San Marcos free press. [volume] (San Marcos, Tex.) 1877-1892, 1888-05-03
NUMBER l8.

them back at tho increased premium
II this proposition passes and the
secretary undertakes. to call in this
money, Isay 10 the business men Of
the country they had better prepare
to stand from under. You all know
that % well as ! do. What shall be
done, theni Alb, ] will tell you the
remedy. What power have VIC over
these bondholdersi I wish / had ev-
cry taxpayer Of the country within
sound OF my voice. What bavo We
the power to dot More than 50, AGO.
600, 900 of interest have been paid by
the people to bondholders since the
close Of tho war, and more than ST.
600, 100000 OF principal, making $4,-
600. 900, 900, sum as great as the
present national debt OF England.
What is the present propositions
It is that we shall compel the people
OF the United States to pay over 26
per cent premium on these bonds held
by these bandholders. Why, that IL
not statutory obligation. Have we
ever contracted to pay is We have
the money in the treasury and we
have tho moral right to insist on pay.
ment at par under the sovereign pow
or possessed by the government.
England at one time insisted upon
this right and exercised the power.
You will find the whole matter ably
set forth in Senator Sherman 'sspeech
on the credit strengthening act and
tho funding bill previo US TO the issue
of these very bonds.
Mr.. G hartman, at the proper time
I give notice will move as q su5sti-
what / ask the clerk to read. The clerk
read as follows.
Bo It enacted, etc., That the Secretary Of
the Treasury Is hereby authorized and a.
rected to apply the surplus money now in
tho treasury, and such surplus money %
may heretofore ,be in the treasury and not
otherwise appropriated, to the redemption
Of United States bonds at par until all OF
said bonds, together with the accrued inter
est thereon, are called and paid; and from
and after the fixed date in the call OF the
treasury for the presentation and payment
of said bonds nll interest thereon shall
cease. And in making calls for bonds for
redemption, as aforesaid, the secretary shall
first call tho bonds held to secure govern
ment deposits.
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 298, which has probably
been increased by The addition Of
eight or ten since the list was prepar-
ed. I appen d the list and ask that
it be printed in the record. IT was
inaugurated in October, as l under
stand it--that is, the present extend
ed policy; but the law was passed ip
1864, and to limited extent banks
have been designated by oil the Sec
retaries. The policy, however, Of
depositing the par value OF Al per
cent bonds and ITO on A per cent
bonds was inaugurated by the pres.
ent Secretary Of the Treasury during
last summer or fall. The policy
therefore obtaining only gave the
banks from 81 to 80 per cent.
MIR. McM1LLrN.--Will the gentle
man from Iowa not state that that
was because the bonds were under
par when hesystem was inaugurated.
Mr. WEAyBR.--I know; but so were
the deposits under par--very far be-
low the value OF the bonds in the
market. Our bonds have not been
below par for many years, and the
policy of increasing the deposits was
ordered by the present secretary, as
am advised.
MIR. CuA1RMAN.-The time OF the
gentleman from Iowa has expired.