The midland journal., 1892-10-07

money, l say to the business men of
this country they had better prepare to
stand from under. You all know that
as we'll as do. What shall be done,
then !? All, | will tell you the remedy.
What power have we over these bond
holders l wish l had every tax payer
of the country within sound Of my
voice. What have we the power to do?
More than So, 2,40O.O0O,O0O of interest
have been paid by the people to bond.
holders since the close of the war, and
more than $1,000 100000 of principal,
making S4.000,0O0,000, sum as great
as the present national debt of England!
What is the present proposition ? 1t
is that we shall compel the people of
the United States to pay over 25 per
cent premium on the bonds held by
these bondholders. Why, that is not
statutory obligation. Have we ever
contracted to pay it? We have the
money in the Treasury, and We have
the moral right to insist on payment at
par under the sovereign power possessed
by the Government.
England at one time insisted upon
this right, and exercised the power.
You will fud the whole matter ably set
forth in Senator Sherman's speech op
ere dit gthening act and the fund
ing bill previous to the issue of these
very bonds.
Mr.. Chairman, at the proper time l
give notice I will move as a substitute
what | ask the clerk to read.
The clerk read as follows:
Be 1t enacted, etc., That the Secre.
tary of the Treasury is hereby author
lied and directe to apply the surplus
monev now in the Treasury, and such
surplus money as may hereafter be in
the Treasury and not otherwise appro-
priated, 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 date fixed in the
call of the Secretary of the Treasury
for the presentation and payment of
said bonds, all interest thereon shall
cease. And in making calls for bonds
for redemption as aforesaid, the Secre-
tary shall first call the bonds held to
secure Government deposits
Mr.. Mills-I do not yield to have
that pending. I only yielded the gen
tleman thirty minutes for debate.
Mr.. WeaYer-I desire to offer it at
the proper time. 1 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 298, which number
has probably been increased by the
addition of eight or ten since the list
was prepared. l append the list, and
ask that it be printed in the Record.
Mr.. Springer-When was this pol
icy inaugurated?
i Mr.. Weaver-In October last.
Mr.. Randall-Earier than that.
Mr.. Weaver-It was inaugurated in
October, as understand it,->that is.
the present extending policy; but the
law was passed in 1854, and to limited
extent banks have been designated by
all the Secretaries. The policy. how
ever, of depositing the par value Of Al
per cent bouds and Ito on 4 per cent
bonds was inaugurated by the present
Secretary of the Treasury during last
summer or fall. The policy heretofore
obtaining only gave the banks from 80
to 80 per cent.
| Mr.. McMillau-Will the gentleman
from Iowa now state that that was
because the bonds were under par when
the system was inaugurated ?
Mr.. Weaver-I know but so were
the deposits under par-very far below
the value oc the bonds in the market.
Our bonds have not teen below par for
many years, and the policy of increas
ing the deposits was ordered by the
present Secretary, as | am advised.
The Chairman-The time of the
gentleman from Iowa has expired.
Distemper is dangerous and often
fatal in winter when the horse can't