis-
factory condition OF affairs had come
before the incoming OF the Democratic
administration, and he recalled the fact
that MIR Foster when Secretary Of
the Treasury. foreseeing the deficiency,
had sought TO have a provision for the
sale OF per cent. bonds inserted in an
appropriation bill. and called TO both
houses. Help me. Cassius, or else
sink"
And now" said Mr.. Mills. 'the Mes
tor OF the Republican party declares.
for campaign purposes. that the Demo-
cratic party was responsible in 1894 for
consequences which had their origin In
1880"
Al the close Of Mr. Mils's remarks Mr..
Vest asked what had become of Mr..
Sheman's resolution. and was Informed