The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1895-12-28
TTE LARGEST CIRCULATION OFF AMY NOR IT'D lA DAILY

napt specifcaIIv stated that nothing
in this act should he construed to re-
naa1 or modify the act of 1879 for the
reissue of redeemed prcenbacks.
What will become of the green
backs redeemed bv the sale Of bonds
under this act? asked MIR. Marsh
CRep.. Ulinois.)
''Thev will be used" replied Mr.
Dingley. 'as they were used up to
1898, in discharging our interest bear
ing obligations. But in ease OF run
on the treasury they could be hcld IN
the treasury temporarily for its pro-
lection. When the eN1gencN passed,
however. they would under this act
have to be paid out or applied to the
pubhc debt.
Mr. DlngieE' ~ answer 10 many lueS-
tjonS. claimed that ) per cent bond
would be taken by the people much
more quickly than per cent bond
on a } per cent basis. tie Savi the peo-
pie, as q rule, were not disposed to pay
premiums
Mr.. Turner ()em., DakotaD opened
for the minority. lie contended that
the fault did not he in amy deficiency
in the revenues, but IN the existence
OF evils IN our iinahcial system Tor
which the Democratic party was ~ no
wise responsible lie pointed out no"
the Republlcans, IN the past had de-
mOnetlzed silver and had passed an act
for the resumption OF specie pay ments
which contemplated the total retire
ment of the grcenbacks. Now, IN the
face Of the Presidential election, theN
IL Il. tTtFs,.
sentiment and they dared not retire
the greenbacl,s, to which they had
only been committed.
Mr. Turner affirmed most positively
that in the existing state of the mar
ket per cent coin bonds could not be
hoated. In conclusion. he said he had
once believed that the Secretary of the
,rraoeu,v hy exercisinV the ontion of
raoe,nntion in silver. could repel raids
on the treasury. but he now believed
such n course. would precipitate Il
crisis. manic. a convlIlsion. such as
we had never had that would shake
nubl;c- and nriyate credit 10 It's founda-
tions.
Mr.. Grosvener Republican, Ohiol,
said that the disability Of the passage
of the bill must be considered in the
light of the events which called it into
existence. Under ordinary circum-
stances he would not favor either see
tion of the bill. The Democrats we're
unable to suggest relief for the Treas
ury. The President had proposed q
gold bond. but in the Hast Congress
could not muster half OF the Demo
cratic vote 10 stand by him. The Sec
retary of the Treasury was figuring
how TO meet the appropriations OF
the last congress. pufea'i oh'c'i' d
pestiferous growth that had dared 10
set aside the five million appropria-
ton for the relief Of sugar growers.
Debs and his followers, 10 suppress
whom the military vas called out, had
no more tlagranty violated the law
than had the Secretary 81 Agflctii'"fe'
petty bureau'ofiicer, IN refusing 10
carry out the appropriations OF on
gress after he had been rebnNed ~
Congress. Yet Democrats said 'iiefe
was no lack OF money ~ the treasury.
But he said ne was WING I" ~
for this bill to save the Administration
from bankruptcy and disgrace De
cause behind that administrationsto stood
his country.
AIr Patterson Democrat. Tenn.) +.
attril,pted the financial disaster that
L.,d o,,a,.,,bel,ned the country 10 the
-. af confdence in a currency svs-
t,.,,, ,.l,;cb carried $500 900 900 Of silver
sa,c 600 noo of ,g,.eenbacl<s ON the
"''', ~ ,sa1J ,s.,.,.a ~ Stol1 GEO 900.
asl1.,,..,+;1,, ~ CONGRESS that
= s'i'Sie Wv - ,,,..,;., i,,,iola4a the
y ihtehos" - .tt -, ,.,>,,.a