The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-02-19
SENATE AND THE BOND SALE.
cray SHOWS THAT CONGRESS Is
TO BLAME FOR TIE DEAL.

Predicts That the Syndicate VIII
sci tI.e view Bends in England in
sixty Day. at 12O-The Resolution
Goes ever.
Washington. Feb. 1s.-To-day's session
70 -hs Senate was interesting from start
-, anish. Early in the day the resolution
5Hs-sd last Saturday b. 8Ir. Stewart de-
rla-ing shat there Vasino authorit~ in
rs- for the purchase Of gold coin in pref
=-s-cs 10 cther coin. was laid before the
Senate. and 1Ir Gray took advantage OF
ft 70 raply 70 the attacks made last Sat
t1-say- upon the President Of the United
states IN connection with the contract
to- the purchase Of gold by the issue of
per cent 81 year bonds. III. Gray en-
rared into a defense of the action Of the
President. and showed that the President
had twice appealed 10 congress for aid i'm,
sustaining the credit Of the United States.
that congress had sat dumb and irrespon-
eiva 20 these appeals, and that the exec
utive action was dictated by his duty
under the laws It was entirely the fault
IF congress, not Of the President. If the
@overnment had to pay interest at the rate
u 81 per cent. instead of 3 per cent, and
had been obliged TO make hard bargain
with the money lenders.
Nj Sherman made strong argument
10 prove that all bonds payable in coin
must be paid in the coin of the highest
value. No secretary of the treasury would
dare, in the face of public opinion to
undertake TO pay bonds-for which the
government had required gold coin-in
anything less valuable than that coin
The right of the b0ndhodeTs and the
equity of The bondholders to demand the
same Bind Of money O. that which they
paid was as clear and plain as the light
or day. As to iinding fault with the Presi-
dent for this late contract, Mr.. sherman
SAID that the President had nothing hat
ever 70 DO with the finances OF the gov
eFnment. Ihat subject has not been en-
trusted 20 ms keeplNs' but 10 that OF the
secretary OF the Treasury. Tho Presiden-
hal no more right in the matter than he
mad to occupy The seat of a senator in the
senate chamber
But When you talk about a thirty-year
per cent. Bona you are dealing with an
al uL!| dNdliaplc IN every market in the
Wcrid. That bond running thirty years
AT per cent VIII be sold in England
Nllnlh sixty days from this time at l20.
say mat l. think that that contract was
improVident But ii is not going to break
the United states. 1t is not going to i'm
pair our credit or affect our liabilities. 1
believe that it was hard bargain driven
by men whose services We're not neces-
sdry IN the negotiation of a loan. All
our experience convinces me that no
bonus should be placed on the market
without being first offered to the people
of the United States. They would find
way TO obtain the gold. If a reasonable
proposition had been made for either of
these classes of bonds the sharp men of
New York, Boston, Philadelphia and Chi
cago would find gold for them The (
per cent. thirty-year bonds would have
brought l2l i'm gold. That is my judgment.
nae not one word Of criticism for the
President or the Secretary of the Treas
ufy. have no desire to make factious
opposition. I do think it was a faulty bar
sain, but we cannot arrest it and have to
comply with it, because. undoubtedly, the
Secretary of the Treasury had the right
to make the bargain. And If he has
made a bad bargain we must do as other
people do who have themselves. or by
their agents, made bad bargain-submit
and bear it as well as we can.
The resolution went over without act
ion and the consideration of the agricul-
tural appropriation bill was resumed
The first amendment that came up for
discussion was one reported from the
committee on appropriations to strike out
of the bill the item of $4,000 for irriga-
ton Investigations. The discussion occu-
ped the best part of two hours. and re-
suited in the item being retained in the
bill
The next two amendments Of the COM
mlttee to strike out the two items of
sloVVO each Tor investigation and expert
ments with grasses and forage plants.
and Investigations in relation to agricul-
tural soils. were also rejected, and the
items were retained in the bill.
On motion OF Mr.. Lodge an appropria-
ton OF $4,000 was voted to aid in the ex-
termination of the Gypsy moth in NIassa-
chusetts
Mr.. Allen moved to insert an item Of
$4,000 for Seeds materials, etc, for the
drought sufferers throughout the country,
particularly III the northwest.
After a long discussion. in which sug-
gestions We're made to make the appropri-
alton apply also to sufferers from fire in
the forest regions, and from frost IN
Florida, the amendment was excluded on
& point Of order, raised by Mr. Vilas-yeas,
p; nays, 2S.
The bill was then reported to the Sen
ate. where vote was taken on the
Gypsy moth amendment, and it was agreed
to-yeas, %; nays, p.