The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-02-13
THEY MADE PROGRESS.
HOUSE COMMITTEE ON WAYS AND
MEANS AT WORKS,
Free and Full Discussion of the Sit
uation by the Members-CarIisIe
Appears and Explains Some Mat
ters-Secrecy Pledged.

Washington, Feb. 1.-THE House
committee on ways and means con-
sumed the day, one more of the ten
days within which the treasury has an
opportunity to make the new bonds
payable in gold. and made decided
progress toward an agreement on a
plan to be reported to the House.
After being closeted for two hours
with Secretary Carlisle, the COM
mittee talked over the situation, dele
gated the framing Of an agreement to
a subcommittee of three Democrats
and two Republicans, and late in the
afternoon learned that its sub-com-
rnittee had dropped partisan differ
ences and found common ground. The
resolution reported by the quintette at
the last meeting was one authorizing
the secretary of the treasury to issue
500, 900, 900 in per cent. bonds, payable
in gold, with the proviso that none OF
the proceeds shall be used for current
expenses and a further provision re-
garding Secretary Carhsles repeating
the law which requires the govern
ment to redeem national bank notes
and requiring banks to redeem their
notes in the first instance.
Reed Says No.
Inquiry was made if there was a
minority report, and Mr.. Reed said
a wiser plan would be to provide for
increasing the revenues.
Mr.. Bynum Democrat, of Indiana
hi q q
tute.
Mr.. Wheeler (DemocraD of alabama
offered a resolution recfttng that Sec
rotary Carlisle had admitted that the
issue of gold bonds would compel all
future issues to be made payable In
gold; that bimetallism had been de-
clared to be the policy Of the govern
ment; that this would be an abandon
ment of bfmetallism, and, therefore,
declaring the committee considered II
inexpedient to adopt the presidents
recommendations.
Mr.. Bryan Oemocra), Of Nebraska
offered a resolution recommending
that the secretary of the treasury
pay all obligations of the government
in either gold or silver, whichever it
was most convenient to use.
After a brief discussion the Commit
tee adjourned until 10 o'clock tomor-
row.
The Contract,
Secretary Carlisle came before the
committee shortly after 10 o'clock He
presented a copy Of the contract which
had been called for. 1t was drawn in
legal form and bore the signatures of
John G. Carlisle, secretary of the
treasury; j. Pierpont Morgan, for j.
s. Morgan, Of Lincoln; August Bel
mont, for N. NJ. ROthSchild, and was
witnessed by Francis Lynde Stetson,
of New York, formerly President
Cleyeland's law partner. The principal
features of the contract were made
known in the Presidents message.
Upon one point the secretary particu-
larly enjOined the committee to main
tain secrecy, and that was regarding
the dates for making the payments
for the bonds. He asked for secrecy,
he said. at the request of the ffnan-
ciers who have agreed to take the
ers would corner the gold Of the world
against them if the time it would be
needed was known, and the methods
! by which it was to be obtained.
Pledged to secresy.
a resolution pledging its members not
| to reveal the terms of the document
50 far as it concerned the payment.
| Many questions we're asked the secre-
! tary, which he answered in order, civ
( ing the amounts of all kinds of money
| in the treasury and much other in
! formation not new.
| When Mr.. Reed asked why the plan.
which he recently proposed in the
House as a substitute for the admins
tration bill was not satisfactory
measure the secretary proceeded t.
quote feature Of the act Of 1874 which
had not been before noticed in tn
| financial debates, and which SCENE
to greatly invalidate Mr.. Reed
| scheme. This clause binds the secre-
tary to the redemption of nationa
bank notes by treasury notes wher
! the holders formally request it. Con
sequently, the withdrawal of tn
greenbacks into the treasury, the ser
| rotary argued, would not stop tn
drain Of gold upon it. but would merel
add another step to the process of OF
ltaining gold, as fnanciers could pro