The Portland daily press., 1894-02-10
BLAND ON HIS BILL.
Surrounded by Members AS He Elk.
planned His Coinage Scheme.

other Washington observation-disclosures
Lochren Makes Answer in Judge Longs
Pension Case-He Holds that at Present
the Judge Has No Legal Claim to Any
Pension Money.
Washington, February 9.-The House
went into committee of the whole today
to consider the silver seigniorage bill.
Mr.. Bland finished his speech, during
which he said that the Sherman notes
should not have been redeemed in gold
and reissued over and over again, but the
certificates should have been redeemed in
silver, and when so redeemed, not re-
issued Mr.. Bland was frequently inter
rupted by questions from the members
who surrounded him. The close of his
speech was marked by applause from his
sympathizers.
He was followed ky Mr. G. H. Stone of
Pennsylvania, one of the Repu blican
members of the committee on COMA ge,
weights and measures, who antagonized
the bill. He went into a legal descrip-
ton of what constituted the seigniorage,
holding that there could be no seignior-
age until all the silver was consumed.
The bullion in the treasury constituted
a collateral trust fund for the redemp-
tion of the notes issued upon it. Ii any
portion OF this fun should be taken and
used for necessary expenses OF the gov
eminent or any other purpose than that
to which it was dedicated, it would not
only be perversion of the trust but the
embezzlement of trust funds. The Demo-
cratic party in Congress had drawn up
tariff bill which had created deficit
and now they proposed to pllter from
that trust fund to cover up the deficit 1t
was not from dearth of currency that
the country was suffering, but from the
fact that all the currency was locked up
in New York. The country was to be re-
lieved only by obtaining more healthy
distri bution of that which should be cir,
culated freely.
Mr.. McKeighan, Independent of Ne
braska, supported the bill. He arralgned
the financial policy of President Cleve-
land and predicted that it would lead
pleaded for the equality of gold and sill
yer.
Mr.. Harter, Democrat of Ohio, one of
the mem bers of the committee, who
signed the minority report. spoke in OPP
position to the pending bill He asserted
that he had investigated the financial
condition of every nation of which he
could get statistics, and among them all
there was none in which the treasury
was in such condition as that of this
nation OF 65, 600, 900 people There was
only something over SOS, 900, 900 of gold
in the treasury against liabilities OF
$79I, III, $50, and there was one great
collateral liability to which he had not
referred, the national bank notes, for
the redemption of which gold had to be
held in the treasury. Therefore he felt
justified in saying that there was no
actual reserve in the treasury. He sug-
gest ed several methods of raising
revenue. He advocated the practice of
more rigid economy, and suggested that
including members of Congress. receiv-
ing over $4,000 per annum be lowered %
per cent.
MIR. Walker, Republican of Massachu-
setts. said that Congressman did not get
half enough now. They did three times
as much work in comparison with their
salaries as any other class of men.
daughter and applause.)
Mr.. Harter spoke in favor Of tax of
one cent a pound on sugar, an increase
of 80 cents in the tax on spirits and a
heavy tax on beer The latter would
produce a revenue of $27, 600, 900 annually
and$29, 500, 900 annually could be collected
from tea and coffee, while putting tax
on the people of only one tenth of cent
a cup. Another way of meeting the
temporary deficit was by making tempo
rary loans at low rate of interest. Mr..
Harter said that but for the repeal of the
silver purchase act, the condition of the
country would have been ten times as
b ad as now.
The committee rose and the report of
the sergeant-at-arms announcing the
performance of the order of the House
relative to the arrest of absent mem ers
was read. The House then adjourned.