Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1895-02-14

refer it to the committee on privileges
and elections, which was defeated:
Mr.. Morgan accused the republicans
of supporting the resolution for the
purpose of obstructing public business.
The time was too precious now, he SAID,
and ought not to be wasted.
Mr.. Blackburn cut short further dis
cussion by moving to take up the post
Office appropriation bill. The motion
prevailed, and the Senate resumed
consideration of the postoffice appro-
priation bill.
HOUSE..
MIR. Catcbings reported theresolution
agreed upon by the committee on rules
for the consideration ofthe joint resolu,
ton of the committee on ways and
means regarding the issue of gold
bonds. The resolution reads as follows;
Resolved, That Immediately upon
the adoption of this resolution tie
House shall proceed as in committee OF
the whole, to the consideration oil
House resolution 275. That at the hour
of 5 p. m. this day the previous question
shall be considered as ordered on said
resolution, and then, without interven-
| ing motion, votes shall be taken there
on until the same shall have been fully
disposed off.
The previous question was demanded
by Mr.. Catchings. and it was seconded
SO TO II.
Mr.. Picker made the point of no
quorum, but withdrew it at the solicit
tation of Messrs. Hopkins, Grosvenor
and other republicans.
| The question of the passage of the
resolution was then put, the vote re-
sulting ayes IS; noes II.
Mr.. Simpson-No quorum.
Avote by tellers was then taken.
Mr.. Simpson refused all requests to
withdraw the point. saying that the
constitution and the laws, as well as
the rules of the House, required the
vote of majority to determine these
questions. He said that many mem
bers had not known that the House
was to meet at II o'clock, and the ad
vocates of the rule had desired to take
advantage of that fact, and tried to rush
through this most important matter.
A vote by tellers was taken. The
tellers, Messrs. Catchings and Simpson,
stood for half an hour at the head Of
the center aisle, while enough membe 8
slowly struggled in to make quorum,
and at 1855 the resolution was declai-
ed to be adopted-ayes 152; noes 2S.
Mr.. Brown gave notice that the con-
tested election case of Williams vs.,
Settle, from the fifth North Carolina
district, would be called on the 18th
! Instant.
| The gold bond resolution was read
by the..clerk, and the Speaker stated
that he would recognize Messrs, Wilson
and Reed for two hours in the afirma-
tive, and Messrs. Bryan and Hopkins
in the negative for the same time; the
other hour to be divided among other
gentlemen.
Mr.. Wilson said the situation was
thus: The secretary of the treasury,
having deemed that an emergency had
arisen, provided for in section 300,
revised statutes, he had agreed to issue
something over sixty-fve millions Of
bonds, at the net rate of 81 per cent.
interest for the purchase of 100000
ounces of gold. 1t was further agreed
that these bonds might be exchanged
for three per cent gold bonds, should
Congress give the secretary authority
10 issue them. The resolution reported
~ the committee on ways and meal
provided that none of the gold thus
realized should be used for the pay
ment of current expenses of the gov
eminent.
In considering the necessity for the
passage of the resolution, Mr.. Wilson
went into q showing of the con-
ditlon of the treasury. This morning,
he said, there was an available cash
balance of S165,000,000, which was
greatly in excess of the balance at
other periods in the history ofthe treas
ury. For instance, on the 3lst OF May,
1892, the available cash balance was
sl26,0OO,OOO. So it was not due to any
financial stringency in the treasury it
self. But when we came to consider
the gold reserve, said Dir. Wilson, we
found this morning it amounted to but
$42, 217 600. AS bank of issue and
redemption, therefore, it had been
compelled to do as other institutions Of
the kind, it had been compelled go into
the market and purchase that with
which it must redeem its notes.
Mr.. Wilson reviewed the history of
the gold reserve, beginning with the law
of 1875, providing for the resumption
of specific payment. Secretary Sher-
man, in his reports, had said that the
power of the secretary OF the treasury
to maintain the gold reserve was con-
tinuing power, and in his estimation it
should amount to forty per cent of the
outstanding liabilities. This was not
the first time, said Mr.. Wilson, that
the treasury had suffered from loss OF
gold.
MI. Hopkins said that on the day the
contract was signed four per cent.
bonds, with only twelve years to run,
were selling in the open market for
S1101. The new issue was sold to the
syndicate for 1O4!. They were sold to
the syndicate for s9,5O0OOO less than
they would have brought in the open
market and this gave them rate of
interest that no civilized country was
paying. "Eyen Egypt" he continued,
'has negotiated aloan for less sum.
This loan, he asserted, could have been
taken in this country alone, and the
people would have been glad of the
opportunity to do so had it been afford
ed them.D He openly charged the
President With an attempt to deceive
and cheat the people, and said he did
not believe that either the republicans