THE OTSfAITA DAITA" BETiJ : :8ATUItDAT : , JANUATlT 4 , 1fiffl , !
CRITICISES THE PRESIDENT
Treasury Trembles Laid to the Door of Insufficient -
sufficient Revenue.
SENATOR SHERMAN TALKS ON FINANCES
SnjH Mr. Cli-vrlnnd In I'nilrnvorltiK
( o Korce it Policy of Conirnc-
< ! < > n of ( lie Ctirri-np- Upon
( lie Country.
WASHINGTON , Jan. 3. The senate heard
d stirring deb.ito today , the bond question
being the theme. Mr , Sherman's speech ,
which had been anticipated for tome time ,
Initiated the financial discussion. The vet
eran senator wat In good voice and his
spsech was closely followed throughout. This ,
however , wau merely a prelude to tbo finan
cial controversy , vigorous and personal In
character.
Mr. Elklns of West Virginia sought to
secure an I mm cilia to vote on his resolution
directing that all bond Issues be advertised
and the bonds be offered to the public. Mr.
Hill attempted to have the resolution re
t ferred to the committee , but ona , roll call
the vole was overwhelmingly In favor of
proceeding with the question. Only six neg
ative votes wcro cavt : Chtlton , Cattery , Hill ,
Mitchell of Wisconsin , Murphy and llrlco.
Mr. Hill rpnkc vigorously against the
resolution. Ho ar.sorted that Mr. Sherman ,
| f when secretary of the treasury , -had made
bond contracts with New York syndicates
similar to the one now assailed. This brought
on a sharp pertunal debate In which Mr.
Hill , Mr. Sherman. Mr. Hoar , Mr. Teller
and others participated , At 5:30 : o'clock the
icnato agreed to adjourn , although tbo mo
tion carried by a bare majority of one.
During the day Mr. Morrlll , from the finance
committee , reported that the tariff and bond
bills would be ready on Tuesday , to which
day the senate adjourned.
UKI'OUT PROMISED TUESDAY.
Mr. Morrlll , republican of Vermont , chair
man of the finance committee , made a brief
but Important announcement , Ho moved
that when the senate adjourn It be until
Tuesday nc.-.t and In this connection he said :
"I hope that by Tuesday , when the senate
reasiembles , the finance committee will be
ready to report on both the tariff and bond
bills passed by the house. "
The motion for an adjournment until Tues
day was agreed to.
Mr. Hale , republican of Maine , In present
ing a bill for a Paclflo ocean cable to Honolulu
lulu and elsewhere , explained that It was an
elaboration of the plan urged before the last
congress and contemplated a cable for the
transaction cf the business of the United
States government. Ho said he would call
up the subject next Tucaday.
A Joint resolution for a constitutional
amendment admitting women to suffrage
was presented by request by Mr. Hoar.
Mr. Squire , rejubllcan of Washington , of
fered a resolution for the negotiation forth
with of a convention between the United
Btatoj and Great Britain for marking the
boundary between Alaska and British North
America and appropriating $75,000 for ex-
penss. Mr. Squire said this boundary ques
tion Involved considerations qulto as serious
IB those concerning Venezuela. There were
prospects of conflict between miners and the
officials clalmlnir to exercise authority alone
the disputed lino. The resolution la con
fined to the controversy over the 141st meri
dian and not to the general boundary ques
tion. The resolution was referred.
Mr. George , democrat of Mississippi , asked
Immediate consideration for a bill repealing
the law requiring an oath of loyalty as a pre
requisite lo securing a pension for service In
the Mexican war.
Mr. Hoar , republican of Massachusetts ,
Eald Jthat the repeal was unobjectionable ,
' "Whereupon Mr. Chandler remarked : "I will
certainly support any measure of reconcilia
tion or conciliation which has. the Joint en
dorsement ofi the senator from Mississippi
and the senator from Massachusetts.
The bill was pa ed. without division.
Mr. Butler , populist of North Carolina ,
aokcd Immediate consideration of a bill "to
prohibit the Issue of Interest bearing bonds. "
Mr. Hill , democrat of New York , suggested
that the bill bo not pressed for the proosnt.
Mr. Sherman , ho said , was about to address
Uho senate. After that possibly the discus
sion of tula proposition would bo desirable.
Mr. Butler said ths proposition needed no
discussion. The country understood It. It
had been exhaustively discussed untlj the
public Judgment was as certain as that two
and two made four.
Still , according to Mr. HIl's request , the
measure wag temporarily withdrawn. The
senate agreed to a resolution by Mr. Allen ,
populist of Nebraska , calling for Information
as to the segregation of tlu funds In the
treasury and their use for purposes othnr
than for redemption , with dates and cir
cumstances ot such uso.
Mr. 1'erlclns. republican of California ,
urged the passage of a resolution suggesting
that a duty on sugar be Included In the tariff
amendments considered by the finance com
mittee , but It was referred to th finance
committee , merely as a suggestion and not
as an expression of opinion on the sub
ject.
ject.SKNATOH SHERMAN'S SPEECH.
