The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1895-02-13
Washington Letter.
WsHIScToS, February II, 1894.

Senator Hill stated the financial
situation in nutshell when be said
of the Presidents's last special mes
sage: cit unloads the responsibility
on Congress- President Cleveland
after weeks of negotiation could DO
no better than to get an offer of gold
to be paid for in thirtyyear 4 per
cent coin bonds, at price which
makes the bonds carry interest at the
rate of 3 and 3-4 per cent, although
the same men expressed willing
ness to furnish gold for an unlimited
amount of per cent gold bonds.
The President had this offer mo.e
than week ago, but he held it
in abeyance until the House defeated
the bill providing for 3 per cent gold
bonds. Then he accepted the offer
to the amount of 100000 ounces OF
standard gold coin, which will re-
quire the issuing of within a fraction
of s62, 400, 900 in bonds with a pro-
viso that the gold should be paid for
at the same price with 3 per cent
gold bonds, if Congress would with
in ten days authorize their issue.
The President then in special mes.
sage laid the facts before Congress,
laying particular stress upon the S16-
600, 600 which represents the differ
ence in the interest that would have
to be paid on per cent gold bonds
and that which will have to be paid
on the 3 and 3-4 per cent coin bonds,
and leaving it for Congress to decide
which it shall be.
Chairman Wilson, of the House
Ways and Means committee, who is
in charge of the bill providing for the
issue of 8 per cent gold bonds, is
working with his usual energy to
get the bill before the House,
although he knows as we'll as any
man that it will not have one chance
out Of possible hundred to pass the
House, even if favorably reported
from the committe, but he fully agrees
with the President in desiring to put
the House on record on this matter Of
saving $16,OO0,O00. He holds with
the President that the question OF
whether a man favors or opposes
bonds does not enter into the ques-
tion now. That has been settled and
the bonds are to be issued under
law for which this Congress is not
responsible. The only question at
issue, according to the Presidents
opinion, is whether $16,0o0,o0o
shall be saved or rot. The silver
men claim that the auth orization of
gold bond by Congress will be
equivalent to an official endorsement
of the single gold standard, and that
claim is what will prevent many
democrats voting for the bill, il it
gets before the House.
Whether Congress acts or refuses
to act it is generally believed that the
present bond issue will have the
effect Of greatly lessening the pro
liability of an extra session of Con-
gress. The President and Secretary
Carlisle believe that getting the gold
for these bonds from abroad will be
highly beneficial to the Treasury and
that no further bond issues will be
necessary, unless there shall be some
unexpected turn of affairs.
The Senate adopted the amend
ment to the consular and diplomatic
bill appropriating S5O0,0O0 to start
the work of laying a cable to Hawai-;
and authorizing the President to con-
tract for the entire work. With the
exception Of Senators Butler, Cali,
German, Hill and Morgan all of the
democrats present voted against the
amendment.
Senator Gosman's inquiry as to
what authority the Senate had for
going into State and investigating
the election Of a Governor and a
! Legislature was prompted by Senator
Calls resolution for an investigation
of the part that the Louisiana and
Honduras Lottery Co. played in the
last Florida State election, but it is
equally applicable to other resolutions
proposing Investigations of State
elections. And Senator Germans
statement that the people of Mary
land had way, when crookedness
existed or was suspected, Of righring
the matter for themselves without
appealing to Congress, was sugges-
! tive 1t is not at all probable that
any resolution providing for the in
vestigation of State election by a
Senate committee will be adopted,
and It is matter for regret that any
democrat should vote for such a
resolution under any circumstances.
The democratic party has always
maintained that State authority was
supreme in State elections, and the
party has invariably suffered wher