Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1896-02-01
FIFTY-FoURTH CONGRESS.
WASHINGTON, Feb. l.
SENATE.

this morning, after taking recess from
10 O'Clock last night, the attendance
OF Senators was rather slim, there De-
ing perhaps twenty in attendance.
The Vice President LAID before 'he
Senate an estimate of appropriation by 10y
the Secretary of the Navy OF S2V,oo9
for new practice vessels for the naval
Academy.
Mr.. Allen introduced bill to reduce
public expenditures.
MIR. Morrill,, chairman of the hnance
committee. then addressed the Senate
in opposition to the free coinage suosLl,
tute reported by that committee LOT Inc
House bond bill.
MIR. Teller replied to the assertion o.
MIR. Morrill, that silver was being mined
at ridiculously low cost. He mair.
tanned that gold and silver were today
both being mined at % cents an ounce.
He had ample testimony to show that
oold had been mined at from 10 cents
to So an ounce, and it was unfair TO
saw that silver was cheap metal.
Discussion proceeding under the ilVe
minute rule Mr.. Daniel opposed the
amendment proposed by Mr.. Butler re-
curing the Secretary of the treasury
to pay out either gold or silver as the
case may require, when the two metals
were not at parity, as one that was
impracticable.
MIR. Gray said that the practical effect
of such an amendment would be equiv
alent to a declaration that the govern
ment was bound to cheat the holders OF
its obligations, if it could.
MIR. Daniel construed MIR. Buffers
amendment to be one compelling the
officials to pay out the cheaper metal;
the true policy was that this discretion
should be left to the Treasury to pay IN
either metal, so that no man would
know what he would get. This would
prevent the depreciation of either metal
and keep them both at parity. :,
Mr.. Butler urged an answer to the
question which metal should be PAID
out-gold which is at premium, or
silver which is below par:
Mr.. Daniel thought they should be
used indifferently. The Secretary OF
the Treasury, in paying out either
metal, should BIZ guided by discretion
governed by the conditions and clrcum
stances at the time existing, which his
Judgment suggests as the best means Tor
maintaining the parity OF the two metals.
It would be impossible to lay down
any fixed statutory provision to control
that discretion, just as it would be I'M
possible to tell military commander
what he should do, under certain con-
ditions while under fire.
Don't you think the action OF the
Secretary of the Treasury has caused a
disparity between the two metals ?'
asked Mr.. Butler.
"When discuss that question" said
Mr.. Daniel, 81 must have more time,
and at season when it is apropos.
For that reason 1 must decline to an
swcr the question"
Mr.. Cockrell asserted that there had
never been any greater obstacle to Sc
curing free coinage than the efforts OF
those who always wanted more than 1t
was possible to get. A free coinage bill
was now possible and Mr.. Cockrell
hoped that it would pass without
amendment.
Messrs. Allen, Butler, PETER and
Stewart, ali populists, favored MIR. But
ler's amendment.
Mr.. Buffers amendment was defeat.
ed, Is to 60, the ayes being Messrs. AL
len, Brown, Butler, Cameron, Cannon,
George, Hill, Kyle, PETER, Pritchard,
Roach, Stewart, Tillman-l3.
Mr.. Allen offered an amendment de-
priving the Secretary of the Treasury
of the power to issue bonds without the
prior authority of Congress
Mr.. Aliens amendment prohibiting
the future issue OF bonds without Con-
gress having declared the necessity
therefor, was defeated by vote of 81
yeas to 81 nays.
Mr.. Morrill, offered an amendment
providing that the seigniorage, equal to
the difference between the coinage and
the commercial value of the silver shall
be retained by the United States. This
was so fair a proposition, he said, that
he believed it would be agreed to.
Mr.. German recalled the appeal OF
the President to Congress to remain
here during the holidays and construct
a measure for the reliefof the Treasury.
The Senate committee, hostile to that
relief, had reported in favor of the I'M
limited coinage of silver. 1t was, he
said, impossible to have this substitute
become law, prior, at least, to March
4, 1897. 1t could not and would not
receive the sanction of the President.
Under the conditions existing in the
Senate, the friends of free coin
age could not agree upon any
proposition. he therefore moved
that the amendment offered by the
committee on finance be laid upon the
table. 1t was defeated by vote of 43
to 81, among the ayes being Senator
Martin while M. Daniel voted no. Mr..
Morrill's amendment to retain as seign-
orage in the Treasury the difference
between the coinage and the CONNER
cial value of the silver proposed 10 be
coined was defeated by vote of 33
to A.
At 2:20 o'clock Mr.. Baker desired to
offer his amendment limiting the coin
age to the American product, and
Mr.. Lodge his amendment providing
for hundred million loan for coast de-
fences.
Mr.. Cockrell and Mr.. Harris in
sisted that the agreement stipu-
lated that tho fnsl vote on the
substitute should be taken at o'clock.
A parliamentary wrangle then followed.
Various amendments were with