The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1895-02-14


the financial discussion by offering bill
granting to the President the authority
he requested in his recent message tor
Issuing per cent. bonds, payable in gold.
| Sherman offered a substitute for the Sill
yer bill reported yesterday, providing for
| gold bonds and temporary gold certil-
| Gates. The two Colorado Senators, Teller
and Wolcott, called attention to the fact
| that the syndicate of bankers who had
secured control of these bonds were now
| marketing them in London at 1l23, max
| ing a net profit OF s per cent. at the out
set. The debate brought out frequent
reierenceS to the contract between the
! Treasury Department and the bankers,
and as a result, Aldrich OF Rhode Island
| offered resolution calling on the PreSI-
| dent for a copy of the contract. 1t was
| agreed to take a vote on the pending
amendments as to railway postal service
at o'clock tomorrow. The Senate
| agreed to the House resolution extending
the time for making returns on the in
| come tax TO April 10Th next.
w hen the Senate met to-day financial
! bill on the lines OF the Presidents last
message to Congress was presented by
| Villas. The measure is entitled, "a bill
10 save the American people $40, l94, 40"
| 1t recltes the Presidents statement that
he had agreed to issue So, 400, 900 in bonds,
! payable in ''cOin," al interest equivalent
| to 81 per cent, but had retained the right
! to issue bonds payable in gold, at 3 per
cent, if Congress granted the authority.
! 1t is provided that the Secretary OF the
Treasury shall be authorized to issue
! S60O00,UO in bonds at 3 per cent, interest
/ payable III gold in thirty years, to be
used in redeeming legal tenders and be
exempt from tax.
Hoar, addressing himself to Villas, said:
'Wili the Senator tell US his authority
for the great savings he sets forth; who
are the persons with whom this arrange
ment for buying bonds has been made?
Where is the contract? We ought to be
fully informed.'
al am not the keeper of the executive
documents" responded Villas. The
President has given US his views in his
message"
But" insisted Hoar, "we should have
the details. We have only a statement Of
certain facts and conclusions by the Pres
| ident, but there is an entire absence Of
Details"
Il have no more details than any other
! Senator" said Vest.
W olcOtt gave a new turn to the discus
/ sion. THE morning reports tell u.s."
| said he, that these bonds are being taken
! in London at ll24, and by this means
! syndicate of jewish bankers who have
taken the bonds are netting profit of s
| per cent"
Vest said that was an additional reason
why new form of bonds should be au-
thoriZed.
At this point Sherman came forward
with another financial measure. He Of
tered 1t as substitute to the bill for the
unlimited silver coinage reported from
! the Finance Committee yesterday. The
DIll IS similar TO the one introduced some
time ago, although he now gets 1t di-
rectly before the Senate. 1t provides for
BONDS at ) per cent, payable in gold coin,
and Tor the issue Of gold certificates.
/ Both the bills of Villas and sherman
went TO the table.
Ihereupon Hill (Dem.l of New y ork
raised the point that they ought to go on
the calendar, where they could be gotten
at and would have the same advantages
as the silver bill reported yesterday.
| There was spirited colloquy, but the
! bills were left on the table.
Aldrich lRep.) of Rhode Island sug-
gested during the debate that If the
Senate wanted more details as to the
bonded contracts between the treasury
and bankers, the best thing to do was to
call for the contract. He now introduced
a resolution 10 this effect. 1t calls on the
President to send to the Senate. if not
incompatible with public interest. a copy
OF the contract between the treasury and
certain bankers for the purchase of bonds.
AIdrIcn sought to have the resolution
Immediately considered, but Vest OBJ
jected, and 1t went over.
The Senate then turned to general
business.
Morgan secured the passage of Joint
resolution in accordance with the Presi-
GentS annual message concerning the
! y eneZueIa- British Guiana boundary.
The House resolution was passed eX-
( tending the time tor making returns on
the income tax from the first Monday in
March to April 10Th next.
The SeDafp than reSurpaI copSil aro t;O,,
OF the PostoHice appropriation bill.
Chandler Rep.) made sharp arraign-
ment OF the provision giving the Post
master General discretion over expenCi-
ture of the S3, 900 for railroad postal
rates. 1t gave designing men an oppor-
tuuity 10 'squeeZe' railroads by threat
en!ug to put them on the rack ii they
wished to have their compensation in
! creased for postal services. And the
great political committees also seek vari-
Gus means of raising money" said
! Chandler. They seek money from all
available sources. They like it in large
sums, and they prefer it from corpora
lions rather than in small subscriptions
from individuals"
German, who was at one time Chair
man OF the Democratic National Commit
tee, contended that Chandler's ideas Of
political influence were groundless.
Villas, who was Postmaster General in
supported
amendment. The railway postal service
was being run at a loss of Sll,0U0,O 600 an
Dually, although reliable men would con-
tract TO run II without a dollars deii-
cheney, if they could have reasonable
laws and regulations. Villas offered an
amendment 10 the pending bill providing
Tor the purchase, ownership ana manage
ment OF the necessary railway postal cars
by the Government, and providing an
appropriation OF 100000 therefor. Villas
said that while ne was 1T the head OF the
Postoince Department. he had made
careful inquiries, showing that the
total value Of railway postal cars was
Sl,GOJ,UOO although Congress apprODr-
ated y, ,OUO, 900 for the annual rent OF these
cars, besides paying by weight for the
mail they carried. He also presented
figures just prepared by the Railway Mail
bureau, showing Il total of 40 railway
pOs.al cars, worth at an average So 800,
making total investment OF -, go 900.
The maintenance OF these 74O cars would
cost So222, 800.
Hoar asked if the adoption of the pro-
posed change would not diminish the
number Ol postal cars. the speed and rapid
/ time schedule. lie said word had reached
him from business men, without regard
to politics, that they were very apprenen-
sIye ABOUT the change.
Villas ropIled that the Postmaster
Z General VIII exercise a wise discretion.
and not cripple the service.
There was a hot exchange between
Chandler and Berry when the latter COM
planned against an objection which had
cut him Oft from securing the passage OF
land bill. Chandler made point of
/ order against such "scoldings."
The Senate then, ut 5:l5 p. NJ, held a
brief executive session and then ad-
Journed.
IN THE HOUSE.
WASHINGTON, Feb l3.-lhe House de-
voted the day to business relating TO the