The record-union., 1896-01-01

WASHINGTON, Dec. 31.-Aithough
the financial question was not directly
before the Senate to-day for consider
alton all the points discussed had refer
ence to that burning subject In a
speech in support of his resolution,
looking to an additional rate of duty
on raw wool, Mr. Mitchell (Rep) of Ore
gon drifted into the stormy waters of
finance, and argued that if the Secre-
tary Of the Treasury had exercised the
discretion vested in him and redeemed
greenbacks and treasury notes, either
in gold coin or in silver coin, as might
be most convenient, that would have
put a stop to the redemption of such
notes
When Mr.. Hill Dem) of New York
asserted, apropos of that argument,
that ever since 1919 it had been the GUS
tom OF IL the Secrete-ees of the Treas
ury 10 redeem greenDacks in gold, the
statement was c5ntra5icted by Mr..
Cockrel (Dem.) of Missouri. who stated
that such redemption began in October,
1S91-never beforehand added that
Senator Sherman had offered an
amendment in the Senate to redeem, re-
tire and, cancel greenbacks with silver
dollars; and that Secretary Carlisle had
stated before the. House Committee on
Appropriations in January, 1895, that
if, in the beginning, the Secretary of
the Treasury had exercised his discre-
ton of paying these notes either in
gold or silver, at his convenience, it
would have operated well and been of
great benefit.
1 Mr.. Cockrell repeated, 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 pay
ment in gold regardless of conse-
quences.
After speeches by Mr.. Mitchell and by
Mr.. Nelson (Rep) of Minnesota, the
resolution as to additional rate Of duty
on raw wool was referred to the Com
mittee on Finance.
Resolutions as to the maintenance of
the reserve fund of S100, 900
in gold coin or bullion, and prohibit
ing the issue of United States bonds un-
der private contract, were offered-the
first by Mr.. Sherman and the second
by Mr.. Elkins, and went over till next
Friday
Perkins (Rep.) of California offered
a resolution instructing the Finance
Committee to report an amendment to
the House revenue bill providing for an
additional duty on raw sugar equal to
the proposed increase on other articles,
and asked for its immediate considera-
ton.
Berry Dem) of Arkansas objected,
and it went over.
Pettigrew (Rep.) of South Dakota in
troduced a bill, which was referred to
the Finance Committee, to cancel re-
deemed United States legal tender
notes.
Morrill, (Rep) of Vermont moved that
when the Senate adjourn it adjourn
till Friday next, remarking that the FL
nance Committee desired to meet on
Thursday to consider the House bond
and tariff bills. The motion was
agreed to.
The following resolution was offered
by Sherman (Rep.l of Ohio, who gave
notice that he would address the Senate
upon it next Friday:
Resolved, That by injurious 1egisla-
tion by the Fifty-third Congress, the
revenues of the Government were re-
duced below its necessary expendi-
lures. and the fund created by law for
the redemption of the United States
notes has been invaded to supply such
deficiencies of reserve; that such a mis-
application of resumption funds is OF
doubtful legality and is greatly injuri-
Gus to the public credit, and should be
prevented by restoring said fund to the
sum of not less than 00,00o,000 in
gold coin or bullion (to be segregated
from all other funds to be paid out only
in the redemption of United States
notes. and such notes, when redeemed,
to be reissued only in exchange for gold
coin and bullion
The resolution heretofore offered by
Chandler (Rep) of New Hampshire as
TO prices paid for armor vessels of the
navy whether they were higher than
charged by the same contractors TO
foreign Governments, and as to Gov
ernment officers being interested in
patents used in its manufacture, was
taken up, and Chandler modified 1t at
the suggestion of German (Dem.) Of
Maryland, by omitting the clause as to
lower prices charged to foreign Gov
ernments, German explaining that the
facts were made known at the last ses-
sion. and were that it had been deemed
very desirable for United states manu-
facturers to 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 (Rep.) of Oregon, instrueting
the Finance Committee to report an
amendment to the House tariff bill inn
posing a duty on raw wool, was taken
Up, and Mitchell addressed the Senate
upon it.
The debate soon turned into q finan-
cial eolloquy, in which Messrs HILL
Mitchell and Chandler took part.
Nelson (Rep.) of Minnesota followed
Mitchell in a speech on the wool and
financial questions
AT the close of his remarks, Mitchell s
resolution was referred to the Finance
Committee.
ElI1ins Of West Virginia (Rep.) of
fered a resolution declaring that it is
the sense of the Senate that hereafter
no bonds of the United States shall be
sold at private sales, or under private
contract. and that in any case of any
sale of bonds under existing laws it
shall be made only after due advertise
nlent and Of proposals being invited,
and then only to the highest bidder.
He asked for its immediate considera-
tion.