The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1896-01-04
A FINANCIAL TURMOIL
For Over Five Hours The Senate Discussed
This Il-AhSOrhlng Financial Question.
SHERMAN READS A F0RCIBLE SPEECH.
Proof of Loyalty No Longer Required
in Application for Bounty Land
"arrnnts-Scn. Hutic-'S EiiI TO
Prohtbit Sale of Eonds lsithou;
the Consent OF Congress.

Washington, ID. c.. Jan. 3.--(Scnate)-
For over five hours to-day the Senate
was IN turmoil of financial discus
sion ii was opened by an hours
speech from Mir. Sherman. a leading
member of the Finance Committee, In
support of his resolution to set apart
the reserve funi of S1O0. COO 900 gold
when in the Treasury. and To segrc-
gate from the ordinary current receipts.
He argued that there was no other
cause for the financial difficulties of
the Government than the unwsc tariff
legislation of Congress. which had re-
uhccu receipts below expenditures had
impaired condolences. and had compcu-
ca tne government tn sell bonds in or
Ger 10 meet deficiencies; and that there
WAS no other remedy except 10 borrow
money on the best terms possible ITO
pay current dcilciencics) and 10 pro
Nldr sufficient revenue. To that extent
ana Tor those purposes. he was will
ing 10 support Mr. Cleveland's admins
ratlen. however much he disagreed
with Its general policy
ne com reserve must he. MIR Sher-
man said, Kept unimpaired. instead OF
hei'lS drawn upon to meet current OK
pchscs The impairing Of that fund
urom which $l62. 100000 had been mil
out in the last two ana a hair vrnrs,
vas the source and fountain of all the
hntnclal difficulties. and the true rem
rdy was to supply by taxation. nddi-
l"lal revenue. ana To borrow from the
people of the United States enough
money 10 cover pas. and rutur, drr
Cicncics $500 "'i'-
NO action was taken on the resolution
Nh,cU Hes ol the Nice-lpresidcnt's nbln
10 ne taken up for further discussion
ieSoiutloh tloh offered some days ago
Il.
ScHEc on Tie Senate that United States
pohus should not he sold under private
coh'ract, ana without advertisement
was taken up and discussed with ,nucI,
Siltit until the time of adjournment
~ melton TO refer ii to the Finance CO..,
mittcc was defeated lr tho immense
majority of Is to Il. and the adiourn.
!neht motion was carried by n ma iority
OF only one. Tho Senate. nj 5;3G nI-
1ourned till Tuesday next leaving tho
EikihS resolution unfinished business
Mr. Morrill,. chairman Of the Commit
tee on Financc. moved that when tho
Senate adjourned to-day IL ndiourn IN
meet on Tuesday next; He expressed
the nope that N that time the Finance
Committee could be able TO rrpor, hoth
thr bond and tariff bills. The motion
was agreed to
MT George introduced and asked un-
anlmou; consent fer the present con.
Sideration Of y bill TO repeal the law
Which REQUIRES proof of loyalty during
the war of the rebellion. as n prr-rc
quiSite in any application for bounty
iand warrants To soldiers in the Mexican
war. After explanatory remarks Mr.
Eioar. advocating the measure. unani-
nous consent was given ana the bill was
10 Ssed.
Mir. Butter asked unanimous consent
Tor the present consideration OF bill
to prohibit the further issuance, of
interest hearing bonds without the con
sent of Congress
Nir. Hin remarked that the hin would
lead 10 some discussion. and as the
Senator from Ohio Alr. Sherman VIZ.
ready 10 address the Senate on tho.
Whols general financial question. I've
thought il unwise 10 have the Discus
sion prccipitated
Mr.. E.:ler said that his bill needed
no discussion Everybody knew now
as Well as he would know IL year from
now how hc would vCtc On This ,lue.-
lion. Ii had hceM discussed pro and
con. and there were two separate feel
ings in ;he country in regard 20 H. sun
he would lei the rattcr lie over until
the Senate should hear from the Scua-
ter from Ohio.
MIR. Allen offered resolution wnich
was agreed 10 calling on the Secretary
of the Treasury for information as 10
whether the reserve fund in the Trca-
snry had ever been segregated from
other mo.cys in the Treasury
Mr.. Lodge offered resolutions. which
We're agreed to. as 10 pneumatic dyna-
mite gums. and as TO the cost OF equip
ping monitors.
Also a resolution as TO the purchase
of the Danish West India islands. which
was referred to the committee on For
cicn Relations.
The resolution offered by Mr. Sherman
las, Tuesday in relation to the reserve
fund WAS laid before the Scnnic ana
Mr.. sherman proceeded to address the
Senate. prciacing his speech with a re-
mark whether, contrary to the custom
he had reduced his speech 10 writing
on account OF the Importance Of the
subject and for the sake of ClcarnesS
and brcvity. and would proceed to
read L.
one hour 1t was read with distinct
ness and force. and listened to with
the closest interest on both sides.
The ncor was then taken by Mr.. But
Ter. who argued in supper: OF his bill
to prohibit the issuc Of bonds thout
the consent of Congress. The President,
he said was waiting TO see whai Con-
Grcss was going &c. do on the subiact
II .c; us give II 10 him" he exclaimed
land let us give II to him unanimously
and not from a partisan STANDPOINT
The consideration of the bin was oh
jccted to by Mr.. Hin. who. was AT the
moment acting as president pro TEN.
Mr. Mills took issue with the state
ment Of Mr.. Sherman. that the tariff
act of 1899 was the cause of the present
financial difficulties. He spoke OF Mr.