Evening star. [volume] (Washington, D.C.) 1854-1972, 1880-05-08

Mr.. CoEKLINGs SPEECH IN THE SENATE YES
TERDAY.

Mr. C0EELINGS SPEECH IN THE SENATE YES
TERDAY.
In a discussion in the Senate yesterday on a
motion OF Mr. Davis (dem., w. va-) TO take up
the bill repeating certain permanent and indet-
mite appropriations Mr.. Conkling asked Mr..
Davis whether. when the bill came up, he in
tended to insist on that part Of it which re-
pealed the permanent appropriation for the
payment OF Interest on the bonds OF the District
OF Columbia.
Mr.. Davis said that repeal was, with the
others, recommended by the Secretary of the
Treasury.
MT. Conkling said the Senator from West vlr-
g1nia was very fortunate IL he could rightly
throw upon some one else the odium OF this
proposition, which had deprecated the value
OF those bonds and brought distress on their
holders.
government was responsible for these oonds
MIR. ConkIing.-Some time ago 1t was consid-
| cred grayely here what form should De given 10
| certain Indebtedness ia this District. lt was
| ap reed that it should be put IN bonds bearing
365 per cent interest, and In order 10 n0at tneSe
| bonds-I have not looked at the statute ana i
do not want II, for / recollect that evening
| work perfectly-it was said that the United
States should guarantee the bonds, make tnem
| lust as firm and inyiolate as they could be
Mr.. Morril.-Pledged its good faith.
Mr. ConkIiHg. Yes, that very likely was the
| form, but what ever the form the substance was
this: The Tnite... States stood behind these
IOuuS, OHereQ tleIl- 49, % 10 - 80 ~ ~
could negotiated them 70 o1In @ . ~ h9,ueiS mu',I
who paid value in good ia 'th iol ensh,. L. . tuse
FUNDS and other funds were unessei iu o1etn' ii
Some time ago there broke upG @ sln 1 ot SS
committee on appropriations re- I ss ~
curiousy enough from the flaanci. osloes .s,1 vi
the government, TO the effect that the sessuns s my
appropriation OF money for the paymen, " aax Unv
interest on these bonds should be swept a"ay
and that whether the interest was paid o. nv no1
should be committed TO the hazard and o. a.
sion Of the future from time TO tim,
The result OF IL waS-1 have a Senator
In my eye who can state more eX-
actly than l can, but perhaps have not his
attention-the result OF ii was that in eonsc-
quence of that recommendation, and In c0nse-
quence OF this report OF this committee, the price
some, but very largely, and Speculating
upon the apprehension and the terror OF the
people holding them. unaccuStomed as most OF
them Were TO securities OF this sort, those
sharper and with more nerve went into the
market and swept into their lap great total OF
these bonds and the people who had paid their
money in good faith and relied upon the good
faith or the United States have lost exactly as
much as these spectators have gained Now
| think that is rather unwholeSoIne; 1 think II
rather unfortunate; and say again TO the first
has a minister OF finance or anybody else on
whose shoulders he can put a part OF this re-
sponsibility. good for the Senator from West
Virginia, but not so good for the man. whoever
he may be, who is to be called upon 10 bear the
blame OF this very extraordinary piece OF leger-
demafn by which large sum of money has
been taken away from women and children and
trust estates ond other things, and put into the
hands OF sharper people than they are.