The herald., 1896-01-04

measure of reconciliation which as the
joint support of the senator from MI5sls'
sippi and the senator from NJ ,ssachu-
setts "
The bill, was passed without division.
Butler of North Caroline asksi imne-
diate consideration OF th' bill 10 prohioit
the issue of interest bearing bonds"
Hill of New York suggested the bill be
not pressed for the present.
Sherman, he said, was about to address
the senate After that, possibly discus
sion of this proposition would be desirable.
Butler said the proposition needed no
discus sion. The country understood 1t. Ii
had been exhaustively discussed until
public Judgment was as certain as two and
two made four.
The senate agreed to the resolution by
Allen of Nebraska, ca ling on the secretary
f the treas sury for detailed Information as
the segregation of funds in the treasury,
their use for purposes other than for
ant mption, with dates aud circumstances
IN Use.
o. 81 lns of California urged the passage
TEN solution suggesting duty on sugar
pt sen ed ia the tariff amendments con-
Do Hcrys the finance committee. IL WAS
sideferN the finance committee merely
referred 70 ion and not an expression
as a eugs@ the subject.
or opinion'ca en- began his speech on the
Shermanim ition, reading from manu-
financial qlssA eceiyine close ten,ion.
script ana and Henderson, B.zsll,
Speaker feeu VI members OF the house
walker auu OWN and followed Sherman
were on he hoov
with close attention began by asserting
Senator Sheffna@ would support the
that while congreM 1r the h ,nor and in-
president in MAINTAIN in the field of
tegritv of our couuN annrove bis rao.
dinlo.nacy. it would no -aipnorIan1 snh.
ommendatRons on the mo. and esneciaI,v
fect of our financial pollcs The president
Of our currency. he though our present
had mistaken the cause o ting il To the
financial condition in attritA ates no,es.
demand for co,h for United >, csnsad hw
instead of defic lency in revenue ess. He
the legislation of the last conEl ,.ion of
proposed as a remedy the conve. notes
fJnited States not es and the treasusS -,
into interest beari ug bonds thus iucN 'OO.-
the interest bearing dent nearly $oooS ,cv
600. He proposed ~ line OF public POI ;f
that would produce " sharp con'rae',on
our currency, add gr,atiy to the purueh OF
existing debts aud a rrest the progress OF
every American industry which now COM
peted with foreign prod odacnons'
"A careful study of thee S! stems OF oanA-
inc currency and coinage adopted oy the
principal nations of Eir''pe cohViuces nie
tbal our systern. when cul ed OF few ue-
fects developed by time, I, unoeu upon tiie
bimetallic coinage of gold ANA silver H'ain-
tanned at par with each otne =, WIN s lioe iia
tiopal banks established in every city ahu
town of importance in the | nlled States,
issuing their notes. secured beyond uouot
by United States bonds or som g equiv aiehs
security, redeemable on demand III ohiteu
States notes, and the issue OF an amount Oh
United States and treasury notes equal 10
the amount now oustandiny' with
provision for a rateable increa se WIN
the increase of population, always eueem-
able in coin, supported by an AM we re.
serve of coins in the treasury, not .o os
invaded by deficiencies of revenue. anu
separated by the sub reasury system f.'oln
ali connect N with the receipts and 'SA-
peuditures of the government-such sS D.
IN commercial circs In every and
all climes; better than the best that
now exists in Europe: better than
that of Great Britain, which now holds
the purse strings of the world All that
ask now is that you will not disturb It
with your DEFICIENCIES; you wi not rob 1t OF
its safeguards; you will not return TO the
-~says of WILDCAT money; you Will 1ot lessen
the savings of prudent labor or the accu-
mutations of .the rich. Time makes all
things even. Let us give TO the executive
authorities ample means to meet the ap- (
preparations you have made, but let US
strengthen rather than weaken our inone- |
tary system, which lies at the foundation |
of our prosperity and progress"
At the conclusion of Mr. 5 iermans 8 re-
marks, Mr.. Butler (Popuist, n. - re-
newed his request for i.nmed ate consd r
alton of his bill to prohibit the future sale
of bonds, except with the consent of CON-
gress. The newspapers, 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
upon passage. Mr.. Hill, who happened
to be in the chair, rather startled The sen /
ate by himself interposing an objection.
Mr. Mills then took the floor to reply to |
Mr.. Sherman. He repeled the charge !
that the Fifty.third congress- was in any
way responsible for the present financial
crisis. The burden belonged to the Fifty
first congress and Sherman was partly
responsible for the legislation of tina con-
gress. The Democrats had turned over to
the Harrison administra ion in 1889,
$3.50, 100000. How was it, he asked, if
the claim tina the Mckinley bill had pro-
duced sufficient revenue was true, tina in
1898, when the Democrats again assumed
control, all that surplus was gone, con-
sumed and dissipated. Mr.. Mills COM
pared he Mckinley and the Wilson bills.
The former was entitled bill to reduce
revenues, the latter to reduce laxation.
The report on the Mckinley bill, written
by Chairman Mckinley, reciled he prob
lena ical effect of The measure on the
revenues of he government And yet,
with lhe Mckinley act responsible for he
reduction of revenues, he cry was now
raised that the Wilson act was responsible
for the deficiency.
Mr.. Hill cri icized the "double plan"
proceedings by the passage in the house of
an "emergency bil.n If this bill passed
the sena e, as might, by the Populists'
support, it would meet with swift and sure
punishment on he part of the president
against those responsible for it,
Mr.. Sherman's resolu ion was tempo
rarily laid aside and tina of Mr.. Elkins,
Republican, West Virginia, direc ns the
dispos ion OF bonds by public sale, was
taken up.
Mr.. Elkins spoke vigorously in its sup
port. He referred to the fact that petty
government officials were compelled to
make contracts after the advertisement,
and yet the president and secretary of tbs
treasury we're entirely relieved of this val
liable safeguard. MIR. Elkins reviewed the
commissions paid for floating loans during
the war 10 show the enormous extortions of
the syndicates who had taken uD the loans
for the present administration. Only about
$5'5OO.000 had been paid in commissions
on loans aggregating 81, 00,000.00 dur
ing the war. In other words. the bond synd :
cate had made more in placing loan of
$62,OO0,O00 han was paid for floating the
entire war debt. The war loans were
hoated among the people, as all loans
soould be-
1t was said that one banker was to OBJ.
tain 81 1000, 900 commission for floating
the contemplated loan of 100000, 900.
The people were unable to comprehend
such reckless and wanton waste of mill
ions. He did not mean to criticize the pres-
{dent. the secretary of the treas,Irv or the