The San Francisco call., 1895-12-29

interest on bonds and open the books for
their subscription to the people OF the
United States.
Similar support to the bill was given by
Stewart (R. of New Jersey. McLaren Cd
of South Carolina said ne should oppose
the bill. because it would not only increase
the burdens of the treasury, but legalize a
series of improper and unfounded assump-
tions by the Secretary of the Treasury,
and for the further reason that he believed
rather in restricting than extending the
discretionary forms of the Treasury De-
partment.
All sufficient relief could be afforded, he
said, if the Secretary would obey the law
and establish an American system OF
finance, treating all obligations of the
Government alike and in accordance with
their plain terms.
Cannon (R.) OF Illinois said the resump-
ton act OF 1875 was Republican measure
passed in time of peace authorizing the
issue of bonds. Under that law Secretary
Sherman sold 800, 600, 600 of bonds and Sc
cured the gold with which to resume specie
payments in 1879. From that time until
1898. when Cleveland came in the second
time, there was no necessity for our issue
OF bonds. There was never an hour in
in that period when the revenues were not
sufficient to meet the expenditures. In
that time the interest bearing debt was de-
creased 81. 100000 and the annual interest
charge reduced from $S3, 100000 to $685.
100000.
Ever since the Democratic administra-
tion came into power there had been de-
fciency, distress, illness, poverty and
panic. Cleveland came to Congress and
asked relief The Republican House, the
only Republican branch of the Govern
ment in existence to-day. practically for
got its personal interests and desires and
responded to the appeal by the measures
reported from the Committee on Ways
and Means.
"What are you Democrats DOING" con-
tinued Cannon. "You offer nothing, and
vou offered nothing in the last Congress.
The Republican House, being the doctors,
proposes a remedy which, in their opinion,
will reach the root OF the disease. You
Democrats do nothing but criticize and
object. God Almighty never made such
set OF men, so ready to tear down and
criticize, without the power to build up"
Naughter.)
The proposition to lower the rate of in
terest, Cannon said, the Democrats could
have had at the last session, but they
voted solidly against it. And you will
vote against it to-day, you free-silver-
coinage, 16-to-1 Democrats, because you
want to impair the value of currency;
and you cuckoo Democrats because the
President has sent down his orders for you
to vote against it. If the Senate and
President shall pass this bill we'll and
good; if they shall not the House of
Representatives will have done what it
believes to be the best thing to restore the
credit of the country"
Bartlett Cd OF New York opposed the
bill, he said, because, in his opinion, it
would tend TO spread still further distrust,
instead of confidence, in the financial sys-
tenn OF the country.
Il have listened to this debate" said
Tawney (R.) of Minnesota, beginning his
remarks in support of the bill, with some
interest and. astonishment. Before pro-
ceeding to discuss the proposition of the
bill, l desire to state few facts which pre-
ceded the presentation of this bill to the
House by the Committee on Ways and
Means"
Tawney read from the Presidents mes
sage, requesting Congress to do something
TO sustain the credit of the Government.
1t was well understood by all, including
the President, that a gold bond bill could
not by any possibility be passed through
this House or through the other branch of
Congress. And yet now it appeared that
the administration was OF the opinion that
bill to sell gold bonds is the only posi-.
bic form of relief.
"Why?' asked Tawney. because they
have already arranged to sell another issue
of 500. .Go0, 600 of bonds to- a syndicate who
want that form OF obligation"
Tawney said the plan of relief proposed
was in line with what had been advocated
by the Republicans in the Fifty-thlrd Con-
gress, the support OF which met the uni
versal approval of the Republican party.
AS to the ability of the people to take the
bonds provided for in the bill, Tawney
read from letter received by him to-day
from a constituent living in a small village,
who said he could sell 5000 OF them in a
week and get gold for them.
Bailey Cd OF Texas declared that the
coinage of bullion in the treasury was the
wisest and best solution of the situation.
Connolly of Illinois announced that he
did not like the bill, but argued that if the
Republicans had prepared a bill making
gold, silver and paper dollars equal to
each other, the other side would still op-
pose it. The green back was consecrated,
he said. by the blood of the country, and
he created considerable laughter by his
assertion that it was ike the man who
went from Jerusalem to Jericho-it had
fallen among thieves. He wanted the
greenback to maintain its integrity among
the moneys of the world. For this reason
he would vote for the bill, although he did
not like it.
Payne (R.) Of New York insisted that
the fear that this bill would tie up the
greenbacks was greundless. If the Secre-
tary of the Treasury could tie them up
under this bill, he could under the existing
law.
Other speeches were made by: Hopkins
(R.) of Illinois, Burton (R.) of Missouri,
Nash (R.) of Illinois and Russell (R.) OF
Connecticut
Closing the debate in opposition to the
bill, Crisp CD of Georgia said the Repub-