The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1895-02-06
CURRENCY DEBATE.
Springer Starts the Bali Rolling In tn
House.

Washington, Feb. 5.-The house met
at IL O'Clock today, and several bills
were passed by unanimous consent, in
Guiding one pension for the widow oil
the late Commodore Frank Avery at the
rate Of $50 per month.
| In accordance with the terms OF tn 9
special order adopted yesterday, the
house resolved itself into Q committee OF
the whole to consider the bill "Author-
| izing the secretary OF the treasury to
issue bonds to maintain q sufficient gold
reserve and reduce and retire the United
| States notes and for other purposes.
Springer opened the debate with a
long statement concerning the condition
| of the treasury. He produced figures to
show that there will be an estimated
surplus OF $26. 600 900 in revenues at the
end Of the present calendar year. but
the deficiency at the end of the fiscal
year, June 30th, will be $50, 900, GOO. The
deficiency was now 1914, DOC. 900. but this
would be reduced $14. 600, 900 during the
coming five months.
On June 80, 1895. he said there will be
in the treasury s35, 900 600 surplue reve.
nues. This surplus has been derived
from the sale of bonds. While Springer
was discussing the dwindling gold re-
serve and tho enormous outstanding
gold obligations of the government he
was interrupted BY Simpson OF Kansas,
who asked If the secretary OF the treas-
ury was compelled to redeem legal ten
ders in gold. He replied he was 90
compelled by the Presidents former
secretaries, who in bad faith repudiated
the established policy OF the govern
ment. In conclusion he appealed to the
members to lay aside party prsierenc es
as patriots, step away from gold and save
the country's credit. Cox OF Tennessee in
opposition to the bill followed Springer.
Mr.. Cox made vigorous argument
in favor of the substitute he should Of
fer, which was based on the principle
of the Carlisle bill.
Mr.. Hall, Democrat, of Missouri, said
he deprecated the further washing OF
dirty linen on the floor OF the house.
Mr.. Reed, the leader Of the minority,
then took the floor. He was given close
attention.
"Thia BILL" he began, might ex-
hibit the science OF Craftsmanship, bat
it did not exhibit the art thereof. In
order to accomplish anything it was
necessary that bill should pass both
houses and be signed by the presi.
dent. What was wanted was a practical
measure that would remedy the evil that
has produced this crisis in our national
affairs.
SIN my judgment, If the president,
when he became convinced that an eff
fort was being made to drain the treas
MY OF its geld, had announced his pur-
pose OF maintaining the reserve at $780,
100000, the limit set by Conrad Jordan,
Democratic treasurer, and had fol-
lowed that announcement with vigorous
measures, there would have been no diff.
hculty. Ii the party in power had pro.
vided sufficient revenue there would
have been no trouble"
10 find a remedy 1t was necessary 70
know the condition. There was $780,
600, 600 outstanding OF our obligations
subjsct to redemption. For Q country
like this that was an insignificant sum
"a sum not worth talking about when
the question of the govern ment's ability
to pay and pay it promptly was raised.
Therefore. something must have been |
done to create distrust The first and
main thing that was done was the pas.
sage of a financial measuse which had
already resulted in deficiency OF $1O7,-
000, 900, and which. from present indi-
cations, would create q further de-
ficiency, permanent or temporary. The
treasury was divided into two sharp di.
1t was engaged in banking and
lr 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.. Disoarding the
wisdom OF those who have insisted in
1lscarding the revenues and borrowing
money TO meet the deficiency in that
department it has taken from the bank.
ing department funds to supply the de-
iciency In the business department.
There was set in operation the endless
,hain by which we were furnishing
gold for the rest Of the world. The
president had appealed not only to his
party associates, but 10 the opposition
Tor aid. There can be no legislation, he
added, on the eve of an expiring cong
ress.
I'VE we'll know" said he, that If
this bill passes the bouss it will 20 no
further. But it does seem to me that a
practical measure could be presented. :"
He said that those in control of pub
lie affairs would have command OF the
revenue question for the next two years,
The secretary of the treasury had inst
to the senate that he wonld |
have surplus OF 100000 The
secretary had given the last dollar OF |
this surplus, emitting. however, the
cents, ns otherwise some question |
might have been raised as to the accu-
racy OF this surplus. Now il the secre-
tary had any surplus one thing to do
wa. to use it. And instead Of long time |
gold bonds. issue certificates to be re-
deemable at any time.
Section l of Mr.. Reeds bill author.
ICES the secretary of the treasury to
issue 3 per cent bonds, payable after
five years.. similar to the bonds issued
under the resumption act.
1t is substantially similar to Mr.. Sher. |
mans bill in the senate.
Mr.. Walker. Republican, of Masss-
also opposed the measure, He
was very sarcastic at times. The gov
eminent had already been forced to
issue 500. 900. 900 OF bonds which were
dsnominated "Grovers." Shortly $780, |
700, 600 more "Grovers" and the next
step would be the issue of $500, 900 600
"GroverB."
Mr.. Simpson, Populist of Kansas, said
in the beginning of his speech that he
could add no hilarity to this "funereal
OCCASION" He characterized the new
bill az complete surrender of the Dam-
ocratic party to the banking interest.
Mr.. Pence, Populist OF Colorado, mar.
veled that such measure as the pend- |
ing bill should emanate from Demo- |
ktn L.