The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1895-12-28

the opinion that 3 per cent DOnd Youlu
he taken bv the people of this cesntry
with great ayidity. In conclusion he said
the bill had nothing to do with the silver
question. It presented simply the propo-
sition that IL was better and wiser to issue
3 per cent bonds than those of a higher
rate of interest and it contemplated re-
turn to the conditions obtaining from
1879 to 1898, during which period the
country enioved a high degree OF pros
perity. (Applause.)
Dingley was followed by Turner CD of
Georgia, in opposition to the bill. Turner
challenged the statement that the bill
would require the Treasury Department
to open two accounts of the proceeds of
the sales of the o5ligati ons provided for.
Nothing of the kind was suggested, he
said. and it contained nothing to prevent
the Treasurer from using the proceeds of
these sales for any lawful purpose TO
which he could devote them. The unfor-
tunate division in both parties respecting
the financial system of the country, Tur-
ner said, had done much to postpone and
prevent settlement of the question on
sound basis. The benefits Of such a settle
ment, he declared, would not be confined
to this country, but would extend to all
the world. But it could &c settled, in his
opinion, by the declaration OF a sound
money doctrine as the policy of the United
States.
The discussion was continued by Gros-
venor (R.) of Ohio, who said that his sup
port of the bill was influenced by the con-
ditions that had preceded its introduction.
He said the action of Democratic officials
had brought about the necessity for its
passage. In this connection he delivered
philippe against Secretary Morton, who,
he declared, had dared to violate the law
as viciously as any mob had ever dared
TO do.
The regular troops" he said. "were
called out to put down Debs and his asso-
ciates in Chicago, and yet they had vio
lated the law no more than had the Secre-
tary of Agriculture when he refused to
carry into effect the appropriations made
by Congress for his department"
He would support the bill even if its
effect was to rescue a Democratic admins
tration from shame and disgrace, "for IN
derneath it lies my country, the country
which the Republican party has saved in
war and saved in peace" [Applause.l
you can trace disaster from that hour
as you can trace the track of a cyclone, s"
was the declaration OF Patterson 3D. of
Tennessee. in beginning his speech against
the bill. He was talking of the passage of
the silver-purchase act OF 1890. In the
fiscal year preceding that date, he said,
96.6 per cent of the customs dues collected
in New York were paid in gold. In the
next year, 1891, the gold payments fell off
to 1917 per cent; in 1892 to 50 per cent, and
III 1898 not cent was paid in gold.
After the silver purchase act had been
repealed by the Fifty-third Congress, the
gold payments rose to $40 per cent, but
since 1898 they had again entirely disap-
peared from customs collections. That
explained the lack of gold in the treasury
OF the United States.
The duty of Congress, Patterson said,
was to restore confidence in the currency
OF the country. The passage of resolu-
ton declaring it TO be the purpose and
policy of this great Republic to maintain
fxedlv its standard of value would be
worth a great deal more to the American
people, and contribute largely more to
their prosperity, than bond issue. The
provisions of the pending bill, he declared,
did not meet the requirements OF the
situation.
There was nothing to prevent the pur-
chaser of the proposed bonds from first
putting his hand in the treasury and get
ting the gold with which to pay for them.
It was a miserable makeshift; the Repub-
lican party had failed to meet public ex-
pectation; the President had asked for
bread for the suffering people, and it had
given him stone.
Swanson d. of Virginia, after entering
his protest against the methods of the
majority in the consideration of the pend
ing bill, said he calculated. upon the basis
OF Secretary CaTlisle's figures that there
would be $l60C00,000 of surplus in the
treasury three years hence, and that the
proceeds OF sales of bonds under the bill
would be so much of an addition thereto.
He opposed any such proposition, and
also any proposition to retire the green.
backs, either directly or indirectly.
Lacey (R.) of Iowa said the bill should
be passed to obyiate the possibility of
another bond sale like that which scan
dalized the country year ago. The ne
cessity for relieving the treasury lay in
the fact, Lacey urged, that when it was i'll
the whole BODY polite suffers. There had
been suggestions made. Lacey continued,
that the country wanted a rest. That,
however. was not the fact. What the
people needed was not rest but work, of
which they had been deprived since the
Democratic administration came into
power.
a Democrat-Who suggested the idea OF
rest but the gentleman who introduced
this bill, the Speaker
Lacey-He was speaking of the inutility
OF general revision of the tariff while
there was an antagonistic President in the
White House and doubtful Senate.
Johnson tR.l of California created the
sensation of the afternoon in his speech,
IN which he said he would give the reasons
why as Repu blican he could not vote for
this ''most iniquitous measure"
This bill in my Judgment" he said,
STAMPS the seal of approval by the Re-
publican party upon'the acts of these Off
GERS and upon the issuance of these bonds
in the manner l have stated. 1t continues
IN force the laws which now authorize the
selling of bonds at per cent and at per
4