The evening times. [volume] (Washington, D.C.) 1895-1902, 1897-07-07
DEBATE ON THE RESERVE
The Stewart Amendment to the
Tariff Bill.
RATHER A MIXED DISCUSSION
Morgan Charges That There Is No
Law for a Treasury Reserve Mr..
Vest Asserts she Ad Valorem in
the Pending BAH Is Ten Per Cent
Higher han in the Wilson.

After Tie presentation in the Senate
todayof the Lodge resolution, W Inch wasn' t
even read by title, Mr.. Mason presented
numerous petitions from various organi-
zatious in the State of Illinois urging the
Senate To prompt action on the tariff bill,
and reciting the fact of large importaaons
of goods Mr.. Mason also presented SINH
lar pciltions on TIE anti-scalpers BILL
Mr. Fettlgrew asked leaveto have printed
| as Senate document, d resume OF the
causes, which led TO Japan adopting the
gold standard.
MIR. BGrrows-I presume it is not to be
printed in the Record; there are seventy
/ five pages on that question in it today.
! Mr. Pettigrew Well, it won't do you
any harm to read it.
Nh BGrrows declined TO have any mis-
sionary work Done with him by means OF
the Record.
! Mr Allison then took up the tariff bill,
| and suggested several minor changes, 10
which MIR. Jones of Arkansas made no
objection until the subject of glue, and the
substances out of which it is made, was
| reached
Mr. Allison desired to have these things
taken from the free list and given a 10 per
cent ad vaIorem duty. MI. Jones objected,
| and Mr. Allison Withdrew his suggestion
Mr.. Mason opposed the withdraw in a
speech, in which he said il was the under
standing that these articles would be pro-
teCted just like everything else.
k.s,a ia. a
fcrent light, and promptly receded from
| i1s Withdrawal Mr.. Jones then insisted
! on having a yea an d nay vote, which re-
suited in favor of putting the ARTICLES on
the dutiahle list at I o per cent al valorem.
The vote was 80 IL.
Mr. Stewart was then recognized on his
| Treasury reserve amendment
Mr. Stewart did not speak as long As was
1 expected Ills amendments main point
was the retirement of bonds with any
| surplus over the Treasury reserve. He
! made a statement showing that there was
now accumulated in the Treasury S240-
I 600, 600 OF idle money, called the reserve.
Mr.. Stewart also pointed out the great
I cost OF III aintainng this reserve, which he
| put at from SO 100000 to $40, 600 900,
a year in interest and bonds.
Mr. Vest foIlo w ed Mr.. Stew art in a gen
eral review of the bill This speech was
an able presentment of the report, but
was necessarily very like the speech in
winch Mr. Vest opened the debate for the
Democrats
BE made the following comparisons: The
average ad valorem under the Mckinley
bin was ~ 10; under the Wilson bill it
was 1894; under the bill as it came from
the House 1t was 81. 48.
Mr.. Vest said that the ad valnrem under
the present bill would be at least so; it
might be "a or az
Mr.. Allison reminded Mr. Vest that 'this
increase under the present bill comes
wholly from sugar.
AIR. Jones-But the Senator from Iowa
viii not deny that there are at least a
hundred items in which the rates have been
raised over the Mckinley bill
Mr.. AllisOn-But they don't figure in the
ad valorem.
Mr. Morgan REQUIRED to the Stewart
amendment. and noted, with some sur
prise, that Mr.. Stewart had recognized the
validity and legality of the 500, OOO, 900
reserve.
Il say holdly.'' he said, land challenge
statute hooks one line authorizing or Jus
tifying a S10c, 100000 geld reserve in
the Treasury. Is there anybody here to
deny it?''
Mr.. Morgan said that the Treasury re-
serve was the work of Secretary Sher-
man and ON his own authority Mr.. Nor
gan then went on 10 show what costly
innovation the Treasury reserve had been
TO the people in interest, etc.
Mr. Jones made an argument to the eff
feet that be would vote for the Stewart
amendment on the general ground that as
little money as possible should he kept
locked in the Treasury. He with Mr.. Nor
gan, however, would not recognize the
validity OF the reserve
Mr.. Lindsay opposed the amendment
He said that there was no way out of the
Implication OF the amendment recognizing
TIE validity Of the reserve He thought
il was introduced to divide :he councils
OF those opposed to the passage Of the
tariff hill
Mr.. Bacon said that there was Bo.hingin
the amendment to change or modify the
present power of the Secretary of the
Treasury as to redenptions on purchases
The yeas and nays We're demanded and
the result was yeas 80, NAYS 80
The Democrats voting with the Repuf,-
hcans we're, Gallery, Gray, Lindsay and
Mitchell
Mr.. Aldrich appeared in the chamber
curing the roll-call voted aye, and was
afterwards warmly greeted 10y Senators.