Show The Proceedings The presence of many holiday visitors visi-tors at the national catpital was shown today by the well filled Senate galleries gal-leries Mr Merrill Rep of Vermont chairman chair-man of the Finance committee moved that when the Senate adjourn it be till Tuesday nest He said I hope by Tuesday when the Senate reassembles the Finance committee will be ready to report on both the tariff and the bond bills passed by the House The motion for adjournment until Tuesday was agreed to Mr Hale of Maine presented a bill for the Pacifi Ocean cable to Honolulu Hono-lulu and elsewhere and explained that i was an elaboration of the plan urged before last Congress and contemplated t i cable for the transaction of business 01 the United States government He said he would call up the subject next Tuesday A joint resolution for a constitutional amendment admitting women to suffrage suf-frage was presented by request by Mr Hoar Mr Squire Rep Wash offered ures olution for a negotiation forthwith of a convention between the United Staites and Crt Britain for marking the boundary between Alaska and British North America and appropriating 575000 for expenses Squire said this boundary question involved consider tiN quite a serious a that concerning concern-ing Venezuela There were prospects the miners and of a conflict between t ad officials claiming t exercise authority along the disputed line The resolution resolu-tion i confined to the controversy over the 14th meridian and not to the gen te 1t was eral boundary referred question The resolution Mr George Miss asked immediate tctonsideraitlon for a bill repealing the 2iv requiring the oath of loyalty a a prerequisite to securing pension for service in the Mexican war ll Hoar said the repeal was unobjectionable unob-jectionable whereupon Chandler remarked re-marked I will certainly support any of reconciliation which has the jn asxre recnciation ha te joint endorsement of the Senator from Mississippi and the Seaiiator from a saehu istts The bill was passed wit out division Mr Butler N C asked immediate consideration of the bill to prohibit the iSle of interestbearing bonds Mr Hill < N T suggested that the bill be not passed for the present Mr Sherman he said was about to aid drttss the Senate After that possibly a discussion of this proposition would be < isirable Mr Butler said the proposition needed need-ed no discussion The country understood under-stood it Ia been exhaustively dis = sed until public judgment was as Arused publc a rain as that two and two made four Still acceding to Mr Hills request the measure was withdrawn ml3SUr The Senate agreed TO a resolution by Mr Allen Neb calling on the treas ury for detailed information as to the IF grfgaition of funds in the treasury > T < 1 their uses for other than redemp > < anJ circumstances th the dates circumstancs of such use U6 of California urged the pas of a resolution suggesting that sgo rf suggestng duty on sugar be included in the tariff amendments considered by the finance committee I was referred to the finance committee merely as a suggestion sugges-tion and not a an expression on the subject Sherman then began his speech on the financial question reading from a manuscript and receiving close attention atten-tion ton Speaker Reed and Henderson Dal zell Walker and other members of the House were on the floor and followed Sherman with close attention by assert Senator Sherman began ing that while Congress would support the president in maintaining the honor and integrity of our country in the field of diplomacy it would approve llld his recommendations on the more important im-portant subject of our financial policy and especially of our currency He the had mistaken the cause of president ld mistken our present financial condition in attributing at-tributing it to the demand for gold for rnited States notes instead of the deficiency of revenue caused by the exchange of last Congress He proposed pro-posed as a remedy the conversion of United States note and treasury f notes Into Interest bearing bonds thus increasing the interest bearing debt nearly 500000000 He iioposed aIn a-In < of public policy that would produce B sharp contraction of our currency add great to the burden of existing debts and arrest the progress of almost most every American industry which now competed with foreign productions produc-tions ttns Mr Sherman read from a table showing show-ing the receipts and expenditures each year from 1866 to 1893 and asserted that for the first time since 1866 we had deficiencies of revenues Since the first of March 1S93 to the first of December 1895 the national debt had been Increased 162062245 He made a analysis of the McKinley McKin-ley