The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1895-02-14
BOND BILL REPORTED.
The Ways and Means Committee
Reach an Agreement,
BY A VOTE OF EIGHT TO FIVE.

-Four Democrats Refuse to Sanction the
Action of the Committee, and Two of
Them, Mcssrs. Bryan and Whiting. Sign
Minority Report Against 1t.
WASHINGTON, Feb. 1.-THE house com
inittec on ways and means voted yester-
day to report to the house resolution
practically as agreed upon by the sub
committee. The vote was yeas and
nays, and the resolution was presented to
the house by Chairman Wilson today. The
resolution is as follows:
THAT the secretary of the treasury be
and is hereby authorized to issue and dis
pose of ut not less than par in gold coin
bonds of the United States with the quail
tiles, privileges and exceptions Of bonds
issued under tho act approved July IA,
1880, entitled an act authorizing the re-
funding of the national debt to an amount
not exceeding $65, 116, 275, bearing interest
at Il rate not exceeding per cent per an
mum, principal and interest payable in gold
coin of the present standard of weight and
fneness, bonds to be made payable not
more than thirty days after date. Pro
vided, however, that no part of the pro-
ceeds of the sale of such bonds nor Of the
notes redeemed with such proceeds shall
be available for the payment Of the cur
rent expenses of the government"
The vote of to on reporting the bill
showed party breaks on both sides. Among
the Republicans, Messrs. Reed OF Maine
and Payne of New York were for the bill
Mr. Hopkins of Illinois against 1t, and
Mr.. Grosvenor Of Ohio refrained from vot-
ing. Among the Democrats the division
was even greater, Messrs. Wilson of West
Virginia, Turner of Georgia, Tarsney of
Missouri, Montgomery Of Kentucky, Ste
vens of Massachusetts, and Cochran of
New York voting in the affirmative and
McMillin of Tennessee, Whiting of Mich
igan. Bryan of Nebraska and Wheeler of
Albany in the negative.
The report which Chairman Wilson sub
mitted for the majority of the ways and
means committee describes the resolution
and says:
1.-The message of the president, which is
herewith appended, communicates to tho
house the condition of the reserve of gold
in the treasury available for tho redemp-
ton of the governments legal tender
notes and the maintenance of the parity
of its coin circulation, and the reasons
which compel ut the present time an issue
of bonds to replenish and maintain that
reserve; also the general terms of a con-
tract made under authority of section
300 of the revised statutes for the pur-
chase and delivery to the treasury of
sum slightly in excess of $50, 900 600 of gold
coin, to be added To the stock in the treas
ury, which amounts to only si2 2l7, OSl at
the present time.
1.-The committee have had the benefit Of
conference with the secretary of tho
treasury, who exhibited to them the orig
inal contract entered into by himself on
the sth day Of February, and explained its
details to them. A full and complete copy
of said contract is hereto added. From a
reading of this paper 1t will be seen that
the arrangement Of the secretary with the
parties to this contract effects the pur-
chase Of $500, 900 ounces of standard gold
coin of the United States amounting to
eos, lie, 275), at least one.haf of which
shall be obtained in and shipped from Eu-
rope. For this gold coin he has contracted
to issue to the parties furnishing it, under
authority of the act for the resumption of
specie payments approved Jan. IA, 1875, 4
per cent thirty year coin bonds of tho
United States at n price which realized to
them interest at the rate of 3I per cent.
"But the secretary of the treasury has
reserved the right, If the authority be given
him by congress- to substitute at par any
bonds of the United States, bearing per
cent. interest, of which the principal and
interest shall be specifically payable in
United States gold coin OF the present
weight and tlnencss, said substitution to
be made within ten days from the date of
the contract. 1t is the object Of the joint
resolution herewith snhu,ittnl to give tn
the secretary of tb, treasury authority 10
suhstttute bonds to the nmouut Of the cnn.
traet.n
A miporitv rcnort sfoned nv Nessra
BRYAN and Whitney. was also presented
Thp main pnints mr., ms follows.
"Owing to the limited limo allowed for
prenaring a rrnort tho dissenting m nm.
hers of the eommittne nro nrcclndr5 from
nrcsentipy tbeir vicvs with flint c,,I,nr,,.
zion which tho i,nnurtnnre of tho subigct
would other1yise instifv but tbrv he, tn
srntn briefly rho unst in,nortnrt rc,,s,,r
While, led them To disnuuroyr of the mons.
nre recommended Inv thn mnioritv If tia
coun,itA4n
"First tho iss,e Of bonds Of any kind ia
-, nlv na.fiad to rn,,1,,ish th,. ,,ri1 r,s,,.,,,,
and Tim ,,old rpser,., npIv moods rerlarisb,
in, hecaT,se tb, sncr,t,,ry of tho trr,,s,,ry
redaems limited states notes and tr.ns,,rv
potes in the kina of coin sclcrtrd Va, ~,
noteholder. The notrholdcr has no lcyaI
right IN ehaase the rnin IN which no -,t,li.Z
gatinn shall In, ..,le mod hut has hee,
,,or,,itt..I n, ,vo,.,,is., tl,ot rI,,Lt r,.
lev inauqurn+ed Inv tho traagnrv den,rt.
ment nj ar soon eftor rho date 1f tfo re.
sumntinn of snerie naym,.,t The ani,,In,
a., tbe sncr.t,,rv If thn trs,snry Nr 60,
~ rao,,,tir ,,i,,a,, 60 nIn,, -, -
49, iNi' e'''H' 40 e'e"A 'P"" 'iiis
polnt.
III We were willing TO authorize the is
sue of bonds Mt this time tp purchase gold
snacifc.Iiv in ynld hrr,,s, nm iss,,n -