Show SILVER COINAGE AND BOND ISSUE How Senators Fixed the War II Revenue Bill I FORTYTWO MILLIONS OF SILVER DOLLARS Coined at the Rate of Four Millions Per Month Amendment Providing For Three Amendmet Povidiug Tree Hundred Millions i Bonds Adopted As a Substitute For the Greenback Proposition Wolcott Indulges I a Tirade of Abuse of People Who Criticise the International Inter-national Agreement Fizzle Washington June 3While the war revenue measure was not passed by the senate today two very important votes were taken one on a proposition to coin the silver bullion in the treasury and to issue silver certificates against the coin and the other on the bond proposition presented by the Republican can minority of the committee on finance In lieu of the seigniorage amendment offered by the majority of the finance committee Mr Wolcott Rep Colo proposed an amendment authorizing the secretary of the treasury to coin the silver bullion in Jhe treasury and to issue silver certificates against i After some discussion a vote was reached and the amendment was agreed to 48 to 31 several Republicans voting for it Mr Aldrich Rep R I then presented pre-sented the amendment of the minority of the finance committee providing for the issue of 100000000 of certificates of indebtedness and 300000000 of bonds to be used exclusively for the payment of the expenses of the war After an extended debate the question was brought to an issue and by the decisive de-cisive vote of 45 to 31 the bond amendment amend-ment was incorporated in the bill as a substitute for the amendment to issue legal tender notes The bond propos tSon received the votes of 37 Republicans cans seven Democrats and one Populist Popu-list The Democrats who voted for I were Messrs Caffey Faulkner Gorman Gor-man Gray Lindsay Mitchell and Murphy Mur-phy and the Populist was Mr Kyle No Republicans voted against the issue of bonds the votes in opposition to bonds being cast by 21 Democrats five Populists I Popu-lists and five silver Republicans Just before adjournment this evening I a sensational speech was made by Mr J Wolcott Rep Colo in reply to some suggestions concerning the bimetallic commission made by Mr Allen Pop Neb PROCEEDINGS OF THE SESSION Consideration of the war revenue measure was resumed at the conclusion conclu-sion of the morning business In the course of a brief colloquy concerning con-cerning the priority of amendments yet to be considered Mr Jones Dem i u Ark expressed the opinion that all the revenue features of the bill ought to be completed and passed upon before the bond provision was passed upon as the amount of revenue raised might have great weight in the determination of some other pending amendments He was satisfied he said that the bond provision would be incorporated in the bill but held that senators ought to I know what the bill would raise approximately approx-imately before they were called upon to vote upon the bond question I Mr Hale Rep Me inquired whether Mr Jones thought the small I amount comparatively that would be raised would he sufficient I have no doubt he continued that if this war I lasts a year i will cost the government govern-ment between 700000000 and SSOOOOO 000 That is my prediction and I put j myself on record to that effect i I Mr Jones raid that so much money 1 might be pent but he did not think so He was satisfied at all events that an issue of bonds was unnecessary j hI do not believe said he that the i war will fast one year six months or j anything like that time And the cost i i H certainly be much less than stated i by the senator Mr Hale The secretaries I sec-retaries of war and the navy each made i an estimate of the expenses for one I year and their aggregate estimates I were only about half the estimate of the senator from Maine Mr Hale pointed out that no war was so expensive as an expeditionary war He said he had examined all the estimates esti-mates made upon the expenses of the war and he wan satisfied they would reach certainly 5700000000 TELLER ON EXPENSES Mr Taller SII Rep Colo reviewed the legislation during the past ten years and said it was evident that this bill was not to be a temporary meas I I ure It was to all intsnts and r POSES to be a permanentlaw The expanses ex-panses of the war would be large but they would not end with the closing of the war I was proposed to have a gieat navy commensurate with the dignity and development of our country I coun-try and in addition all the cities along I the Atlantic and Pacific coasts had aright I a-right to demand protection from foreign 1 for-eign invasion I The expenses of the government were great now but they were certain to be I greater at the close of the war I is the duty of the senate he said to take sufficient time for the consideration I consid-eration of the pending bill to determine hew much money it will raise I do I not want to vote upon the bill until we know what it will produce in revenue The goveniment will not be hamoered in any way i this bill does not pass for ten days or until July 1 Mr Aldrich said that careful estimates mates had been made if the revemjc producing qualities of the bill and he was satisfied that the amount would be between 150000000 and 200000000 Certainly not in excess of the latter sumMr Mr Allison said without including the last 75000 of volunteers called for the estimate made was that the war expenses for the first year would be at least 379000000 He regarded an addition ad-dition of 75000000 for the additional volunteers as entirely reasonable Mr Merrill Rep Vt the venerable chairman of the finance committee