New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-04-21
1PJZON1 HD\U,S.

The vote i'm the Senate on the Arizona bond
ouosion exhibits in strong light the folly Of
the silver fanatics. The bill aS reported, and
rs il had been passed by the House was asked
for 10y the Territory. The people of both
partics in Arizona earnestly desired lis passage,
because they could save large amount OF
money and lift from the future inhabitants of
the coming state a great burden, if the pro-
posed bonds could be placed. The leading
men OF both political parties among whom was
the Governor Of the Territory, had visited the
East some time ago and had labored with
carncStncss and ability to place the bonds
previously authorized by Congress, which were
made payable in =" coin or " lawful money OF
the United States" They consulted skilled
and experienced bankers, ncgotIators and
brokers. laborcd hard here and at Boston TO
satisfy capitalists that the proposed bonds were
= GOOD and safe investment, and were finally
obliged to return entirely unsuccessful, and con
WINGED that nothing could be done unless the
bonds could be made payable, principal and
interest, in gold
II was after this experience that the bill was
proposed on which the senate voted on Tues
day 1t was offered for the purpose of en-
abling the Territory TO borrow the money it
needed for the cxtinguiShmcnt of large float
ing debt now bearing 10 per cent interest, and
for improvements of great value, and ii au-
thorzcd gold bonds because it had been found
impracticabc to sell others. On this ground
the Democratic House had passed the BILL its
especial provision having, perhaps, escaped the
notice Of the silver fanatics. Even If bonds
payable principal and interest in lawful money
or in "coin' could have been sold at ALL il
would have been at such a discount or AT such
a high rate Of interest as greatly to increase
the burden of the people. Ii was clearly for
their interest to borrow at the best possible
rate, and therefore they asked authority to
issue gold bonds.
But the silver fanatics of the Senate would
not permit the people of Arizona to borrow on
the best possible terms. They must find some
body to take a lawful money" bond that is,
silver bond, or else they must get along with
out borrowing at all Such was the vote of
- Senators against -, to strike out the words
making the , per cent interest payable in gold.
and to insert instead the words " in lawful
money Of the United States" Senator Kyle,
who made this motion, and Senator PETER are
two Alliance men who voted for the amend
mcnt and eight Republican Senators voted
with the Democrats for the change, namely,
Mcssrs. Teller and Wolcott Of Colorado Jones
and Stewart of Nevada llansborough, of North
Dakota Dubois, of Idaho; Mitchell, of Ore
gon. and Allen, of Washington. There were
eighteen Democrats, including Senator Hill, of
New-York, and Senator'S Blodgett, OF New
Jersey and Gibson, of Maryland, who voted
for this senseless amendment, while only two
Democrats, Messrs. Palmer, of Illinois, and
Gray, of Delaware, voted to give the people
the right to borrow money on the best possible
terms, issuing gold bonds if they pleased. OPP
posed to the amendment, and voting to give
the people the right to manage their affairs
in their own way, were twenty-five of the
thirty Republicans present. Senator Sherman,
who would have opposed the amendment, was
absent, and generally paired with Senator Car
Isle who is, however, understood to be OPP
posed to free silver coinage also. Had these
two votes been added, the majority On the free
coinage side would have been only two.
A bright thing it is, truly, to deny the people