The Bolivar bulletin. (Bolivar, Tenn.) 1888-1946, 1895-03-08
THE LATE CONGRESS

by their controlling issues: The firsL
by the silver question; the second by
the tariff question, and the third by the
financial question.
On the 7th of August, 1898, the con-
gress convened in extraordinary ses-
sion for the avowed purpose of repeal
ing the compulsory silver-purchasc
provision of the law of 1890. This was
the silver session. Mr.. w. L. Wilson,
chairman of the committee on ways
and means, prepared a bill in confor-
nifty to the recommendations of the
presidents message, and ON the 2Sth
Of August, 1893, this measure passed
the house.
The senate in the meantime had
been preparing, through the commit
tee on finance, a sub-bill and ON the
1st of November this senate substitute
received the approval of both houses
and became law by the approval of the
president. This measure and the re-
peal of the remaining vestiges of the
reconstruction and federal election
laws closed the important work of the
extra session.
Upon its meeting in regular session
in December, 1893, congress entered
upon the consideration of the revision
of the tariff. AS in the case of the
silver question, but in a much more
pronounced manner, the house pro
posed" and the senate disposed" p"
The Wilson bill, passed by the house
February l, 1894, was set aside for
the Jones-Gorman compromise tariff
1,s1 II, -
the Sd of July, 1894, after five
months debate, and the house
was given the blunt option of
the "senate bill or nothing" 1t
took the senate bill and sent it to the
president on the 18th of August, 1894.
President Cleveland permitted the bill
to become law without his approval,
and in an informal manner communi-
Gated to individual members OF con-
gress his dissatisfaction at the made
quacy of the changes made in the tariff
sy stem.
Supplemental to the passage of the
tariff law the senate entered upon a
profitless and inconclusive investiga-
tion of rumors that senators had been
improperly influenced to vote for the
sugar schedule and had speculated in
stocks of the so-called Sugar Trust
company"
The third and last, or financial"
session of the fifty-third congress has
been especially marked by the refusal
of both houses to put into legislative
shape the recommendations of the
president for the alienation of
the stringent financial situation.
The president in his annual
message called attention to the con-
tinual depletion of the gold reserve,
and complained that though it was
perfectly and palpably plain that the
only way, under, present conditions,
by which this reserve when danger
Ously depleted can be replcnished is
through the issue and sale of the bonds
of the government fos gold, congress
has not only thus far declined to
authorize the issue of bonds best suited
to such a purpose, but there seems a
disposition in some quarters to deny
both the necessity and power for the
issue of the bonds at all"
The banking and currency commit.
tee of the house, with the approval of
the administration, submitted a finan-
cial measure, which, among other pro-
visions, materially modified the bank
ing laws and repealed the restrictions
on state bank circulation. This bill
was defeated by six majority. 1t was
followed by a second message from the
president, received by both houses of
congress December rs, in which the
president said that whatever might
have been the merits of the original
plan proposed by him he was
now convinced that its reception by
the congress and our present
advanced stage of financial per-
plexity necessitated additional or diff
ferent legislation" He at once rec
thorizing the issue of low interest
bearing bonds to maintain the gold re-
serve. The banking and currency
committee responded to this sugges-
tiOn by offering, on the 1st of Febru-
ary, 1895, bill to authorize the sec
retary of the treasury to issue bonds
to maintain a sufficient gold reserve
and to redeem and retire United States
notes" After only two days debate
this bill was also defeated by major
ity of %.
On the next day the president in
formed congress that he had nego-
tiated a conditional sale. of over S62,-
600, 900 of 4-per-cent. coin bonds to
syndicate largely representing foreign
capitalists, having no other resource
left, because of the ''omission thus far
on the part of the congress to bene-
ficially enlarge the powers of the Sec
retary of the treasury in the prem
ises."
This last message went to the ways
and means committee, whose chair
man, Mr.. Wilson, of West Virginia.
seven days after its receipt, reported
resolution authorizing the issue of
SOS, 49, 275 of gold S-per-cent. bonds, as
recommended by the president. The
measure was called up on February IA
and defeated the same day by AZ ma
jority, after stormy debate.
These three financial measures with
the general appropriation bills con-
the greater part of the session.
Early in the session the democratic
caucus of the senate agreed that the
following matters should be consid-
cred: financial measure of some
sGvt, details not designated; the bank
ruPtcy bill; the bills for the admission
Of New Mexico and Arizona; the Mica
ragGan canal bill, and the state-b bank
tax repeal bill.
Or all these measures the Nicara-
guam canal bill alone passed the SEN
ate, after two months debate, and that
9nly because the republicans utilized !
Z as o buffer TO keep of tho hank |
-uptOy bill. II was sEidetraelsed. how.