The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-01-04
A SPIRITED DEBATE.
Speeches by Mills, Hill, EIkins, Sher-
man, Teller and Others.


At the conclusion of Mr.. Sherman's re-
the immediate consideration of his bill 10
prohibit the future sale of bonds except
with the consent of Congress. The news
papers this morning. he said. had told the
story Of the impending bond issue Action
should be had at once. Mr.. Butler asked
unanimous consent to put his bill on its
passage. and Mr.. Hill. who happened to be
in the chair. rather startled the Senate by
himself interposing an objection.
Mr.. Mills then took the floor in reply to
Mr.. Sherman. He repealed the charge that
the Fifty-third Congress was in any way
responsible for the present financial crisis
The burden belonged to the Fifty-first Con-
gress, and Mr.. Sherman was partly
sponsible for the legislation of that Con-
gress. The Democrats had turned over to
the Harrison administration in 1889 $3.50 OOO,-
CO., How was it. he asked, if the claim
that the Mckinley bill had produced suffi-
cient revenue was true that in 1893 when
the Democrats again assumed control all
that surplus gone, consumed and dis
sipated. Mr.. Mills compared the Mckinley
and the Wilson bills. The former was en-
titled a bill Ito reduce revenues" the lat
ter ITO reduce taxation" The report on
the Mckinley bill, written by Chairman
Mckinley, recited the problematic effect
of the measure on the revenues of the gov
eminent. And yet, with the Mckinley act
responsible for the reduction Of revenues.
the cry was now raised that the Wilson
act was responsible for he decreases. Mr..
Mills criticised the double play" proceed
ings by the passage in the House of an
emergency BILL If this bill passed the
Senate as it might by Populist support,
it would meet with swift and sure punish
ment on the part of the people against
those responsible for it.
MIR. ELKINSS RESOLUTION.
Mr. Sherman's resolution was temporarily
laid aside and that of Mr.. EliKins. direct
ing the disposal of bonds by public sale. was
taken up. Mr.. Elkins spoke vigorously in
it's support. He referred to the fact that
petty government officials were compelled
TO make contracts after the advertisement,
and yet the President and Secretary of the
Treasury were entirely relieved of this
valuable safeguard. Mr.. Elkins reviewed
the commissions paid for floating loans dur
ing the war to show the enormous extortion
OF the syndicates who had taken up the
leans of the present administration. Only
about $5.5C0.00O had been paid in commits
sions on loans aggregating $500, 1000 600 dur
ing the war. In other words. II reports were
to be credited, the bond syndicate had
made more in placing loan OF So, 600 900
than was paid for floating the entire war
debt. The war loans were floated among
the people, all loans should be. 1t was
said that one banker was to obtain 81, 10000
commission for floating the contemplated
to comprehend such reckless and wanton
waste OF millions. He did not mean to
criticise the President, the Secretary of the
Treasury or the syndicate which was SIM
ply taking advantage OF an opportunity,
but he insisted that the people would take
these bonds at much higher figures than
those paid the government. The credit of
measurably the richest country of the
globe The Rothschilds. the Morgans and
have by the throat In conclusion. Mr..
Elkins moved that the Senate proceed with
the consideration of his resolution.
Mr. Hill sought TO object. but was cut off
by the Vice Presidents ruling that the rul-
ing was debatable. The vote was taken, re-
sulting as follows:
Yeas-Aldrich Allen. Allison. Baker Bate,
Berry, Burrows. Butler. Call, Cameron.
Chandler Clark. Cockrell. Cullom. Davis.
Dubois Elkins. Faulkner. Frye. Gallinger,
George. Hale: Hawley, Hoar. Jones OF Ne
tin Morgan, Morrily Nelson, PETER. Perk-
ms. Pettigrew, Proctor, Pugh. Roach, Sher-
man. Shoup. Teller. Turpie; Vest, voor-
Navs-Brice. Caffery. Chiffon. Hill, Mitch
ell of Wisconsin, Murphy-6
HILL PRECIPITATES TROUBLE.
Mr.. Hill at once moved to refer the reso-
luton to the finance committee
Let US vote on that now" said Mr..
Teller.
mo. not just yet" responded. Mr.. Hill.
There can be no vote on this resolution
for the present" The resolution passed for
an adjournment to Tuesday made 1t readily
possible to prevent vote on the resolu-
ton by debating 1t at length. Mr.. Hin de-