The times. [volume] (Richmond, Va.) 1890-1903, 1896-01-04
was responsible in 1894. for consequences
which had their origin In 1880.
THE SHERMAN RESOLUTION.

[
Mr.. Vest said that he desired TO speak
| lie on the table until then, and II was so
/ ordered
! Tho resolutio, heretofore offered by
/ Mr.. Elkins, directing that no bonds shall
be, sold at private sale or under private
contract. was taken up. and Mr.. Elkins
/ addressed the Senate in favor Of its
| adoption.
PROFITS on BONDS.
Most OF Mr. Eikns' speech was direct
/ Cd 10 "a critism TO the syndicate Heating
/ gold bonds and ne asserted ON newspaper
| authority that the syndicate which float
Cd the last loan had made a profit of
/ s.. .oO0.OoO. ana that the syndicate which
/ would float the icen now pending would
make a profit ~ Sl2,0g0,c0o.
The bonds whloh were to be sold at
| l03 3-4 per cent were now selling IN the
market, he said. at H. He wanted no
more syndicate 10 take government
I loans lie wanted the people to nave
chance 10 take them. tie asked vote
uDon taking up the resolution for pres
cnt considerable The vote was 'aken
and resulted Yeas. Is; nays, o.
As follows:
Yeas-Aldrlch. Allen. Allison, Baker,
/ Bate. Berry, Burrows, Butler, CAL, CAM
eron. Chandler, Clark. C0ckrell, Cullom,
/ Davis. Dubois. Elkins. Faulkner. Frye,
! Gallinger, George, Bale, Harris haW-
ley. Hoar. Jones (Nev), Kyle, Lodge,
/ Mcbride Mantle Martin. Morgan. Nor
/ riu Nelson, Peter. Perkins, PettigreW,
/ Proctor. Pugh. Roach. Sherman. Shoup,
Teller. Turpie. Vest Voorhees,, Waitnall
and Warren.-iSl
Navs-Messrs. Brlee. Canery. Chiffon,
! Hnl. Mitchell CWis), and Murphy.
/ Mr. Hill moved the reference Of the
resolution to the Finance Committee.
/ As 10 the proDriety of his motion. 1t struck
/ him that there could be no question.
| The subject was already before the RI
nance Committee, and was being CON
| sidered day by day. The resolution
yyould be of no legal avail. 1t would be
ike the Pope's bull on the comet. IL
merely declared that so and so was the
sense Of the Senate.
The OBJECT.
"Mr. President" he exclaimed, there
is no sense In H.
1T proposed" he said. "to tie up the
hands Of the Executive" Were not me
President and the Secretary of Gle Treas
| ury enough embarrassed already Were
| there not difficulties enough penang on
the financial question? What was the
necessity Of adding 10 themf II was
proposed to deprive the executive authori-
| ties of the right TO exercise powers which
had been exercised by all the authorities
! of the Government since the conclusion
Of the war.
/ He thought II unbecOming, on the part
| Of the Democratic senators, at least, 10
vote a want OF confidence In the EXecu-
/ tive on this. question. He was not spe-
ciallv favorable 10 syrdicates, and would
prefer a popular loan. but he knew that
| I'm what was called a popular loan, lt was
! taken generally by the clerks and agents
Of banking institutions, and "a popular
! loan" was, therefore, q mere play upon
words.
The practical effect OF a popular loan
| would he that the people who desired 10
invest I'm government bonds would draw
| f-reenbacks from fhe savings banks, take
tber, to the sub-treasury and there pro-
| cure the very gold which the government
had now I'm the treasury.
AN INWIsE STEP.
He denounced the resolution as a most
unwise step and had fling at the 'un-
! holy alliance" which had given the Re
nublicans the control Of the Senate. He
! aid not believe that he people would APP
prove of the resolution. They might
I think. as he thought. that the bonds
should be first offered TO the people But
they did not know the dangers: they did
not know the risks. they We're not ac-
ouainted with the precise situation as the
| officials Of the government. He knew no
rea son why Mr.. Carlisle should seek 70
| do favors for the members Of the proposed
| syndicate who. he asked. was this man
| Morgan, Of New York2 He was the man
who was a liberal contributor 10 the Re-
! nublican cause He was the man is eVry
presidential election who came to the front
| with the sinews of war I'm favor OF the
Republican party And was it to be whis-
pered or insinuated that the President or
the Secretary Of the Treasury was anN-
ious to do this man favory
Mfr. Hin declared that If he were Sec
! retarv Of the Treasury he would not De
| hampered by the Elkins resolution, but
| would proceed under the law or 1910 and
would issue bonds. It was a heroic rene
| dy. he admitted, for the purpose OF solv-
! ing the question. lie would issue bonds
10 the amount Of 500. .000 90, and thus OBJ
tain control Of the financial situation.
! That would prevent the syphOning of gold
out OF the Treasury
What would be the effect Of thar
course upon the prices Of cotton and
wheat?" Mr.. George (Dem), OF Missis-
/ sippi. asked.
Temporarily" Mr. Hin replied. "it
might depress prices, but II the existing
situation continues these prices will con-
1
OPPOSED TO PAPER MONEY"
Coming to the question Of United States
! notes and greenbacks. Mr.. Hill declared
himself opposed to paper money. lie
! doubted its constitutOnality. lie knew
that by a close vote the Supreme Court
OF the United States has finally mustered
| courage 10 say that IL was constitutional.
But he had never heard the reasoning Of
! Chief Justice Chase on that question
| overthrown, in which the principle had
been laid down. In substance. that the
! Government had no right 10 make its
promises 10 pay" money, and that moth
| ing Is money except the gold and silver
! coin OF the Constitution. That, he
thought. was good Democratic doctrine
IL misht not be good Republican doctrine
In conclusion. he declared that II the
resolution were agreed 10 ne did not be-
lieve that the President would pay the
slightest attention 10 II. and he ought
not TO.
The Presidents duty was 70 be deter
| mined by the statutes. not by a resolu-
tion Of one house OF Congress-and by
the condition OF the Treasury. The Presi-
| dent could not fan back and justify him
| self on the ground that the Senate had
| said by simply a resolution that the bonds
should not be disposed OF in certain
way.
Mr.. Butler Pop), Of North Carolina.
moved to amend the Elkins resolution
by making II read:
'That II Is the sense OF the Senate that
| ffa Ia 4f Tfraff