The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-01-01

IN ne performance OF our natr1Snc re-
spoase 70 tbs president and we should 50
lesislaie as 20 relieve from the danger OF
destruction some OF the great Industries
stricken down ~ the Wilson tariI act.
Mitchell said he tariff bin passed ~ tae
house wo7sld probably increase the reye-
nue. sAatstk@ year. Amended as IL
should ee. affordlug wool. lumber. harley.
hops and other agricultural products AIDE
Q2ate protection. IL will give additional
revenue o. Saf1.e.9to and place r paddock
upon the so-called endless chain hv
which gold is drawn from the treasury.
stop all necessity for further issue u
bonds. and rescue from impending evil the
wool and other agricultural interests"
While MiteheI was couteBdfng that the
secretary of the treasury could have
stopped the gold cai3s by using his lis
cretioH 10 redeem notes In >oin. HUI asked
him Y il was not trsle that greenbacks
had beer redeemed III god hy every 49,
retary since IS-e
NiicaeI replied that II might ba t-la.
ent In his opinion I vas very poor. policy.
Treasury notes have only been redeem
ID in gold since 1871 Interrupted Cock
reH. Dem. No
Is Thar a fsctF' asked Mitchell
1t Is. replied Cockren. eTnphaticaIy
In 1873, in response 10 a telegram sent
~ ne TO Secretary Foster he repiied that
the FIRST treasury note had been redeemed
5y hin IL gold in lSq1''
4 am talking about sreenbscks." said
Hill. Have not al the secretaries OF the
treasury redeemed these notes In go,d
since 1922"
'fireenbacks were never presented" said
CockreI- There was no demand for gold
and that can be shown on the record The
senator from Ohio Sherman since that
time had proposed 10 redeem and retire
every one of those greenbacks with silver
dollars. and his amendment 70 that effect
Is here on record in which ne proposed 10
substitute for the greenhacks silver notes.
and in addition 10 that 7 want 70 say that
Secretary Carlisle. on January > 1855.
stated before the house committee on ap-
preparations that II IN the beginning the
secretary Of the treasury had exercised his
discretion Of paying either in gold OF si-
Yer IL would have operated Wei and would
have been OF great benefit"
In answer TO Hin CockreIl said he did
not know whetaer Secretary Foster had
redeemed greenhaCks IN gold
You said il had not been DONE" said
Hn.
Not on demand" said Cockren. II re-
peat that no secretary Of the treasury
until 1891 ever Yielded the option 70 the
holders ~ United States notes
But United States notes were redeemed
in gold"
option was never given To holders until
1891 %
A. the conclusion OF M.tchelrs remarks
his resolution was referred TO the finance
committee.
Stewart recalled the fact that at a din-
ner al Delmonico's. on November II. 1891.
Secretary Foster had declared that he
would redeem United States notes in gold.
and that President Harrison iu his annrsl
report the same year said that the policy
OF the treasury department had done much
to restore confidence in the country.
Elk.ns asked for the immediate conssdera-
ton OF a resolution declaring IL to De- the
sense of the senate that no bonds Of the
United States should be sold at private
sale or by private contract hut that thsy
should be advertised and sold 10 the hish
est bidder
AS that resolution would seem 10 re-
fleet on the senator from ohio Sherman.
who. when secretary OF the treasury. al
ways disposed of bonds by private con
tract aud as he is now absent | think the
resolution should go over" said VIM.
Il 10 not understand how the resolution
can reflect on Mr.. Sherman. said Eikins.
Il cannot make 1t palmer" replied iiih.
The resolution went over.
Nelson, Rep. MINI. addressed the SEN
ate on the great financial question, main
tanning that the outward flow of gold
could not be stopped until the balance OF
trade was IN our favor. and that TIM re-
suit could not be obtained without ajs-
quate increase Of tariff rates. lie thought
the banks should hear their share OF the
burden Of maintaining our vast paper sur
rency on a parity with gold. When be
took his seat ElkiDs renewed his request
FOR the Immediate consideration OF h.s
resolution but HIM objected. and at e-z5
p. n. the senate adjourned until Friday.