The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1896-01-30
ments of government bonds came up I'M


der the rules.
Mr.. Hill said it had better go to the
calendar.
Mr.. Pugh responded that he would new
or consent to let the measure be retired
except by vote. He yielded, however,
to Mr.. Wolcott, saying that he would
press it to passage Mt every possible OPP
portunity.
Mr.. Wolcott was recognized for his
speech on the Monroe doctrine. The SEN
ator spoke earnestly and was accorded
close attention.
After referring to the message of Pres
ident Cleveland on the Venezuelan ques-
ton and the appointment of the commits
sion to enlighten. the country as to the
tended that the s0-called Monroe doctrine
had been msapplied in the pending con-
troversy; that so much of the presidents
message as referred to the colonization
of portions of America by European pow
ers could nave no applicability. to any
boundary dispute new existing in South
America; that the hostility to the extern
sion of European powers of their systems
to any portion of this hemisphere, as ex-
pressed in that message, had especial
reference to the systems of government
which were based on the divine right of
colonies, and which were directed to the
overthrow of all republics wherever ex-
isting; that the Monros doctrine was in
no wise intended as insisting upon repre-
sentative forms of government in this
hemisphere or as committing this gov
eminent to maintain the doctrine outside
its own borders; or except as its own
integrity might be affected; that this
country is embracing uIJOn a new and
different policy from the one laid down
by our fathers. and that from 1921 until
now congress has uniformly declined to
define The so-called Mcnrue doctrine or
to adoptft as a rule Of action.
There" has been much tension for tho
past few weeks. The South Americal
republics were entitled to- our friendly
and affeetiOnate regard, as eitizensspay a
sister republic; we owed them protection
wherever the interest of free govern
ment or the cause of civilization was at
tackled by assault upon their autonomy.
Beyond that our obligation ceased. There
would be no war, and it world be avoid
ed not because our position toward Great
Britain imthis dispute with Venezuela Is
tenable, but because Great Britain will
yield the whole controversy rather than
face the horrors of war over such ques-
ton.
The first interruption came whenA Mr..
Wolcott contrasted the condition of af-
fairs in ths'past with those of today, add
ing: -.
1--WE do not desire to- acquire an addi-
tional acre of land, either north or south
of u.s."
Here Mn Mitchell of Oregon asked
what the United States would do in case
Great Britain sought to central the Mic
aragua canal Would there be pro-
test in the name of the Monroe doctrine!
/! Mr.. Woleott replied: "Wo certainly
would interfere in the case presented;
we would interfere in any. extent, not be-
cause of the, Monroe doctrine, butt because
tof the undoubted and unalienable right
1--WE have ouprOtect our interests. what
ever anybody asserts to the contrary. IN
any portion of the earth (Anplause in
the galleriesetl
\ When MraiNelcott- CLOSED. there was a
round of applause in the gallery, which
1.-THE vice president quickly checked.
h Mr.. WOlcobt was surrounded by hiss as
'sociates from both sides of the chamber
and in the house of representatives, who
| congratulated him on his speech.
! Mr.. Hansbrough Rep9 of North LA
kota sought to secure recognition for ms
remarks critieizing the course OF. the sec
\ rotary of agriculture, but the subject
went over On objection.
Mr.. Pugh succeeded im having his res
olution taken up and Mr.. Hill offered an
amendment providing that if for any rea-
son silver coin shall ngt' be on. parity
with gold coin, the United States bonds
now payable in coin shah be paid in stand
ard gold coin whenever demanded.
/ Mr.. Hill spoke briefly. against the res
\ olution. It-was, he said, recital OF an
/ Gent history and he deprecatndi further
/ confusion Of the financial conditions.
| Mr.. Teller, {Rep.) of Colorado followed
ON the financial situation.
! At 9 O'Clock the Pugh resolution was
| ,isplaced and the bond silver bill was
I nken up, Mr.. Teller continuing his re-
\ maks. The senator said gold was now
! 1T premium. The banks had practical
/ " suspended payment in gold. IL was
! commodity. bought and sold just like corn
! or wheat. But while the banks suspend
ed the gold payments the. treasury in
sisted on such payments. And thus con-
dition had come without silver legisla-
| ton.
Mr.. Alien asked Mr.. .Teller'if he agreed
with his party associates that the indus
| trial depression was,due to- tariff legisla-
tiOn.
! Mr.. Taller replied that he.did not,
| Mr.. Allen further asked If Mr.. Teller
thought any real difference existed be7
tween the Republicans and Democrats on
the financial question Mr. Teller said
| the difference was. so slight as hardly to
be detected on tire. gold question.
The senator, pTOceeding,. said that the
| gold element in the senate and In the
country had never yet presented none
tary system. The four senators repre-
senting the gold element ON the finance
committee had never offered a system.
Mn. Platt of Connecticut, Of the finance
committee said he would suggest a, sys-
tenn, namely the payment of custsm du-
ties in gold.
Mr.. Teller said this showed th2 entire
absence of any philosophical money
question. =,
Here was a proposition which would
destroy the parity of the metals and yet
II was offered off hand by member OF
the finance committee. 1t indicated that
place on the finance committee did not
necessarily mean a complete knowledge
of finance.
Mr.. Teller arraigned the policy of issu
ing bonds with view, he said, to build
ing up permanent bonded debt to be
borne by posterity.
Mr.. Sherman arose as soon as Mr.
Teller closed.
The silver discussion, said Mr.. Sher
man, was purely discussion. No doub,
there was silver majority in the sen
ate. but the country had settled down t.
the idea that silver coinage would brini
us to single standard of silver ant
was undesirable State after State hat
taken this position. The use of boil
metals, the bimetallic system, was beini
| accented ms the hest