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

sist his country in the present crisis.
Mr.. Reed warned the House, however,
that there could be no currency legis-
lation at the dictation of any other
mantle president, Mr.. Springer, the
speaker or any other fnan-it must
be had by the consensus. of opinion OF
all. There can be no legislation" he
added, ION the eve of. an expiring
Congress-
I'VE we'll know" said he, that if
this bill passes the House it will go no
further. But it does seem to me that a
practical measure could be presented.
Cause of the Trouble.
Continuing, as a preliminary before
Offering his own suggestion, and IN
order to prevent the accusation Of
craftsmanship, he quoted from Horace
White to show that the real cause OIL
the present trouble lay in the deficiency
of the revenues; il the revenues
equalled the expenditures, whenever a
greenback was redeemed, 1t would stay
in the treasury. 1t was the fact Of the
necessity of its reinsurance to meet cur
rent obligations that caused the trou-
BILE. He fortified his statement with
the figures adduced by him some days
IaSo.
After all. the showing made under
the disadvantages under which the
treasury was laboring, was done as q
remedy for the present condition of
affairs; it was to separate the banking
department from the business depart
ment of the government. The first
step was to make the. government
revenues equal its expenses. But, ;"
said Mr.. Reed, ito raise revenues
would be confession and confession
might mean suicide"
! He said that those in control of
public affairs would have command of
1.-the revenue question for the next two
years. The secretary Of the treasury
had Just reported to the Senate that
he would have surplus of 800 GOO, goo.
The secretary had given the last dollar
of this surplus, emitting, however, the
cents, as otherwise some question
might have been raised as to the ac-
curacy of this surplus. Now, if the
secretary had any surplus, one thing
to do was to use it; and instead of
| longtime gold bonds. issue certificates
! to be redeemable at any time"
| Mr.. Reed said he would send to the
desk the plan he had formulated. 1t
might be changed or modified. He was
not insisting on having it considered
as q substitute or in any other par
ticular relative to the pending bill; but
lit avoided the question of putting a
| gold bond against the coin bond; it
avoided other complications compro-
[
Reeds Plan.
Section 1 of Mr. Reeds bill author
| ICES the secretary of the treasury to
| issue per cent bonds, payable after
| five years, similar to the bonds issued
under the resumption act.
1t is substantially similar to Mr..
Sherman's bill introduced in the
! Senate.
Section embodies the new phase in
troduced by MI. Reed and is as fol-
lows:
THAT to enable the secretary of the
treasury to pay the current expenses
| of the government so long as the cur
rent revenues shall be deficient he is
authorized and required from time to
| time, in his discretion, to issue, sell
and dispose of, at not less than par,
such an amount of certificates of in
debtedness of the denomination of $25
$50 and 500, OF any multiple thereof,
as may be needed for that purpose,
bearing not to exceed 3ssper cent in
terest per annun, payable seminar
| nually and redeemable at the pleasure
| OF the government in coin after two
years from their date, with like quail
ties, privileges and exemptions pro-
vided in the act approved January Ia
| 1875. The secretary may, at his discre-
| ton, sell and dispose of the same for
not less than an equal amount of law
! full money of the United States and at
designated repositories of the United
States and at such postofices as he
| may select, and the secretary shall use
the proceeds thereof for the purpose
provided for in this section and fol
none other"
Mr.. Walker Republican,, of Massa-
chusetts, also opposed the measure. He
was very sarcastic at times. The gov
| eminent had already been forced to is
sue 500, 100000 of bonds which were
Idenominated Growers Shortly, $780,
900, 900 more Growers and the next
step would be the issue of $500, 900 coo
| "Grovers."
Mr.. Simpson PopulisD, of Kansas,
said in the beginning of his speech
that he could add no hilarity to this
funeral OCCASION He inquired
whether the moral obligations to
which Mr.. Springer had referred as
binding the secretary to redeem obi
cations in gold and declared that it
was an evil inheritance from the Re
publican rule. He characterized the
new bill as complete surrender of the
Democratic party to the banking in.
terest.
Mr.. Pence PopulisD, of Colorado
TnarVelled tndL Sucn d measure DIS The
Ipending bill should emanate from g
Democratic committee at the dictatior
of a Democratic president, and he ex'
pressed for himself and his party q
Willingness to cooperate for the pas.
sage of some relief measure.
Mr.. McKeighan PopulisD, of Ne
braska. followed in the same line Gre
lating some amusement by calling Mr.
Springer the "artful dodger of the sit
uation.''
The committee then rose and the
House at 4:45 p. M, adjourned unit