The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1895-12-28
Congressman Make Vigorous Pro.
tests Against Retiring
Greenbacks.
BOND ISSUES NOT FAVORED.
Approval of Issues in the Interests Of
Money Kings Denounced in
Strong Terms.

| WASHINGTON, D. c., Dec. 27.-An-
other large crowd was present in the House
to-day to hear the consideration of the
| the bond bill.
| Daniels (R.) of New York made unan-
imous report from the Com mittee on Elec-
tions, No. 1, declaring BeIknap(R. } entitled
to the seat for which McGann CD holds
the certificate from the Third District of
| Illinois. The report was agreed to and
Belknap appointed and took the oath of
| office
Henderson tR.) of Iowa presented q
resolution from the Committee on Rules
| providing for the discussion of the bond
bill at o'clock this afternoon and an even-
| ing session from 7:30 to 10 o'clock and at
O'Clock tomorrow vote on it's passage
| shall be taken.
| Crisp led the opposition to this and in
his remarks urged upon Republican Rep
resentatives opposed to the bill to make
| their objections valid by voting against
rule which would deprive them of the
right of offering any amendment to the
| proposed measure.
| Bailey of Texas and McMillin of Tennes.
| see also spoke on the same lines as Crisp.
| The Republicans offered no debate on the
resolution and a vote by ayes and noes was
! ordered at the conclusion of McMillin S re.
marks.
| the result of the vote was announced as
| ayes 1876, noes 101. So the resolution was
agreed to.
| Speaker Reed announced that Croft (R.l
of Illinois desired to be excused from serv-
ice on the Committee on Mines and Min
| ing and that in his place Hatch (R.) of
Indiana had been appointed.
The bond bill was then read by the clerk
and Dingley opened the debate in advo-
| cacy of its passage. His opening remarks
were devoted to an explanation of the pro.
| visions of the measure.
The second section, authorizing the issue
of $50, ,000, 900 of certificates of Indebtedness,
was an application of the exchequer-biIl
system to the operations of the Govern
ment. These obligations were to meet
temporary DEFICIENCIES only; the proceeds
of the bonds authorized in the first section
were to be applied to the redemption Of
green backs and the maintenance of the
gold reserve only. The only new form OF
obligation authorized by the bill, Dingey
said, was the per cent five and one year
bond, a proposition in the interest of
economy.
Without this legislation the. Secretary of
the Treasury would of necessity be COM
PEELED to issue a ten-year per cent or a
| thirty-year per cent bond. As reasonable
business men, acting as they would in ref
erence to their own affairs, the speaker
could not see how the members of the
House should or could refuse to pass the
bill.
Marsh (R.) of Illinois asked Dinglev
what would become of the greenbacks re-
deemed by the gold secured from the pro-.
posed bond sale.
Dingley-Preciselyw what became of them
during the period from SS4 to 1893, when
there was no run upon the treasury owing
to deficiency of revenue. They will be
used to take up and pay off the interest,"
bearing Indebtedness of the Government.
Marsh-What is there in this bill that
forbids the Treasury Department u.s.
ing them just as they have used them
for the last two and half years?
Dingley-If ihe second section of the bill
becomes law, the Treasury can use only
the proceeds of the certificates of indebted
ness to meet Deficiencies in revenue Of
course it is the intention and expectation
that there shall be no deficiency that is
not temporary in its nature
Speaking of the necessity or desirability
of the certificates of Indebtedness. Dingley
said there was no Government on the face
of the earth, except that of the United
States, which did not have ON its statute
books provision for the issue of ex-
chequer bills, which these really were, to
meet accidental or temporary Deficiencies
in its revenue.
No more fatal policy, he said, could have
been devised than that which had been fol-
lowed since 1893 of allowing the gold re-
serve to fall below the minimum of
$lOO, ,0O0,O 900.
Quigg tR.) of New York asked Dingley
If he thought the passage of the bill would
result in maintaining the gold reserve at
any particular point.
Dingley replied that the effect would be
that when there was a run on the treasury
the same policy that was pursued up to 1890
would be pursued-the greenbacks would
be withheld temporarily in the treasury,
and in the meantime such a condition of
the markets could be cultivated as would
make the greenback more desirable than
gold, and the flow of the latter into the
treasury would be stimulated by the desire
to secure the more convenient green back
in exchange.
In response to further question from
Marsh regarding the comparative value