The San Francisco call., 1896-01-23
BOND BILL DEBATE.
SiIUer AdUocGtes Assau the Presen
Financial Pollen.

Financial POIicy.
WASHINGTON, D. c., Jan. 22.-At the
conclusion of Wolcott's speech on the
Monroe doctrine Pugh's resolution being
still before the Senate Hill CD of New
York offered an amendment to 1t, pro-
Yiding that if for any reason silver coin
shall not be at parity with gold coin the
United States bonds now payable in coin
shall be paid in standard gold coin when
Fever demanded.
Hill started to speak on the measure,
but he was interrupted at 2 P. NJ. by the
presiding officer with the statement that
the morning hour had expired and that the
House bond bill, with the free coinage
substitute. was now before the Senate as
the unfinished business.
Teller (R.) of Colorado addressed the
Senate. He expressed the general dissat-
isfaction of the people at the present con-
dition OF the country. The finances, he
said, were represented by the President
and the Secretary of the Treasury to be IN
very deplorable condition.
He did not suppose there had ever been
so many men out OF employment or ever a
time wher the productive interests of the
country were less profitable than now. He
denied, however, that there was anything
in those conditions that indicated any dis
trust of the money IN circulation on the
part of the people of the United States.
In the course of his speech Teller was
asked by Allen (Pop.) of Nebraska whether
he attributed the depressed condition OF
business to the tariff. The answer was in
the negative.
Then Allen asked him whether there
was any difference between the Demo
cratic and Republican parties ON the sub
ject of finance, and the reply was that il
there was any difference between them it
was hardly appreciable. Teller com
mented upon the fact that no system of
finance had been offered by the four colo
standard Senators on the Finance Com
mittee.
Platt (R.) of Connecticut, a member O.
the Finance COMMITTEES, said he would sug-
gest system, and that was the paymenr
of customs duties in gold. Teller's com
ment upon that remark was. that it showed
the complete absence of any philosophical
monetar y system. 1t would destroy the
parity of the metals, and it indicated tha
place on the Finance Committee did not
necessarily imply knowledge of finance.
There was no reason. Teller declared, fo
the present financial troubles, but a wicked
financial policy, which had been adhered
to to the extent of running the country int,
debt indefinitely.
ga national debt" Teller continued
lis national curse, and when incurred il
time of peace is national disgrace. AnC
yet it is inevitable if you maintain the golt
standard. 1 do not care if you pass tn,
House revenue bill, which you know yoI
will Eot, and I do not care if your revenu,
exceeds your expenditure by $500, 600, 900
year, you will sell bonds in order to obtair
gold. And this selling of bonds will no
cease until every available gold dollar tina
can be put into bonds has been so used"
| at the close of Teller's speech Response
| to it was made by Sherman (R.) of Ohio
who declared that the whole trouble il
! the Senate grew out of the desire of de-
batting an old, worn issue--the free coinage
of silver-instead of applying the remedy
which the President asked for, which 6
Republican House of Representatives had
cheerfully granted, and which the Repub,
lican side of the chamber was ready at any
moment to grant.
| A4O AoA 1lO OOuDIi AC odlu, ludb there
was a majority of the Senate in favor O.
| the free coinage of silver, and he did mo-
believe that there was any desire on th,
Republican side of the chamber to discus
that question. What he and the Repub
lican Senators complained of was that thi
free-coinage substitute, which everybody
knew could not pass this Congress, wa.
thrust in the way of measures deemed b,
! the executive department absolutel,
necessary to carry on the Government
That, he said, was obstructing legislation
Teller-Does the Senator regard thi
bond bill as a measure of relief?
Sherman-I think that it is a grea
measure of relief.
Teler-How long are we to continue the
sale of bonds to maintain this gold re
| serve?
.Sherman-Long enough ito cover def
clences in the revenue as they occur. Ii
the meantime the Republican party stand
here ready to do its duty in maintainin,
the credit of the Government
The disepssion continued and was fur
ther participated in by German CD 0
Maryland, Hoar (R.) of Massachusetts
Aldrich (R. lof Rhode Island and Lindsa,
Cd OF Kentucky until $3.50 P. NJ. when i
was suddenly brought to close by mo
tion to adjourn, and The Senate ad iournet