The evening times., 1896-01-15
SENATE HEARS Mr.. MILLs
He Regrets Having to D Dffsr With
the President.
SPEECH ON THE BOND BILL
He Argued In Favor of \ bOlishiDg the
National Banking systcm-Gues-
tionss I'ut To Him 10y Other Senator's.
Aliens Bill Concerning Patents of
Nobility reported.

a hill heretofore introduced by Mr.. Allen
and tlirlI referred tcthe Committee On For
eign Relations 10 prevent United States cit
iZcnS from accepting titles or patents of
nobility from foreign nations was reported
back today iD the Senate from the commit
tee adversely and was postponed indefinite
y.
\ Joint resolution apprCpriating $15,-
400 to Geiray ilic Joint expenses OF .ocat-
ing the boundary :l,,c' hct yecn Alaska and
the British North American Territory
was passed.
A on. ior tle establishment of a ''Patri-
otic Memorial Univ was intro
LucGG hy Slf. S.uirc by request. and was
REFEREED.
The resolution Offered Il tstertlay by AIR.
Mills IA favor ot the coinage OF silver aIidro
other puruoSeS was iaI.rn up, ana Mr.. Mills
addressed the Son'tc.
He said that the House bond bill might
bc considered a> Il iair representation of
an extreme view ot the financial subject us
entertained by the people or the Cnited
States, white The substitute reported by the
Finance Committee was i'll some measure
antaE ontstic 10. that view.
MR.. MILLS SPEECH.
The criticism on IRE substitute was that
IL WAS more Hu avoidancc than Il ioindcr
ur issue On the party rriGciples presented
III the House bill
The real lore. behind the cout truvrrsy.
ana which had bccu urging IL OH for years,
was, he said, the NATIONAL banks, which
GAINED mat ihc prUrcSati|e OF coming ana
isSuiH. money, which necessarily belonged
TO the government, really belonged To- them,
and that they nhid exercise the prerosa-
tive of contracting and expanding the cur
renCy ari OF changing me standard OF
VdIuc as might suit IhcIr personal interests.
At considerable length, and with his usual
display of fcrvor in manner and language,
MIR. VI Ills rcrir wed the history Of the national
banking system, and argued III favor OF
t.E.A tH4N
OF political parties III several states against
the national banks and against bank note
circulation, which, i4c said, cost the people
u hundred millions year.
He expressed his regret AT having To dif-
fer with tue President III his reCoIniDcrda-
ton TO cancel and withdraw government
circulation and to substitute bank circula-
tion ,ur it.
Is 1T FIAT MONEY:
Mr. Gray asked Mr. Mills whether he
was IN favor OF the government ISSUING
notes PAYABLE on drIlIEd and which Were
never to be redeemed.
Just on the sGnic principle Mr.. Mills
replied, ''as ain in favor OF keeping up
taxa ton, which IS never 10 be stopped 50
Icng as the government needs revenue.
Does that not make 1t fiat money" Mr.
Gray asked.
money. as we understand it, Is Il money
which has no basis OF intrinsic value. 1t
is promise i'll the air. Bit Treasury note
that is issued ard iS restricted in amount
so as not to cXpel the standard on which
1t is based is equal in value to the stand
ard everywhere within the domain OF the
United States"
NATIoN NAL DEBT AN EVIL
Criticising the recommendation OF the
President to fund tie E-eeniacks ana Treas
ury notes in interrst-bearing bonds, Mr.
Mills declared lha II that tea ching was
contrary To uIat OF all parties who had
elected Presidents.
The President, he said, told Con greSS that
there was something really coed extremely
good, to come from placing debt of
fifteen MILLIONS year on bonds ana thirly y
five millions a year on circulation.
He tMr. MIliSl had always understood that
n national debt was an evil and a misfor-
tune which deprived the country OF its
strength in time OF peace and especially
in time OF wIr. On this point he contrasted
the views of President Cleveland with those
OF President Washin Gton, "a patriot
President, not political President, he
said who recommended the payment Of
the existing national debt and the avoid
ance Of new debts.
Summing up the views expressed by JEFF
ferson, Madison, Jackson, Van Buren, Bu
chaDal and other great men OF the past,
he declared that it had been the Demo
cratic policy from the organization of the
PARTY 10 pay the debt and to keep the re-
sources OF the country from being ircufD :
bered by taXction.
Mr.. Mills closed his speech at p. m,
and then the House bond bill, with the sill
yer substitute, reported frofn the Finance
Committee was taken up, and MIR. beIfer
addressed the Senate.