The sun., 1895-02-15


syndicate. and thus save to Tho Government I
interest more than half a million dollars yea
Gnld WINS thc legal standard in this country o
which all dollars were made. Al contrurt.
MOI speGilcnllI to thH contrary. were uayable /.
ihis country they woud give n" permanent re
lief to tho Treasury, and that they were there
Tore sold ~ the market rate In those COuntrle
from which the Government would receive TIL
money.
ATTACK oS THE PRESIDENTS MOTIVES.
MIR. Hopkins tsep.. M said the question be
fore the House WIS whether Congress woult
authorize the President to change Tho policy o
the Government and issue gold bond. lie dep
ter OF n century ~ which the Republican part,
bad been coutinuously ~ power. asserted that 4
ing TO tne policy suggssted GS Preshen; Cleye
land. Referring Go Mr.. Wilson's d claration
bic in gold. hc ironically inquired why this fact
had not been Impressed uIon the mind Of the
syndicate without Uu attempt being made to
impress II upon t"hEres ~. asserted
that when secretary logger desired to
fund $500. O.Oou.Ugu W -four per cent bonds
Quoted. not with foreign ,yndicatc, not under
sprivatc contract with the law partner Uf the
light and viii Tie Americnn people rs its wit.
nesSes. In his judgment the payment Of these
bonds In gold. in-tcnl of Swing to the United
States siG.O0O.OGO in interest nj the end OF
thirty years W. Gid cos. the people 500. 100000
as a result uf changing the character OF our oh.
make every bUndhu.dcr - beur in tlC market
interested N ,s'nding the country to silver
to a premium: it would enhance thr value OF
their bonds. and, q tara. the syndicate in ques-
tion was cone, riCL, would double the value OF
their holdings. lie pointed out that on the day
this contract was 'igned four per cent. bonds
the open msrkct roy iiG,s. 'rhc' new issue was @
sold TO the syndicate ior, l94le, They were
they would hnre brought in the open market,
and this gave them rate of interest that no
civilized country was Uaying to-day.
EVEN EGYPT GIFTS BETTER TERMS.
nEyen Euvpf - bp Cni nupd has neuo N tod
q loan for less sum. They have given higher
rate OF interest than Norway or little Belgium
or the English colonies are compelled 20 pay.
And yet they come in here and ask Congress to
confirm the contract on the ground that saving
message cent iu here was not inspired by pa
triotisn but WINS AL effort to throw uponC Congrrss
600 to u foreign syndicate represented by his
former law partner Applause want to say
iican party and for most Of the Democratic,
that | am not willing TO be particeps
se od GM no he m
tituts the interests of the country, disarrange
its financial system. and bring disgrace upon the
people for the benefit of II foreign syndicate. 1t
Is time. think, to Indicate that we can he pat
riotic without endorsing all the financial vaga-
rie, contained in thia contract. am about tired
of hearing IT said that ii you don't support the
Administration in its financial measures you
member the history of their own leaders in
these positions and to be guided in their actions
Mr.. Cox dem. Tenn, who desires It to be
unde rstood TINT lie thoroughly repudiates tho
was that this syndicate held an option upon ali
bonds to be issued by this Government until
Mr. Hopkin.-No one but the President. the
Secretary oftherreasury. or member OF the syn
dicato can answer tina. question. Applause
would Ask to- have The joint se rese uton n810 amended
by adding the following
MR.. CANNON HINTS AT IMPEACHMENT
Provided that nothing herein contained shall be
gold
MI Mr. cannon Rsp, @ 5I1 took for his tex text the
the country and the world So understood it. The
very men who, made the contract on the sth
the bonds were payable in silver at ~ to they
would not have touched them. On Jan. % the
President sent To Congress II message which
"benot the second Springer BIRTH In this
communication the first intimation as to the
Springer bill came and was voted down. The
President when he sent that message knew there
Springer bill No. 9 went down on the 7th Of this
fs Dns the 'es
NE last springtI 6i an ~ amendment me a Offered by
proposing to make bonds payable in silver, went
down with only ~ votes out OF come 300. And
yet the President doubted. The Reed substi-
OF being passed. went to its death at the COM
mand of the Secretary, of the Treasury; On the
came the Presidents message telling Congress
that he had negotiated this new loan and suR-
Expect to SS get THIS this ieslsaohp M es psf So he Ens@
that 1t could not pass. What did he do 1t for 2
Was 1t in good faitht No; 1t was to muddy the
II say" said Mr.. Cannon in conclusion, " and
nsy say II IN In soTr"w tha oann2t look With pride
had been taken by a Republican Secretary Of
sns Phi bsf
tion: the Executive has his function, but not to
make extortion contracts" LAppause.l
GRosvENoR ATTACKS THE CONTRACT.
the country that those who opposed the pending
resolution were failing to do something In which
the honor and credit OF the United States were
than that. What, he asked, was the condition |
Of affairs2 The Secretary OF the Treasury had
dollars worth of coin. a contract complete in
every particular and binding upon all THE !
need not be carried out, provided we make
another ;L, !, one one providing for a lower rate Of
payable in gold. There was no honor or credit |
Involved. We We're told that the credit |
broke It down? The last loan negotiated by a |
Republican Secretary was on coin bond at 2b |
tme and ,bt % to nar Ike rred o Zen oS
ernment? Ask the Secretary of the Treasury
how he found out that our credit was broken
Il out at ali. you MORGAN a me q ao'eF Co. f0a snid
so, The Secretary accepted the statement,
would do 10 help the Government. They
presented the bond contract. 1t was
q Door contract The American people had
never beon appealed to, and therefore we pay
SIG, 100000 more mt the dctation OF a foreign
syndicate" He Mr. Grosyonorl could not sup
port the resolution. II we made this gold
bond and changed our entire bond system we
would never negotiate another coin loan. II
this scheme were carried into effect, II we
bowed to these people, he would venture to say
I hat our outstanding coin obligations would
tepreciate Sl6,5OO.OOO IN single day.
1t would be great discrimination. In conclu-
sion, Mr.. GrOsyernor said: II will not vote for
II. 1t is taught with dishonor and not honor.
No man will stand longer for the honor OF the
Government than !, but | will not prostitute IL
In building up one institution
THE QUESTION BEFORE THE HOUSE.
Mr.. Daniels Rep, y. NJ deprecated the terms
OF the contract made by the Secretary Of the
Treasury, but SAID that Congress was without
power 20 amend II in tine least The only qucs-
ton hr.o.r tho House, Therefore, was whether
tine perp.c should ne required to pay for period
Of thirty years thr-e-quurtor' at one per cent.
year NOR" ,c the money borrowed IN pursuance
10 that contract, or the |uint resolution be
passed lie was tor the adoption OF the resulu-
IL tn hp