The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1895-02-16
MILLIONS AT STAKE.
House Committees Plan TO Save
S1o,ooo,oOO In Interest.
10 Urges the Issue OF Gold Bonds Bearing
Three Per Cent.--Its Action in Line
with the Presidents spe-
cial Message.

ways and means committee agreed 20
report the following resolution:
Resolved. That the secretary OF the treas
ury be and Is hereby authorized 20 Issue and
dispose or az not less than par Ia gold
coin, bonds OF the United States, with the quail
ity. privileges and exemptions OF bonds issued
under the act approved July a. 1870, entitled.
An act authorizing the rofunding ofthe nation
nj debt 20 an amount not exceeding SOS ,li0,275
bearing interest az a rate not exceeding per
cent. per annum, principal and interest pay
able In gold coin OF the present standard OF
weight and nneness said bonds TO be made
payable not more than thirty years after date.
Provided. however. that no part OF the proceeds
OF tho sale 90 such bonds nor OF the notes re-
deemed with such proceeds snail be available
for tho payment OF the current expenses OF tho
government"
The resolution was adopted by n
vote Of TO 5. Immediately after talk
ing the vote the committee adjourned.
During the afternoon session OF tho
house Chairman Wilson reported the
joint resolution agreed upon In COM
mittee, authorizing the issuance of a
thirty year FER cent. interest bear
ing gold bond. The report ac-
companying the resolution includes a
copy OF the presidents recent message
10 congress bearing upon the subject,
and also a copy OF the contract made
by the treasury department with the
European syndicate for the purchase
Of the new bonds Continuing, the re-
port says:
The committee have had the benefit OF a
conference with the secretary OF the treasury
who exhibited 70 them tho original contract
entered into by himself on the sth day OF Feb
ruary and explained It's details 20 them. From
o reading OF this paper II win be seen that the
arrangement oithe secretary with the parties
OF this contract effects the purchase OF $780,
coo ounces OF standard gold coin OF the United
States amounting 10 sos. Ii6g55l at least one
half OF which shall be obtained in and shipped
from Europe, For this gold coin he
has contracted 10 issue TO the parties
furnishing H. under authority of the
act for the resumption OF specie payments
approved January H. 1870 per cent thirty
year coin bonds or the United States. az q
price which realizes 10 them interest at the
rate Of 3A per cent But the secretary OF
tho treasury has reserved the right, II
authority IS given him by congress 10
substitute at par any bonds OF the
United States bearing per cent interest Of
which The principal and interest shall ne spe-
cincally payable Ia United States gold coin OF
the present weight and hneness, said substi-
tuition, however 70 be made within ten days
from the date OF the contract
III Is the object OF the joint resolution here
with reported 10 give 10 the secretary OF the
treasury authority 10 substitute such bonds TO
the amount ~ the contract The saving % be
Effected TO the government az set forth IN tho
presidents message, will be $3.50 $50 per
year, for every year the per cent bonds
run, and of the amount OF si6i54570 should
they run thirty years. As II Is not believed by
that committee that the issue ~ bonds spe-
cihcally payable IN gold Will impose any addi-
tional burden Of liabiiityupou the government.
than II they are made payable IN coin, under It's
pledge and policy TO preserve the parity %
the coins In the two metals, the saving OF this
large amount becomes matter OF substantial
moment and advantage 90 the government
And rs the parties 20 take the bonds are under
contract 70 furnish gold FOR them. IL seems no
hardship on the government 20 contract 10
pay them buck IN the same coin that they fur
nlsh 10 a.
WASHINGTON, Feb. H. During tho
procedure OF morning business in the
senate and when bills or joint resolu-
tions were called for by the vice presi-
dent, senator Villas dem. Wis., rose
and introduced bill with the title:
TO save the people Of the United states
sl6tf0TO
At his request il was read in full and
laid on the table for the present IL re-
cites that portion Of the presidents re-
his reservation of the right 20 ex-
change within ten days, per cent. gold
bonds for per cent. coin bonds and
thus save an annual interest of $780,
$50, making an aggregate saving in
thirty years Of sl6,l70, RIO; and il au-
thorizcs the secretary Of the treasury
10 issue per cent. thirty-year gold
bonds.
senator Villas said that his intention
had been not To bring ON debate dur
ing the day, bnt merely 10 have the
bill printed and laid ON the table. Sub
sequcntly the point was made by SEN
ator Hin dem, n. W whether tho
bill should not be placed on the cal
endar, SO that a motion TO take it from
the calendar for consideration--wit
out reference 10 committee would
be In order senator Villas said that he
had no objections TO that; but an OBJ
lection did come from Senator Teller.
There was a parliamentary discus
sion as 10 the operation of the
rules on that point, and finally the
vice president ruled objection
being made by Senator Lodge rep,
Mass.l 10 having the bill laid ON the
tablet went 10 the calendar, which
was what senator Lodge desired 10
accomplish. And now the bill can be
brought before the senate at any time
on motion.
a substitute was also offered by SEN
ator Sherman rep, o. for the free
coinage Of silver bin reported Tuesday
from the finance committee and Il was
lied the issue Of per cent gold five
year bonds and per cent certificates
of indebtedness, payable m lawful
money.
Death Of nm Aged Pcnsioncr.
JANEsvnIE, Wis, Feb. l4-One Of
Wisconsins four surviving pensioners
Of the war Of 1912 died here in the per-
son ~ Mrs Millf4on prpehar notad al