The San Francisco call., 1896-01-01
RELATING TO BOND ISSUES

WASHINGTON, D. c., Dec. 31.-Ai-
tbor-h the financial question was not di-
reos.g before tie Senate to-day for consid-
GRAFTON. all the points discussed had refer
encs to that burning subject: In a speech
in support Of his resolution looking to an
additional rate Of duty on raw wool. Mitch
ee .R.&of Oregon drifted into the stormy
waters of finance and argued that If the
Secretary OF the Treasury had exercised
the discretion vested in him, and redeemed
greenbacks and treasuryn either IN gold
con or in silver coin, as might be most
convenient, that would have put a stop to
the redemption OF such notes.
Wien Hill CD of New York as
serted, apropos Of that argument, that
ever since 1879 it had oeen the custom of
all ne Secretaries of the Treasury to re-
deem greenbacks in gold, the statement
was contradicted by Cockrell (D.) of Mis-
souIi. who stated that such redemption
began in October, 1S9l-never beforehand
added thar Senator Sherman had offered
an amendment in the Senate to redeem,
retire and cancel greenbacks with silver
dollars, and that Secretary Carlisle hao
sisted before the House Committee on Ap-
pToI riations January, 1898, that if, in the
beginning, the Secretary of the Treasury
had exercised his discretion of paying
these notes either in gold or silver, at his
convenience, it would have operated well
and been of great benefit. Cockrell re-
peated, with great positiveness. that no
Secretary of the Treasury had ever until
October. 1891. yielded the option to the
holders OF United States notes to require
payment in gold regardless of conse-
uucuces.
Alter speeches by Mitchell and by Mel
son RI of Minnesota the resolution as to
additional rate of duty on raw wool was
referred to the Committee on Finance.
Resolutions as TO the maintenance of the
reserve fund Of 100000, 900 in gold coin OF
bullion, and prohibiting the issue of United
States bonds under private contract were
offe-ed-the first by Sherman and the sec.
iv ElklAs (R.) OF West Virginia-and went
over tiltn Friday.
Pettigrew (R.) OF South Dakota intro
duced a bill, which was referred to tn
Finance Committee, to cancel redeemed
United States legal-tender notes.
Morrill, (R.) of Vermont, Chairman o
the Finance Committee, moved that wher
the Senate adjourn to-day it adjourn til
Friday next, remarking that the Finance
Committee desired to meet on Thursday tC
consider the House bond and tariff bills
The motion was agreed to.
The fnFlOurinO rasaintfO., vxrar offara1 J,v
Sherman tR.) of Ohio, who gave notice
that he would address the Senate upon i
next Friday:
Rssorcd, That by pjurious legislation by tbs
Fifty-third Congress the revenues OF the Gov
eTnment were reduced below its necessary ex
penditures, and the fund created by law fol
me redemption of the United States note
has been invaded to supply such Deficiencies
OF reserve; that such misapplication of re
sspmption funds is OF doubtful legality and i
realty injurious to the public credit, anC
be prevented by restoring said fund tt
= sum Oh not less than 800, 900, 600 in golc
sn or bullion TO be segregated from all othe1
Alunds), 10 be paid out only in the redemption
OF United States snoteS, and such notes, wher
redeemed, tosbe reissueG only in exchange fol
gold ecin and bullion.
The resoltion heretofore offered by
Chandler (R.) of New Hampshire as to the
prices paid for armor for navy vessels
whether they were higher than charged by
the same contractors to foreign Govern
ments and as to Government officers
being interested in patents used in il
manufacture, was taken up, and Chandle
modified it at the suggestion of Gormar
(D.) OF Maryland, by emitting the claus,
as TO lower prices charged to foreign Gov.
ernments, German explaining that the
facts we're made known at the last session
and we're that it had been deemed very
desirable for United States manufacturer:
70 compete with English and German
manufacturers for single Russian vessel
and that armor had been supplied at
loss
The resolution was then agreed to-
The resolution heretofore offered By
Mitchell (R.) of Oregon instructing tn,
Finance Committee to report an amend
ment to the House tariff bill imposing
duty on raw wool, was taken up anc
Mitchell addressed the Senate upon it.
The debate soon turned into financia
colioquy, in which Hill. Mitchell anc
Ghand er took part.
Nelson (R) of Minnesota followed
Mitchell in speech on the wool ouestior
and Oh the financialquestion. Atthe close
Of his remarks Mitchell's resolution wa,
referred to the Finance Committee
kils (R.) of West Virginia offerad 6
resolution declaring that it is the senso ~
the Senate that hereafter no bonds OF +be
United States shall be sold at private sale
or under private contract, and that in cas-.
'oi any sale of bonds under existing law
i shall be made only after due advertise
n1ent and of proposals being invited, ant
then only 10 the highest bidder. He asked
Tor rs immediate consideration.
Hit (D.) OF New York objected and th
resolution went over.
The Senate at 2:50 P. M. adjourned unit
Friday next.
ADJOURNED UNTIL FRIDAY.