St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-01-01
PROTECTING THE RESERVE.

SGlS anu lO Dc DULL SIOulQ
be above suspicion and reproach. The
resolution was adopted.
PROTECTING THE RESERVE.
Mr.. Sherman then introduced his
resolution, which was listened to with
keen interest in view of the senator's
utterances against the retirement of
the greenbacks. He gave notice that
on Friday he would submit some re-
marks upon 1t. The resolution was as
follows:
Resolved That by injurious legislation by
the Fifty-third congress the revenues OF the
government were reduced below its necessary
expenditures. and the funds created by law
for the redemption Of United States notes
have invaded to supply such deficiency of
reserves; that such a misapplication of the
resumption fund is Of doubtful legality and
greatly injurious to the public credit and
should be prevented by restoring said fund
to the sum OF not less than $100, 900 600 in
gold coin or bullion, to be paid out only in
the redemption of United States notes and
treasury notes. and such notes when re-
deemed to be re-issued only in exchange for
gold or bullion"
Mr.. Mitchell Rep., Orr took the floor
and spoke in favor Of his resolution
instructing the finance committee to
restore the Mckinley duties on wool in
any revenue bill -Eeporteds to thessepate,
He declared that no Industry had re-
iceived such a staggering and deadly
the wool industry by the Wilson tariff
act. It had drained from the United
States within the last year $85, 600, 600 in
gold to pay for foreign wool, and had
occasioned loss to the wool growers
Of this country OF more than $4,000, 900.
Unless this legislation was changed the
sheep industry of the Pacific coast
Mitchell referred to the condition of the
treasury and the presidents appeal and
added:
while providing at the earliest pos
sfble moment legislation which will pro-
duce sufficient revenue to relieve the ad-
ministration of it's present embarrass-
ment, other important questions should
not be lost sight Of in the performance
of our patriotic response to the presi-
dent, and we should so legislate as to
relieve from danger of destruction some
of the great industries stricken down by
the Wilson tariff act.''
IN GOLD OR SILVER.
While Mr.. Mitchell was contending
that the secretary of the treasury could
have stopped the gold raids by using
his discretion to redeem notes in coin,
Mr.. Hill Dem., N. Y.) asked him if 1t
was not true that greenbacks had been
redeemed in gold by every secretary
since 1879
Mr.. Mitchell replied that it might be
true, but in his opinion it was very poor
policy.
Treasury notes have only been re-
deemed in gold since 1884, interrupted
Mr.. Cockrell Oem., MOI
rs that fact?" asked Mr.. Mitchell.
ut is" replied Mr.. Cockrell emphati-
cally. ''In 1898, in response to tele-
gram sent by me to Secretary Foster,
he replied that the first treasury note
had been redeemed by him in gold in
1891"
II am talking about greenbacks," said
Mr.. Hill.
Have not all the secretaries of the
treasury redeemed these notes in gold
since 1872
Greenback We're never presented"
said Mr.. Cockrell. There was no de-
mand for gold, and that can be shown
on the record. The senator from. Ohio
CMr. Sherman since that time proposed
to redeem and retire every one of those
greenbacks with silver dollars, and his
amendment to that effect is here on
record, in which he proposed to substi-
tute for the greenbacks silver notes, and
IN addition to that I want to say that
Secretary Carlise, Jan. g. 1895, stated be-
fore the house committee on appropria-
t1onS that if in the beginning the secre-
tary of the treasury had exercised his
discretion of paying either in silver or
gold, 1t would have operated well and
would have been of great benefit
II am satisfied said he, that it is
the purpose of the Republicans to get
the tariff bill through first regardless
OF the other measure, and have it go
to the president, by whom they are
convinced it will be vetoed. They will
then go to the country upon this as
the only issue. I think this plan can
be frustrated by considering and re-
porting the bond bill first and amend
ing it so as to provide for the free
coinage Of silver This would give us
all the money necessary to meet cur
rent expenses, tide US over the pres
ent emergency If there is one, and
avoid the issuance Of bonds.''
Asked If he thought the committee
would adopt his proposed silver
amendment to the bond bill, the sena-
tor replied that he was unable to say,
and added: "The principal complaint
against the free coinage of silver is
the great profit it would give to the sill
yer miners. My bill gives this profit
to the government, by providing that
the holder of bullion shall receive only
the market value, the difference be-
tween that value and the coinage value
becoming seigniorage. Thus, while the
silver dollar coined would have full
legal tender, the public at large, and
not the miners alone, would secure the
large profit to be obtained from the
free coinage of silver, while the mar
ket value is so depressed at present.
In answer to Mr.. Hill, Mr.. Cockrell
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