The herald., 1896-01-01
rue. but in his opinion it wa. very poor

Mr.. Cockrelt, Dem OF Missouri.
rs that a faci?" asked NJ. Mitchell.
ut Isl" replied Mr.. Cockrell emphat-
icaly.
I'm 1898, in response to telegram 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.
Hive not all the secretaries of the
treasury redeemed notes in gold since
ls79?'
'Greenbacks were never presented
said Mr.. Coo xrell. "rhere was no demand
for gold and thai can be shown Oh the re-
cord The senator from Ohio (Mr. Sher-
many since lat time proposed to redeem
and retire every one of those greenbacks
with silver do lars. and his amendment to
that effect Is here on record in which he
proposed to subs itute for the greenbact rs
silver notes, and in addition to that | want
to say that Sec retary Carlisle, January 2,
1895, stated before the house committee
on appropriation that If in the b ginning
the secretary of the treasury had exer-
cspd his discretion of paying in either
gold or silver it would have opet ated well
and would h I'VE been of great benefit"
In answer to Mr.. Hill, Mr. Cockrell said
he did not know whether Secretary Foster
had redeemed greenbacks in gold.
"You said it had not been done
"Not OIL demand," said Mr.. Cockrell.
1 reDeA ttldt ITO secretary Oi ttlo tTeds-
ury until 1891 ever offered the option to
holders of United States notes."
But United States notes were redeemed
in gold"
mot at the option of the holder. The
option was never giver to holders until
1891"
At the conclusion of Nj. Mitchell's re-
marks his resolution was referred to the
| finance committee.
| Mr.. Stewart rec .lIed the fact that at q
dinner a Delinonic rs, New York. Novem-
ber IL, 1891, Secretary Foster had de-
cared tn at he wo uld redeem Uuiied Sta es
| notes in old, and that President Harrison
| in his an lual report the same year had
said that the policy of The ire Asury deuarG-
men had done much to restore confidence
in the country.
Mr.. Elkir,s, Republican of West Virginia,
at the con clusion of Mr.. MitchelIs re-
| m ,rks, aske for the immediate considera-
ton of a res, ,lution declaring it to be The
| sense of the senate that no bonds of the
| United States Should be sold at private
| sale or by private contract, but that they
| should be advertised and sold to the high
est bid .er.
| "As that resolution would seem to reflect
on the senator from Ono (Mr. ShermAn)
| who, when secretary of the treasury, al
| ways disuose1 of bonds by private con-
tract, and as he is now absent, think the
resolution shou Id go over," said Mr.. Hill.
II 90 tlOU u luNcIStdlQ uOW VIC T0SOlutiOu
can reflect on Mr.. Sherman," SAID Mr..
Ekins.
II cannot make it plainer," replied Mr..
Hill.
The resolution went over.
MIR. Nelson, Republican,, Minnesota, adj
dressed @he senate on The great financial
| question, maintaining that the outward
flow of gold could not be stopped until the
balance of trade was in our favor aud til at
the result could not be OBJ aimed wilh ,ut an
adequate increase of tariff raes. He
Thought the banks should bear their share
| of the burden of maintaining our vast
| paper currency on parity with gold.
| When he took his seat Nj r. Elkins renewed
his request for the i'm, Mediate cons dera-
ton of his resolu ion, bu1 Mr.. Hill objected
and at 2:25 PIN. the senate adjourned
until Friday.
COMMITTEE CONFEDERATION
WASHINGTON, Dec. 81 Sen Ator Morrill,,
the new chairman of tn 3 senate committe
on finance, said today that a meeting of
that committee wou d be called for Tnurs-
day to take up the public revenue and
bond bills. MIR. Nor rll expressed the
opinion that the bond b II would pe given
precedence in the committee but declined
| to express an opinion as TO how speedily 1t
might he disposed of or in what shape it
might be reported.
There would h I'VE been meeting of the
committee today in accord ince with Sen
aUr Voorhees, original plan, but for the
expressed wish of the Republ can member
ship of the committee, who requested Mr..
VOORHEES, to a low the meeting to be post
poned until after tom ,rrow when the reor-
ganiz alton is to take effect. II is believed
it will be satisfactory to the Dsm ,cr attic
members of the committee to have the
bond bill receive first consideration in
committee. Senator Jones of Arkansas to-
day expressed preference for prior con-
sideration of the bond question.
II am satisfied" said he, ''that it is he
purpose of the Republicans to get the tariff
bill through regard eS5 of the other meas.
ure, and have it go to the president by
whom they are convinced it will be vetoed
They thea go to the country upon this as
the only issue. l think this plan can be
frustrated by cons derng and reporting
the bond bill first and amending it so as to
provide for The free coinage of silver.
This wou give us all the money neces-
sary meet current expenses. ,ide Us over
the present emerl eiicy ii there is one, and
: avoid the issuance OF bonds"
Asked if Ne thought tie committee would
, adopt his proposed silver amen Iment &c
the bond bill, the senator replied that he
was unable TO say, and ad led:
"The principal complaint against the
free coinage of silver is the great profit il
would givs to the silver miners. My bill
gives this profit 10 the government by pro
VtuluR tuat lne uDluer OI DullN)n Htldll re-
ceive only the market value, the difference
between that value and the coinage bee m
ing seigniora le. Thus while the silver dol
: lars coined would have full legal tender
value, the public at large and not the
: miners alone would secure the large prof
to be obtained from the free COMA re of
silver while the actual value is so depressed
at present "
BILLS AND RESOLUTIONS
Among the bills and resol ltions intro
q duced in the senate today are the follow
4 ing:
l BY Pettigrew, bill directing the secre
i tary of the treasury to cancel and not re-
!. issue greenbacks hereafter redeemed by
! him, but to issue silver certificates in thei
! place, the certificates to be redeemed with
silver dollars. To meet the demand thu:
4 created, the secretary ia directed TO coli
i the silver now in the treasury, and if thu
g amount is not sufficient for the purpose, h,
I is to purchase more silver bullion from
l.. time to lime.
By Mr.. Vest, a bill repeating that part O
the Wilson tariff act which provides TO
|. rebates on internal revenue on "a co 10
used in the arts or in med c Il compounds !
By Mr.. cMiliau, a bill requiring tina
| ono per cent OF the salary of all person.
emplo, ed in the classified railway mai
) service be withheld to constitute a relIe
! fund.
, In The HOUSE