Mr. Sherman began his spo'ch on the
financial question , reading from manuscript ,
nnd received close attention. Speaker Kocl
ind Messrs. Henderson , Dalzoll , Walk.r and
other members of the- house wcro on the
flcor of the sendte and followed Mr. Slier-
man with close attention-
Ills speech wes announced Tuesday after
noon , when ho offered the following resolu
tion :
rtesolved , That by Injurious legislation by
the Klfty-thlrd congress the revenues of tbo
government wcro reduced below Its necea-
eury expenditure , and the fund created for
the lawful redemption of United States
notes has been Invaded to supply such de-
llcloncy of the revenue ; thnt such n misap
plication of the redemption fund H of doubt
ful leKOIIty nnd greatly Injurious to the pub.
lie credit , nnd hould bi prevented by re-
Btorlntr Hutd fund to n sum not less than
1100,000,000 In gold coin or bullion to bo paid
out only In the redemption of United States
notes nnd treasury notes nnd such notes
will , when redeemed , bo reissued only In ex-
chnngo for Kold coin or bullion.
Mr. Sherman began by asserting that while
congress would support the president In main
taining tbo honor and Integrity of our coun
try In the field of diplomacy , It will not ap
prove his recommendations on tbo moro Im
portant subject ot our financial policy , and
( specially of our currency.
The president , said Sir. Sherman , has
mistaken the causa of our present llnanclal
TWO OPPOSING THEORIES.
President Cleveland believes In large Im
portations nt the lowest cost without regard
to the Industrie- ? and labor of our country
men , while I believe In n careful discrimi
nation and the Imposition of such duties on
articles that compete with home pro
ductions as will diversify our employments
and protect nnd fo'ster Impartiality In all
Industries , whether of the farm , workshop ,
the mine , forest or the sea. I have not
been satisfied -with any tariff law made
during ; my public Ilfo , although I have
shared In frnmlnpr many. I prefer a law
thnt will Impartially protect and encourage
all home Industries , nnd regard the McKln-
ley law as Infinitely better than the Wilson
law. which I bellevo Is the cause of all the
evils which we now encounter by adverse
balance of trade , by exportation of gold
and derangement ot our monetary system.
Mr. Sherman , continuing , declared that the
deficiency of revenue was the primary cause
of the demand for United States notes and
that the only remedies are either a radical
reduction of expenditures or an Increase of
taxation , and perhaps both.
Ho thought It strange that the president
In dealing with our financial condition should
Ignore entirely the fact that during his term
of office thus far three Issues of bonds have
been made amounting In the aggregate to
$162,315,400 , to meet current expenses In tlmo
of profound peace.
The president , ho said , attributes all our
financial dlfllcultles to the continued clrcn-
latlon of United States notes and treasury
notes , debts btarln ? no Interest , and amount.
Ins to nearly J500.000.000. His statement of
the origin and history of the United States
notes Is strongly tinged with prejudice , for
though these noto-j were Irredeemable for n
time , they were Incontrovertible Into bonds
bearing- Interest payable In coin. They re
placed notes Issued by banks chartered by
the several states.
Senator Sherman then read from Secretary
Carlisle's report to show that prior to 1891
the demand for coin for United States notes
during a period of thirteen years from July
1 , 1879 to July 1 , 1892 , was only $43.310,896 ,
while the receipts of gold for United States
notes during the same period amounted to
$100,000.000. The withdrawals from the
treasury from July 1 , 1892 to December 1 ,
1895 , have amounted to $360.260,512.
During the first term of Mr. Cleveland ,
when he was powerless to affect our cur
rency nnd tariff policy , the senate being
republican , the gold Increased from J2IO.OOO-
OOJ on the first of April , 1E85 , to $320,000.000
on the 1st of April. 1SSO. This jro'.d came
Into the treasury without cost In exchange
for United States notes or gold certificates.
It Is just to Mr. Carlisle to nay that he at
tributes the withdrawal of sold to silver
legislation ; yet the Illaml-Alllson act was In
force from 187S to 1890 , when the accumula
tion of gold occurred and the great body of
Kold was withdrawn after the net of July
14 , 1SDO , was repealed.
In view of these official facts can any fair
man doubt us to the cause of our financial
condition ? What other cause can be stated
than that unwla legislation reduced our
revenues below our expenditures. Impaired'
confidence In our ability to maintain our cur
rency at par nnd compelled the govermrlent
to ell bonds provided for the redemption of
United States notes In order to meet de
ficiencies ?
WHAT REMEDY IS THERE ?
What other remedy 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 wants ? To this extent
nnd for these purposes 1 am wllllnn to sup
port thli ndmlnlitMtlon , however much I
may dKiRreo with ltd general policy.
Hut the problem Is not * ntl tled. He de
mands the retirement nnd cancellation of nil
th t'nltfd Stnte notes nnd treasury note *
by the rale of bonds of tlio United States
bearing Interest ,
If tbl.o policy Is adopted to compel the
people of ths United Stale * to surrender the
best paper currency they have ever enjoyed.
It will fall. If revenue Is wanted to meet
current expenditures It will bo furnish" * !
either by taxation or by borrowing or by
both , but to create deficiencies In order to
compel the cancellation of United States
notes by the Issue of bonds will not In the
language of the president "meet with legis
lative approval. "
The deficiency would not hnvc occurred
had not the president and both hoifes of
the Fifty-third congress then In political
sympathy , united In pas'lng n law reducing
the revenue below expenditures for the first
time since the close of the war.
