The morning call., 1895-02-15

credit of the Government. We are not
through our difficulty. We have long
months in front of us before the period of
recuperation sets in. We ought not to say
anything or do anything which will make
that period of revival longer in coming
than it ought to be. l therefore feel called
upon for my part to re-enforce the remarks
so ably made by my friend, the gentleman
from Illinois (Cannon), as to what the Gov
ernment has done in the past with its
bonds. The bonds to-day ought to stand
in the front rank OF national bonds if hon
esty OF effort in payment of the same could
count for anything in the history OF the
country.
Gentlemen say we are at liberty to pay
these bonds in something else besides the
equivalent of gold. Whether we are or not
the fact remains that urged on by an mex
orable law we have thus far paid in gold or
its equivalent, and every man in this
House believes we shall do so in the future.
Applause
This does not in any way initiate
against anybody's belief as to bimetallism,
whether international or national. For
men who are in favor of the free coming
coinage of silver would bring silver to a
parity with gold. Therefore all sides of
this House-in parties which are recog
nized in the government of the country
Tlaughterl-a agreed as to the result.
And it is great pity we should be in a
condition so anybody would make any
other charge. But disease turks ready to
attack a system which has been wasted by
other diseases, or by cold or exposure.
Now, the trouble of our situation is that
our body polite, our Government, has
been so reduced by two years of party rule
of such character that our expenses are
not paid by our income, that the Govern
ment of the United States is, for the time,
running behind.
whatever severity or criticism is be-
slowed upon the present situation, greater
severity of criticism is TO be bestowed upon
the past, and this agreement, presented
for the inspection of the House, is in ac-
cord, it seems to me, with the government
OF this country for the last two years. 1t
may be that Judge harshly; it may be
that this government is the result of the
unfortunate condition in which the Gov
ernment was found; it may be no guilt
attaches to this except so far as it is the
result of causes which never ought to have
been set in motion. However, it is that
contract is now presented to US for approval
or disapproval."
at is not proposed" continued Reed,
''to reduce the rate of interest provided in
this contract, provided we make the bonds
sold payable in gold. That word is prac-
tically there now, as every one agrees.
This resolution does not involve the estab-
lishment of policy; it is simply action on
a single transaction of the Government.
Some tell US it would govern all future
transactions, but l would not believe the
Secretary of the Treasury would attempt
another such contract after his experience
with this. The policy of redeeming our
outstanding obligations in gold was estab
lished by a Democratic administration.
The bonds issued under the contract made
by Secretary Carlisle were to procure gold.
Does any one imagine that gold will be re-
fused when they are redeemed? When
Secretary Sherman issued bonds for gold
he announced that being issued for gold
they would be redeemed in gold. The
trouble seemed to be many did not under
stand this. They did not treat the matter
fairly when they spoke of it as affecting
monometallism or bimetallism. A nation
could not be sued, but like gentleman, it
had its honor to preserve. 1t could not act
dishonorably."
Reed called attention to the fact that on
June %, 1890, Wilson, Bynum, Turner, Mont
gomery and Tarsney, all of whom would
be found.yoting for the bill, had voted for
free coinage of silver. A great laugh con-
vulsed the House as Reed produced this
record. The gentleman from Maine
frowned, however, and disclaimed any in
tention of raising laugh. 81 simply men
ton this" he said, "to show the con-
straining influence of those in power"
Laughter.
"And every one who is now voting the
other way has been retired to private life"
shouted Wheeler Cd of Alabama. RE
newed laughter.]
"a nations credit is its stronghold"
concluded Reed. Disasters may happen
"a Democratic administration may occur
anything, in short, may happen, but the
most important thing always is to preserve
the nations credit, and therefore we
should not let our indignation at the
terms of this contract swerve US from our
duty"
Bynum ID. of Indiana) combated the
statement by Bryan that the resolution
would retire $65 900, 600 in greenbacks aud
the Democratic administration would be
sustained, however fercely the waves
beat against it.
The debate was closed by Wilson, who
admitted that the contract made by the
Secretary of the Treasury conta ined very
hard terms for the Government, but he
believed those terms were the best that
could be obtained. But Congress could,
by giving the Secretary of the Treasury
authority to write in the bond what the
contracting parties thought should be
there, although all agreed the bonds would
be redeemed in gold, thus save the tax
payers $500,000 year.
In conclusion Wilson said that, no mat
ter how members might differ as to the
financial opinions and acts of the Secre-
tary, no one in the House who had known
him would dare to question his integrity.
This statement was heartily applauded.
The Speakers gavel dropped. The hour
of had arrived, and under the special
order the clerk proceeded to call the roll