The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1896-01-16
DEBATE ON THE BOND BILL
THE DISCUSSION WAS OPENED BY
SENATOR Mills OF TEXAS.
In His Speech He Also Reviewed the His
tory of the Banking System and Argued
in Favor of Abolishing 1t, Quoting From
the Platforms of Both Parties.

the Platforms of Both Parties.
Washington, Jan. ia bill hereto
fore introduced by Mr.. Allen, pop, OF
Nebraska, and then referred to the
committee on foreign relations to pre-
vent United States citizens from ac-
cepting titles or patents of nobility
from foreign nations, was reported
back to-day from the committee ad-
versely and was postponed indefinitely.
A joint resolution appropriating $75,-
600 to defray the joint expense of locat-
ing the boundary lien between Alaska
and the British North American terri
tory was passed.
A bill for the adjustment of a 'pa-
triotic memorial university" was ptro-
duced by Mr.. Squire, rep, of Wash
ington, by request, and was referred.
The resolution offered yesterday by
Mr.. Mills, dem., of Texas, in favor of
the coinage of silver and for other pur-
poses was taken up and Mr.. Mills ad-
dressed the senate. He said that the,
house bond bill might be considered as
a fair representation of an extreme
view of the financial subject as enter
tanned by the people of the United
States, while the substitute reported
by THE finance committee was, in some
measure anltagonistic to that view.
The criticism ON the substitute was
that it was more an avoidance than
joinder of issue on the principles pre-
sented in the house bill. The real force
behind the controversy and which had
been urging 1t on for years was, he said,
tae rational banks, which claimed that
the prerogative of coming and issuing
money which necessarily belonged to
the government, really belonged to them
and that they must exercise the pre-
rogative of contracting and expanding
the currency, mad of changing the stan
dard of value as might suit their per-
sonal interests.
Mr.. Mills reviewed the history of
the national banking system, and ar
gued in favor of abolishing it-quot-
ing from the platforms of political
parties in several states against the
national banks and against bank note
circulation, which, he said, cost the
people hundred millions a year.
He expressed his regret at having to
differ with the president in his recon-
mendation to cancel and withdraw gov
ernment circulation and to substitute
bank circulation.
Mr.. Gray, dem, Of Delaware, asked
Mr.. Mills whether he was in favor of
the government issuing notes payable
ON demand and which We're never to be
redeemed.
"Just on the same principle" Mr..
Mills replied, "as / am in favor of keep
ing up taxation which is never to be
stopped so long as the government needs
revenue. !"
''Does not that make it fiat money" ?"
Mr.. Gray asked.
"No sir Mr.. Mills said, fiat money
as we understand it, is a money which
has no basis of intrinsic value. 1t is
simply a promise in the air. But a
treasury note that is issued, and is
restricted I'M amount so as not to expel
the standard on which it is based,
is equal in value to the standard, every
where within the domain of the United
States"
Mr.. Mills criticised the recommended
tion of the president to refund the
greenbacks and treasury notes int in
lGI6St-DGdIIIS OOIluS anu dGCiSAl GU lHoiL
that teaching was contrary to that
of all the parties who had elected presi-
dents 1t had been, he said, the demo-
cratic policy from the organization of
the party to pay public debt and to
keep the resources of the country from
being encountered by taxation.
Mr.. Mills closed his speech at 2
o'clock and then the house bond bill
,1,edL;I
from the finance committee was taken
UP and Mr.. Peffer, pop, of Kansas, ad
dressed the senate. He spoke in favor
of the substitute.
IN THE HOUSE.
Mr.. Johnson, rep, of Indiana, pre-
sented the report of elections committee
No upon the contest of Robert I'll.
Chesebrough for the seat occupied by
George B. Mcclellan, from the Twelfth
district Of New York.
The report recited the facts in the
case, which showed that Chesebrough
had abandoned the contest and was ac-
companied by a resolution declaring
that Mcclellan had been duly elected
and was entitled to the seat. The re-
port was agreed to and the resolution
passed.
Senate bill was passed granting an
American register to the steamer Mia
mi
The house then resumed, in commit
Tee of the whole, consideration of the
general pension bill, Mr.. Dingley, rep,
of Maine. in the chair.
Mr. Moore, rep, of Massachusetts, an
nounced that he would offer at the
proper time an amendment to the bill
giving the widow of a soldier the min
imum pension of S12 month, notwith-
standing that the soldier died from dis
ease not contracted in the service.
Mr. Walsh, dem, of New York, in
voked the chivalry of the members from
the south to vote for the bill and the
amendment proposed by the committee
and thereby aid in making comfortable
the widows of those who had met them
in honorable conflict.
Speeches were also made by num-
Der of republicans from western states,
some of whom criticised the administra-
ton of tbs pension bureau.
Messrs. Lacey, rep, of Iowa, and Nc
Call. rep, of Tennessee, opposed the
Graft amendment as not tending to fur
ther the best interest of the psnsioner.
Mr. Picker DEM, of North Dakota,
urged revision of the, pension laws.
Fx-SDeat<e Grow rem of Peunsyl-