The morning call., 1895-02-06
TOM REEDS SUBSTITUTE.
He Offers q Plan to Help the Democrats
Out of their Trouble.


WASHINGTON, Feb. 5.-The debate of the adj
ministration bill, to authorize the issue of
800 900 900 gold bonds for the purpose of
retiring the legal tenders and treasury notes,
began in the House to-day and continued for
six hours. 1t developed widely divergent
views at the outset. The silver Democrats and
Populists opposed it outright. Some of the
administration Democrats, like Hall of Mis-
souri,, favored substitute on the lines of the
Carlisle bill, while Reed, after speech charg-
ing the present trouble to the deficiency in the
revenue, introduced bill authorizing the Sec
rotary of the Treasury to sell per cent coin
bonds to keep up the gold reserve and certif-
Gates of Indebtedness redeemable at the pleas
ure of the Government to pay the current
expenses until the revenues should equal the
expenditures. The issue of gold bonds, he said
would discriminate against the coin bonds of
the past
Patterson d. of Tennessee, on the contrary,
favored the issue of gold bonds. The debate
under the fye-minute rule, when the bill is
open for amendment, begins tomorrow.
Cox made vigorous argument in favor of
the substitute he should offer, which was
based on the principle of the Carlisle bill (the
issue of circulation by banks on deposit of
legal tenders), contending that this would take
the greenbaeks out of the way without increas-
ing the interest-bearing debt in the country
and without throwing the country upon an
absolute gold basis.
Hall Cd of Missouri followed in the same
strain in support of the substitute. He depre-
Gated the further washing of "dirty linen" on
the floor of the House.
Swinton 3D. of Pennsylvania bitterly criti-
cized the administration. The present trouble
was due to two causes, deficiency Of revenue
and the gold drain on the treasury. Congress
passed the bill for coming the seigniorage.
The President had vetoed the bill. Let the
responsibility be placed where it belonged.
Reed, the leader of the minority, then took
the floor. He was given close attention. "This
bill" he began, s'might exhibit the science of
craftsmanship, but it did not exhibit the art
thereof. In order to accomplish anything it
was necessary that o bill should pass both
houses and be signed by the President. What
is wanted is practical measure that will
remedy the evil that has produced this crisis
in our national affairs.
ain my Judgment If the President, when he
became convinced that an effort was being
made to drain the treasury of its gold, had an
nounced his purpose of maintaining the re-
serve at 500, 000, 600, the limit set by Conrad
Jordan, q Democratic Treasurer, and had fol-
lowed that announcement with vigorous meas
ures, there would have been no difficulty. If
the party in power had provided sufficient
&C.
To find a remedy it was necessary to know
the conditions. There was 1896 900 900 out
standing in paper obligations subject to re-
demption. For country like this that was an
insignificant sum-a sum not worth talking
about when the question of the Governments
ability to pay and pay promptly was raised
Therefore something must have been done to
create distrust. The first and the main thing
that was done was the passage of a financial
measure which had already resulted in de-
ficiency of $1O7 100000. and which, from
present indications, would create further de-
ficiency, permanent or temporary. The treas
ury was divided into two sharp divisions. 1t
was engaged in banking and it was engaged in
business. The business end of the concern was
running astern, as he had pointed out. Now
the conductors of the treasury had allowed
the business end to interfere with
the banking department. Discarding the
wisdom of those who have insisted
in discarding the revenues and borrowing
| money to meet the deficiency in that
department 1t has taken from the banking de-
partment funds to supply the deficiency in the