1 do not wish to criticise the sale of bonds
authorized by the resumption net to meet
these deficiencies. Under the circumstance ?
the administration was justified In doing
this , oven to the Impairment of the re-
mnnptlon fund , but It ought frankly to Fay
that the cause of the Invasion of the re
sumption fund was the deficiency of revenue
created by faulty tariff legislation by the
last congress. The true remedy Is to sup
ply by taxation In yomc form additional
revenue , nnd , until this can bo effected , to
borrow from the people of the United States
enough money to cover past and future
deficiencies. Thlt done , gold will readily be
exchanged for United States rotes , as was
dnno from January , 1879 , to the election of
Mr. Cleveland.
The two defect ? In the " \Istlnp law relating
to redemption are mentioned by the presi
dent. First i thnt the notes presented for
redemption must bo reissued. It scorns
from the newspapers that ho has found
the power to hold notes redeemed until
they can be exchanged for coin , a discovery
that he should have made sooner. Second ,
that the resumption fund Is a part of the
general balance In the tre.i5iiry nnd may
be applied to current expenditures.
Congress neglected to euro the defects
pointed out by me as secretary of the
treasury In 1SSO , but 1 hope It will correct
them now at the request of the president.
H was not then anticipated that a ile-
flclencv of revenue would occur or thnt
If It did occur the government would use
n fund specifically pledged for nnothcr pur
pose to meet current liabilities.
SHOULD REDEEM HUT ONCE.
Notes once redeemed should only bo re
issued for gold coin and such reissue should
bo mandatory when coin Is deposited In
the treasury. With this provision of law
the scarcity of currency would create such
a demand for It that gold will be freely
deposited In exchange for the moro port
able and convenient notes of the United
Slates. The resumption fund should bo FCB-
regaled from all other moneys of the United
States and paid out only In redemption
of United States notes. With such provi
sions In the law the resumption fund could
not bo Invaded to meet deficiencies In the
revenue , They should be provided for by
bonds or certificates of Indebtedness of
Birnll denominations nt a low rate of In
terest , which would be readily taken by the
people through national banks , sub-treas
uries nnd postofllccs.
As the term "lawful money" Includes
KO'.Cl coins there Is n disposition by timid
banks to convert their United States notes
Into coin , thus aiding In depleting1 the re
demption reserve. This ought to be prevented -
vented by a provision of law that the bank
reserve of lawful money shall bo United
States notes or treasury notes only. The
resumption fund Is the safeguard of the
money of the people and Its use for any
other purpose Is a practical repudiation of
the pub'.lo faith.
The president complains that the notes
are presented and paid , reissued nnd paid
again and again , making a continuous cir
cuit. When did this circuit commence ? The
only answer Is when this administration ,
supported bv the last congress , created a
deficiency. Why does the circuit continue ?
It Is because the deficiency continues. The
government resorts to the financial policy
of Mlcawber. It Rives Its bonds and thinks
the debt paid. Hut the circuit continues.
The money received for current revenue
Is paid to cover deficiencies and Is returned
for goldj and then more bonds. The sccrc-
taty hopes that In two or three years there
will bo no deficiency. What Is the cround
for this hope ? Is It that a new administra
tion will provide more revenue and then
the circuit will be broken ? Why not apply
the remedy now ? If deficiencies occur
COM : wii.i ) oven IT
Our 50c nccktlo sale Is proving a big
ger drawing card than we over had be
fore. Thousands of neckties piled high
in the center of the store , at a choice of
50e. AH styles , nil colors ; many of
them worth two , three nnd four tlmca
our price. Sox , 15c pair suit of under
wear , ? 1.-18.
Albert Calm ,
Men's Furnisher , 1322 Forimra.
trol , all thnt itifplititusi Rene , consumed anil
dlsilpitcd ? , , (
1NTKNDR1) Fpa AN EMKRdRNCY ,
'
Mr. Hiking next RpoV'e. Ho said the housj
bcml bill wag IntVntlWl to mo t nn emcrs-
cr.cy. Ther ? was tufireanon , 1 said , why
the president amiwnrctnry of the treasury
should be allowed to 9 11 bonds without
advertising , saying lltcj- should not b ? RV ! n
a privilege whlehvqtlld not bo granted lo
lidivlduals In ordinary attains. Ho crltt-
clsc'il the last bond l stis , claiming the com-
tnlsrlon was too fcntat. Ho saw nn r asn
why loan ? should not be floated at liotnf.
Mr. Klklns thought the people were as
Ilkily to buy from ( he government ns from
a tyndlcnlc , and'1 conquered th syndicate
Etiperfluous. Th president had taken the
pcoplo Into his cqnfVUno. Ho asked for n
vote on his resolution , saying It WAS urg nt
bccattso thoruns danger that the bonds
would scon be Issucdt
Mr. Hill moved to .refer the resolution to
the finance committee. He thouqht there
was no question of the propriety of the refer
ence , as ths finance committee had tile sub
ject before It In the house bill. The com
mitted had , he s.ild , adjourned until Tues
day. The qtioitlon could bo considered care
fully betuesn now and then. Ho asserted
that there was more than a single question
Involved In these proceedings. The question
whether bonds should be sold at public or
private sale should go with the bill now
under consideration by the committee. The
senate resolution would carry no weight.
U was only an expression of the senate
alone. It was expected to have some
weight with the o.xecutlve , but h
did not know that it would. Ho
thought the executive department sufficiently
embarrassed already. Mr. Hill thought It
would bo becoming In the democrats of the
senate to give the democratic sscretary of
the treasury a vote of confidence. Ho at
tempted to quot > from a contract of 1877 be
tween the pocrctary of the treasury with
New York nnd London bankers for the sale
of bonds , but Mr , Sherman Interrupted to
say that there vvas In thnt contract nn ex-
prepa stipulation that the bonds ohould b" >
ottered to the peplo for thirty days. He de
clared that the people didn't take the bonds ,
but Mr. Hill retorting , declared they were
bought for th ? bankers.
