The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-12-29

-~F-.-~-"R
OF that bullion and the redemption OF these
notes in silver?" Democratic applause-)
The Secretary now has authority 20 coin
and redeem the Sherman notes." replied Mr.
Payne. But one thing at time. This bill
proposes TO give the government the power
to redeem its gold obligations IN gold" Re
pose OF the administration was to sell the
bonds 10 the Morgan syndicate at an ex-
sponsibility on Republican Congress.
CRIsP'S CLOSING ARGUMENT.
Mr.. Crisp closed the debate for his side
He said he would endeavor TO bring the
House hack 10 the real issue. The Presi-
dent had pointed out to Congress that the
gold reserve was diminishing and had ap-
pealed 10 Congress not 10 adjourn until
some relief was afforded. That was plain
business proposition. You. gentlemen" he
said, addressing the Republican side.
should either act on IL or decline TO act
on it. You should not play politics and
claim you are acting in response TO the
Presidents message. The President says
there Is no deficiency. The official state
ment shows sf75.0oOOo0 in the treasury But
the President asks you TO retire the green
backs and TO enable the treasury TO sell
gold bonds"
rs the gentleman from Georgia In favor
of it?' asked Mr.. Routelle.
81 am not" replied Mr.. Crisp. amid a roar
OF laughter on the Republican side. "Our
opposition TO this measure" he proceeded.
-
"is united: those this side who favor the
single gold standard because it affords no
relief TO the treasury; those who concur
with me in the belief that these bonds are
payable in coin at the option OF the govern
ment. because they think there Is no ne
ceessity for it,: Gentlemen on that side be-
heve the obligations OF the government
should be paid In gold. IL you believe that
you owe IL 10 your country--y0u owe IL to
your treasury, and 10 the tax-burdened peo-
Pc of the country TO vote to obtain gold
and save the additional interest charges. IL
L Relieved as you do should have felt ny
of the American 10 S1Eie peopie If If failed to sup
pie Millions
that Speaker Reed, Mr.. Dingley. Mr. Payne
and others last year voted with a large
number OF Democrats to issue gold
bonds" He said the object of the other
side was simply to seem to do something
in response TO the demand OF the executive
when they know they are doing absolutely
nothing unless IL was TO injure and en-
rs my friend from Georgia arguing"
asked Mr.. Boutelle, that we ought 10
follow the advice of the President ana
issue gold bonds?"
MY argument IS" replied Mr.. Crisp
that IL you believed as you claim that the
able in gold, you should have had the cour-
age to vote to insert the word gold
Mr.. Boutelle-But does the gentleman
from Georgia think he is going 10 help tho
claiming TO the world his belief that he does
not think the bonds are payable in goldI
Mr.. Crisp-I am not parading my views.
I was only arguing as to the want OF con-
sistency of the gentlemen on the other side.
81 owe ii to myself TO say" concluded
Mr. Crisp, that do not believe in the re-
tirement of the greenbacks; that l do not
believe in the single standard. and that
do not believe in contracting the currency
of this country as IL would be contracted
by the retirement OF the greenbacks. Nor
do / believe in depressing the debtors or
this country and of the world as they
would be oppressed by fixing the standard
of value wholly on one metal" CApplause)
DINGLEY SUBMITS FIGURES.
Mr.. Dalzell closed the debate for the ma
jority. "At the conclusion Of this some
what protracted debate" said he. 'it will
be my purpose simply to gather up the
thread of the argument and 10 ascertain
as nearly as may be where we now stand
The pending measure contains two simple
propositions, easy Of comprehension by any
sntelligent man. So far as the second
proposition is concerned ] do not propose
to discuss it. i do not understand that il
would meet with any substantial opposi-
tion in this House on either side OF the
chamber. The first proposition Is simply
to add to existing law the power in the
hands OF the President OF the United States
act of 1875 the President has the power
10 borrow money and TO issue borus
running thirty years and bearing
ten years and bearing per cent. interest.
The proposition now before the House IS
TO add TO his power that he may issue
bonds bearing per cent interest and -un-
ming fifteen years and redeemable after
five years at the option of the government.
Now Now am N at loss to Snasfs1and no ,ls new
ing this power in the hands OF the Presl-
dent. III you assent that he may reach
out thirty years I'm the future and mort
hQ ~
not TO have the much lesser power 10 issue
bonds running only fifteen years and bear
ing interest at the rate OF only per cent?
Now, as a plain. practical proposition. let
me cite to you some figures. Since the ca
lanity of this Democratic administration
s1e2. 100000 of bonds. s100.oO0.0Oo of those
bonds bear interest at the rate OF per cent
and run ten years; $50, 0O0O00 OF those bonds
run thirty years and bear interest at the
rate of 4 per cent On the first issue We
paw in interest s50.o00O00. On the second is
sue we pay In interest S5.oooooo. In other
words since this Democratic administration
came into power bonds have been is
sued under existing laws which place upon
the shoulders c Of % our people PIE IN mn the shape az
ing before this House had been a law on
the statute books we would have PAD
s2i.soo.Ooo or. in other words, II IL had
the people of the United States s1o0, .oD0
applause on the Republican side)
THE VOTE on THE BILL
The vote was then taken on the first Sec
ton OF the bill amid a good deal OF sus-
pense and nervousness. Several friends OF
the measure. notably Mr.. Dinsley. kept In
divldual tallies When the announcements
of the passage of the bill was made-1s0 TO
| l3e-there was a burst of applause. The sec
ond section was agreed TO without division
Following is the vote on the first section In
detail:
Yeas