The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-01-04

and thinks the debt paid. But the
circuit continues.
II deficiencies occur Congress should
Immediately supply the means to meet
them and Congress and not the id
mInIstration must be the judge OF the
mode and manner OF relief. The Presl-
dent is OF the opinion that the United
States notes and treasury notes should
be retired and give place to bank notes.
This is q question for Congress 10 de-
eide. II Is certainly not OF that opinion
now, nor was the last Congress OF that
| opinion"
"A careful study OF the systems OF
banking, currency and coinage adopted
by the principal nations OF Europe con-
vlnceS me that our system when cured
OF few defects developed by time.
founded upon the blmetalllc coinage OF
| gold and silver maintained at par with
each other of the free national banks
established in every city and town OF
Importance In the United States issuing
| thelr notes, secured beyond doubt by
United States bonds or some equivalent
security redeemablG on demand In Uni
ted States notes, and the issue OF uil
amount of United States notes and
treasury notes, equal TO the amount
now outstanding, with provision for q
rltRble increase with the Increase OF
| population always redeemable In coin,
| supported by an ample reserve OF coin
| In the treasury not TO be invaded by de-
ficIencles OF revenue and separated by
the sub-treasury system from all con-
nectIon with the receipts and e&pendI-
lures OF the governmentZsuch sys-
TEN would make our money current In
commercial circles in every land and
cline, better than the best that now
exists in Europe. better than that OF
| Great Brain which now holds the purse
strings OF the world"
Mills Replies.
Mr.. Mills (Dem., Texas) took the floor
to reply to Mr.. Sherman. He repelled
the charge that the FItty-thIrd Con-
Eress was in any way responsible for
| the present financial crisis. The bur-
| den belonged to the Fltty-first Con-
| gress. and Mr.. Sherman was partly re-
| sponsible for the legislation Of that
| Congress. The Democrats had turned
over to the Harrison administration
| In 1859, 230, 100000. How was It, he ask.
| ed, II the claim that the Mckinley bill
had produced sufficient revenue was
| true that in 1893 when the Democrats
| again assumed control. all that sur
plus was gone, consumed and dissIpat-
ed?
Mr.. Mills criticised the double play"
| proceeding by the passage in the house
| OF an emergency BILL" II this bill
| passed the senate, MS It might by Popu-
| list support, 1t would meet with swift
and sure punishment on the part OF the
| people against those responsible for II.
The Elkins RESOLUTION.
Mr.. shermans resolution was tempo
rnrily laid aside and that OF Mr.. ElkIns
(Rep., W. Va.) directing the disposal OF
bonds by public sale, was taken up.
Mr.. Elkins spoke vigorously in Its
| support He referred to the fact that
petty government officials were com
/ pelied to make contracts after the nd
| VertIsement, and yet the President and
secretary OF the treasury were entirely
relieved OF this valuable safeguard.
Mr.. Elklns reviewed the commissions
| paid for floating loans during the war
| to show tho enormous eXtortlon OF the
| syndlcatea who had taken up the loans
| OF the present administration. Only
about Sc, 900 had been paid in COM
| missions on loans amounting to $2.5OO,-
| 0OO. 900 during the war. In other words,
| II reports were to be credited, the bond
| syndicate had made more in placing
| loan OF So, ,O00,0 900 than was paid for
| floating the entire war debt. The war
loans were floated among the people, rs
nil loans should be. 1t was said that
one banker was to obtain 100000 com,
! mission for floating the contemplated
loan OF Sl0O,0O0,o00. The people were
| unable TO comprehend such reckless
| and wanton waste Of millions. He did
not mean TO Criticise the President, the
| secretary OF the treasury or the syndi-
| cate, which was simply taking advnn-
tage OF an opportunity. but he insisted
| that the people would take these bonds
| at much higher figures than those paid
the government. The credit OF the
| country was unRssniiabte. w Q were
immeasurably the richest country OF
| the globe. The Rothschllds, the Nor
gans and the money changers OF the
world should not have us by tho throat.
| In conclusion Mr.. Elklns moved that
the senate proceed with the consldera-
| ton OF his resolution.
Mfr. Hill sought to object, but was cut
/ off by the vice presidents ruling that
the motion was not debatable. There
upon the vote was taken, resulting as
follows:
Yeas-AldrIch. Allison, Allen. Baker.
Cameron, Chandler. Clark, Cockrell.
| Cullom, Davis, Dubois, Elkins, FRuik-
ner, Frye, GallInGer, George, Hale,
HawIey, Hoar, Jones. OF Nevada; Kyle,
Lodge, Mcbride, Mantle, Martin, Nor
gan, Morrill,, Nelson, PETER, Perkins.
Pettigrew, Proctor, Pugh. Roach, Sher-
man, Shoup, Teller, Turple, Vest. Voor-
| bees, Waltholl, Warren and Whites.
Nays-I3rIce, Caffery, Chiffon. Hill.
Mitchell, OF Wisconsin, and Murphy
IIuI's PartlsanShip.
Mr.. Hill at once moved TO refer the
resolution to the finance committee,
Let uB vote on that now" said Alr.
Teller. Not lust now," responded Mr..
| Hill. "Why should the senate attempt
at this moment OF financial embarraSs-
ment further to tie the hands OF the eX-
ccutive authority" Mr.. I'm said he
had no special sympathy with these
money syndlcates In New York city.
He cOntcndcd that this method Of sale
| OF bonds to syndlcates whS not new.
Under n Republican administration In
1878 bond sale OF this nature had
been negotiated.
"Rut there was thirty days notice Of
sale" interrupted Mr.. Eltins.
And within that thirty days" added
| MFR, Sherman, "thc public instead OF the
bankers took the bonds"
Mr.. Hlll declared that banks and
syndlcates frequently pushed forwUrd
"thc public" to disguise their own
| transactions.
The senator read In detail the bond
contract made IN 1873, TO which the
names of the Sellgmans, BelmontE,
MorEnns and the representatives of tho
Rothschlds were appended
"And who was the secretary OF the
TREASURY Mt that time?" asked Mr.. Tur-
pie.
at was that DISTINGUISHED public man
the senntor from Ohio. John Sherman
responded Mr.. Hin with great vlgor.
"Who nrc the men In this present
Ryndlcatc7" asked Mr. Hill. "Who iS