The morning call., 1895-02-06

business department There was set in opera
ton the endless chain by which we were fur
nishing gold for the rest of the world. The
President had appealed not only to his party
associates, but TO the opposition for aid. AS a
party man he ought to be melancholy over the
prospect, but as citizen he stood ready TO as
sist his country ii the present crisis. Reed
warned the House, however, that there could not
be currency legislation at the dictation of one
mantle. President, Mr.. Springer, the Speaker
or anv other man. 1t must be had by the con-
sensus of opinion of all. There could be no
legislation, he added, on the eve of an expiring
Congress.
owe well know" said he, "that if this bill
passes the House it will go no further. But it
does seem to me thata practical measure could
be presented" Continuing as a preliminary
before offering his own suggestion and in order
to prevent the accusation OF partlsanship, he
quoted from Horace White to show that the
real cause of the present trouble lay in the
deficiencies of the revenues. If the revenues
eoualed the expenditures whenever green
back was redeemed it would stay in the
treasury. It was the fact of the necessity OF its
reissuance to meet current obligations that
caused the trouble. He fortified this statement
with the figures adduced by him some days
ago. After all, the showing made of the disad-
yantages under which the treasury was labor
ing suggested that the remedy for the present
condition of affairs was to separate the bank
ing department from the business department
of the Government. The first step was to make
the Government revenues equal to its ex-
penses.
"But," said Mr.. Reed, "to raise revenues
would be confession, and confession might
mean suicide He said those in control of
public affairs would have command of the
revenue question for the next two years The
Secretary of the Treasury had just reported to
the Senate that he would have q surplus of
500, 900, 900. The Secretary had given the last
dollar of this surplus, emitting, however, the
cents, as otherwise some question might have
been raised as to the accuracy of his figures.
Now if the Secretary had any surplus the thing
to do was to use it, and instead of longtime
gold bonds issue certificates to he redeemable
at any time.
Reed said he would send to the desk the plan
he had formulated 1t might be changed or
modified. He was not insisting on having it
considered as substitute, or in any other par
ticular relative TO the pending bill, but it
avoided the question of putting a gold bond
against the coin bond, and it avoided other
complications made by the original measure.
Section 1 of Reeds bill authorizes the Secre-
tary of the Treasury to issue per cent bonds,
payable after five years, similar to the bonds
issued under the resumption act. 1t is sub
stantially similar to Mr.. Sherman's bill intro
duced in the Senate.
Section embodes the new phase introduced
by Reed, and is as follows:
That to enable the Secretary of the Treasury to
pay the current expenses of the Government so
long as the current revenues shall be deficient, he
is authorized and required from time to time in his
discretion to issue, sell and dispose Of at less
than par, such amount of certificates of indebt-
edness of the denomination of $685. $50 and $100 or
any multiple thereof as may be needed for that
purpose bearing not TO exceed per cent interest
per annum, payable semi annually, and redeemable
at the pleasure of the Government in coin after
two years from their date, with like qualities
privileges and exemptions provided in the act ap-
proved January IA, 1875. The Secretary may, at
his discretion, sell and dispose of the same for
less than an equal amount of lawful money of the
United States and at designated repositories of
the United States and at such postofces as he may
select and the Secretary shall use the proceeds
thereof for the purpose provided for in this section
and for none other.
Walker R.) of Massachusetts, also opposed
the measure. He was very sarcastic at times
The Government had already been forced to
issue 800, 900 of bonds which were de-
nominated "Grovers" Shortly 500, 900 900
more "Grovers" would be issued, and the next
step would be the issue of 100000 900
"Grovers."
ming of his speech that he could add no hilarity
to tn is funereal occasion. He inquired whether
the moral obligations to which Springer had
referred bound the Secretary to redeem obi
cations in gold, and declared that it was an
evil inheritance from the Republican rule. He
characterized the new bill as a complete sur
render of the Democratic party to the banking
interest.
Pence (Pop.) of Colorado marveled that such
measure as the pending bill should emanate
from Democratic committee at the dictation
of Democratic President, and he expressed
for himself aud his party willingness to CO.
operate for the passage of some relief measure.
McKeighan (Pop.) of Nebraska followed in
the same line creating some amusement by
calling Springer the 'Artful Dodger of the sit
uation."
The committee then rose, and the House at
4:45 P. NJ. adjourned until tomorrow at IL
O'Clock.