The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-01-19

the galleries and It's conolusisn was ap-
plauded.
Mr.. McEnery u,a.) gave notice that on
next Tuesday be would address the senate
on the resolutions relating to the proposed
amendment to tho constitution.
Mr.. Turner (Wash.l announced that he
would speak on the Philippines question
next Wednesday, and Mr. Bacon (Ga) gave
notice he would discuss his resolution
on the Philippines next "Wednesday.
bill for the relief OF certain settlers
on public lands and to provide for the
repayment OF certain fees, etc.. was passed.
ON motion OF MIR, Aidrich. consideration
OF the financial bill was resumed and Mr.
Teller continued the speech be began yes
terday, MIR. Teller criticised the pending
bill because II Afforded opportunity to
banks 10 issue paper money,
This surrender OF the great power OF
the government" said he. "the right to
make money, should bring our legislation
Into absolute contempt. and the bill. |
know. viii be crystaiEod into law. When
the republican caucus declared that this
legislation must be enacted there was
hothing else TO do. There arc men on this
noor who know that they would never
vote for this bill except under the In
huencc OF party caucus and party force
Mr.. Teller then read the now famous
letter of Vice President A, b. Hepburn
ot the National city bank OF New York
TO Secretary Gage. He thought II a most
remarkable letter, IL do not speak III
willingly OF those In authority. I want
co think kindly OF them. But hers Is a
letter whien ought 10 have gono 20 the
writer with q singing letter OF reply
From subsequent events. however, II Is
evident that The secretary intended ~
grant the request" MIR. Teller said that
when he saw bank presidents taking such
action In politics as were indicated by
The Hepburn letter he was sure the act
required severe criticism. II not drastic
measure.
rs there any necessity for this lcgisla-
cton p he asked, II would like to ask
the senator from Rhode island tAldricn)
whether thsre is any trouble with Amcri-
can credit. lis there any country which
eau sell Its securities at such prices as
We CAM All OF our bonds are higher than
those OF any other country. Nobody Ia
questioning our honesty. And yet We have
legislation here, the avowcd purpose OF
which is to strengthen our credit and
relieve taxation. The senator from Rhode
Island did not tell us how our credit Is
threatened nor did lie tell us how this bill
could relieve us from the burden Of tax
alton"
in conclusion Mr.. Teller reviewed the
monetary conditions In foreign countries
time to effect such change In our money
system. Notwithstanding the so-called
prosperous condition OF the country there
was serious money panic IN New York,
which forced the secretary Of the treasury
TO purchase about s22,O00oO0 of United
States bonds; In additisn to that, the Sec
rotary had put into National banks
throughout the country about sl2O. 900 600
in order to maintain the financial eluilib-
rum. "a financial condition" declared
Mr.. Teller, which requires to he bolstered
up by the treasury department is in a bad
condition"
Mr.. Chandler IN. H.) interrupted Mr.
Teller to say that ON, question which
seemed 10 make the adsption or selection
OF the pending bill moral question was
the probable destruction of values in sill
yer using countries. "I have never said. '
continued Mr.. Chandler, ''much about the
crime OF 1879 because | have been in
olined to think the decentralization OF sill
yer then was accidental and not inton-
tional; but the reduction by England aph
tho United States OF the value of silver
boards of India and the Oriental silver
countries was q crime and an offense
against morality"
without completing his remarks MT
Teller suspended for the day
The senate then. NJ 4, IS p. M. went into
executive session, ana Mt $40 adjourned.