The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-02-15

revenues. Then Mr.. Dingley, recurring
to Mr.. Wilson's former statement about
the transfer of the bank trust FUND
to the available assets of the treasury
declared that not one dollar of that
fund had been used to defray current
expenses.
THE difference between your meth
DDS and ours" replied Mr.. Wilson amid
a burst OF Democratic applause, lis
that when we needed money we bor-
rowed it. When you needed it you
borrowed it from a trust fund"
Mr.. Dingley insisted that that fund
was not used until 1893, whereupon
Mr.. Wilson cited him Secretary Win
doms report stating that on Septem-
Der /, 1890, the only available cash in
the treasury was the amount of the
trust fund turned over TO that account
in the preceding July.
This ended the fencing between the
opposing leaders and Mr. Wilson con-
tinued his argument where it had been
broken off by Mr.. Dingley's Interrupt
ton. Secretary Carlisle in borrowing
this gold had only done what Mr.. Sher-
man had done He had sold Jour per
cent thirty year bonds at the rate OF
104h with the right to substitute at
par three per cent gold bonds III the
government continued to MAINTAIN It's
traditional policy the four per cent
gold because the government was
bound to main tain all its currency on
parity.
TO SAVE INTEREST.
AS the bonds will be paid in gold 1t
was the sense of the ways and means
committee that there ought TO be no
hesitation in making these bonds pay
able in gold and saving to the govern
mept the interest charges amounting
a l.
ready made by which the gold is being
put into the treasury and placed on
vessels for shipment to this country.
1t cannot be set aside. 1t was made
under ample provision of law The
question presented here is whether We
will substitute for 4 per cent coin
thirty year bond 3 per cent gold bond.
Mr.. Wilson aSserted that for twenty
five years the gold standard had been
the practical money l,asis of this coun-
try; that gentlemen confused the stan
dard of payment with the currency of
the payment. Two experiments had
failed to give relief AMI row the treas
ury had been obliged to resort as 1t
had under Secretary Sherman to a
special contract.
Mr.. McMfllin Dem. TENN asked If It
would not be possible to raid the gold
reserve in the future as it has in the
past. Mr. Wilson replied that il had
undoubtedly been possible since the
first resumption of specie payments,
but said it would not be done if we
could maintain confidence so that our
currency will be as good as gold
Mr. Hopkins (Rep. Ill., said the reso-
luton was whether the government at
this late day should, by extraordinary
methods of Presid ent Cleveland and
his secretary of the treasury, change
its established policy under thirty
five years Of Republican rule and make
its bonds payable in gold.
WHY DIDN'T HE?
Why did not the president, he asked,
call the attention of these foreign capt.
taiists to the fact that this country had
settled policy. (Applauae). If the
statement that Mr.. Wilson made had
been true, that coin was really as good
as gole and meant the same thing, why
had the president not told the capital
lists so.
II oppose this resolution" he continu-
ed, because 1T will in my judgment de-
stroy the credit of the United States.
In the future it would be ecessary to
put the word gold on every bond"
The bondholder was directly interest
ed in driving this country to a silver
basis and sending gold to a premium.
The Rothschilds by this means could
double the value of their holdings.
Secretary Folger had extended the
vast sum Of $500, 600, 900 per cent bonds
at 3 per cent in the open sunlight be-
fore the American people Republican
app1ause). Even the loans Of this adj
had before been made in
the open market with the American PEG
pie in the light of day. They had been
made for ten years at less than 8 per
cent. Now there had been made con-
tract with foreign syndicate by which
the government received $500 less than
similar bonds We're selling for in the
open market on the very day the pres
ldent had sent his contract to congress
with the bride of $4,000, 900 to get its
A secret loan was negotiated
for higher rates than any civilized
was paying on its debt, higher,
sven than bankrupt Egypt, Little Nor
way, or any other country.
ITS ALL POLITICS.
The president" said the speaker.
'penned this message not from patri- !
Otic purposes. but for politics and that
alone. He wanted to throw the re-
on congress of making this |
loan negotiated by his former law part |
her. (Applause).
Il say for one" he asserted, land I |
hope ! speak for the Republican party |
and the great mass of the Democratic |
party, that I cannot be made particeps |
criminis to this attempt of the presi- |
dent to prostitute the financial stand |
ard Of this country
Mr.. Cox lDem. Tenn.,) How does it |
happen that by this contract this syn
dicate VIII have an option on future |
bonds issued by the government?
Mr.. Hopkins-Nobody but the syndi- |
cate and the president can answer |
that. loud appiause).
Mr.. Powers (Rep. VT sent to the |
clerks desk to be read an amendment |
that nothing in the resolu- |
ton should be construed as changing |
the avowed policy OF the government |
to pay all its outstanding bonds in |
gold.
Would IMPEACH HIM.
Mr.. Hopkins then yielded to Mr.. |
Cannon (Rep. Ill.,. He sketched with |
biting sarcasm the abortive attempts
made To pass legislation for the relief /
u the treasury, saying that the presi- |
tents last message was responsible for |
he Springer second birth" He de-
bounced the contract made by the Sec
'etary OF the treasury. and when he /
the opinion that had Pc
secretary of the treasury made
he contract his Democratic house !
would have impeached him. the Repub- |
lcan side gave him round after round |
IF applause.
Mir Grosvenor (Rep. Ohiol. member
II the ways and means committee. op-
posed the resolution. Addressing him
'eif 70 the charge that those who were /
this resolution were aiding
o destroy the honor, credit and in
egrity of the government. he pointed /
ut that without consultation with |
congress the secretary of the trea,N
nad privately entered into conrrN
With the Rothschilds of Eurone and
ne Morgans here 10 purchase gold with
ne com ponds or the government at a
ate Of interest almost / ne,, cent b;S-t.-.