The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-01-19
VIEWS OF LEGISLATORS.
Holman and the Sflverites Opposed to
Issuing Bonds.

WASHINGTON, Jan. 1S.-Secretary Car
isles proposed sale of bonds has aroused
widespread interest in congressional cir
cles. Among members of the House. COM
ment on the SecretaTy's action varies
greatly The leading members of the ju-
dietary committee are disposed to criticise
the Secretary's action in view Of the fact
that the committee has before 1t resolu-
ton designed to prevent the issue of bonds.
This opinion Is largely confined. however,
to men who are identified with the silver
movement. Such wel-known anti-silver
men General Tracey and Messrs. Ray
nor and Harter heartily approve of the
Secretary's course
Representative Holman, of Indiana, takes
decided position against the bond issue.
lit is absolutely certain" said he, to-day,
that this government can get along with
OUT dollar increase of bonded indebted
ness. 1t can be done by reducing expendi-
lures and by the additional revenue de-
rived from the pending tariff bill. In my
opinion no party IN tune ne, OF peace can AN
crease of the national debt and of our
bonded Indebtedness"
Representative Tracey said: 'I have al
WAYS favored bond issue and had hoped
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 unques-
tfonable."
Representative Dingley said: II have no
doubt that the act of 1875 gives absolute
authority to the Secretary to issue and
sell bonds for the purpose of maintaining
the gold redemption fund. l doubt. how
ever, whether that act properly construed.
gives the Secretary power to issue and sell
bonds pay the current expenses OF the
esopsh the latter Object sH It Would be
necessary to obtain additional legislation"
Representative Oates opposes the issue of
bonds. He said: Il think that the people
In this country are generally opposed TO
an increase of the public debt unless there
is great necessity. for 1t, and 1 do not
believe that in this instance such q neces-
sity exists. To be sure, money is needed.
but there is no reason why the surplus
silver should not be used. The purchase of
silver has ceased, and it may be accepted
as settled that there is to be no increase
of silver money in this country for some
time at least But II certainly cannot be
the purpose of the administration TO aban-
don the silver already have. The use
of this silver surplus does not involve the
question OF the free coinage of silver or
the continuous coinage of silver. 1t in
wolves merely the question of using that
lated"
Representative Jerry Simpson said: 1T
is Internal outrage and inexcusable
There is no reason why the administration
cannot tide over any embarrassment in
the matter or revenue and expenditure
without paying interest on the loan How ?
By issuing greenbacks. the same as was
dr~a 81 war times A"
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 believed ia much better
10 borrow the money 10 meet a temporary
deficit than IL would be TO fix tax which
would be practically permanent and which
would pile up a surplus after the tempo
rary strain was passed There is no
doubt at ALL he added. about there being
sufficient revenue raised from the revenue
measures now under consideration and II
will be an easy matter to pay of these
! bonds"
Chairman Wilson, Of the ways and means
| committee, said be had been SO absorbed