HILL CRITICISED THE MEASURE.
And yet , with the McKlnley act responsible
for the reductlcn of the revenues , the cry
was now raised that the Wilson act was
responsible for the deficit. Mr. Hill criticised
the "double play" proceedings by the pay-
sage In the house of an "emergency bill. "
If this bill passed the senate , as It might by
the populist support , It would met with swift
and sure punishment on the part of the
president.
Mr. Sherman's resolution was temporarily
laid aside , and that of Mr. Hiking , republi
can cf West Vlrglana , directing the disposal
of bonds by public ail ? , was taken up.
Mr. ElUlns Epoko vigorously In Its sup
port , lie referred to the fact that petty gov
ernment ofllclals were compelled to make
ccntracts after the advertisement , and yet
th ? president and the eocretary of the treas
ury were entirely relieved of this valuable
safeguard. Mr. Elklns reviewed the com
missions paid for floating loans during the
war to show the enormous extortion of the
syndicates who had talcsn up the loans of the
present administration. Only abcut $3,600,000
had been paid In commissions on loans ag
gregating $2,500,000,000 during the war. In
other words , the bond syndicate had made
moro In placing a Joan ot $02,000,000 than
was paid for floating jtho entire war debt.
Ths war loans yi e're _ floated among the
people , as all loans should be. It was said
that one banker ) was to obtain $1,000,000
commission for floating th ? contemplated
loan of $100,000OjQp. Th ? people were un
able to compreheml.such reckless and wanton
waste cf millions. ; , He ' > dld not mean to crlt-
lcls > the president , the secretary of the
treasury or the syndicate , which was simply
taking advantage ofiithe opportunity , but he
Insisted that tha neonlo would take the
PEN PICTURES PLEASANTLY AND POINTEDLY PUT. l am ra ml
THI :
Our nnoiloublc-biirrcl shotgun , cither
10 or 12 gtiiigu , Damascus steel barrels ,
choked boitd , for $11 ! hns the very
latest iniprovunionts nnd does the work
oC any ? .TO K . That bounds like a
big assertion , but wo know what wo
are talking about our $1'J gun Is as
coed as anybody's $ . " > 0 gun for service.
Cross Gun Co. ,
Uportlug Gooda. I16S , 15th St.
condition In Attributing It to the demand
for gold Inctoad of deficiency of revcmio
caused by the legislation nf the lost con-
Kress. HP placed the effect before the ratifo.
He propiic * ft a remedy the conversion of
the t'nltcd Stntu note * nnd trraiury note *
Into Interc't-bearlng bond * , thus Intrenn-
Intt the | ftere t-beirlne Jcbt nearly $5T-
Ofj.OOO. 15 proposes n Tlnn of public policy
that will produce n xlinrn contraction ot
our currency , nJd greatly to the burden
of existing debts , nnd nrrest the progreM
of nlmojt every Ameilcnn Industry which
row competes with foreign productions.
REVENUES NOT SUFFICIENT.
The only difficulty In the way ot nn easy1
iralntcnnnco of our note nl par with coin
Is the fact that during tbM administration
the revenues of the government linvo not
been sufficient to meet the expenditures
authorized by congress. If congress had
provided the necessary revenue , or If the
president nnd Mr. Carlisle had refit ed to
expend appropriations not mandatory In
form , but permissive , so as to confine ex
penditures within receipts , they would hnvc
no Olfllcu'.ty with the reserve. This would
have been a stalwart act In keeping with
the president's character and plainly within
his power. He know as well ns any one
that since the clofe of the civil war to the
date of his Inauguration the expenditures
of the government had been less than Its
receipts.
Mr. Sherman read from n table , showing
the recslpts and expenditures each year , from
1SGG to 1893 , and continued :
Now , for the first tlmo since ISM we have
deficiencies of revenue. Since the 1st or
March. 1WJ , to the 1st of December , 1R13 ,
tha national debt has been Increased J1C2-
002,210.
The president. In his recent annual mes-
pngs , complains that the law of October 6 ,
18.10 , known us the MoKlnlcy net , wus In-
clllclcnt for the purposes of revenue- .
Thnt law , though It largely reduceil taxa
tion by placing many articles on the free
list , and greatly reduced the production of
eugar , yet did not redtica revenue bcow !
expenditures , but provided n surplus of
$37,239,762 Fi2 on June SO. 1831 : and 59914,173.60
Jtino 30 , 1S92 ; and * 2,3ltrSI.29 on the 30th of
June , 1891 , when Mr. Cleveland was presi
dent nnd n democratic majority In both
houses of congress had been elected , all
pledged to repeal the McKlnley net nnd
reduce duties. That the McKlnley act illd
not produce more revomio In 1833 nnd 1894
Is not a matter of surprise. Any tariff law
denounced by the party In power with a
promise to repeal ft and to reduce duties
would servo to redtino Importations under
the old law and thus lower the revenue.
STARTED THE SCAIIE.
