The Abilene reflector. [volume] (Abilene, Kan.) 1883-1888, 1888-04-26

Gus shame. Here Cohgress has b, eli
sitting for nearly three months aud
not half dozen voices have Deen
raised against 1t, not move has been
made to remedy the evil or to rebuke
the crim.. On the contrary, efforts
have been made 10 exend the privileges
of the banks. L denOunce it, and
trust | shall be- parduned by my Demo-
cratic brethren for my J, ffersolIian
aid Jat ksOnIdn eccentrlcitie, on TINS
subject. | think We have reached
time when the Democratic party Cali
afford to be Democratic.
Now, MIR. Cndirmdn. | have already
indicated that this money Is not IN the
Treasury, out i'll the banks. The
banks are simply the lenses through
which, like d radiation, this money
reached the people. II Is now Ill Gil
culatiOn and the busin' SIS OF the
C ,untry has adjusted itself TO it.
Now repeal the question: Why
was this money placrd III the banks i'll
the first place? l know the answer
" hicu ctn b. 6 Ven. 1t was done to
avoid panic which WAS then lmpellu-
ing. Let Us grant that 10 he tue. L
assert here and now that If you recall
thai money as this bill Is intended IT,
do, You Will inevitably precIpltate IA
panic, and nothing can prevent il.
You cannot take IL from tue banks
again without serious embarrassment.
This bill will not nave the effect
which is desired, nor will the Secre-
taIy of The Treasury Undertake 10
cary it out. He dare not. lie may
undertake 40 buy d few bonds with tht
surplus actually i'll The Treasury and
not In The banks, or which may here
after accumulate. lie will not TAKE
tie responsibility of calling the money
into The Treasury i'll the present
stringency in the money market. The
TANK, sir, are the masters of the situa-
ton, and not Tie - cretary; Uut, J"u
will answer, we can demand The
money Of the banks OF compel tht N to
sell their bonds held for deposits. You
can do nOl hing of the kind. They Will
say to you: Our bonds are valuable.
and We do not want to Sell. Ii you
want your money We will Call III oul
loans and pay, but You, Mr.. SecIeIa AIRY
which is likely 10 follow. That Ii
what they Will say. Another fac, MI.
| Chairman: The Secretary has i'll
| creased the premium on these bond
| by this enormous system of DEPOSITS.
aud this bill proposes tn authorize hin
to buy the bonds at the premium Il
which his wretcht d policy has bounce
item. This is something worse THAI
folly. by this policy he doomed lnt
price of the bonds i'll the hands of th'
| bondhol'.ers, and how you piDpose t.
Duy these back at tile Increased price
Well, indeed, MAY the Secretary ol
the Treasury hesitate. He was author
| lied. if he saw proper. 10 buy under
| The law of March 8, 1881, but he va
never authorized 10y any law to hr'
boom the bonds and then buy then
| back at the increased premium.
Ii this propoSitlon passes ana tII'
| Secretary undertakes to call i'll thls
money, | sly to the business men 81
the country they had better prepare t.
j, and from under. Yea all know thai
as well as | do. What SHALL be done
then? All, L Will tell you the remedy
| What power have We over these bond
holders. | wish | had every taX-paye
in the cou TRY within sound OF my
| voice. What have We the power To do.
| More than 50 4U0, 100000 of inleIes'
has been paid 10y the people to bond
| holders since the close us the war, ans
more than Sl.600, 000. 900 of priDci
pal. making $1,000, 100000 a sum a.
| great aS the present national debL Oi
| England!
What is the present proposition:
1t is that We shall compel the people OF
the United States to pay over 20 pei
cent premium on the bonds to IT,"
ondholdrls. Why, that is no, stat
utOry obiigntion. Have we ever Coll
tract-d To pay it? We have Tit
money III the Treasury and We hav,
the moral right to Insist on payment
At par under the sovereign power pos
,tssed by the government.
England al one time insisted upon
| this right and exercised the power
| You will find the whole matter ably
set forth in Senator Sherman'S SPEECH
Oh the credit-Slrengthening act and The
| funding bill previous to the issue Oi
these very bonds.
Mr.. Chairman, at the proper time l
give notice / will move as a substitute,
what | ask the clerk to read.
TIE Clerk read az follows:
| BE il enacted, etc, That the Secretary of
the Treasury is hereby authorized and di-
rected to apply the surplus money now in the
Treasury, and such surplus money as may
heretofore be in the Treasury and not other
l,-icn rnnnmnfIOn
United States bonds at par until all saiu
bonds, together with the accrued inter
est thereon, are called and paid; and from and
after date fixed in the call OF the secretary OF
the Treasury for the presentation and pay
ment of said bonds, all interest thereon shall
cease. And in making calls Tor bonds for re
demption, as aforesaid, the secretary shall
first call the bonds held to secure government
deposits.
Mr.. Mills-I do not yield to have
that pendir g. l only yielded the gen.
tleman Thirty minutes for debate.
Mr.. Weaver desire TO offer it al
the proper time. had it read as a
part of my remarks.
Now. sir. have the entire list in my
hand of the national repositories
which have been created under this
policy of the Treasury Department.
and they number 29S, which number
has probably been Increased by the adj
dition of eight or ten since The list was
prepared. append the list and ask
that it be printed in the Record.
Mr.. When was this policy
inaugurated?
Mr.. Weaver-In October last.
Mr.. Randall = Earlier than that.
Mr.. Weaver-It was inaugurated III
October. as l understand it that is
the present extended policy, but the