tariff law and of Its successor the iWIlson law and asserted that during i the twentyfive months of the McKinley J McKin-ley law the average monthly surplus t was 1129821 During the existence of the Wilson law the average monthly t 1 T deficiency was 4690603 Under the Wilson law the United States exported In a year agricultural products valued at 301578885 while during the last year of the McKinley law the exports of similar products were 3371125299 He declared that the deficiency of revenue was the primary cause of the demand for United States notes and that the only remedies were either a radical reduction of expenditures or a increase of taxation and perhaps both The senator asserted that during the first term of Mr Cleveland when he was powerless to affect the currency I and tariff policies the Senate beIng Republicans the gold increased from 5240000000 on the first of April 1885 to I 320000000 on the first of April 1889 This gold came into the treasury without with-out cost in exchange for United States notes or gold certificates WHAT OTHER What other remedy he asked is there for our financial difficulties except to borrow money on the best terms possible to pay current deficiencies and to provide additional revenue for future fu-ture wants To this extent and for these purposes I am willing to support the administration however much I may differ with its general policy He did not wish to criticize the sales of bonds authorized by the resumption resump-tion act to meet die deficiency caused by the passage of the Wilson law Under the circumstances the administration adminis-tration was justified in doing this The senator held that notes once redeemed should only be reissued for gold coin and such reissues should be mandatory when coin is deposited in the treasury With this provision of law the scarcity of currency would create such 3 demand for i that gold would be freely deposited in exchange for the more profitable and convenient notes of the United States The resumption I re-sumption fund should be segregated i from all other monies of the United I I States notes Deficiences in the i revenue should be provided for by I bonds or certificates of indebtedness of I small denominations at a low rate of i Interest which would be readily taken I by the people through national banks i subtreasuries and postoflices The I I senator continuing said in part i THE TERM LAWFUL I As the term lawfully includes gold I coins there is a disposition by the administration I ad-ministration banks to convert their United States notes into coin thus aiding I aid-ing in depleting the redemption reserve This ought to be prevented by provision pro-vision of law that the bank reserve of lawful money shall be United States treasury notes only The resumption I fund is the safeguard of the money of the people and its use for any other purpose is a practical repudiation of the public faith A careful study of the systems of the banking currency and coinage adopted by the principal nations of Europe convinces me that our system when cured of 3 few defects developed by time founded upon the bimentallic coinage of gold and silver maintained at par with each other with free national na-tional banks established in every city and town of importance of the United States issuing their notes secured beyond be-yond doubt by United States bonds or some equivalent security redeemable on demand in United States notes and the issue of an amount of United States notes and treasury notes equal to the amount now outstanding with provision for a ratable increase with the increase of population always redeemable re-deemable in coin supported by an ample reserve of coin in the treasury not to be invaded by deficiencies of revenue and separated by the sub treasury system from all connection with the receipts and expenditures of the governmentsuch a system would make our money current in commercial circles in every and all climes better than the best that now exists in Europe better than that of Great Britain which now holds the purse strings of the world All I ask now is that you will not disturb it with your deficiencies you will not rob it of its safeguards you will not return to the days of wildcat money you will not lessen the savings of prudent labor or the accumulations of the rich Time makes all things even Let us give to the executive authorities ample means to meet the appropriations you have but let us strengthen rather than weaken our monetary system which lies at the foundation of our prosperity and our progress At the conclusion of Shermans reMarks re-Marks Butler Pop of North Car lna renewed the request for immediate immedi-ate consideration of his bill to prohibit the future sale