Early In December , 1S93 , at the first regu
lar session of congress during Mr. Cleve
land's term , n bill was formulated , and ns
soon as practicable passed the house of
representatives. That bill met the hearty
approval of the president. If It had be
come a law as originally presented the de
ficiency In the revcmio would have been
much greater than now , but conservative
democratic senators , % vlth the tild of re
publican senators , greatly Improved the
house bill , added other duties nnd changed
the scope of the measure. With these
amendments It became n law. The presi
dent expressed his opposition to the senate
amendments , and yet now supports thorn
when dellcloncles have been greatly In
creased , when the public debt U Increasing ,
nnd doubts are expressed as to the ability
of the government to maintain Its notes at
par with coin.
No complaint was made that the McKln
ley law was "Inelllclent for the purpose of
ruvonue" when the Wilson bill was pend
ing. The objection to the McKlnloy law
was that It was a "protective tariff. " I
have a statement showing the receipts and
expenditures under each law , each month ,
the McKlnley law from Its passaco to the
election of Cleveland , and the Wilson law
from Its passage to December 1 , 1893. Dur
ing the twenty-five months of the McKln
ley law the average monthly surplus was
$1,129,821. During the existence of the Wil
son law the average monthly deficiency
was $ < .C99C03. If the McKlnley act was , In
the opinion of the president. Inelllclent for
revenue , ho should have said of the Wilson
law that It was bounteous In deficiencies.
Mr. Sherman then entered Into a compara
tive analysis of the McKlnley and Wilson
laws to show that under the latter we exported -
ported In a year agricultural products valued
at $301,578,885 , while during the last year
of the McKlnley law we exported similar
products valued at $371,126,299.
TAKING THIS STOCK ,
Wo haven't got to that yet the people
uro Hiking it for us taking It without
profit to us , however but no mutter
It saves ns taking It it's so much easier
to count money than stoek. Kvcry
thing In niuslo and art at big discounts
for this week ,
A. Hospe , jr ,
Music otid Art. 1513 Douglas St.
congress should Immediately supply fhe
mtans to meet them , and congress and not
the administration must be the 1udge of
the mode nnd manner of relief. The presi
dent Is of the opinion that the "United
Slates notes and treasury notes should bo
retired and give place to bank notes. This
Is a question for congress to decide. It Is
certainly not of that , opinion now , nor was
the last congress of that opinion.
I believe that under existing law the ag-
irregato sum of United States notes nnd
treasury notes. Issilecl under act of 1E90.
amounting- about $400000,000 , can be easily
maintained at par \vlth coin If the two
amendments I have mentioned are adopted
by congress.
PRESENT SYSTEM THE BEST.
A careful study of the systems of bankIng -
Ing , currency and coinage adopted by the
principal nations of Europe convinces mo
that our system , when cured of a few de
fects developed by time , founded upon the
bimetallic coinage of gold and silver main
tained nt par with each other , with free
national banks established In every city
nnd town of importance In the United
States Issuing their notes secured beyond
doubt by United States bonds or some
equivalent security redeemable on demand
In United States notes , and the Issue of any
amount of United States notes and treas
ury notes , equal to the amount now out
standing , with provision for a ratable In
crease with the Increase of population , al
ways redeemable In coin , supported by
an ample reserve of coin In the treasury
not to be Invaded by deficiencies of reve
nue , and separated by the subtreasury
system from all connection with the re
ceipts and expenditures of the government-
such a system would inako our money cur
rent In commercial circles In every land
and clime ; better than the east thnt now
exists In Europe , better than that of Great
Britain , which now holds the purse strings
of the world.
I may on some proper occasion hereafter
glvo the reason for mv faith In our present
financial system. All I aslt 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 savlngr
of prudent labor or the accumulations of
the rich. Tlmo makes nil things oven. Let
us give to the executive authorities ample
means to meet the appropriations you huve
made , but let us strengthen , rather than
weaken , our monetary system which lies
at the foundation ot our prosperity nnd
progress.
At the conclusion of Mr. Sherman's re
marks Mr. Duller , populist of North Carolina ,
renewed hU request for the Immediate' con
sideration of his bill to prohibit the future
sale of bonds except with ths consent of
congress. The- newspapers this morning ,
ho said , had told the story of the Impending
bend Issue. Action should be had at once.
Mr. Duller asked unanimous consent to
put his bill upon Its pissage , and Mr. Hill ,
who happened to ba In the chair , rather
startled the senate by himself Interposing an
objection.
Mr. Mills , democrat of T xas , then took
the floor to reply to Mr. Sherman. He re
pelled the charge that the Fifty-third con
gress was In any way responsible for the
prewnt financial crisis. The burden be
longed to the Fifty-first congrosa and Sher
man was partly responsible for the legisla
tion ot that congress.1 The democrats had
turned over to the Harrison administration
In 1889 , $230,000,000. How was It , he asked ,
If the claim that the McKlnley bill had pro
duced sufficient revenue was true , that In
1893 when the democrats again assumed con-
bonds at much hlghar. Ogures than thse paid
to the government.iTho credit of the country
wao unassailable. We 'are ' Immeasurably the
richest country of theiglobe.
ELKINS' RESOLUTION TAKEN UP.
