New-York tribune., 1895-02-15

alone,
tenders $5OoOOOOO of silver NOES and all the
National bank notes to the redeemable Obligations
OF the Government. must be considered as
modest and proper reserve
MEETING THE DEFICIENCY.
Mr.. Dlneley Oiep., Me)-1f the Secretary o. the
Treasury has borrowed NlIcO0U OF gold as
understand the gentleman to say. for the mainte-
nance OF the gold reserve, viii he explain no" inc
Government has provided revenue Tor the @Os'oVV'o
of deficiency within the last two years?
Mr. Wison-"Sull harping on my daughter.
I explained hat in my speech the bill repeating
the dinercntisl sugar duty.
Mr.. Dlngley-No but this Is important mat
ter and think ought to be properly and clearly
set before the House. Has not the money OBTAINED
by the sale OF these bonds been used 10 meet the
deficiency in revenues?
Mr. Wilson--Of course the gentleman Is parity
correct l showed days ago how, under 'he
operations OF the endless chain; the money mus nus
obtained entered into the available cash o. the
Treasury. was used TO pay current Iuep'e"-
Mr. pnsleyBut how could that endleIi heG fhaih in the
work II the greenbacks redeemed we're heId Il" '"e
Mir Wison-Bui doesn't the gentleman know know
that under ca the lay Of @ as eauy or
greenbacks? That the Government mas Deen III, l re-
deemng National bank notes ana 'ha' 'he 'a'NS
Mr. Dingley-The gentleman has not answefeed fed
sale OF bonds made to meet deficiencies in the
and not Of 70 s0S now "" in Re Treasury
Was put there by the sale Of bonds and from no
Mr Wison-Oh well. II the gentleman wants to
give 'he matter noliWt,caM; u M 'tn S Denarment
will say that when we needed money we borrower s
1t. and when you nseded VI y2E aPnIoPT'a'eu 'ne
Dngle-Not doar Of the 6aRt TGdsm5on ton
to"a to pay yd the s's EXPENSES @ Of the covernmen
Mr. Wilson,If the gentleman had read ne speeSn en-
would have that according to that officials
own statements. as far back as September 10. 1870.
TrasTSsa was iSe a4oOoco 200 @ Of bank redemption fund
, Mr. m 1 iss Seonss Of 10 ThGN hs 1d gHd speak
Mr. Wilson went on to say that If the Govern
Prnds msni paya in n we're % vuay % payab h
gold. for all of coin was pledged TO be Kept
thought any hesitancy in accepting the alternative
proposition Of the syndicate. and thus save to the
Government in interest more than 100000 year.
Cod was the legal standard in this country on
which all dollars made. All contracts, not
e arsaeG that n the bonds were so in this
Try they would give no peTm1hmgn}f reel sed 40 h th
market rate in those countries from which the
Government would receive the money.
THE REPUBLICAN FINANCIAL RECORD.
Mr. Hopkins (Rep. Ill) said that the question
before the House was whether Congress would au-
;horize the President TO change the policy Of the
Government and issue a gold bond. lie deprecated
such a change, and referring TO the quarter of
century IN which the Republican party had been
continuously in power asserted that 1t had always
suggested by President Cleveland Referring to Mr.
Wilson's declaration that Government bonds wetss
why this fact had not been impressed upon the mind
of the syndicate without an attempt beng mace TO
serted that when Secretary Foger desired TO fund
Of wr per Sent 5? nd: WIZ fr foreign
syndicate but under private contract with the
ia a% b palnTr npsn sungh m n an1 With the tmecan people
witnesses In his judgment the paymenit Of hes
bonds in gold, instead OF saving to the United states
Sic 0Q0.VOo in interest At the end o. ihirty years
would cost the leop.e NoeoeOo as result o. chang
action he asserted would make every bondho'der
a bear IN the market interested in sending the
country 70 a silver basis 1t would be their purpose
10 drive gold 10 . premium, 1t would enhance the
value Of Their bonds. and 80 far as the syndicate IN
qr ston was concerned. would double the value OF
- holdings 49,, A. .,,. ,.
was signed. per cent bonds; with only twelve
years q run, were selling in he open marSe for
or O The honds Sere sold to the syndGaS TS fer or
interest which no civilized country was paying to-
a" loan for a less sum They have given higher
rate of nteres than Norway or little Belgium, or
yet they come in here and ask Congress to con,
firm the contract. on the ground that a saving OF
sl6CCoOcc will be made The President $ messag. a
sent here WAS not inspired by patrouSni; 2u
an effort 10 'hroW ro upon d 81 @ G 10 e forsgn synd
cate representa- by his former law partner" Cap
This loan Mi Hopkins asserted. could have been
taken in this country alone, and the people w9ui9
have been glad OF the opportunity 10 90 80, hdi
it been & aiOratd re ornSs to ThS N @wssBSgon sBTE 81 Pos
req dO,h b S ,hnreas Alexander Brown & sons
of Baltimore had subscribed ior Nl3t" OF th-
rave but 500 900 Of them The President and the
Secretary Of The Treasury had made Ton'rac sn
the Presi tents message was sent TO Congress for
the &c Of I'D 3 s the % pe2nGd psTnsG ' S want to
say for one" he continued. speaking. ! think 1or
l3s fnS hat i'fanFS am not Wiling TO be psrceps c
MS % any such arrangement 'AppiSus,ti?, ,b me
81 sn0Ie me Country dsarrange It's financial
system. aud bring disgrace upon me peole lot IIe
10 indicate Il at We can be patriotic without IN
aorsi4s is eontrsc a ne an A' about tired hearing said
that If yo1 don't support the Administration in IT'S
RenuhIicans to remember the history of then own
leaders IN these positions ana to be gaaeo III ''"
Mi Cox Dem Tenn who desire i no 10 be Sbnle Sn
this syndicate held option upon al bonds 10 be
'ssde" Mf Hopklns%o KIN one but the President the
Secretary Of the Treasury or 'ne,nnfia ien 90 '"'
Mr. Powers Rep, Vt). gave notice that he %GinG WGg
asS ar foowine 10 Provided that nothing herein
tained shall be held or constrneG as nay al lis
onHWsa onfsssadSr 18''i5S 5Sonas 4s in in goa ~
THE MESSAGE NOT IN GOOD FAITH.
Mr.. Cannon tRep Ii!) took for fis text the word
"con" Coin. he said. meant god and the country
and the world 50 understood it. The very men who
made the contract the 8;h inst. nh'ers'oo"
this II they had believed that the bonds were pay
able IN silver at 10 - they would not nave
touched them. On January % the fresdeni t sem 70
conrress message which ''begot the second spring
or birth" In this communication the hist lmti@na- ma
zion as TO the meaning OF the word coin was
made The Springer bill came and was voted nowI.
The President when he sent that message. knew
there could be no legislation on ~. Hirs re en1
:'tha free coinage Senate" would never consent
,rha Snrnger biz No went down on the fh ol
.h,s ,,pnnb. on tho sth came this message and the
foreign contract During the constipation OF r NE
last Springer bill. an amendment oiiereu py MI
iPrvsn of Nebraska to the Reed substitute. pro
posing to make bonds PAYABLE in silver. went down
win only ~ votes out of some 300 Ana YET we
Pre- sideni doubted. The Reed substitute, the ohf
proposition which stood chance OF being pass,u:
ven, 10 ity death AZ the command OF the Secittd|
OF the Treasury on the Sth. the day after the ue-
feat of the Springer bill, came the President mes-
sage telling Congress that he had negotiated TINS
new loan and suggesting gold bond AZ per cent.
MD he exnect 10 get this legislation; NO. ne knew