of bonds except with the consent of Congress The newspapers news-papers he said had told a story of an Impending bond issue Action should be had at once Butler asked unanimous unanim-ous consent to put his bill upon passage sage Hill who happened to be in the chair rather startled the Senate by himself interposing an objection REPELS TH CHARGE Mr Mills then took the floor to reply to Mr Sherman He repelled the charge that the fiftythird te fftythird congress was in anyway any-way responsible for the present financial crisis The burden belonged < to fnacal I frt congress and Sherman was partly responsible I re-sponsible for the legislation of that con j I gress The Democrats ha turned over to the Harrison administration in 1889 230 Le adminIstrton 18 000000 How was it he asked If the claim I that the McKinley bill had produced sufficient cient revenue was true that in 1893 when the Democrats again assumed control agn all that surplus was gone consumed and dissipate 11 Mills compared the McKinley j1 Mc-Kinley and the Wilson bills The former was entitled a bill to reduce revenues the latter to reduce taxation The report on the McKinley bill written by Chairman Chair-man McKinley recited the problematical effect of the measure 01 the revenues of the government And yet with the McKinley Mc-Kinley act responsible for the reduction of revenues the cry was now raised that the Wilson bill was responsible for the deficiency DOUBLE PLAY Mr Mills criticized the double play proceedings by the passage in the house of a emergency bill I this bill passed the senate a it might by the Populists I support it would meet with swift and sure punishment on the part of the president presi-dent against those responsible for i I Mr Shermans resolution was tempo rarily laid aside and that of Mr Elkins Rep of West Virginia directing the disposal of bonds by public sale was taken up I Mr Elkins spoke vigorously in its support He referred to the fact that port reftrred te fat tat petty government officials were compelled to make contracts after the advertisement mae contct afer te advertment I and yet the president and secretary of the treasury were entirely relieved of this valuable safeguard Mr Elkins reviewed the commissionspaid for floating loans during the war to show the enormous I extortion of the syndicate who had taken up the loans of the present administra ion Only about J55POOOO had bee paid 1 m comtsions on loans aggregating agggting I 52500000000 during the war In other words the bond syndicate had made more in placing a loan of 52000000 than was paid for floating the entire war debt The war loans were floated among the people a all loans should be sIt RECKLESS AND WANTON I was said that one banker was to obtain 1000000 commission for floating the contemplated loan of 100000000 The people were unable to comprehend such reckless and wanton wants of millions He did not mean to criticize the president the seet of the treasury or the syn dicate which was simply takirig advantage advant-age of the opportunity but he insisted that the people would take the bonds at much higher figures than those paid to the government The credit of the country coun-try was unassailable We are immeasurably Immeasur-ably the richest country of the globe In conclusion 11 Elkins moved that the of his senate resolution proceed with the consideration Mr Hill sought to object but was cut pit by the vicepresident ruling that the motion was not debatable Thereupon the vot a taken resulting a follows Yeas Aldrich Allen Allison Baker Bate Berry Burrows Butler Call Ca eron Chandler Clark Cockrell Cullom Davis Dubois Elkins Faulkner Frye Gallmger George Hale Hawley Hoar Jones Nev Kyle Lodge McBride Mantle 1atn Morgan Morrill Nelson Peffer Perkins Pettigrew Proctor Pugh Roach Sherman Shoup Teller Turpie > Vest 48 Voorhees Walthall Warren White Nays Brice Caffery Chilton Hill j Mitchell Wis and Murphy Mr Hill at once moved to refer the so lution to the finance committee Let us vote on It now said Mr Teller i sd M ThNO not just yet replied Mr Hill There can be no vote on this resolution for the present The resolution already passed for a adjournment to Tuesday made It readily possible to prevent a vote on the resolution resolu-tion by debating it at length Mr Hill declared the resolution to b a futile movement which could have no more effect than the popes bull against the comet Why should the senate attempt at this moment of financial embarrassment embarrass-ment furtherto tic the hands of the executive exe-cutive authorities Mr Hill said he had no special sympathy with these money sndicte of New York city He contended con-tended that this method of sale of bonds to syndicates was not new Under a Republican