In conclusion Mri 'Elklns moved that the
senate proceed with , the cons'doratlon ' of his
resolution. Mr. Hill Bought to object , but
was cut , otf , by the , , , vpQ president's .ruling
that the motion riwasnot debatable. There
upon the vote waotaken , , resulting as follows :
Vo , . , :
Alilrlch , Elklns. Nelion ,
Allen. r.iulkner , Pefler ,
Allison , 1'oc , Perlclns ,
linker , G.illhiKer , 1'ettlgrew ,
Hate , Omrso , 1'roctor ,
Uerry , Hale , I'ugli ,
lluirmvs , Hawley , Itonch ,
Ilutler , Hoar. Sherman ,
Cnll , Jones ( Nov. ) , Shoup.
i . -niepon , ivyle , Tt Her ,
I MamllPr , TiHiliyo , Tuiplc ,
Clark , Stcnrldc , Vest.
Cookidl. Mantle , Voorhces ,
Cullom , Jtnrlln , Waltlinll ,
Dnvls , Morptm , Warren ,
Dubols , Jtorrlll , White )5. )
Nays :
IJrlce. Clillton , Mitchell ( AVIs. ) ,
Ciirttry , Hill , Miirnhy C.
HILL MOVED TO REKEH.
Mr. Hill at once moved to refer the resolu
tion to thei finance committee.
"Let us vote on It now , " said Mr. Teller.
"No , not Just yet , " replied Mr. HIII. "Thsro
can bo no vote on this resolution for the
present. The resolution already passed for
an adjournment to Tuesday made It readily
posslbh to prevent n vote on the resolu
tion by debating It at length. " Mr. Hill de
clared the resolution to ba n futllo move
ment , which could have no more effect than
the pope's bulls against the comet. Why
should the senate * attempt at this moment
of financial embarrassment further to tie
the hando of the executive authorities ? , Mr.
Hill said ho had no special sympathy with
these money syndicates of New York City.
Ho contended that this method of Ealo of
bonds to syndicates was not new. Under
a republican administration In 1S78 a bond
sale of this nature was negotiated.
"llut there was thirty days' notice of
sale , " Interrupted Mr. Elklns. "And within
that thirty days , " added Mr. Sherman , "the
public , Instead of the bankers , took the
bonds. "
Mr. Hill declared that banks and syndi
cates frequently "pushed forward" the public
to disguise their own transactions. The sen
ator read In detail the bond contract made
In 1878 , to which the names ot the Selljj-
mans , Bolmonts , Morgans and the repre
sentatives of the Rothschilds were appended.
"And who was the secretary of th * treas
ury at that time ? " asked Mr. Turple.
"It was tbo distinguished public man , the
senator from Ohio John Sherman , " replied
Mr. Hill , with great vigor.
NO REASON FOR FAVORITISM.
"Who are the men In the present syndi
cate ? " asked Mr , Hill. "Who Is this Mr. Mor-
; cn 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 thit the executive author
ities would ; ek tol'grant special favors to
this gentleman , illn ithe Judgment of Mr.
UXI'OSKU TO THE COLD
If yon are such a Job as running n
motor car you want something to keep
your feet warm. Our motormen's
water proof boots , with sheep lining ,
or the heavy cloth boots , beaver and
flannel lined and double soled , nro reg
ular $4 and $5 hoots but our price Is
$2.50 and $3 Just now. AVnnn beaver
lined Jaco shoes , $2 , $2.50 , j.'J.OO ' ,
Drexel Shoe Co. ,
1419 Faniam.
Hill , no contend nhftlevcr had been made
nt th present time , notwithstanding the wit
nesses of the newspapers. The senator re
ft rr til to the First National bank of Now
York as one of the participants In the bom
transactions of 1S78 ,
"Whit Is the peculiarity of this First Na
tlonal bink. " nskeil Mr. Harris , "that the
senator refers to It so much ? "
"I will not go Into that linpl ssant clmp
ter. " sold Mr. Hill. "Tho public will recal
the transactions of that day. The charges
of favoritism extended to this bank because
cause of Its contributions to the republican
CMUSC. Hut I do not Intend to go Into thn
subject. "
Mr. Klklns was quickly on his feet. "
deny. " said he. "that the Flrat Nations
bnnk Is ft contributor to the republican ciuse
Ono of the ofllclals of that bank Is n demo
ernt , another n republic-ail , another nn Ind -
pendent , all honorable men. "
Mr. Hill added sarcastically that he did no
doubt the Integrity of these men. Ho txoiilt
not bo led Into n discussion of the charges
mad- that the secretary of the treasury ( Mr
Sherman ) nt the time of Uiosy bond con
tracts bad shown undue favoritism to this
bink. Mr. Sherman Interrupted , book In
hand , to read the details of the bond con
tract referred to by Mr. Hill , pointing out
the provision for a popular absorption of the
bends.
"Does ths senator mean to say , " Inquire
Mr. Hill , addressing his remarks to Mr
Sherman , "that ho did not make a contract
with a banking syndicate ? "
TAKEN IJY TUB PUI1L1C.
"I emphatically state , " responded Mr
Sherman , "that a largo part of these Issues
wcro tak n by the public. "
Returning to the resolution. Mr. Hill gave
It as his belief that the president would not
pay the slightest attention lo It. He would
bo governed by th ? laws now on the books
not by such resolutions.
Mr. Sherman followed with a detailed ex
planation of the bond Issues under his ad
ministration. The contract of 1S7S was wltf
the bankers with \\bom the government hat
pr.vlout'ly dealt. After that , during nil the
period of resumption , not one dollar \vns pal < !
to any syndicate , but nil bond disposals were
given the widest publicity , at postolUcSs ani
public places throughout the country.
