The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-12-29
The Measure Passed by a Vote OF 1z0
to 136, Forty-Seven Republicans
Voting with the Minority.
FEATURES OF THE DEBATE
POINTED SPEECH BY MIR. DIyGLEY
IN CLOSING THE DISCUSSION.
Mr.. Crisp Cornered Several Times by
Coming Home for New Years.

to 136, thus having discharged the task
for which it has been sitting during the
holiday recess, effected an agreement by
which the House should adjourn next week
three days at a time in order to give men,
bers an opportunity to spend New Years
day at their homes. The closing hours of
the debate to-day were lacking in spirit
and there was practically no excitement
until the vote was taken. The margin of
80, by which the first section of the bill,
against which the Republican opponents Of
the measure massed their opposition, was
passed showed that the friends OF the meas
ure had marshaled every available vote in
its favor. AS it was, forty-seven Republic
ans refused to act with the majority of
their party. The Populists and Democrats,
with the exception of Mr.. Hutchison. of
Texas who voted for the bill, presented
an unbroken front against the measure.
The bill passed amends the resumption
act so as to permit the issue OF 3 per cent.
coin bonds, redeemable after five years at
the pleasure of the government and payable
in fifteen years, with the specific proviso
that nothing in the bill shall be construed
to repeal the act Of 1878 for the reissue
of the greenbacks and that the bonds shall
first be offered for subscription at the sub
treasures and repositories OF the United
States. The second section Of the bNl
provides for the issue Of three-year per
cent debt certificates, Of denominations or
$40 and multiples thereof in amounts not
exceeding $50, 600 600, to meet temporary de-
| iciencies.
Mr.. Rrosius opened the debate to-day in
favor of the bill. This was the only coun-
try on the globe, he said. where gold re-
fff0of Inn nor
tation and where the treasury was without
the power to resist the incurSlonS or Tor
eign gold grabbers or domestic speculators
The revenue deficit was the CHIEF sinner IN
the comedy of errors which had produced
| the present troubles. 1t was not suitable
to the dignity of the government to en-
rloy the seuth hounds of for foreign ao5 Syna, Of
| this country should have the nrst oppor-
tunity to help the treasury out OF the
trough of the nansial iaic sea i tba e b declared
| Mr.. Parker favored the bill as a gooo
business measure. -
Mr.. McLaurin opposed 1t because IL would
| increase the burden of people already tax
/ ridden and would tend to legalize series
! of usurpations of power by the Secretary or
his his discretion and redeem notes In silver
! the gold raids would cease and new hope
| would be infused into the Democratic party,
! now crushed by the financial policy or the
| administration.
MIR. CANNoN's SPEECH.
Mr. Cannon, of Illinois, in support of the
| measure, declared that it bill to
| maintain the specie payments which had
| been resumed under the wise direction of
the Republican party in 1879. For the thir-
teen years following the resumption. the
| revenues had always exceeded the expendi-
lures. Twelve hundred millions Of in
terest-paying debt had been discharged.
| Since Mr.. Clevelands election, in 1892, de-
ficiency, distress, idleness and panic had
| followed. Instead of paying s1o0.0o0,O0o a
year on the public debt the Democrats mad
! and criticise, but they could not build up
the reserve Republican applause) I'VE
tary mil f' of the o, Treesury. @ he concluded. I'VE
| will give him more power. he cannot have
| too much power If ii is used wisely You.
| on the other side, will vote against this
| bill; those in favor OF silver at ls to /,
| because you want to impair the credit OF
| the country and force us to a silver basis;
those who support the administration, be-
cause it wants gold bonds. We, in our
| judgment and patriotism, stand ready TO
pass this bill II 1t is rejected by the Sem
| cast our mite toward the protection OF
| the public credit and have given a prophecy
Of what we shall hal ;, do ',n,, when we come into
| Mr. Bartlett announced his opinion that
| the passage Of the pending bill, instead OF
strengthening the financial ability and
| further panic, and avowed that he was for
| maintenance OF the gold standard until the
| powers of the world agreed to the coinage
| of silver.
| Mr. Tawney, a member OF the ways and
| means committee. In support OF the bill
called It 10 the dd
| fore adjourning. He Knew, and everybody
knew, that gold bonds would not be author
would not give him authority he and his
Secretary of the Treasury had already re-
opened negotiations with the same old NAL
per cent. bonds. The people of the country
were TO be given no opportunity TO sub
scribe. He read several letters from con.
| stitutentS oner1ng 10 subscribe gold fol
bonds
PLAN OF SILVER DEMOCRATS.
Mr.. Bailey, in outlining the attitude oi
the silver Democrats. said that they had
desired to offer as a substitute for the bill
a, measure that would. in his opinion, rem
der the further sale of bonds unnecessary
AS a plain business proposition. the treas
ury should coin the silver seignorage. That
would furnish the treasury $50. 100000 of ad
ditional assets. He argued that the buIlior
in the treasury might safely be coined
without disturbing the parity between sill
yer and gold. The advocates OF the GOLD
standard would ultimately force the retire
ment of paper unless its redemption in sill
yer could be brought about Under the
| pTeSeul pUllCy tue udustT always existed
five financial institutions OF the countr,
might combine to coerce the treasury Sue
cessive gold Withdrawals and bond issue,
might be forced until the public debt wa.
increased indefinitely.
Mr.. Marsh arose to give his reasons 70,
refusing his support to the bill. but befor.
he had finished his preliminary remark.
the gavel of the Speaker fell and the Hous,
remained unenlightened.
Mr.. Connolly. who had been counted
as an opponent of the bill. gave nj.
support to II In brief speech. III.
said that IL he had been framing IN,
bin he would have changed the language o.
the bill so as to make IL read lin lieu o.
the power now given the Secretary OF IN.
Treasury instead of in addition" TO tha
power His announcement that ne har
finally decided to vote for the bill wa,
greeted with Republican applause.
Mr.. Hopkins. in support of the bill ar
gued that there was no necessity for tn,
issue Of gold bonds. Time and the treas
ury's experience with the last bond issu.
had demonstrated this. The bonds sen
abroad had returned 10 this country. Their,
was ample gold here to supply the needs o
the treasury
Mr.. Payne called attention to the fact thai
the administration was already preparsne
| to issue 800. 900. coo of thirty-year per cent
bonds. This was the emergency that this bill
met by reduction OF the Interest
The Presidents message" interrupted
Mr.. Lnney, says that the $l55,00oc0o OF
silver certificates issued against the bulior
1 purchased under the act 1890 cOnstftufe a