administration 1878 a bond sale of this nature was negotiated THE PUBLIC But there was thirty days notice of sale icerrupted Mr Elkins And within that thirty days added Mr Sherman the public instead of the bankers took the bonds Mr Hill declared that banks and syndicates syn-dicates frequently pushed forward the public disguise their own transactions The senator read in detail the bond contract con-tract mae in 1878 to which the names of Sellgmans Belmons Morgans and the representatives of the Rothschilds were appended A who was the secretary of the treasury at that time asked Mr Turpie It was the distinguished public man the senator from OhioJohn Sherman replied Mr Hill with great vigor Who are the men in this present syndicate syn-dicate asked Mr Hill Who is this Mr Morgan of whom we hear so much Is not this the Mr Morgan who furnished the sinews of war to the Republican party There was no reason to believe that the executive authorities would seek to grant special favors to this gentleman HILLS JUDGMENT In the judgment of Mr Hill no contract whatever had been made at the present time notwithstanding the wits of the newspapers The senator referred to the I First National bank of New York a one of the participants in the bond transaction of 1878 I What is the peculiarity of this First National bank asked Mr Harris that the senator refers to It so much I I I will not go into that unpleasant I chapter said 11 Hill The public will recall the transactions of that day To charges of favoritism extended to this favoritsm bankbecause of its contributions to the bank Is Republican cause but I do not intend togo to-go into that subject Mr Elkins was quickly on his feet 111 deny wa he that the First Rational to the Republican contributor Re tional bank is a t tonal of publican cause One of the officials publcan cuse is Democrat another a Republican that a independent an publican another an honorable men honorale that he did sarcastically Mr Hill added sacatcaly I not 11 doubt the integrity of these men of He would not be led Into a discussIon secretary of that the made secrt r fecretaiy the charges at the time of Mr Sherman the treasury 1 had shown undue these bond contracts show bank favoritism to this interrupted book in hand Mr Sherman interrpted bookd 1 contract of the bond con to red the details out c Hill pointing l referred provision to for by a Mr popular absorption of the bonds In say to 1 mean Does the senator his remarks addressing Quir 11 Hill he did not make that to contract Mr Sherman with a banking syndicate a responded 1 r I emphatically state part of these large Sherman that a lage issues were taken by mean the public to say inquired senator Des the his remarks addressing Quired Mr Hill addrssing HI that he did not not Sherman dd Mr to r make a contract with a banking syndicate syn-dicate EMPHATIC emphatically state responded Mr I emphatcaly a large part of these taken by the public issues were tle issue were Mr Hill Returning to the resolution 111 it as his belief that the president gave belef attention to slightest would not pay the atenln laYs it He would be governed by the the books not by such resolutions now on tion Mr Sherman followed with a detailed explanation Sheran of the bond lSS Sunder tailed S-under his administration The contract s bankers with whom with the of ISi8 was wih wit After dealt had previously the government hat dealt ter that during all the period of resumption durng dollar was paid to any tion not one dolar wa syndicate but all bond disposals were al given the widest publicity at Postofflces throughout the court places and public plaes trMr offered an amendment to Butler the Mr resolution prohibiting issues of bonds without congressional authority Dem Texas olfered fur Mr Chilton Texa ther amendments on the same ine as that of Mr Butler but littering in detail de-tail He spoke briefly it being Jrs initial tai address to the Senate He opposed the issue of bonds root and branch Jle believed be-lieved in silver coinage He < ha not approve Heed siver prove temporary expedients in dealing with these questions thee qupstons wih Lodge poke of export of rod holdings outside of New Yonc CU Ami yet said he under the prevailing policy of the treasury no effort was made to get gold outside of New York The American people at large wo > given nj opportunity to take the bonds of tiinr government Mr Lodge referred to the offer of the New York World to tUe one million of bonds This offer and all others from the public should be considered con-sidered and the people given in opportunity oppor-tunity to take the oond3 NO SCANDAL Mr Teller referred to the integrity of 11r bond sale of 1878 There had been no public scandal over any