Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-02-18
THE BOND CONTRACT
Indignation in Congress at 1t Grows
in Intensity.
EFFORTS TO PREVENT IT'S EXECUTION
Mr.. Cleveland Thinks He Can Take
the Criticism.
40 MORE HOUSE ACTION

appears to grow in intensity instead of
spending itself in criticism. The evidence
that these bonds might have been nego-
tiated to better advantage. not only in this
country. but in England, than they We're
by this private contract serves to make the
action of the President and the Secretary
of the Treasury more unpopular even than
1t was when first announced Even among
those men who hold Congress to be culpable
for refusing to come to the rescue of the
administration with bond issue. very few
sanction or even attempt to excuse the con-
tract.
Efforts to Prevent IT'S Execution.
1t is understood that earnest efforts are
being made to prevent the execution of the
contract and that friends of Mr.. Cleveland
are urging upon him the injury which is al
ready done TO his administration by the
abundant evidence of the greater gold value
of the bonds and are insisting that If there
Is any possible way By which ne can back
out of the business he should do so. There
does not seem, however, TO be any way for
him to escape the consequence of his own
deliberate action unless it is by agreeing
that his friends should permit the Oppo-
nents of the administration to put through
Congress a reSoluti condemninS the tran
sac tiCn and calling for the abrogatlon OF
the contract Such a resolution would prob
ably put an end to the business, but II
never could be passed through Congress
without the tdCiJ consent Oh the VI
the administration.
Cleveland Has No Regret.
1t Is said. however, that Mr.. Cleveland
foresaw the criticism which the contract
would excite and made up his mind before
entering into IL that he could afford to
stand his ground and take tine criticism.
Neither Mr. Cleveland nor members of his
cabinet will make any comment on the
attacks which have been made on the adj
mi fisf III
Indifference which indicates an absence OF
regret.
No Further Attempt.
1t is not expected that there will be any
further meeting of either the committee
on ways and means or of the committee on
banking and currency. Mr.. Wilson says as
far as he can now see there will be no oc-
casion for another meeting of his COM
mlttee and Mr.. Springer says that he does
not contemplate calling the banking and
currency committee together again. If the
difterential sugar duty bill should pass
the Senate with an amendment, IL would
have to go to the House ways and means
committee, but the failure of the bin to
pass the Senate in any form is anticipated.
The President and the secretary or state
are exerting themselves to the utmost 10
get this bill through the Senate, but the
public announcement of opposition on the
part of Mr. Platt and Mr.. Aldrich is re-
parded az sufficient indication that all ef-
fort In behalf of the measure Will be In
vain.
Certificates of Indebtedness.
The full Senate committee on appro-
priatioas today decided to report an
amendment to the sundry civil appropria-
ton bill for S1OoO0OOo0 of certificates of
Indebtedness of denominations of SO, to
run for two years, and draw 8 per cent
interest, and to be good only for the pur-
pcse of supplying the treasury deficiency.
The text of the amendment Is as 1olIo"s:
hot in :
not supplied from current revenues and
miscellaneous receipts, and necessary Tor
the execution of this act. or all the other
acts passed or to be passed during the
present session of Congress appropriating
money to be paid out of the treasury Tor
the fiscal year ending June 80, 1856, and
also in order to provide the moneys neces-
sary TO be paid out of the treasury on ac-
count of appropriations heretofore made
for the fiscal years ending June 10, 1S!3;
June 3D, 1891, and June 20. 1895, and not
covered into the treasury. the Secretary OF
the Treasury. with the approval of the
President. be- and is hereby authorized 70,
from time to time borrow the credit
of the United States such sums OF money
as may be necessary to meet said expendi-
lures and TO issue, sell and dispose of, al
not less than par. for lawful money of the
United States. such an amount of certifi-
Gates of Indebtedness. payable to the bear
er. of the determinations of twenty, fifty
and one hundred dollars, or any multiple
of 500. and not exceeding $1,000, as may
be needed for said purposes, bearing at the
rate of not exceeding per cent per an
mum, payable semi-annually, and redeem
able at the pleasure of the United States
after two years from their date; and the
Secretary of the Treasury is hereby au-
thorized. with the appreciation of the
President, to cause such portion of said
certificates as may be deemed expedient to
be issued by the treasurer In payment OF
warrants in favor of public creditors OF
other persons lawfully entitled to payment
who may choose to receive such certif-
Gates in payment at par.
"And the Secretary of the Treas
ury may. I'm his discretion, under
the rules and regulations to be prescrib-
ed by him. sell and dispose of the certifi-
Gates herein authorized at designated de-
positories of the United States and at such
post Offices as he may select: and the
Secretary shall use the moneys received for
such certificates for the purposes herein
prescribed and for none other.
provided that the total amount of such
certificates shall not exceed $1oo"0,ooo;
and provided further that the power to
issue such certificates shall determine on
the 1st day of July. 1896.
"And hereafter any United States bonds
sold or disposed of shall be offered to the
public for a period of not less than twenty
days under rules and regulations to be
prescribed by the Secretary of the Treas
ury and shall be sold to the highest bid
der. in case such bids, or any of them, are
salts factory"
Caunot Go Through.
II is not believed that this amendment
can be got through the Senate. If the Sec
retary of the Treasury would acknowledge
that the depIt tment needed such an issue
to make up the deficiency of the revenue
the amendment could easily be put through
with the assistance of the republicans. But
I'm the absence of this acknowledgment
most of the republicasn of the Senate arc
indispose1 to make the gratutouS ofter cl
assistance. The amendment providing that
no more bonds shall be sold in private
stands better chance of adoption.
Senator Mills intends to Offer an anne mo-
unent to the bill when il comes up IN the
Senate providing for the repeal of the laws
under which the Secretary has been issu-
ing bonds IL is believed that II a vote Is
had on this IL Will carry.