The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1895-02-27
FOR GOLD BONDS.
Favorable Action Of tho Ways and Means
Committee OF the House,

Favorable Action Of tho Ways and Meand
Committee OF the House, 4,
The Committee on Ways and Means, by
vote of yeas to nays, decided TO report,
to the House OF Representatives the follow;
ing resolution, practically as agreed uponby
the subcommittee: t y
HResolvsd, by the Senate and House Of
Representatives of the United States In Con:
gress assembled, That the Secretary OF the
Treasury be and is hereby authorized so ~
sue and dispose Of. at not less thanSp ia
gold coin, bonds OF the United States With
the qualities, privileges, aud e1empHonsI
of bonds issued under the act approved
July Il, 1870, entitled an act auth0nMng
the refunding Of the National debt,
to an amount not exceeding $65l16, ,H5,
bearing interest at rate not exceeding three
per cent. per annum, principal and interest
payable in gold coin Of the present standard
. of weight and fitness, said bondsto be made
payable not more than thirty years after date.ts
Provided, however, that no part Of the pro,
ceeds Of the sale Of such bonds nor OF tho
notes redeemed with such proceeds Shall D0
available for the payment OF the current ex-
penses of the Government. Tf VI.
The vote Of 8 to on reporting the bib
showed party breaks on both sides. Among
the Republicans, Messrs Reed, OF Maine, and
Payne. of New York, were for the bill, Mr. Hop;
kins, OF Illinois, voted against 1t, and Nh. Gros1
venor, OF Ohio, refrained from voting, Among
Messrs. Wilson, Of West Virginia; Turner, on
Georgia; Tarsney, Of Missouri; Montgomery
of Kentucky; Stevens, OF Massachusetts, and
Cochran, of New York. voting In the ah1rma-
tive, and McMillin, OF Tennessee; Whiting
ofMtchigan; Bryan, OF Nebraska, and Wheeler,
OF Alabama, in the negative. Mr.. Bynumds
Ind, was on the floor of the House while tnSs
vote was being taken, but did not appear 20
register either way. Dalzel, Penn, anqt
Gear, Iowa, were not present. Ihe vote "a
full was as follows: {;
For the bill-Wilson, Tarsney, Turner
MONTGOMERY, Stevens and Cochran, Demoj
Gratis: and Reed and "a 'le, Republicans, ~
Against the bill. :Iillin. Whiting
Bryan, and Wheeler, l.. nocrats;7 Hopkins,
Republican, 8.
A minority report was made by those who
voted against the bill. It was decided thar
Chairman Wilson, for the majority, should
report the resolution to the House:
The report which Chairman Wilson sub.
mitted for the majority Of the Ways and
Means Committee says: .,,,
: siFrom the reading Of this contract It Wiif
be seen that the arrangement OF the Score
tary with the parties to this contract AZ
fects the purchase OF 3,500,000 ounces OF
standard gold coin Of the United States
(amounting to S65, ,l16, ,275) at least one-hah
Of which shall be obtained In and shipped
from Europe. For this gold coin he has
contracted to issue to the parties furnishing
It. under authority Of the act for the resump-
tion Of specie payments approved January
ID, 1875, per cent. thirty-year bonds Of the
United States, at a price which realizes to
them interest ut the rate Of 81 per cent. but
the Secretary Of the Treasury has reserved
the right, if authority be given him by Com
gress, to substitute at par any bonds OF the
United States bearing 8 per cent. interest, OF
which the principal and interest shall Do
specifically payable in United States gold coin
of the present weight and fineness; said sub
stitution to be made within ten days from the
date Of the contract. bE
SIT is the object OF the joint resolution
herewith submitted to give TO the Secretary
of the Treasury authority to substitute such
bonds to the amount Of the contract. The.
saving to be effected by the Government, as
at forth in the Presidents message, will be
$J39, ,159 per year for every year the three
per cent. bonds run, and of the amount OF
$16,i TO- TO should they run thirty years.
s.As it is not believed by the committee
that the issue OF bonds specifically payable in
gold will impose any additional burden OF
liability upon the Government than II they
are made payable in coin under It's pledge
and policy to preserve the parity Of the coins
in the two metals, the saving Of this large
amount becomes q matter Of substantial mo-
ment and advantage of the Government, and
as the parties to take the bonds ere under con-
tract to furnish gold coin for them, 1t seems
no hardship on the Government to contract
to pay them back in the same coin that they;
furnished to It," = .---- Il
The report of Mr.. Wilson included a copy
OF the Presidents recent message to Congress-
bearing upon the subject, and also copy OFF
the contract made by the Treasury Depart
ment with the European syndicate for the
purchase Of the new bonds. The text Of the
bond contract shows that the bankers drove
a hard bargain with the Administration. In
addition to the rate Of interest agreed upon,
the bankers are given an option on all
future issues up to October next. 4
Bills providing for the three per cent. gold
bonds were also introduced In the Senate By
Senators villas and Sherman. .--.--.----.J