The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1895-02-09

MORE CURRENCY TALK.
The Administration's Bnl Discassed-ftee,
Offers His Plan.


bill 90 authorize issue OF ssoo.0oOoooo gold
bonds for the purpose Of retiring the legal ten
dcrs and treasury notes was opened Ia the
house by Mr.. Springer tdem.. MI.
Mr.. Springer prefaced his remarks with tho
reading OF the letter OF Secretary Carlisle
made public Monday, predicting surplus OF
go. bo30gS In the operations OF the treasury for
tho calendar year leoA For the fiscal
year ending June 30, 1855. tine department.
said Mr.. Springer. estimated n deficiency OF
60 Oot 900 In round numbers and for the fiscal
gear ending June 80 1890. surplus OF receipts
over expenditures OF sepO0J.Oo0 These state
pnents, he said. illustrated the condition and
prospects OF the treasury under present con-
ditions.
Mr. Springer said that aside from tho ques-
tion OF maintaining the credit OF the govern
ment In itself, the government could obtain
money az a smaller rate OF interest II the
bonds we're made payable In gold than II
made payable In currency On an issue OF
tl00 900 900 twenty year bonds the saving TO
The government would be at least $4,000 0O0
The passage OF the bill, the speaker said
would. In his opinion tend 10 fix the idea In tho
spinds OF all the people that the government
intended to maintain the plodsc made In the
Sherman bill repeal law, and that would great
ly aid I'm restoring confidence and bringing
prosperity again 20 the land
Mr., Cox dem. Tenn. IN opposition 70 the
Jill, made a vigorous argument IN favor OF tho
substitute he should offer, which was based on
the principle OF the Carlisle bill tthe Issue OF
circulation by banks on deposits OF legal
tendersl, contending that this would take tho
greenbacks out OF the way without increasing
,he interest bearing debt in the country and
without throwing the country upon an abso-
lutte gold basis
Mr.. swanson (dcm.. Va criticised the ad-
lninistration. The present trouble was que 10
Two uses-dehciency OF revenue and the gold
raid on the treasury. Congress passed the Dill
for coming the seignorage. The president had
vetoed the bill Lot the responsibility DO
placed where IL belonged
Mr. Reed rep, Mel then took the floor Thls
bill, ne began. might exhroit tho science OF
statosmAnship, but IL did not exhibit the art
thereof. In order 10 accomplish anything IL
was necessary that bill should pass both
houses and be signed by the president What
was wanted was a practical measure that
would remedy the evil that had produced this
crisis I'm our national Affairs. The president
had appealed not only 10 his party associates.
but 70 the opposition for aid. As party man
he ought not 10 be melancholy over the pros
poet. but as citizon he stood ready 20 assist
his country In the present crisis.
Mr. Reed warned the house, however, that
there could be no currency legislation at the
dictltion OF any one man-tho president, Mr..
Springer. the speaker or any other. IL must
DE had by the consensus II opinion OF all.
There can be no legislation. he added. on tho
said he that II this bill passes the house 10
will go no further But it does seem To me
that practical measure could be presented
The remedy for the present condition OF af-
fairs was 70 separate the banking department
from the business department OF the governs
ment. The FIRST step was 20 make the govern
ment revenues equal its expenditures Mr.,
Reed said he would send 10 the desk the plan
he had formulated. II might be changed or
modified lie was not insisting on having IL
considered as "A substitute or In any other par
tcunr relative 10 She pending bill But it
avoided the question OF putting u gold bond
against the coin bond OF the past, IL avoided
the other complications promised by the orig
inal message
section OF Mr.. Reeds bill authorizes the
secretary OF the treasury TO issue J per cent.
bonds payable after tve years. similar 20 tho
bonds issued under the resumption act II Is
substantially similar TO MIR Shcrman's bill IN
trOduccd In tho senate.
Section cmbodles the new phase intro
duood by Mr. Reed. and Is as follows. THAT
10 enable the secretary OK the treasury 10
pay the current expenses OF the government
80 long as current revenues shall be deficient,
he Is authorized and required from time 10
time In his discretion 20 issue, sell and dis
pose Of AZ not less than par such an amount
OF certificates OF indebtedness OF the dcnom-
nation OF as. $50 and % or any multiple
thereof as may be needed for that purpose
annum, payable semi-annually and redeemable
at the pleasure OF the government IA coiu after
two years from their dasc. with like qualities,
privileges and exemptions provided IN the act
approved January II, 1879 The secretary may at
his discretion, sell ana dispose OF the same for
not less than an equal amount OF lawful money
OF the United states, ana at designated dcpos-
tories OF the United States and az such post
oficcs as he may select, and the secretary shall
use the proceeds thereof for the purpose pro-
yided for Ia this section, aud for mono other
Mr. Walker rep. Mass also opposed tho
measure lie was very sarcastic NJ times The
government had already been forcel To issue
300, 0OO 900 OF boads which were denominatel
Growers. shortly slslOOJ0jJ more Gro
vers," and the next step would be the issue OF
t50O 600 90 Growers"
Mr. Simpson pop, kanl regretted In be-
ginning his speech that he could add no hilari-
" TO this funeral occasion" lie inquired
what were the moral obligations" 10 which
Mr. Springer had referred rs binding the sec
rotary TO redeem obligations In god aud de-
clared that Il was an eyu inheritance from the
republican rule. He characterized tho new
bill as u complete surrender OF the democratic
party 20 the banding interest
Mr. McKelghan pop NebD created some
amusement by calling Mr. springer the "artful
doiger OF the situation"
Mr. Patterson favored the passage OF the
bill n he was In favor OF the free ana un-
limited coinage OF silver he should. he said.
never vote Tor such a bill as the one pending
Hut he should vote for it because he believed