The silver state. [volume] (Unionville, Nev.) 1870-1903, 1892-09-15

| w ny, Ht says, mere nave an III
vestment | do not want to disturb,
and if the yield of silver increases,
as the friends of silver expect it will
my bond will be payable in silver,
for coin means silver as well as gold !;
| silver, therefore, must be demone-
tized." And the measure accordingly
was smuggled through. We can read
the animus of that act in the opposi-
tion this bill is meeting with in the
house to-day and throughout the
country at the hands of the mono
metalists. 1t was smuggled through
with the perfect knowledge that pub
lie sentiment would not tolerate it,
and with the concealed and wicked
purpose to deprive the people the
second time of the right to pay the
bonds according to the terms the
bondholder had himself imposed.
Silver being laid aside, coin then
means gold, and payment in gold
meant that the principle OF the bonds
should not be paid at all, and, like
the English debt, should remain in
perpetuity. That was the design of
this legislation. | have too much
confidence in the good sense of the
gentleman who oppose this bill to be-
lieve they dislike silver. 1t is not
that. They do not want the principle
of their bond paids at all. They
want the investment undisturbed and
the annual interest to accrue, that
they may be permitted to continue in
the coupon-clipping business. That
is the simple naked truth.
The interest was at first payable in
gold semi-annually, and now under
the funding scheme, payable quar-
terly, which enables the gentlemen
having fixed incomes derived from
bonds to compound their interest.
Thus per cent. payable quarterly, is
quite as good as 6 per cent. paid pro-
vided in the per cent. bond, and,
in fact, greater when we compare the
purchasing power OF money now with
its purchasing power say, ten years
ago. 1t is true beyond dispute that
he is receiving greater interest to-
day then when he purchased his 6
per cent. from the government.
Mr. Clafin-Will the gentleman
allow me to ask him question.
Mr.. Weaver yield to the gentle
man.
Mr.. Clafin-I would ask him if
that change from semi-annual to
quarterly payments was not in the
the interest OF the government?
Mr.. Weaver-It was certainly in I
the interest of the bondholders.
Mr.. Claflin-Was it not in the in
terest OF the government? The gov
ernment receives its money from week !
to week and from week to week pays
it out, and it would otherwise have !
to lie in the treasury.
Mr.. Weaver-1t would not be a
great detriment to the government
to let little gold lie in the treasury. |
Does the gentleman undertake to say
before the house and the country that
that was the design congress had in
view when they made the interest
payable quarterly? Not at all. 1t
enabled the bondholders to receive
that interest four times Il year, and
to compound it by loaning it to the
people. The effect on the govern
ment in point of convenience is
mere bagatelle; it amounts to moth
ing. The same vouchers have to be
kept, the same vaults are there, and
more clerks have to be employed.
Mr.. Pound-It saves interest to the
government.
Mr.. Weaver-How does it save in
terest? Twill yield to the gentleman
to point out how it saves single
cent of interest to the government.
Explain how; | will give you all the
time you want.
Mr.. Pound-The gentleman is
making his own speech, | will not
interrupt him. Mr.. Claflin-We
know that we receive the income
weekly and monthly, and when the
government has received three
months money into the treasury,
then it is cheaper to pay it out than
to keep it for six months.
Mr.. Weaver-does that save any
interest?
Mr., HASKELL will answer the
question.
Mr.. Weaver will yield to the
gentleman.
Mr.. Haskell-The market quota
tions of all stocks and all bonds for
one hundred years will show that Il
bond with its interest payable semi |
annually is worth more in the market /
and can be sold at par at a less rate
per cent. interest than one i'll which /
the interest is payable only annually, I
and ii payable quarterly you can sell |
the bonds still more and at 4 less rate /