The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1895-12-28
FIFTY-.FOURTH CONGRESS
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But in case of run on the treasury they
could be held in the treasury temporarily
for it's protection. When the exigency
passed, however, they would, under this
act, be paid out or applied to the public
debt.
MIR. Dingley declared that the propositions
contained in the bill were single and
should not be clouded with a discussion OF
the silver or other collateral questions.
Mr.. Dingley. in anwer to many ques'
tons, claimed 3 per cent bond would be
taken by the people much more quickly
| than per cent bond on a 3 per cent
basis. He said the people as a rule we're
not disposed to pay premiums.
| MIR. Turner, Democrat, of Georgia,
opened for the minority. He commended
| that the fault did not lie in any deficiency
| in the revenues, bat in the exisienc of
| evils in our financial system for which the
| Democratic party was in no wise RESPONSE
BILE. The fundamental evil was the exist
| ence in our currency system OF the enor-
nous mass of uncovered paper money
which the supreme court has held to be
valid. He charged the Republicans with
shifting their positions on the currency
! question as they had yesterday on the tariff
| quest on He pointed out how the Republi-
cans in the past had demone'zed silver
and had passed an act for the resumption
of specie greenbacks. Now, in the face OF
| he presidential election they sought to
curry favor with the silver sentiment, and
dared not retire the greenbacks to
which they had once been committed.
This bill would prove inadequate.
Mr. Turner affirmed most positively that
| in the present state per cent coin bonds
could not be fioated. In conclusion he said
| he had once believed that the secretary OF
the treasury. by exercising the option of re-
| demption could repel raids on the treasury,
hnt n haIiAUp1 suab n upiIid
| precipitate crisis n panic, CONFUSION
| such as we had never had, that would shake
| public and private credit to its foundations.
| Mr.. Grosvenor of Ohio said under ordn-
AIRY circumstances ne would not favor either
| section of the bill. The Democrats were
unable to suggest relief for the treasury.
The presdeu, has proposed a gold bond,
but in the last congress could not muster
half OF the Democratic vote to stand by
him. The secretary of the treasury was
figuring how not to meet the appropriations
OF the last congress- A bureau officer, a
pestiferous growth, had dared to set aside
| the five million appropria ion for the relief
of sugar growers. ebs and his followers,
to suppress whom the military we're called
out, had no more flagrautly violated the
law than had the secretary of agricultural
petty bureau officer, in refusing to
carry out the appropriations of congress
after he had been rebuked by congress.
| Yet Democrats said there was no lack of
money in the treasury. He questioned the
authroity of the president to make the
bond issues of the past year, and attacked
| the ARRANGEMENT with the More an Beim
| syndicate. But, he said, he was willing TO
vote for this bill to save the adj ninistra-
| ton from bankruptcy and disgrace. be-
| cause behind that administration stood his
country.
Mr. Patterson attributed the financial
disaster that had overwhelmed the country
tn tha of donaa a a,rr
system which carried 100000, 900 of
| silver and 1916 900 900 of greenbacks on
! the basis of a gold reserve of 5 ! 00, 900 900.
A single declaration of congress that il in
| tended to sustain inviolate the gold
/ standard of value would do more than
| anything else to restore confidence.
Mr. johnson Republican, California;
| was the first Republican to oppose the bill.
! His first sentence created mild sensa-
| ton.
"As Republican," he began, 81 want to
give some reasons why all my colleagues
should oppose this most Ubiquitous bill. I
believe in the undying hostility of the Re-
publican parry TO any issue of bonds in
time of peace, and do not propose that we
| shall give the lie 20 every thing we said be-
| fore the election, and |. for one, can never
condone what regard as an error both of
heart and head and a crime against the
country-the bond transaction OF last
year.
Yesterday" he proceeded, against my
| will and against my Judgment and pro-
| test. voted for a revenue tariff bill | be-
leve that the verdict of S9+ was for the
passage of a protec ion tariff act, and we
should restore the Nc kinley bill and Bill
| Nc Kinley."
After some further remarks by Mr..
johnson Republican. N DID in favor of
the bill, and by Mr. Wheeler Democrat,
Alabama) az ,inst it, the house at 5 o'clock
recessed until o'clock.
MIR. Wheeler democrat, Alabama), who
had the floor when recess was takn, re-
sumed The thread OF his argument against
the gold standard and Mr.. Terry. Demo
crat, Arkansas), and Mr.. Underwood,
| democrat, Alabama), followed in a SINH
lar argument. Mr.. Wellington. (Republi-
can, Mary and), spoke in favor of the bill.
Mr.. Wilson, (Republican. Idaho), gave
| his reasons for refusing 10 act with his Re-
| publican associates. The strongest and
best reason was that its sponsor vas Presi-
dent Cleveland.
Mr.. Daniel, (Republican), advocated the
bill.
MIR. Bowers, (Republcan, California;,
like his colleague, Mr.. johnson, opposed
| the measure. L was based, he said, on
the demand of the stock gamblers of Wall
street. It was stripped OF all verbiage, a
proposition to issue bonds, destroy the
| greenbacks and contract the currency
S346,00O,OO0. The bill ought to be en-
| titled "A bill to retire Republican senators
and representatives in congress-
MIR. Northway (Republtcan, Oho) asked
! why the Democrats who were now oppOs-
ing the bond Issues had not repealed the
authority to issue bonds in the last con-
gress. They were then in power and sat
| supne'y by while their president issued
$l62, 100000 of bonds.
MIR. Henderson (Republcan, Iowa.
offered five reasons for his support of the
bill. irst, that the bill does not require a
bond issue; second, that if bonds we're is
sued the rate of interest would be reduced |;
third, the bonds would be distributed
among our own people and not be left in