The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1895-02-15
KILLED in THE HOUSE.
Adverse Action Taken On The 8
Per Cent Gold Bond Bill.
DENOUNCED BY REPUBLICANS,
DEMOCRATS AND POPULISTS.

Scathing Criticism of the Presidents Act
ion In Catering to Foreign speculators-
Mr.. Reed Appeals to the Members to
Take Business Like View of the situ-
ation-A PopuIistic Greeting"
Washington, February l4.-The House
today took up the gold bond resolution
Mr.. Addison, of West Virginia, addressed
the H ouse. He was interrupted by MI.
Dingley of Maine, who said: ''lf the Secre-
tary of the Treasury borrowed SLY ,900,0 GOO III
gold, as | understand tie gentleman to
say, for the maintenance of the gold re-
serve, will he explain how the government
D divided the revenue for the SlO9, oO0,Ooo
ue ticiency within the past two years?'
Mr.. Wilson-'I explained that in my
speech on the bill repeating the differential
sugar duty"
Mr.. Dingley-"But this is an. impo1
tant matter and think it ought to be proper
ly and clearly set before the House. Has
not the money obtained by the sale of these
bonds been used to meet deficiency in
reyenuesT
Mr.. Wilson-'Of course the gentleman is
partly correct. I showed some days ago
how under the operations of the endless
the available cash of the treasury, and was
used to pay current indebtedness
| Mr. Dingley-"How could that endless
chain work if the greenbacks redeemed
were held in the treasury and not paid out
again?''
| MI. Wilson-"But doesn It the gentleman
know that under the law of 1874 national
bank notes can be used effective ly as trea-
sury notes or gre, nbs cks? That the govern
ment has been redeemng national bank
notes and banks were not required 10 40
it.''
| Mr., Dingley-"The gentleman has not
an wered the practical question Iput to
| MIN. Was not the sale of bonds made to
meet diaiciencies in the revenue, and not
| to maintain the gold reserve? That surp-
| lus of sos, 900 now in the treasury was
4 put there by the sale of bonds and from no
other source"
| Mr.. W1lson-"Oh, we'll, if the gentleman
wants to give the matter political turn
/ and compare the matter of the management
of the Treasury Department, will say
that when we needed money We borrowed
| it. When you needed it you appropriated
/ trust funds in the treasury" iApplause.)
i Mr.. Dingley-ssNot dollar of the bank
4 redemption fund ever was used by the Re
/ publican administration to pay the ex-
penses of the government"
! Mr. WILSON, If the gentleman had read
the speech of Secretary Window to which
I referred he would have seen that accord
ing to that officials own statements as far
back as the 10th of September, 1890, practi-
calIy the only available cash il the treasury
was ffty-four millions of the bank re-
demption fund"
Mr.. Dingley-'And of the surplus Of
which you speak today, all but eleven mil
lion belongs to that fund"
MI. Wilson said that if the government
fulfilled it's pledges. all outstanding bonds
payable in coin were virtually payable
in gold, for all our coin is pledged to be
kept on par with gold. There ought not
to be, he thought, any hesitency in accept
ing the alternative proposition of the syn
dicate and thus save to the government
interest in more than half million year.
Gold was the legal standard in this coun-
try. on which all dollars were made and all
con tract not specifically to the contrary,
i are payable in gold. He argued that II the
bonds sold in this country would give no
permanent relief to the treasury, they
J therefore sold at market rate in those
countries from which the government would
receive the money.
Mr.. Hopkins of Illinois, said the q uestion
was whether Congress would authorize the
President to change the policy of the gov
ernment and issue gold bonds. He depre-
| Gated such a change.
PLAIN LANG UAGE.
, Tho President should not be permitted tc
prostitute the interests Of the country and
disarrange its financial system and bring
disgrace upon the people for the benefit OF
a foreign syndicate. II is time, think
to indicate that we can be patriotic without
endorsing all the financial vagaries con-
tanned in this contract.
Mr. Powers, vt Vermont, gave notice that
he would ask to have the joint resolution
amended by adding the following: Pro-
vided that nothing herein contained be held
OF construed as changing the avowed poll
cy of the government to pay all outstand.
ing bonds in gold.'
Mr.. Cannon said that coip meant gold
and the country and the world so under,
stood it, The men who made the bond con
tract understood this. Mr.. Cannon sale
that the President knew that this legisla
tion could not be enacted, ,and his suggestion
was not made in good faith. but to muddy
, the wafer MI. cannon COuCIuue"'
this action was taken by a Republican sec
retary of the treasury. this democratic
House would have impeached him. Con
gress has it's functions and the Executive
has his function but not to make extortior
. contracts (Applause.)
. Mr.. Grosvenor, Republican of Ohio, sale
, tnat the last. loan negotiated by the he
! pu 5lican secretary was ON coin BOND al
= 2 1-2 per cent. That had happened betweeI
! that time and this to impair the credit O.
the government? Whe Secretary of the
t Treasury if asked how he found out oul
: oraait was broken down, would say j. S
q Morpan Co.. said so. The Secretary ac
cented that statement. The bond contrac
vss moor. The American people were neve
l.. anrsaled to and therefore we must pa!
= aix+aen and half million dollars more
3 ,ha diotation ofssa foreign syndicate.
9 tbis gold bond scheme was carried int
gsot our outstanding credit in coin obli
t .;ans would depreciate sixteen and one
: 10 IL million dollars in a.single day.
. POOR EXCUSE.
NJ, coo,obs, Democrat of New York, SAT-