The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-02-06

| IIs-PafterSon FaVors Gold Bonds.
! Washington, Feb. 5.-The House met
at IL o'clock today.
Several bills were passed by unani-H
nous consent, including one to PEN
sion the widow of the late Commodore
Frank Avery, at the rate of $50 a
month.
In accordance with the terms of the
special order adopted yesterday, the
House resolved itself into a committee
of the whole to consider the bill Ito
authorize the secretary of the treasury
to issue bonds to maintain a sufficient
gold reserve and to redeem and retire
United States notes, and for other pur-
poses.
Springer as Il Patriot.
Mr.. Springer opened the debate with
a long statement concerning the condi-
ton of the treasury. He produced fig
ureS to show that there would be an
estimated surplus of S26, 600 in the
revenues at the end of the present cal
endar year, but a deficiency at the end
Of the fiscal, June so, of SIG 000,0 600.
The deficiency was now $34,000000, but
this would be reduced $14,0OO,0O the
coming five months. On June 3, 1896, he
said. there would be in the treasury
So, 000, coo surplus revenues. This sur
plus HAD been derived from the sale of
bonds.
While Springer was discussing the
dwindling gold reserve and the enor-
nous outstanding gold obligations Of
the government, he was interrupted
by Mr. Simpson, of Kansas, who asked
If the secretary Of the treasury was
compelled to redeem legal tender in
gold coin.
! He replied he was so compelled by
the precedents of former secretaries,
or in bad faith repudiate the establish
ed policy of the government. In con-
clusion. he appealed to the members to
lay aside party preferences as patrl-
OTIS, stop the drain of gold and save
the country's credit
Mr.. Cox, of Tennessee, in opposition
to the bill, followed Springer
Cleveland Criticized.
Mr.. Cox made a vigorous argument
IN favor of the substitute he should
offer. which was based on the 'princi-
Dle of the Carlisle bill Che issue of cir
culation by banks on deposit OF legal
tenders), contending that this would
take the greenbacks out Of the way
without Increasing the interest-bear-
ing debt in the country and without
throwing the country upon an absolute
gold basis.
Mr.. Hall. DemocraD, of Missouri,
followed in the same strain in support
lof the substitute. He deprecated the
If1lrtber washing of dirty linen on
the floor of the House.
Mr.. Swinton OemocraD, of Pennsyi-
Ivania, bitterly criticized the admlnls-
tration. The present trouble was due
to two causes, deficiency. OF revenue
and the gold drain on the treasury
Congress passed the bill for coming
the seignorage The president had We
)foed fhe bill, Let the responsibility be
lplaced where it belongs.
Mr. Reed. the leader of the minority,
l4ban took the floor. He was given
close attention. This bill, he began,
might exhibit the science of states
manship, but it did not exhibit the art
thereof. In order to accomplish any,
thing it was necessary that the bill
should mass both houses and be signed
hv the president. What was wanted
was a. practical measure that would
,ayoadv the evil that had produced this
crisis in our national affairs.
DIN nv Judgment he continued, if
+ba nresfdent, when he became con-
WINGED that an effort was being made
: "a drain the treasury of it's gold, had
announced his purpose of maintain
Ans, the reserve at $100, 600, the limit
set nv Conrad Jordan, a Democratic
, treasurer. and had followed that an
no,1ncemert with vigorous measures,
there would have been no difficulty
If the party in power had provided
sufficient revenue, there would have
been no trouble.
To Find n Remedy.
nro find a remedy it was necessary to
: know the condition. There We're $685.
, 200 900 outstanding paper obligations
subject to redemption. For a coun-
trv like this, that was an insignificant
e,r,,-a sum not worth talking about
| yvhen the question of the government S
/ ability to pay and pay it promptly was
raised. Therefore, something must
: have been done to create distrust. The
first and main thing that was done
, was the passage of financial meas
: IRE which had already resulted in a
! deficiency of $107,000,000 and which
from present indications, would create
further deficiency, permanent OIL
temporary The treasury was divided
) into two sharp divisions. 1t was en-
gagged in banking and 1t was engaged
In business. The business end of the
concern was running astern, as he had
: pointed out. Now, the conductors OF
the treasury had allowed the business
end to interfere with the banking de-
2 partnent. Discarding the wisdom OF
those who have insisted in discardins
the revenues and borrowing money tc
: meet the deficiency in that depart.
5 ment, it has taken from the banking
department funds to supply the def
ciencyesn the business department
,, There was set in operation the endless
) chain by which we were furnishing
gold for the rest of the world The
president had appealed not only to his
, party associates, but to the opposition
for aid. AS party man, he ought
: TO be not melancholy over the prospect
hut as citizen he stood ready to as