delivered de-livered a short speech in opposition to the propositions that come to us from the Populist side of the senate to issue greenbacks and coinage of the seignior age WOLCOTTS AMENDMENT ADOPTED ADOPT-ED Mr Wolcott Rep Colo proposed an amendment to the amendment of the committee upon the coinage of the seigniorage I was In the nature of a substitute and after being slightly amended a direct vote upon it was reached Mr Jones Dem Ark giving notice that he would move hereafter to substitute the committee amendment for the Wolcott amendment Mr Wolcotts amendment was agreed to48 to 31 as follows YEAS Allen Mantle 4 Bacon Martin Bate Mills Berry > Mitchell 1 Butler Sidney V S l nnn Toriran I I Carter Pasco Chandler Perkins Chilton etigrew Clark Pettus COskxel Prichard Daniel Rawlns Faulkner Reach Gray 1 Shoun Hansbrougn Stewart Harris Teller Heltfeld Thurston Jcres Ark Tillman Timan YciicsNe TtrleY lGle Turple Lindsay Vest 3ttEnery Yarre = 1cLaurin White Mallory YocottS NAYS AldrIch Hawley Alsn Hoar Baker Lodge Burrow McBride Caffery McMian CuIQp M son Davis Morri Deboe Murphy Fahanks Nelson Foraker Platt Conn Frye Platt N Y Galnger Proctor Gear Sew l Gorman Spooner Hale Vetmore31 Hanna The amendment a agreed to follows That the secretary of the treasury shall Immediately cause to be coined as fast as possible into standard silver dollars to an amount of not less than 1000000 per month which shall be of like weight and fineness and of like legal tender and quality a those provided pro-vided for under existing law all the silver bullion now held in the treasury treas-ury That the secretary of the treasury is authorized and directed to issue a said silver is coined silver certificates of similar design and denominations and of the same quality payable and redeemable in like manner as those authorized by law to the amount of the gain or seigniorage derived from I the purchase of silver bullion by the treasury under the act of July 14 1890 I until the sum of 42000000 shall have been issued Said moneys so coined including the amounts of the gains or seigniorage so coined shall be used both for the redemption re-demption of the treasury notes heretofore hereto-fore issued under and by virtue of the act of July 1 1890 and for the redemp certificates issued under tion of the certfcates I this act actTHE THE BOND PROVISION Mr Aldrich moved to strike out the committee amendment providing for the issue of legal tender notes and substitute sub-stitute the bond provision adopted by the Republican minority of the finance committee Upon this motion he demanded de-manded the yeas and nays Before a vote was taken however the subject was discussed by Mr Stewart Stew-art Mr Daniel and Mr Mantle Mr Mantle expressed his general approval ap-proval of the substitutes for the bond provision but announced his apprehension apprehen-sion that the issuance of greenbacks might prove a precedent that would some time arise to plague the friends of bimetallism Mr Fairbanks Rep Ind supported support-ed the provision for bonds and time certificates taking the position that future years should pay part of the expense pense of the war He attacked > the proposition to substitute greenbacks and to coin the seignorage as a deliberate de-liberate attempt to inflate the currency and imperil the present gold standard Mr Money Dem Miss and Mr Bate Dem Tenn expressed the opinion opin-ion that the bond proposition might go over until December both expressing the belief that the war would be short lived BONDS WON At the conclusion of ll Bates speech a vote was taken upon Mr Aldrichs motion to substitute the bond provision I offered by the minority of the committee i I commit-tee for the paragraph authorizing the 1 issue of legal tender notes The mo legl 1 tion was carr dby the decisive vote i of 45 to 31 asfollows YEAS Aldrich Hawley Allison I Hoar i Baker Kyle Burrows Lindsay I Caffery Lodge Carter McBride 1 Chandler McMillan I 1 Clan Mason Davis Mitchell I Cullom Morrell I Deboe Murphy Elkin r Nelson Fairbanks Perkins Faulkner Platt Conn Foraker Platt N Y i Frye Sewell Gallinger Shoup I Gorman < Spoone Gear Warren Gray Wetmore Hale Wilson Hansbrough Hanna Wclcott 15 I i NAYS I Allen Chilton Bacon Clay Bate Cockrell j Berry Daniel Butler Harris Cannon Heitfeld Jones Ark Peitu Tones Nev RavIIns McEnery Roach McLaurin Stewart I Mantle Tclle Martin Turley I Mill Turpie Money Vest Pasco White 31 lettigrew The committee amendment striking out the bond provision was agreed to age CHANDLERS DECLARATION j WITHDRAWN j i I Mr Chandler offered his amendment inserting a declaration that the policy of the United States Is not to commit the country more thoroughly to the single gold standard but that the efforts ef-forts of the government shall be steadily stead-ily directed to coin both silver and gold as standard money Mr Stewart offered as an amendment amend-ment to Mr Chandlers amendment a provision that no bonds issued under this act shall be used as a basis of bank currency Mr Morgan gave notice of an amendment amend-ment directing the secretary of the treasury to enforce those provisions of I the income tax law of 1894 not expressly ly declared by the supreme courts de cislon to be unconstitutional Mr Morgan i i Mor-gan spoke of the amendment and attacked I at-tacked the national banks which he declared were behind the conspiracy Ito I-to force a bond issue upon the people I The amendment offered by Mr Stewart Stew-art was laid on the table on motion of I II Chandler 44 to 27 i > Mr Hoar proposed an amendment to j be added to Mr Chandlers amendment I as follows