People's Pilot, Volume 5, Number 28, Rensselaer, Jasper County, 16 January 1896 — TO RESTORE THE GOLD [ARTICLE]

TO RESTORE THE GOLD

SENATOR SHERMAN INTRODUCES A RESOLUTION. Will Make a Speech on the Subject on Friday—Bond BUI Will Have Preference in the Senate —Senator Jones’ Opinion. Washington, Jan. 1. —The senate held a two hours’ session Tuesday, the most important feature of which was a resolution offered by Mr. Sherman for the restoration of the gold reserve, which thereafter should be held sacred for the redemption of the greenbacks and treasury notes, the former to be re-is-sued in exchange for gold coin and bullion. Mr. Sherman will on Friday address the senate on his resolution. Mr. Perkins (Cal., Rep.) asked unanimous consent for the consideration of a resolution directing the committee on finance to report an amendment to the house tariff bill laying an additional duty on raw sugar equal to the other increases of the bill. Mr. Berry (Dem., Ark.) objected. It was agreed to adjourn over until Friday, Mr. Morrill (Rep., Vt.) explaining that the finance committee desired to consider the bond and tariff bills on Thursday. Mr. Chandler’s resolution directing the committee on naval affairs to investigate the prices paid by the government for armor plate, and as to whether any official of the government was interested in patent processes, was called up. At the suggestion of Mr. Gorman (Dem., Md.) the words directing an inquiry into the facts as to whether the prices paid by the United States were “as low as paid by foreign governments” were stricken out.

Mr. Mills (Dem., Texas) could not see the reason for the amendment. Mr. Gorman explained that it was well known that an American armorplate company had competed with England to furnish armor-plate for a Russian vessel. The prices asked were lower than received from the United States. The contract, he thought, had been made at a loss. Mr. Hale spoke of the achievements of the navy department, and expressed the hope that nothing would be found amiss. Mr. Chandler said that he shared the general regret, but he was ready to assume the responsibility for the resolution. Facts had come to his knowledge, he said, that required investigation and publicity in order that future contracts for armor in the equipment of vessels now building and to be built should be above suspicion and reproach. The resolution was adopted. Mr. Mitchell (Rep., Ore.) then took the floor and spoke in favor of his resolution instructing the finance committee to restore the McKinley duties on wool in any revenue bill reported to the senate. He said that unless the present legislation was changed the sheep industry of the Pacific coast would be annihilated. Mr. Mitchell said the tariff bill passed by the house would probably increase the revenue >40,000,000 a year. Amended as it should be by affording wool, lumber, barley, hops, and other agricultural products adequate protection, it would give an additional revenue of >60,000,000 and place a padlock upon the so-called “endless chain” by which gold is drawn from the treasury, stop all necessity for further bonds, and rescue from impending ruin the wool and other agricultural interests of this country. A long debate as to the policy of redeeming greenbacks in gold followed. Mr. Elkins (Rep., W- Va.) at the conclusion of Mr. Mitchell’s remarks, asked for the immediate consideration of a resolution 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 highest bidder. The resolution went over.

Mr. Nelson (Rep., Minn.) addressed the senate on the general financial question, maintaining that the outward flow of gold could not be stopped until the balance of trade was in our favor, and that this result could not be maintained without an adequate increase of tariff rates. An Increase of tariff rates and adequate revenue in the treasury would solve the problem. He thought the banks sh6uld bear their share of the burden of maintaining our vast paper currency on a parity with gold. Among the bills and resolutions introduced was the following: By Senator Pettigrew—A bill directing the secretary of the treasury to cancel and not reissue greenbacks hereafter redeemed by him, but to issue silver certificates in their place, the certificates to be redeemed with silver dollars. To meet the demand thus created, the secretary is directed to coin the silver now In the treasury, and, if the amdiint is not sufficient for the purpose, he is to purchase more silver bullion from time to time. The senate adjourned until Friday. BOND BIL.L FIRST. Senate Committee on Finance Will Conalder the Measure Thursday. Washington, Jap. I.—Senator Morrill, the new chairman of the Senate committee on finance, said yesterday that a meeting of the committee would be called for Thursday to take up the House revenue and bond bills. Mr. Morrill expressed the opinion that the bond bill would be given precedence in the committee, but declined to express an opinion as to how speedily it might be disposed of or in what shape it might be reported. Senator Jones was asked if he thought the committee would adopt his proposed silver amendment to the bond bill, and the Senator replied that he was unable to say, adding: “The principal complaint against the free coinage of

silver is the great profit it would give to the sitver miners. My bin gives this profit to the government, by providing that the holder of bullion shall receive only the market value, the difference between that value and the toinage value becoming seigniorage. Thus, while the silver dollars coined would have full legal-tender value, the public at large and not the miners alone would secure the large profit to be obtained from the free coinage of silver while the market value is so depressed at present” Justice Brewer Not Asked to Serve. Washington, Jan. I.—Associate Justice Brewer of the supreme court reached Washington yesterday from San Antonio, Tex., where he has been for the past six weeks. Justice Brewer stated that he had not been offered and consequently had not accepted a position upon the Venezuelan commission. No information whatever cap be obtained at the white house as to whether the president has come to any decision in regard to the membership of the Venezuela commission, either as to number or personnel.