The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-02-14
A GoLD BcNp RESOLUTION.
Reported to shs house With the APP
prevail OF Mr.. Reed

Washington City. Feb. 13-The house
committee on ways and means voted
today. To 5. to report to the house the
following resolution agreed upon by the
subcommittee:
Resolved, BY the senate and house
of representatives of the United States,
in congress assembled, that the secre-
tary of the treasury be and he is here
by authorized TO issue and dispose Of.
at not less than par in gold. coin bonds
of the United States with the qualities.
privileges and exemptions of the bonds
ISSUED under the act approved July Ia.
1870. entitled .sAn act authorizing the
refunding of the national debt loan."
to an amount not exceeding sos, 1f6. .275.
bearing interest at rate not exceeding
8 per cent. per annum, principal and
interest payable in gold coin of the
present. standard of weight and fine
ness. said bonds to be made payable
not more than thirty years after date.
Provided, however. that. no part of the
proceeds OF the sale of such bonds, or
notes redeemed with the proceeds shall
be available for the payment of the cur
rent expenses of the government.
The vote was as follows: For the
resolution - Wilson. Tarsney. Turner
Montgomery, Stevens. Cochran. Demo-
Gratis. Reed and Payne. Republicans, s.
Against-McMiliin. Whiting. Bryan and
Wheeler. Dens., Hopkins. Rep. 5. By
mum did not vote. DalzeiI and Gear
were absent. A minority report will be
written by Bryan.
The provision against the redemption
II r.
which Secretary Carlisle requested yes
teNday and wh7th the subcommittee
recommended. was passed over by gem
e-ai consent. as it was thought best not
TO cunlber the resolution with too many
propositions.
"A resolution prepared by Wheeler, de-
claring that the enactment OF the presi-
dents Recommendation would be an abb.
andonnlent OF bi-metaIlism. and there
fore inexpedient. and Bryan resolu-
tion for the payment of all government
obligations in coin most convenient,
were voted down. as was cockran's
proposition for more comprehensive
authority to the secretary. but the votes
were not recorded. Cochran said he
would vote to report the resolution, but
would reserve the right 10 offer an
amendment Reed said the plan was
not his making nor choosing, but under
the circumstances he would vote for 1t
as a scheme which might furnish some
relief fox the treasury.
The report which Chairman Wilson
submitted for the majority of the ways
and means committee describes the
resolution and says:
a
municafed TO the house the condition OF
the treasury available for the reiemp-
tion OF the governments legal tender
notes and the maintenance OF the parity
Of it's coin circulation and the reasons
which conpei at the present time an
issue Of bonds to replenish and MAIN
tain that reserve; also. the general
terms Of a contract made under
authority OF section 800 OF tire Re-
vised Statutes for the purchase and de-
livery 10 the treasury Of a sum slightly
IN excess Of S., 000. .oeo Of gold coin. TO
be- added 10 the stock IN the treasury.
which amounts 70 only $41 2iT. .0sI at the
present time. The committee have had
the benefI. OF a conference with the
secretary OF the treasury. who ex-
hibite1 ~ them the original contract
entered into by himself on the sth day
OF February and explained Its details
20 them. A fun and complete copy OF
said contract Is hereto added. From a
reading OF this paper Il Will tss seen
that the arrangements OF the secretary
with the parties TO the contract effects
the purchase Of 3.5s8.o0o eounces Of
standard gold coin Of the United States.
amounting 20 ss5, ,ile,gT5. az least ore
half of which shall be obtained In and
shipped from Europe. For this gold
coin he has contracted to issue TO the
parties furnishing II, under authority
OF the act for the resumption Of specie
payrnrnts. approved January IL. 1875.
per cent. thirty year ecir bonds of ;be
United States at a price which realizes
20 them interest az the rate Of 3 81 per
cent. But the secretary Of the tfras-
ury has reserved the right. if authority
be given by congress. 20 substitute at
par any bends Of the United states
bearing 3 per cent interest. II which
the pEfneigai ard interest shall be spe-
t.5sfcaiiv payable 10 Tnstei States gold
coin Of the present weight ard ffneness.
said substitution 20 be mace within tea
kiays from the date Of the contract" :"
The contract was made part - the re-
por..
The ress..--,s<..s5ss = vii be called ssp in the
hossse tomorrow By CHAIRMAN wilson
as a privileged question. legislation
from the ways ard means commit Tee
having the right OF way.