And to this end to relax l i no effort to secure the cooperation of I the principal commercial nations of the world I The amendment was agreed to 35 to 33 In n speech treating of the new conditions con-ditions which are likely to confront the United States in Hawaii Cuba Porto Rico and the Philippines Mr Morgan Dem Ala said that n vast amount of silver money would be needed by this country in dealing with those countries He was not prepared to say that all the islands named would bean be-an 1exed by the United States but it was absolutely certain Cuba Porto Rico and the Philippines would never again pass under Spanish control Mr Chandler after explaining his position withdrew his amendment a he had no desire he said to impede the progress of the war revenue bill THE INTERNATIONAL FIZZLE A passage at arms more sensational than any incident that has occurred in the senate since the adoption of the Cuban resolutions occurred at this point between Mr Allen Pop Neb and Mr Wolcott Rep Colo In the course of some remarks on bimetallism bi-metallism Mr Allen took a reminiscent reminis-cent turn and discussed at length the work 5 of thp Internntlonnl hlmptnlHsm < o t > S commission He declared their work had been a failure and that no good had ever been expected to come of it that international bimetallism was a delusion and a snare Appropriation of 100000 had been made for the commission commis-sion which had traveled throughout Europe on 3 mission which was foredoomed fore-doomed to failure Mr Wolcott who was the president of the bimetallic commission listened attentively to Mr Allens remarks He was evidently indignant and he took the floor to reply to his criticisms It is not pleasant he began to a selfrespecting man to meet such suggestions as have been made by the senator from Nebraska This debate has taken a turn which I deprecate and I would not now occupy a moment of the senates time which ought to be devoted to the consideration of the pending bill wee it not that I desire to inform the senator from Nebraska that the three commissioners appointed by the president spent more than six months in Europe traveling where their duties took them They were accompanied ac-companied by u secretary and the entire en-tire expense of the work accomplished was only 16000 And I desire to add that every member of the commission in accepting the appointment and performing per-forming his duties sacrificed thousands of dollars dolars S DENOUNCED THE POPULISTS I is undignified and unbefitting a senator of th United States to stand in his place on this floor and suggest that he commission spent money it was not justified in spending I am getting tired continued Mr Wolcott of hearing that sort o suggestions from I the senator from Nebraska I is I not the first the second or the third time he has thrown them out Through him they are being circulated in the west by means of the patent insiders which constitute the bone and sinew party and most of the brains of the Populist I suppose that at some cross roads in Nebraska where nothing is known of Europe except that i is on the map of the world some people of the senators sena-tors kind have gotten together and resolved re-solved that n < country except the United States Is enlightened enough to have ideas on the money question They are not aware that the great leaders of thought In England France and Germany favored bimetallism more than a quarter of a century before the Populist party or the senator from Nebraska Ne-braska was ever heard of Fortunately Fortunate-ly however the bimetalllsts of Europe are not hampered In their work by long haired cranks who clog the progress of enlightened financial legislation in this country The experiment which is now being tried in India continued Mr Wol cott in the opinion not only of the bimetalllsts of the world but also of ninetenths of the gold men of London Lon-don where the situation has been carefully care-fully studied will result in absolute and entire failure I will be impossible impossi-ble to Impress the gold standard upon the people of India In the face of this conceded fact I say he is an enemy and not a friend of bimetallism who stands up in this presence and talks about international bimetallism being a delusion and a snare And yet i appears ap-pears that he has no argument to present pre-sent except that embodied in the statement state-ment untrue unpleasant and undigni Bed that the bimetallic commission take a large sum of money and squandered squan-dered i itALLEN ALLEN WAS COOL I Mr Allen made a very brief reply to r Mr Wolcott speaking calmly and coolly I i cool-ly He explained that he had not charged the commission with extravagance extrava-gance or with having squandered the money appropriated What he did say he insisted was that the appropriation was made when i wa evident that the effort to be made would be a failure He contended therefore that the thereore money should not have been expended at all Yet because he had held that belief I and held it now he was he said made the subject of the Colorado senators II I sophomoric phillipplcs He was not he concluded afraid of the senator Mr Wolcott in the senate or elsewhere else-where An effort was then made by Mr Allison Al-lison to effect an arrangement whereby a vote might be taken this evening but i was unsuccessful The concensus of opinion was that an adjournment until tomorrow would facilitate the final disposition dis-position of the measure After agreeing to meet at 1 oclock tomorrow the senate at 6 oclock went Into executive execu-tive session and soon afterward adjourned |