The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1896-01-01
MONEY THEIR TALK
The Senate Engages in a Running De-
bate on Our Financial Evils.
REDEEMING NOTES IN COIN
HilI and Cockreli Have q Sharp
Argument - Eikins Wants the
Bonds Advertised and Sold
to the Highest Bidder.

| Washington, Dec. s1.-When the sen
ate met. Perkins asked unanimous con-
sent for the consideration Of a resoiu-
tion directing the committee on finance
to report an amendment to the house
tariff bill laying an additional duty on
raw sugar equal to the other Increases
of the bill. Berry objected. II was
agreed to adjourn over till Friday.
Morrill, explained that the finance COM
mittee desired to consider the bond and
tariff hails on Thursday.
Chandler's resolution. offered yester-
day. directing the committee on naval
affairs to investigate the prices paid by
the government for armor plate. and
as to whether any oficial OF the gov
ernment was interested In patent pro-
| cesses, was called up At the suggest
ion Of German. the words directing an
| Inquiry into the facts as to whether the
| prices paid by the United States were
as low as paid by foreign governments.
| were stricken out.
Mills could not see the reason for the
| amendment. German explained that IL
was we'll known that an armor plate
company had competed with England
for furnishing armor plate for Rus
sian vessel. The prices asked were
lower than received from the United
States. The contract. he thought, had
been made at a loss
AS to the remainder OF the resolution,
German said 1t contained an intimation
that the officers of the government
were interested In armor plate patents.
II the information Of the senator from
New Hampshire warranted these inti-
49, ~ l.. l~4- a.
olution. Great discretion had been
given to the secretary OF the navy. and
the results have been marvellous to the
world. The honesty. integrity and in
delngence of the heads of the navy de-
partment had not been questioned.
Hale also spoke OF the achievements
of the navy department and expressed
the hope that nothing would be found
amiss. Chandler said that he shared
the general regret, but he was ready
to. assume the responsibility for the
iresolution. Facts had come to his
knowledge that required Investigation
and publicity in order that future con-
tracts for armor In the equipment OF
vessels now building and TO be built
should be above suspicion.
The resolution was adopted.
Sherman introduced the following
resolution, which was listened to with
keen interest, In view OF the senator's
utterances against the retirement of
the greenbacl1s. He gave notice that on
FRIDAY he would submit some remarks
upon Il. The resolution was as fol-
lows:
Resolved. That by injurious legisla-
tion by the Fifty-third congress, the
revenues of the government were re-
duced below its necessary expenditures,
and funds created for the lawful re-
demption OF United States notes have
been invaded 70 supply such
misappiication of the redemption
fund Is of doubtful legality
and greatly injurious to the public
credit. and should be prevented by re-
storing to said fund the sum, not less
than 500. .000. 900. IN gold coin, or bull
lion. to be paid only In redemption of
United States notes and treasury notes,
| and such notes, when redeemed, to be
reissued only in exchange for gold
coin or bullion"
Mitchell OF Oregon then took the door
and spoke In favor Of his resolution
instructing the finance committee TO
restore the Mckinley duties on wool
in any revenue bill reported to
the senate. He said that no
industry had received such a
staggering and deadly legislative
blow as that inflicted upon the
wool industry by the Wilson tariff act.
as II drained from the United States,
within the last year. ss5.0oo in gold to
pay for foreign wool and occasioned to
woolgrowers of this country a loss of
more rhan 81. .000.o 900.
the sheep industry of the Pacific coast
would be annihilated- Mitchell referred
to the condition of the treasury and the
presidents appeal and added: while
providing at the earliest possible mo-
ment legislation which win produce
sufficient revenue to relieve the admin
istration of Ats present embarrassment.
other important questions should not
be lost sight of in performances of our
patriotic response TO the president. and
we should so iegislate as to relieve
from danger and destruction some of
the great Industries stricken down by
the Wilson tariff act" Mitchell said
the tariff bill passed by the house
would probably increase the revenue
$40. 900 coo each year. Amended. as n
should be. by afrording wool. lumber
barley. hops and other agricultural
products adequate protection. a will
give an additional revenue of $50. 900. 900
and place a paddock upon the so-called
endless chain" by which gold Is drawn
from the treasury. stop all necessity for
the furteler issue Of bonds and rescue
from impending ruin the wool and 9th
er agricultural interests OF TINS coun-
try.
while Mitchell was contending thai
the secretary OF the treasury could
have stopped the gold raids by usine
mis- discretion 20 redeem notes In coin
Hin asked him II IL was not true thai
| greenbacks had been redeemed In golc
by every secretary since 1873.
Mitchell replied that IL might be true
but in his opinion II was very pool
| policy.
Treasury notes have only been re
deemed In gold since 1891" interrupted