The Portland daily press., 1894-01-23
SENATORS TALK OF BONDS.
Poputists Attack the Position of Mr.. Car
Iisle--Peffer on Gambling.

Washington, January 22.-In the
Senate, today, Mr.. Aldrich, Republican
Of Rhode Island, presented petitions
from wooden manufacturers, clothing
dealers and others Interested in the
wooden business, demonstrating against
the proposed reduction of duty on wooden
manufactures, with copy of resolu-
lions on the same subject adopted at a
mass meeting held in New York city on
the 18th inst. A like remonstrance was
presented by Mr.. Hoar, Republican of
Massachusetts, from the Home Market
club of Boston. with a protest from
working men expressing indignation at
the suggestion that their signatures to
such petitions were influenced by their
employers
A remonstrance from the knights of
Labor against the issue OF government
bonds was presented by Mr.. Hoar.
Resolutions calling on the civil service
commission for statement as to the
cases in which the civil service
law or regulations were violated by any
OF the heads of the executive depart
naents or bureaus since March 4, 1889,
were offered by Mr.. Lodge, Republican,
of Massachusetts,. On objection by Mr..
Berry, Democrat of Arkansas, it went
over until tomorrow.
Resol utions offered by Mr.. Hoar, Re-
publican of Massachusetts,, were agreed
to, calling on the Secretary of the Treas
ury for information as to the need of a
lightship and of additional safeguards
for the approach of vessels to Boston
harbor.
A resolution offered Thursday by Mr..
Cali, Democrat of Florida, instructing
the committee on civil service to ex-
anime into the condition of the civil SER
vice law and the expediency of its re-
trenchment or increase was laid before
the Senate, with an amendment offered
by Mr.. Berry, Democrat of Arkansas,
directing the committee to report the
number of persons employed in the
classified service from each state and
territory and, as far as possible, the
political party to which they belong.
Mr.. Wolcott, Republican of Colorado,
moved to strike out of Mr.. Berry's
amendment the part that requires the
politics of employees to be reported.
A resolution offered Thursday by Mr..
PETER, Populist of Kansas, on the sub
ject of the notice of an issue of bonds
and declaring that the Secretary of the
issuing or selling such bonds, was laid
before the Senate and Mr.. PETER spoke
upon it.
If the Secretary of the Treasury was
acting as the agent of the President,
making new law, there could be no
question that it was in violation of the
fundamental doctrines of the Constitu-
tion itself. The provisions of the act of
January IA, 1875. the resumption act, I'M
der which the Secretary of the Treasury
was acting, were perfectly plain. The
act related to the redemption of United
States notes and nothing else No author
ity was granted in it to issue bonds fur
i, 1ox L e l.
resumption act. The Secretary of the
Treasury, in his notice, did not speak of
using the proceeds Of the bonds for the
purpose of the act of 1875, from which he
protested to secure authority.
There was nothing in the notice show
ing that he desired or expected to use
the proceeds of the bonds for the purpose
mand for redemption of green backs, and
if there was, there was more than enough
gold in the treasury to meet the demand
Mr.. Allen, Populist of Nebraska, said
the act of 1875 authorized the Secretary
of the Treasury to redeem the then out
standing legal tender notes. That pro-
vision having been complied with, had
not the power to issue bonds under that
act ceased unquestionably?
Mr.. PETER" The Senator is right.
Whence comes the clamor for these
bonds? Are the people to be made the
prey OF spectators and gamblers? At
this moment there is $40, 900, 900 of idle
money in the treasury, which, according
to the platform of both parties, must be
maintained as good money" Mr.. PETER
made this issue Of per cent gold bonds mea
a party question. The party would be
scattered to the four winds of heaven and
would deserve to be. The gold to be OBJ
tanned from those bonds was not to be a
mi nd q <yoyf oSr,cr fyr,,6
fund for which the speculator might
play.
Mr.. Allen asked whether any statute
required one hundred millions in gold to
be retained as redemption fund.
"No, Sir" Mr.. PETER replied. "There
never was any such law. The language
of the law of 1875 is "a sum sufficient to
carry out the provisions of this act
The then Secretary of the Treasury (Mr.
Sherman) believed it necessary to have
a reserve fund of hundred millions.
Five or ten millions would have been
amply sufficient.
Mr.. Allen believed the best way to
the Secretary of the Treasury to issue
bonds and then enjoin the payment OF
them.
Mr.. PETER said the silver bullion pur-
chased under the act of 1890 was now in
the treasury, all uncovered, and might
De uSeQ Dy the secretary Tor the re-
demption of notes issued to pay for
bullion.
Mr.. Teller, Republican of Colorado, in
ttmated that Mr.. Carlisle had held the
opinion, until it was changed by repre-
sentatives of New York bankers, that he
had power to coin the seign1orage. He
asserted that there was silver enough in
the treasury to coin S55, 100000, that was
not held under any law for amy purpose
but dead capital. If it were coined, it
would replenish the treasury to that ex-
tent.
Mr.. German said that MIR. Carlisle never
had the right to coin the seigniorage
without further action by Congress.
Mr.. Teller said the Secretary had gen.
eral authority to coin the bullion in the
treasury. There was provision in the
act of 1880 that the seigniorage was to be
turned into the treasury as assets.
After further discussion, Mr.. Peffer's
resolution went over until tomorrow.
and after short executive session the
Senate adjourned.
Peckham for Supreme Judge.
Wash ington ,January 22-Tha D, ae;