Mr. Duller off. red an amendment to the
resolution , piohlbltlng Issues of bonds with
out congressional authority.
Mr. Chilian , democrat of Texas , offeree
a further amendment on theyame line as that
of Mr. Ilutler. but differing In detail. He
spoke briefly , It being lila Initial address to
the forme. He opposed the Issue of bonds
root and branch. He believed In silver coin
age. Ho did not approve of temporary ex
pedients dealing with these questions.
Mr. Lolgo spoke of the export of gold hold
ings outsldo of New York City. And yet
said h ? , under the prevailing policy of the
treasury , no effort was made to gjt gold out
sldo of New York. The American people at
largo wcro given no opportunity to tnke the
bonds of their government. Mr. Lodg ? re-
t.rr d to the often' of the Now York World
to tnko $1,000,000 of bonds. This offer and
all offers from the public should bo con
sidered , nnd the people bo given an oppor
tunity to tnko bonds.
COMPARED RESULTS.
Mr. Teller referred to the Integrity of the
bond salts of 1878. There had been no pub
lic scandal over any bond sale up to 1895.
Ho then compared the results of the bond
sales of 1877-78 with thos ? of 1895 , asscrt-
inc that great losses to the government oc
curred under the contract last year. There
should bfl no secret approval of contracts
as to bondis. Bankers should have the same
righto and no more- than the people having
money In the savings banks. Mr. Teller
also referred to the offer of the New York
World to take $1,000,000 of the bonds at 3 per
cent.
"I venture to ray , " Interrupted Mr. Hill ,
"that the offer of Mr. Pulitzer Is the only
one that has bsen made. No bank In the
country has made such an offer. I do not
bellevo there Is a single bank In this country
that will take the coin bonds at 3 per cent.
Mr. Teller proceeded to show that th ;
bankers throughout the country were ready
to take the bonds. He recited specific offers
at the tlma of the last Issue. The senator
raad with much vigor the personal appeal of
the New York World to the president.
'iThls was A remarkable document , " said
Mr. Teller , "apr9found appeal to a presi
dent to avert a scandal In an administration
which the paper had helped to bring Into
existence. "
. The senator denounced the "Imbecility or
dishonesty" of the executive branch In mak
ing this secret contract. It amounted , said
Mr. Teller , to a misappropriation of public
funds , and the public will so Judge the past
and the coming transaction.
Mr. Hill replied that this talk of allowing
the public to take the bnds. was for politi
cal effect ; It smacked of demagoguery. Let
the people of Colorado come forward with
their gold. Let the gold come from any
source , and sse how quickly It would be
accepted. Instead of oilers th ° ro vero as
sertion and criticism.
TRIBUTE TO CARLISLE.
At this point Mr. Hill paid a tribute to
Secretary Carlisle , repeatedly calling him by
hlo full name Jchn G. Carlisle which al-
tractoi marked attention "Imbecile , Incom
petent , dishonest , Is what wo bear , " said
Mr. Hill.
"John O. Carlisle Incompetent. Ono of the
greatest public men that this country ever
produced. John G. Carlisle dishonest ? And
yet thirty years la public , and a poor man
today , living on bis salary. Imbecile , dls-
honfst. is what we hear hissed across the *
senate. "
Mr. Hill said if any one had suffered at
the hands of Mr. Carlisle It was hlmsolf and
Ms colleague ( Mr. Murphy. ) They had been
Ignored In the appointments ot their own
state. And yet Mr. Hill was thankful that
he wan broad enough to recognize the un
flagging patriotism and devotion of the sec
retary to the country nnd his ability In
meeting the > requirements of occasions.
Mr. Hawley , republican of Connecticut ,
gave his personal observations In Paris when
the peopl : took up the great bond Issue re
quired to pay the German war Indemnity.
Mr , Hawley believed the American people
would take a bond Issue with the same read-
lucss.
Mr. Hoar spoke of ths calamitous condi
tions , unparalleled In the history of the
United States , presented by the present
transactions of the executive. He asked
what had become of the history and
honesty and Integrity of the old democratic
party.
A sharp colloquy occurred between Mr.
Hoar , Mr. Hill and Mr. Sherman as to the
use of the reserve funds for meeting cur
rent expenses , Mr. Hill contending ngalnst
the others that the * use of treasury funds
was strictly within the law. Another sharp
passage occurred between Mr. Hill and Mr.
Hawley , when the latter referred to the pros
pects of a frco sliver rider to tbo bond bill.
Mr. Cattery , democrat of Louisiana , sharply
responded to Mr. Teller's assertion that the
administration was incompetent or dishonest.
Mr , Teller rose to say that he would make
It "Incompetent and dishonest. "
Mr. Caffory also responded to Mr , Hoar's
criticisms oa the decadence of Integrity ot
the democrats. "At least. " tald Mr. Caf-
fery. "tha southern men did not add
hypocrisy to their public action In order to
secure a potty party advantage and Indi
rectly to stab the sound money causa they
pretended to espouse' . "
VOTED TO ADJOURN.
At 5:15 : o'clock Mr. Aldlrch rose to state
that as It was apparent nothing could bo
dona tonight ho would move an adjourn
ment.
Mr. Bikini demanded a roll call , and ( hero
was a chorus of seconds to tils demand.
