St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-01-19

DerS OF the mouse. comment on the sec
retary's action varies greatly. The
leading members OF the Judiciary COM
mittee are disposed to crIticise the
secretary'S action in view of the fact
that the senate has before it resolu-
tion intended to prevent the issue of
bonds. This opinion is largely confined,
| however, to men who are identified
with the silver movement. Such we'll
known antl-Sllver men as Gen. Tracey
! and Messrs. Rayner and Harter heartily
| approve of the secretary's course.
Representative Holman, of Indiana,
takes decided position against the
bond issue. ut is absolutely certain"
said he today, THAT this government
can get along without dollar increase
of bonded Indebtedness. 1t can de done
by reducing expenditures and by ad-
| ditional revenue derived from the
pending tariff bill. in my opinion no
party III time of piece can successfully
urge before the people all increase Of
THE NATIONAL DEBT
and of our bonded Indebtedness"
/ Representative Tracey. .(Dem., n. W:
II have always favored a bond issue
! and had hopes the secretary would act
| earlier. The house will sustain the
secretary If the question arises here, but
1t is not likely TO arise as the Secretary's
legal rights are unquestionable."
Representative Dingley, of Maine,
said: 81 have no doubt that the act of
1875 gives absolute authority to the ses-
retary to issue and sell bonds for the
purpose of maintaining the gold re-
| deinption fnnd. l doubt, however,
whether that act, properly construed,
gives the secretary power to issue and
sell bonds to pay the current expenses
OF the government. 1t seems to ME that
to accomplish the latter object it would
be necessary to obtain additional legis-
latiOnr."
Representative Oates, of Alabama.
opposed the issue of bonds. He said:
II think that the people of this country
are generally opposed to an increase of
public debt unless there is great ne
cessity for it. and do not believe that
in this instance such necessity exists.
is no reason why the surplus silver
should not be used. Purchase of silver
has ceased. and it may be accepted
as settled that there is to be nc further
| increase OF silver money in this country
for some time, at least. But it GER
| tainly cannot be the purpose of the ad-
miniStration to abandon the silver we
already have. The use of
THIS SILVER SURPLUS
uOeS not Involve the question OF the free
| coinage of silver or the continued coin
age OF silver. 1t involves merely the
question of using that silver which we
have already accumulated.
Representative Catchings, Of Missis-
sippi-There appears to be necessity
which we cannot avoid. Mr.. Carlisle
/ has given much more attention to the
matter than L have, and he knows lust
what the condition of the treasury is. |
am perfectly willing to yield to his
Judgment as to the necessity for the
issue of bonds, and to sustain him in
his action.
Representative Jerry SimDson-It's
an Internal outrage and ineXcusable.
There is no reason why the administra-
ton cannot tide over any embarrass-
mentS in the matter of revenue and eX-
pendlture without paying interest on
the loan. How? By the Issuing of
greeubackS, the same as done i'll war
times.
Representative Tom Johnson, of
Ohio, said that he did not like the idea
of a bond issue, but that there was a
necessity for the money, and he be-
lieyed it much better to borrow the
money to meet temporary deficit than
1t would be to fix tax, which would be
practically permanentsand which would
pile up a surplus after the temporary
strain had passed.
There is no doubt at ALL" he added,
''about there being sufficient revenue
received from the revenue measures
now under consideration, and it will be
all easy matter to pay off these bonds"
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: The sale
OF bonds was necessary, and the sec
retary has done the right thing. There
is. suppose, no serious contention that
he has not the legal right to sell bonds.
That was settled by the report made to
the house at the last congress by Judge
CulberSOn,"