The Anaconda standard., 1895-02-06
THEY CALL EN- GROWERS
N;Y Nam, For the Bonds Which the
President Had ISSUED.
TOM REEDS LITTLE GAME
Ii Looks to a Person Up a Tree as
Though His Schems Was
to Shut Off the silver
People.

|
one to pension the widow of the late Com.
modore Frank Avery at the rate of $50 per
| month.
In accordance with the terms of the
special order adopted yesterday, the
house resolved itself into committee of
the whole to consider the bill to authorize
the secretary of the treasury to issue
bonds to maintain a sufficient gold re-
serve and redeem and retire United States
| notes and for other purposes.
Cox made vigorous argument in favor
of the substitute hc should offer. which
was based on the principle of the Carlisle
| bill, the issue of circulation by the banks
on deposit of legal tenders, contending
that this would take tho greenbecks out
| OF the way without increasing the interest
bearing debt in the country and without
throwing the country upon an absolute
gold basis.
Hall of Missouri followed in the same
strain In support of the substitute. He
deprecated the further washing of dirty
linen on the floor of the house.
Swinton, democrat of Pennsylvania,
bitterly criticized the administration. The
present trouble was due to two causes,
deficiency of revenue and the gold drain
on the treasury. Congress passed the
bill for coming the seigniorage. The
president vetoed the bill. The response
bility should be placed where il belonged.
Reed tack the floor and was given close
attention. This bill, he began, might eX-
hibit the science of craftsmanship but it
did not exhibit the art thereof. In order
to accomplish anything it was necessary
that bill should pass both houses and be
signed by the president. What was
hat
would remedy the evil that has produced
this crisis in our national affairs.
''ln my Judgment" he continued, "if
the president. when he became convinced
that the effort was being made TO drain
the treasury or its gold, had announced
his purpose of maintaining the reserve at
the SlOO, 100000 limit set by Conrad Jor-
dan, democratic treasurer, and had fol-
lowed that announcement with vigorous
measures, there would have beeu no diff
Guilty. III the party in power had provided
sufficient revenue there would have been
no trouble"
To find a remedy it was necessary to
know the conditions. There were $780,
100000 outstanding paper obligations SUBJ
ject TO redemption. For a country like
this that was an insignificant sum-a sum
not worth talking about when the ques-
ton of the governments ability to pay it
promptly was raised. Therefore some
thing must have been done to create dis
trust. The first and main thing that was
done was the passage of a financial meas
ure which had already resulted in the de-
ficiency of S107, 100000 and which, from
the present indications, would create a
further deficiency, permanent or tempo
rary. The treasury was divided into two
: a iyiC -,
ing and it was engaged in business. The |
business of the concern was running
astern, as he had pointed out. The new
conductors of the treasury had allowed |
the business end TO interfere with the |
department. Dscarding the |
wisdom of those who have insisted in dis
,arding the revenues and borrowing the
money to meet the deficiency in that de-
oartment, it has taken from the banking
department the funds to supply the de-
iciency in the business department.
There was set in operation an endless
'hain by which we were furnishing gold
or the rest of the world. The president
lad appealed not only to his party asso-
,iates but to the opposition for aid. As a
'arty man he ought to be not melancholy
'ver the prospect. but as a citizen he stood
eady to assist his country in the present
risis." Reed warned the house, however,
here could be no currency legislation at
he dictation of any one man-the presi-
lent, Mr.. Springer, speaker or any other
must. be by a consensus
If the opinion of all. There can be no
egislation, he added, on the eve of an ex-
,irlng congress.
1--WE all know" said he, "that if this
Ill passes the house it will go no further.
nj Inaa to |
re could be presented" Continuing as n
reliminary before offering his own sug-
estion and in order to prevent the accu-
alton of partisanship, he quoted from :
Iorace White to show that the real cause !
the present trouble lay in the deficits of
ne revenues; If the revenues equalled tho (
Expenditures whenever the greenback was :
II would stay in the treasury IL I
as the fact of the necessity of its reissu- i
nee to meet the current obligations that ;
aused this trouble. After all, the showing
Iade under the disadvantages under /
hich the treasury was laboring was done {
; remedy for the present condition of
fairs, II was to separate the banking de- n
artment from the business department E
the government. The first step was TO +
axe the government revenues equal to "a
5 expenses. n
but" said Reed, ito raise the revenues b
ould be a confession, and a confession
light mean suicide He said those in d
'ntrol of the public affairs would have @
OF the revenue question for the I,
'xt two years. The secretary of the s.
easury had just reported to the senate o.
at he would have surplus of 81. .OOJ.- =
.. The secretary had given the last dol
r OF this surplus, omittIng, however. the a
nts, as otherwise question might have
en- raised of the accuracy of this sur s.
rs. Now, If the secretary had any sur nj
rs, one thing to do was to use il. And b.
stead OF long time gold bonds, issue GER $,
lcates to be reIeemable at any time. II
Reed said he would send to the desk the
an he had formulated. Ii might be OF
anged or modified. He was not insist 81
, on having II considered as a substI- =.
ie or in any other particular relative 10 d.
> Dpudiur- hill Rur ~ ar,s.I,.I al.