On the call the senate voted 27 to 26 to
adjourn. The vet > ? In detail follows :
Yeas ;
Comptroller Howler ,
WASHINGTON , Jan , 3. Representative
Boatner of Louisiana offered a resolution
today directing the judiciary commutes to
Investigate and report whether Comptroller
Bowler's action In refuting to pay sugar
bounties was unconstitutional and In con
tempt of cor/Kress / and what action should b
taken to vindicate the Authority of the houw.
cunuoicnns on.ir.rr TO SWAT runs.
Conniil ! ( < ( Sent \Vnnlilimloii to
rrntrxtKitliiNt ( lie Si-nati > Hill.
WASHINGTON , Jan. 3. The president h s
accorded ix hearing to n delegation from the
Cherokee council , composed of 0. W. Hence ,
E. T. Harris , Itonch Young nnd Joseph
Smallwood , who came to protest ngalnst the
pending senate bill , permitting- the contin
uance on their lands of white squatters. Mr.
Henge , the spokesman , told the president
bow his people had been obliged to give up
much of their land to the whites , nnd how
they had suffered.from the Incoming of
squatters. The Cherokccs had been obliged
by the government to pay the cost of the
lmprov ments made by these squatters In re
turn for n promise tu txpel them from their
lands under the treaty provisions , yet nftfr
paying $89,000 from their trcisury to scttla
such claims , It was now proposed to authorize
by law the continued presenceof the squat
ters. The president expressed much Interest
In the matter and requested the delegation
to submit their grievances In writing for his
consideration ,
UTAH STATU1IOO1J IMUICI.A MATIOX.
Uverj tliltip ; IlciKly to Cotnnu-noc llml-
III-NH mi Momluj- .
WASHINGTON , Jan. 3. The president to-
mot row about noon will Issue his procla
mation In conformity with the act of con
gress , stating that the people have- complied
with nil the requirements of the law pro
viding for the ndmlsMon of Utah to the
union , nnd declaring that the territory has
passed out of exlstettco and that Utah Is
admitted to the family of elates. The new
state olllceit. will begin the dlwharge of their
function1) next Monday. The pjop'lo of Utah
nro naturally showing an Intense Interest
In every step being made at Washington ,
end Private Secretary Tlmrber has been Im
portuned to telegraph Immediately to Salt
Lake the first news of the signing of the
proclamation and to preserve as n valuable
historical relic the pen with which the presi
dent affixes his signature to the document.
One Million of Cold " \Vltlulrnwn.
WASHINGTON , Jan. 3. The treasury
today lost $1,000,000 tu gold for export , which
leaves tbo true amount of the cold reserve
$ G1,64COJG.
In SWEETHESS and POWER
of TOME , BEAUTY of DE
SIGN , and STRENGTH ot
COMSTRUCTIOM
' 'BAY STATE"
GUITARS ,
MANDOLINS ,
BANJOS ,
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Catalogue ! .
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Etc /f Vtiliiigtci tl
icsacK
Wl
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THE OMAHA SUNDAY BEE.
gardVNewRomance
-OF-
African Adventure
{ § 5-
"Black Heart " 'White ' Heart" i
By H. RIDER HAGGARD
Author of "She , " "KiaR Soloniou'u Mines , " etc.
Will begin publication January 5th , nnd run four weeks.
Illustrated by IXm Beard.
In tills Romance of tlio Dark Continent the nntlior 1ms produced
n story of lighting nnd love , of adventure nnd during , which will not
suffer In comparison with any of the earlier romances by which ho
won his fame.
The chief characters arc :
I'lilllp Ilaililcn , ivlth n bliiclr lic-nrt.
Naliouii , nltli u lilnclc nkln , but a trliltc licnrt.
JYiiiicu , u eoiijior-colo-I'll humify ( with tvlioiu lioili fall
In love ) .
Cctywayn , ( lie fiiiuniiH.iilu UlMK , nboiit < < > niiiko Iilx
liiNt rilHiiHiroiiN liar upon ( In * UnKllxli , nnil
IIIWIIIIKII "tlie liec' ' n witch iloctreriN , ivlio conjitrex
ivllli n Miinko mill HVON In tin * iioxtlu Knreitt of tlio
Irnil , nni > | iciMvil ! ) ' tlio 7uliiH < o lie ( lie lionio of
GhontH , but rcnlly populated by uaiiiilhalM.
With these elonionts Haggard has woven one of hlw very best ro
mances. From beginning to end the story Is full of Ilfo and flro
and dash , and abounding with thrilling Incidents , one of which Is an
encounter between Hadden nnd a leopard at the moment when 11 ad
don Is treacherously about to murder Nahoon , who , at the risk of his
own Ilfo , magnanimously naves that of his adversary. Another Is
the awful leap of Kancn Into the Pool of Gloom , from which nho
escapes by chance to he reunited to her lover after a series of weird
adventures' In the Forest of the Dead. Throughout the. story the ac
tion is rupld and the Interest sustained , and few who begin it will
fall to read to the cud.
B
"Good Spirits. "
The words have different mean
ings to a spiritualist , a Kentuckian ,
and an average man. For the
average man good spirits depend
on good digestion , How to insure
good digestion ? A Ripans Tabule
after each meal , that's all.
| Blptn'i Tabult * Bald bjr druggUti , or tjr man
U ln prlca ( W cenu a box ) I * ttnt to tb > HIM -
M > Oi-rnlcul Cumpany , No. 10 Urnic * it. , N. Y-