The record-union., 1894-01-19

plan for the issue was finally disapproved
by President Harrison. The new issue
of bonds will be redeemable in gold.
Estimates made by the national banks
show that the national banks of New
ork City alone hold more gold than the
treasury of the United States, or rather
that it contains more free gold. In the
figures given gold certificates are in
cuded in gold. Returns in the principal
cities show New York, So, 600, ,000 Balti-
more, Sl,979, 900; Brooklyn, $50, 600;
Washington, S900,000; Cincinnati, 81, ,200,
600: New Orleans, S450,000; st. LOUIS. S.
100, 200; Kansas City, Sl,0l5.000; Phila-
delphia. 100000; Louisville. 1890, 900;
San Francisco, 81, 1886, coo; Milwaukee,
S90O,0G0.
Treasury officials who have taken the
trouble to search the records call atten-
ton to the fact that during the pendance
of the Walker tariff of 1887 the revenues
declined and a number of loan and bond
issues were made to keep up the current
expenses and pay the maturing bonds.
Leading members of the House Ju-
dietary Committee are disposed TO criti-
else the Secretary's action, i'll view of the
fact that the Senate has before it a resolu-
tiOn designed 10 prevent the issue OF
bonds. This opinion is largely confined,
however, to men identified with the sill
yer movement. Such wellknown anti
silver men as Tracy, Raynor and Harter
heartily approve the Secretary's course.
Holman takes decided position against
the bond issue. 1T is absolutely certain"
said he that this Government can get
along without dollar increase in the
bonded Indebtedness. 1t can be done by
reducing expenditures and by additional
revenue derived from the pending tariff
bill. In my opinion no party in time of
peace can successfully urge before the
people an increase of the national debt
and bonded Indebtedness"
Dingley of Maine said: 81 have no
doubt that the Act of 1875 has given au-
thority to the Secretary to issue and sell
bonds for the purpose of maintaining the
gold redemption fund. | doubt, how
ever, whether the Act, properly con-
strued, gives the Secretary power to issue
ana sell bonds to pay current expenses of
the Government. IL seems TO me that to
accomplish The latter object it would be
necessary to obtain additional legisla-
tion."
Gates of Alabama is opposed to the
issue of bonds. lie said: II think the
people of the country are generally Op-
posed to an increase of the public debt
unless there is great necessity for it, and
| do not believe in this instance such
necessity exists"
Catchings of Mississippi said: There
appears TO be a necessity which we cam
not avoid"
Jerry Simpson said "It is an Internal
outrage and is ineXcusable."
Johnson OF Ohio said: Il did not like
the idea Of a bond issue, but it was a
necessity 1or money, and L believe it
much better to borrow money to meet the
temporary deficit than fix tax which is
practically permanent. and would pile
up surplus after the temporary strain
has passed"
Chairman Wilson of the Ways and
Means Committee said he had been so
engrossed with the tariff bill that he had
not been able to give thought to the
bond question, He added that the sale of
bonds was necessary, and the Secretary
had done the right thing.
Bourke Cochran said it was the only
thing to do. The constantly increasing
deficit meant speedy insolvency to the
treasury. and would be followed by uni
versal bankruptcy.