Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1894-02-10
BLAND'S PET.
House Considering Seigniorage
Coinage Bill.
Gold Reserve Passes 100000, 900
Mark Once More.
Secretary Carlisle to Help Senate Committee
in Pruning Tarin Bill.

ASHINGTOS, r Gu. J.-l Hc uOuSe Weul
into committee of the whole to consider
the seigniorage fill. Bland finished his
speech, during which he said: Sherman
notes should not have been redeemed in
gold, reissued over and ever again, but the
certificates should have been redeemed in
silver, and when 90 redeemed should not
have been resissued. Bland was frequent
ly interrupted by questions from members
who surrounded him, and the close of his
speech was marked BY applause from his
sympathizers.
He was followed by C. w. Stone of
Pennsylvania, one of the Republican mem
bers of the committee on coinage. weights
and measures, who antagonzed the bill.
He went into legal descrip ion of what
constituted seigniorage, holding that there
could be no stigniorsge until all the silver
was Consumed. The bullion in the treas
ury constituted a collateral trust fund for
the redemption of notes issued upon it; and
if any portion of this fund were to be taken
and used for necessary expenses of the
government, or any other purpose than that
to which it was dedicated, it was not only q
perversion of the trust but an embezzle-
meut of trust funds.
The Democratic party in Congress has
drawn up a tariff bill which created deficit
and now they proposed to pilfer from that
trust fund to cover up the deficit. Not
from desrth of currency is the country
suffering, but from the fac that all the cur
rency is locked up ia New York. The
country is to be relieved only by obtaining
a more healthy distribution of that which
should be circulating freely. :.
tol H.
raigned the financial policy of President
Cleveland, predicted that it would lead the
Democratic party into disaster, and pleaded
for the equality of gold and silver.
Harter, one of the members of the com.
mittee who signed the minority report,
spoke in opposition to the pending bill. He
asserted that he hal investigated the finan-
cial condition of every nation of which he
could get statistics, and among them all
there in which the treasury was in such
coneition as that of this nation of 65,OO0,-
900 people. There was only something
overy S65, 900 900 in the treasury against
liabilities Of $79I, III .150. And there was
one great collateral liability to which he
had not referred, the national bank notes
for 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 suggested several methods of raising
revenue. He advocated the practice of
more rigid economy suggested that the
salaries of all government officers, includ-
ing members of Congress, receiving over
S2500 per annum, be lowered % per cent.
Walker said the congressman did not get
half enough now. They did three times as
much work in comparison with their salar-
les as any other class of men. Laughter
and applausel.
Harter spoke in favor of a tax of one
cent a pound on sugar, an increase of 30
cents in the tax on spirits and heavy tax
on beer. The latter would produce reve-
nue. of $27 900, 900 annually, and $29, ,5OO,-
600 annually could be collected from tea
and coffee, while putting q tax
en- the people of only one-tenth
of cent a cup. Another way
of meeting the temporary deficit was
by making temporary loans at low rate of
interest. Harter said that but for the re-
peal of the silver act, the contention of the
country would have been ten times as bad
as now.
The committee rose and the report of the
sergeant-at-arms, announcing the perform
ance of the order of the House, relative to
the arrest of absent members, was read.
The House then adjourned.