Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1895-02-13
WAYS AND MEANS.
Meeting Yesterday ana Considerable
Progress Made.

reported 10 the house. After being
closeted for two hours with Secretary
Carlisle, the committee talked over the
situation, delegated the framing Of an
agreement 10 a subcommittee OF three
Democrats and two Republicans, and
late in the afternoon learned that its
subcommittee had dropped partisan
difference and found common ground.
The resolution reported by the qulu-
tette al the last meeting was one TO
authorize the secretary OF the treasury
to Issue SCI, 900. 900 In 9 per cent bonds.
payable In g1iI, with provision that
none Of the Proceeds shall be used for
current expenses. and the further pro-
vision. requested by Secretary Carlisle,
rolNallng the law which requires the
government 10 redeem national bank
notes and requiring banks to redeem
their notes In the FIRST Instance.
Inquiry was made II there was mi
nority report, aud MIR, Reed said that
there was none. although he believed a
wiser plan would be 10 provide for in-
creasing the revenues.
Mr.. Bynum ODcm,, md proposed his
resolution az a substitute
MIR. Wheeler Dem, Ala) offered a
resolution recitlng that Secretary Car
llslu had admitted this issue OF gold
bonds would compel all future issues
to be made payable IN gold; that BIZ
metnllsn had been declared 10 be the
policy Of the government; that this
would mean abandonment Of bimetRl-
iism, and therefore declaring that the
committee considered II cNpedieut to
adopt the presidents recommendations,
Mr.. Bryan ODemJ offered a resolution
recommending that the secretary Of the
treasury should pay all the obligations
OF the government In either gold or
silver, whichever was most convenient
to use.
hflor brief discussion the commit
toe adjourned until 10 o'clock tomorrow
morning
secroiary Carlisle came before the
committee shortly nftcr 10 o'clock, Hr
presented iype-writton copy Of the
contract which had been called for ti
was drawn in legal form covering two
typewriter pngea. and bore the sigma
turcs OF John O., Carlisle, secretary Df
tue treasury. j. Picrpont Morgan. Tor
j. ). Morgan of London, August Boil
mont for II, w. Rothschlid, and was
Witnessed by Francis Lyude StetRon of
New York, formerly President Cieve-
lands law partner.
The principal features of the cou-
tract were made known va the prcFi-
dents message Upon one point the
secretary particularly enIolned tho
committee Ia maintain secrecy. and
that was regarding the dates Tor maxi
ing the payments FOR the bonds lie
asked for secrecy. he said, al the 10
quest OF the finunclers who have agreed
TO take the bonds and bccausc they
feared that the bankers would corner
The gold on the world lgamat them II
the time It would be- needed was known
and the methods by which II was To
be obtained
Accordingly the committee adoptod a
resolution plcdglng its member, not to
reveal the terms of the document SO
far az II concerned The payments.
Many question vera asked the sec
rotary which he answered. giving the
amount Of money IN the treasury aud
other Information not new.
When Mr. Reed w1s asked why the
plan which he recently proposed in the
house fOr substitute Tor the admins
trution bill was not satisfactory
measure, the secretary proceeded To
quote a feature OF the act OF 1874
which had not been before noticed In
the financial debates aud which seem
ed 10 greatly inyaildate MIR. Reeds
schcme. This clause binds the treas
ury to the redemption OF national blul.
mates by Treasury no SIS when the
holders formally request q. Conse-
quenuy, the Withdrawals of the green
backs into the treasury, the necretnry
argued, would not Stop the drain of
gold upon Il, but would merely add
another step to the process OF obtain
AAk kNAAt AZ llNAAtANNA t1Nlu procure
the national bank notes and secure
treasury notes for them. In eject
therefore, tho government Is bound to
redeem bank notes In gold, To ubvl-
ate this ditiiculty the secretary sug-
Eestcd that the committee adopt n
plan TO compel the national banks to
maintain an agency Tor The redemption
OF their notes and relieve the treasury
OF an burden In the premises.
There NQs n ulHUOultlOn on the purt %
certain monitors to ultimate IN their
questlona that the administration had
shown favoritlsm In ia negotiations
OF u private contract. aud the Question
was directly asked whether the bonds
We're not to be sold at a rate unneccs-
sRrily low, considering the TNevalcnt
prices In the market
Secretary cdrl,sie admitted uhat tho
bankers practically had the govern-
ment Nt their mercy, and he was nblig-
cd TO accept the best terms that could
be made with them. That better trrins
could have been secured he denied
emphatlcNly, relating somewhat In de-
tai the different hnanciers with whom
Assistant Secretary Curtis had talked |
had visited Washington.
IN answer to other questions he ad-
Vlsed the committee OF his belief lint "A
plan could be devised To stnn tho ot,t I
now OF gold and OF his strong hone that
inc tortheoming bond issue would I
, ,ne,iAsolh the sold reserve at It's high I
water mark for several monthH
After the secretary had departed Atr
Cochran (Dem., ~ ~ Announccd ths,
ne could not support Chairman VII |
sons resolution because n was sinniv
a maheshift TO meet a present omar |
geney, and offered no help to the treas
ury In the event OF similar eXieenrIcs
before the next session OF congress.
Thereupon Mr.. Tarsney tDsm1 or |
fered & resolution to empower ihe noe.
retary TO issue per cent gold bonds
whenever the need OF the TREASURY |
might require them. with the provision
that the proceeds were not 10 be used |
to pay current expenses. Then s,,t, |
committee WAS appointed 10 draft a |
plan with Mcssrs, Wilson NV VaS |
Turner IGaD and MoMmln (renn''
Dems). and the Republicans chose |
Messrs Reed tMe) and HOPKINS my 1
TO represent them. and the committees /
took reeess to enable the snheomn,it. 4