Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-11-28
What Some Congressman Have to
Say on the Subject.
NO NECESSITY FOR THE BOND ISSUE
Criticism Of the Proposed Plan Of
EnIarging the Currency.
MUST BE LEGISLATION

Amos j. Cummings is Of the opinion that
there is likely to be considerable agitation
during the coming session OF Congress over
the bond issue.
81 do not think" he said, that there
was either necessity or law for the bond
issue. The issue is without the warrant OF
law or the excuse of necessity. III there
was to be a bond issue IT should have been
one authorized by Congress, and OF such
a character as to have put the bonds
within the reach OF the people. i think
Congress last session should have passed
some such measure as the one introduced
by myself, giving the Secretary authority
when occasion required to Issue low de-
nomination, low interest bond to be sold
to people through every post Office In the
country This bond issue was taken en-
tirely away from the people and given to
a syndicate, from whom the bonds will
have to be purchased at a premium by
any one desiring them. i do not think that
there was any necessity for the issue be-
yond the fact that the gentlemen VINO nave
taken the bonds desired II. 1t opens con-
venient way for men of large means to es-
cape the income tax. Men OF large wealth
are by this issue of bonds given a means
or investment at fair interest without being
required to pay a tax on the income or
the Investment For this reason the bond
issue Is desired and for the same reason
the bonds which so into the hands OF the
syndicate will be in demand and con-
siderable profit will accrue to them as
niiddlemen."
Speaking of the coming session of Con-
gress. Mr.. Cummings said that he did not
think that there would be very much done
beyond passing of appropriation bills.
The naval appropriation" he said, SHOULD
provide for one new battle ship and
torpedo boat.
Representatives Sweets Views.
Representative Sweet of Idaho has ar
rived In the city to resume his congress
sional duties. In common with his col
leagues from the west. Mr.. Sweet is very
much interested In the financial situation.
and to a Star reporter today talked inter-
estingly upon that subject.
Nothing will come OF the adnlinistra-
tion's plans to improve the financial policy
of the government that does not propose
to broaden the basis Of coin,' said Mr..
Sweet This means that silver must be
taken into consideration in all matters as
well as gold"
Mr. Sweet thinks that one cause of the
present financial embarrassment Is that the
supply of gold has reached the utmost
limit OF it's credit. He thinks the plan TO
issue currency upon a basis Of national
bank securities or upon any other basis of
that character would prove fallacious, be-
cause 1t would simply be Issuing money
against an already overstrained credit.
in that case," said Mr.. Sweet, "a dollar
and simple. On the other hand dollar
note issued against silver would have at
least a sixty cent basis, because tho Dull
lion in 1t would be worth that much, aid
II would be so far ahead of the other dol
lar to have only forty contS' worth OF
credit against 100 cents worth.
Speaking OF the recent bond issue, Mr..
Sweet expressed the opinion that the sale
of bonds will have no other result upon
the finances Of the country than to put
the government that much into debt. He
thinks that the law authorizing the re-
demption Of certain notes in coin did not
contemplate permitting the withdrawal
of gold from the treasury to be shipped to
Europe for speculative purposes solely.
He thinks the withdrawal Of gold from the
treasury should be limited to legitimate
purposes
Mr.. Sweet Is very despondent of silver
legislation at this session of Congress. He
believes the President would veto 1t even
II the silver men in Congress had the
power to pass ID, and he sees encourag-
ing outlook for silver at present.
What Dr.. Baldwin Thinks.
Representative Baldwin of Minnesota
says that there will have to be financial
legislation at this session of Congress
which will prevent the recurrence of the
necessity for Issuing bonds. He thinks
that the issue of bonds at this time was
necessary, and, therefore. even though 1t
was made on doubtful authority, he does
Of criticism of the Secretary Of the Treas
ury. He says that he thinks the necessity
for legislation Will be so apparent that
even at a short session. with divergence
of views in Congress on financial Ques-
cons, some sort of legislation will be
agreed upon and put through. He says
that he would not be surprised II Mr..
Cleveland should present some PROPOSE
ton upon which a majority of both houses
Of Congress could agree. II this PROPOSE
ton carries with il some solution Of the
silver question. 1t will be received with
universal qualification.
He thinks also that something will have
TO be done in relation to the Nicaragua
canal at this session. 1t is evident, he
says, that public opinion very strongly ia
vors the completion OF this canal under
control of the government. The Blue
fields complication and the evidence given
OF a desire the part of England to get
control of the canal enterprise Will hasten
action by this Congress He believes that
either the bill reported from the commit
tee on foreign and Interstate commerce or
some other providing for the government
70 build the canal and control II will DO
adopted at this session.