The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1886-07-15

proposed, under this resolution, 10 do
lust what it had done when il had
reduced the pubic debt s. 200, 000,00O,
lust what was done when 81, 800, 200
were paid in on account of the sink
ing fund on the last fiscal year. he
had no hesitation in saying that in bis
opinion the greenbacks in the
Treasury today were perfectly sde.
quate for liquidation of the debt to
the full amount proposed. He did
not want shy gentlemen 10 confuse
the question with the apprehension
which prevail ed in the mild OF the
gentleman firm New York (Mr.
Hewitt. This was a mere matter OF
business. Without questioning any
body's motives he wished TO say II
these bonds due and paya 10 at the
option OF the goveInmen it these
clC0 000,0O0 Of bonds were } Id by in
dlvidual capitalists the Hol 80 would
not hear the complaint sainst the
solution. Applause ], vas be-
cause it bore upon the naiO al banks
to the extent Of $l0),0000Gl Of per
cents. That, he though was the
mai aspiring of the hostility to the
measure. He knew Of no letter way
of maintaining the governme ats credit
and strengthening it than by paying
its interest bearing bonds AID indebt.
edness. That was the way had been
done. He did not object t. the reser-
walton of $100001,000 to secure the
greenback ciIculation. TIE money
YVES in the Treasury, and al that was
asked was that that amount should be
paid out in liquidation of .he public
iudebt 9dne:s. That was Vhat bust
ness man would do; thai was what
the government had done, aud why,
he asked, was there all OF this scare
this time? Why, when thers was
suggestion of the propriety Of paying
$4,000, 900 or $50, 100000 0. the public
debt, was there tbs danger
call and signal? There ives nothing
10 it. The government could pay 1t
with less than the amount Of green
backs that there were today in the
Treasury. He felt assured that witbiu
the next thirty days after the final
payment the receipts from customs
aud other sources would pat enough
money in the Treasury to handle
another Sl0,0O0,000 of the debt just as
they had handled the fret $4,000, 900.
Mr.. PaysoH, [ III. said there was in
the United Stites treasury balance
of SIC, 200, 900, for which there was con-
Jesse dly no use today. Every dollar
of it represented the acquisition of the
toll and labor of this country Stand
ing against it was debt subject to in-
terest, that we might pay, and yet be-
cause there were fearful forebodinGs
and lugubrious apprehensionso of wba:
might perhaps come about il a portion
of this money is used, the House YVES
asked to simply stand still and burn
the candle at both ends.
Mr.. Breckinridge KY expressed
the opinion that the government had
the option OF paying the banks in gold
or silver. All that would be neces-
sary to do, if the joint resolution
should be enacted, would be to change
the security of the national banks.
Mr.. Mckinley TO-. said that this
resolution, coming as it did from the
Democratic majority 10 one branch OF
the government, addressed to DEM
ocratic Executive in control Of another
branch, was, to cay the least, excep-
tional and remarkable.
After some further discussion the
general debate then clo:ed and the
five minute debate b gau and ran on
without interest for half an hour.
The amendment offered by Mr..
Morrison this morning was adopted
without division.
The amendment offered by Mr..
Mckinley yesterday was rejected by a
vote of 1C4 to 1872.
4 number of other amendms nts
were offered and rejected.
An amendment offered by Mr. Gros.
vfnor [Ohio] providing that nothing
in the act shall be construed to con.
vey 10 the public any doubt as to the
wisdom, patriotism and integrity o.
the President or Secretary OF tbs
Treasury, wasruled out on a point o.
order.
Mr.. Mckinley [ Ohiol moved. 10 se
commit the joint resolution with in
struCtions to the Committee on Way
and Means 10 report it back with thu
amendment previously offered by him
Rejected-yeas, lis! nays, 1873,
The joint resolution was then passed
yeas, 207; nays, 81.
The joint resolution now goes to thu
Senate.
| Adionrnpd.