bond ale up to 1895 Ho then compared the results of the bond sales of 7778 with thoss of ISIS asserting that great losses to the gov erment occurred under the contract last year There should be no secret approval of contract as t bonds Bankers should have the same rights and no more than the men having money in the saving banks Mr Teller also referred to the offer of the New York World to take a million of the bonds at 3 per ten I venture to say IntorruptPl Mr Hill that the offer of Mr Pulitzer is the only one that has been made No bank In the country has made such an offer I do not believe there 13 a single bank in this country that vil take the coin bonds at 3 per ent Mr Teller continued to show that the bankers throughout the country were ready to take bonls He recited specific offers at the time of the last issue The senator read with much vigor i time personal per-sonal appeal of the New York World to the president This was a remarhai document said Mr Teller a profound appeal to a president to avert a bcancal in an administration ad-ministration which the papsr had helped to bring into existence STRONG WORDS The senator denounced the imbecil ity or dishonesty oi the executive branch in making this secret contract I amounted said Mr TulltT to a misappropriation mis-appropriation of puolic funds anJ the public would so judge the past and the coming transaction Mr Hill replied that this talk of nllosv ing the public to take the ponds was for political effect I smacked of floma gogy Let the people of Colorado come I forward with their sold Let the gold come from any source an1 see how quickly It would be accepted Instead of ofe there was assertion and criti cism At this point Mr Hill paid i tribute to Secretary Carlisle repeatedly calling him by his full name John G Carlisle which attracted marked attention Imbecile incompetent dislionect is what we hear said Mr Hill John G Carlisle incompetent One of the greatest great-est public men that this country ever produced John G Carlisle dishonest And yet thirty years in public and a poor man today living on his salary Imbecile dishonest I < 3 what we hear I hissed across the aenal V Mr Hill said if any one had suPcred I at the hands of Mr CatMs I was himself him-self and his colleague Mr Murphy They had been ignored in the appoint ments of their own stat and > et Mr Hill was thankful hat he was broad enough to recognUo the tmSldgging pa rlotlsm and devotion of the secretary to the country and nis abililv in meeting meet-ing the requirements of occasions THINKS IT GOOD M Hawley Rep Conn gave his personal per-sonal observations in Paris when the people took the great bond issue required re-quired to pay the German war indemnity indem-nity I nityMr I Mr Hawley believed the American people I I same peo-ple would readiness take a bond issue with the Mr Hoar spoke of the calamatous conditions con-ditions unparalleled In the history of the United States presented ny the present transactioi s of thq executive He asked what had become of the history party and Integrity of the old Democratic A sharp colloquy occurred between Mr Hoar Mr Hill and 11 Sherman as to the use of reserve funds for ineeting current expenses Mr Hill contending against the others that the use of the law treasury funds was strictly within the lawAnother sharp passage occurred between be-tween Mr Hill and Mr Hawley when the later referred to the prospects of a free silver rider to the bond bH Mr Cattery Dem La sharply reI sponded to Mr Tellers assertion that tho administration was incompetent < r dishonest TELLER TO TH FRONT Mr Teller arose to say that he would make it incompetent and dishonest mae Caffirey also responded to Mr Caey Hoars criticisms on the decadence of the integrity of the Democrats integty said Mr Caffery the Southern men did not add hypocrisy to their public action in order to secure a petty party advantage and indirectly to stab the sound money cause they pretended pre-tended to espouse At 515 Mr Aldrich arose to say that as it was apparent nothing could be done tonight he would move an adjournment I ad-journment Mr Elkins demanded a roll call and there was a chorus of seconds to Ills demand On tho call the Senate voted 27 to 26 to adjourn The vote In detail Yeas Aldrich Allison Bate Berry Price Oaf fery Call Chilton Cullom George Gibson Gib-son Gorman rGay Hale Harris Ham ley Hill Hoar Lodge Martin Mitchell of Wisconsin Murphy Roach Vest Voorhees Walthall Wetmore Nays Allen Baker Burorws Butler Cameron Carter Chandler Clark Davis Dubois Elkins Frye Jones of Nevada Kyle McBride Mantel Nelson Peffer I Perkins Pettigrew Proctor ugh I Shoup Spire Teller Warren 25 Then at 525 p m the Senate adjourned ad-journed until Tuesday |