Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-01-15
SILVER AND BONDS
Mr.. Mills Make a Financial Speech
in the Senate.
CURSE OF ABONDED DEBT
His Differences With the President
and Mr.. Carlisle.
PENSIONS IN THE HOUSE

PENSIONS IN THE HOUSE
Mr.. Sherman secured the floor shortly
after the session of the Senate began to-
day, and presented two reports from the
committee on foreign relations. The first
was an adverse report on the bill prohibit
ing citizens of the United States from ac-
cepting any titles, decorations, ETC., from
foreign nations. Mr.. Sherman said there
az peared to be no need for the proposed
legislation. and on his motion the consid
Grafton of the bill was indefinitely post
poned.
The Alaskan Boundary.
The second report was favorable to the
passage of the joint resolution appropriate
ing $4,000 for the expenses of the commits
sion engaged in fixing the boundary be-
tween Alaska and British America along
the line Of the 141st meridian Of west
longitude. There was some objection to
immediate consideration of the measure,
but on Mr.. Sherman's statement that the
commission now at work would have to
suspend operations unless the appropria-
ton was given. the resolution was passed.
Mr.. Mills Financial Speech.
This disposed of routine business. and
Mr.. Mills (Tex) took the floor in support
OF his resolution, introduced yesterday,
concerning silver, bonds, etc. The Senator
spoke without notes, and was given close
attention. Mr.. Mills first addressed him
self to the silver situation. He spoke of
the long continued antagonism to silver
and the present locking up of the accumu-
lation of silver in the treasury vaults. It
was due, he said. to the powerful influence
IN this country claiming that the preroga-
tive of issuing money should be given to
corporations, to expand and contract as
they pleased. The national bank idea was
not democratic idea. Mr.. Mills cited JEFF
ferson to show the democratic policy
favored the retention of the prerogative of
making money by the government and the
people. 1t was an incident of sovereignty
to issue money. Mr.. Mills followed the
course of the national and state banks,
OF the circul" ton. And now, he said. this
system was to be perpetuated by further
issues Of bonds.
The People Against Bond Issues.
Whenever the verdict of the people had
been taken i: was in favor of the legal
tender notes.-the money of the people-and
against the bank notes. The people had al
ways stood against bonds and bank circula-
ton.
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 undertaken"
The Senator said he diffeIe ed with the
President on this subject and regretted It.
and the difference with the President and
Secretary of the Treasury existed in spite
Of the high personal regard for them. The
President wanted more bonds, adding to the
peoples burden and imposing this burden
on our children and our childrens children
Mr.. Gray asked if Mr.. Mills believed IN
notes which were never redeemed-in short,
fiat money. Mr.. Mills rejected the idea that
legal tender notes were fat and explained
the theory of fiat money.
Bond Issues Futile.
why did not our distinguished Secretary
Of the Treasury" asked Mr.. Mills. when
this bank conspiracy began, 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. But the Secretary kept the
silver locked in the vaults. The Presidents
bond issues were futile. 1t was like pour
ing water through a sieve. The hundred
million issue few days hence would be
followed by another hundred millions in q
few months. This would go on until the
500, 900, 600.
1.-The President used some remarkable
language" said Mr.. Mills, and the Senator
pointed this out with profound respect to
the President. The Presidents language
was contrary to all the teachings of our
democratic fathers 1t sounded like the
statements of Jay Cooke when he advo-
Gated national debts as national blessings.
Mr.. Mills read from the Presidents utter
ances on bonds and compared them with
the views of distinguished democrats Of the
past
Curse of n Bonded Debt.
The Senator pictured the curse, as he
called it, Of bonded debt. And yet, now
our President and Secretary of the Treas
ury ask for longtime bonds, payable in
gold. Fifty-year bonds, which would never
be paid.
MIR. Mills quoted Thomas Benton of the
hell and chaos caused by effort to sustain
the banks. 1t meant the establishment of
"bankocracy'' in the United States. But
the party who goes to the country on this
policy will be wept out of existence with
storm of Indignation. This bank power
threatened to WELD a controlling power in
the Senate, the House of Representatives
the executive branches and the United
States Supreme Court. This last branch
had grown so powerful that it could almost
decree monarchy in the United States. That
would be no more absurd than the decision
against the income tax overruling the de-
cisions of a hundred years.
Mr.. PETER on the Financial Situation.
The silver bond bill was taken up at 2
o'clock. and Mr.. PETER (Kan.) addressed
the Senate.
He said that the speech of Mr.. Mills had
at last justified the populist party. I'VE
have the remarkable spectacle" said Mr.
Peffer, "of a democratic Senator holding a
distinguished place in his party arraigning
and deEouncing the policy of the President
which this party brought into power"
Mr.. PETER proceeded to discuss the finan-
cial situation, urging in particular the re-
peal of all laws authorizing the issue of
bonds.
THE HOUSE.
In the House today the Speaker announced
the appointment Of Mr.. Allen Of Utah to the
committee on public lands, in place Of Mr..
Curtis of Kansas, resigned.
On motion of Mr.. Bowers (Cal) bill was
zin ho 80 b.