New-York tribune., 1895-02-15
THE PROCEEDINGS IN DETAIL

,,,. t-eb ,4-In the House this morning
Mr. Catchings Dem. MissD reported the o'ue' as'eN
,non by the Committee on Rules Tor the cons'ue'~
ION OF the Joint resolution OF the Commt,ee on
WAYS and Means regarding the issue OF gou po,aS"
1,ho order nrovided that the vote should be TAKEN
=, o,cIock II was adopted by a vote OF loz 10 %
The gold bond resolution was read py the c'etA
and the Speaker said that ne "ouiu recos'H'
Nessrs Wilson Dem, W. Nao and Reed 'Hep''
Ne, FOR two hours in the affirmative ana Messrs'
go lDem Neb) and Hopkins Rep.. I'D in the
negative. for the same time, the remaining "o"' ~
be divided among other speakers.
AR Wilson in opening said that unless the DEBATE
,,A 10 kent 70 the question presented In the reso'
lu,ion reported by the Committee on ways anu
Means. and prevented from drifting of upon those
matters which naturally attach 10 the uisc"ssio''
of any financial measure. 1t might NOT De po'so SUI,
% vote upon the resolution ntelligenuy. The STU
ation he said. was this: The secretary " |
Treasury having deemed that an emergency ~
arisen provided for in Section o''o' Ne ~
statutes he had agreed to issue something o'e.
.r on ooo ~ hords AT the net rate of Ss per cent
,,ras, for the purchase of $4,000 ounces OF sod'
I, uas further agreed that these bonds might oc
exchanged for 3 per cent gold pohus' sno M,
gross authorize the Secretary 10 issue 'ie,"' 80
resolution reported by the Committee vi ""' 90
,,aans nrovided that none of the gold thus reazed
bould he used for the payment OF current eNpe"ses
90 tho Government. In considering the necessity
for the massage OF the resolution, Mr. wilson went
-, ho,,irg of the condition of the Treasury.
This morning he said. there was an available casn
balance OF sl65 O0OoO which was greatly in excess
- tho balance a. other periods in the history OF the
rraasurv For instance May 81, 1892, the avail
,h,e cash balance was sl2oO000o0 So ii was not due
TO any financial strinSency In the treasury itseir.
Rut when we came to consider the gold reserve
said Mr. Wilson. we found this morning 1t amounted
to but S42 2l7 600 AS a bank of issue and redemp-
ton therefore, II had been compelled to do as other
institutions Of the kind-it had been compelled to
20 into the market and purchase that with which II
must redeem It's notes
Mr. Wilson reviewed the history OF the gold
reserve beginning with the law OF 1875, providing
for the resumption OF specie payments. Secretary
sherman. In his reports. had said that the power
OF the Secretary OF the Treasury to maintain the
gold reserve was a continuing power. and. In his
estimation 1t would amount to 40 per cent or the
outstanding liabilities This was not the hrst
time that the Treasury had suffered from a loss
OF gold. In November. 1890. according to the speech
made by Secretary Window. in New-fork C"y
on the night he died. there had been run Oh
$4,000 900 on the gold reserve and the avaiiape
cash In the Treasury had been reduced 10 .ne
$4,000 900 OF bank trust funds. Three uH'es "'.".
the last thirteen months Secretary Car"s'e no"
found II necessary to go into the market ana puy
coin with which to carry out the TERMS vi '''
sherman law of 1890 and OF the law repea"s 'no
purchasing clause OF that law. when required M"
to maintain the parity OF all the doiiars ot '"o
Government. He did just what secretary sner"a"
did time and again In carrying GU, 'he al" 10.
On. ref,,pding OF the public debt, and bought
gold from other markets than our own IL Secre-
tary Sherman In 1879 deemed 40 per cent gold