The morning call., 1895-02-15

not used until 1893, whereupon Wilson
cited him Secretary WINDOWS report,
stating on September 1, 1890, the only
available cash in the treasury was the
amount of the trust fund turned over to
that account in the preceding July.
This ended the fencing between the op-
position leaders, and Wilson continued his
Carlisle, in borrowing this gold, had only
argument where it had been broken off
by Dingley's interruption. Secretary
done what Mr.. Sherman had done. He
had sold per cent thi~4v-year bonds at
the rate of 104I with the right 10 substi-
tute at par per cent gold bonds. If the
Government continued to maintain its
traditional policy the per cent bonds
would be virtually payable in gold, because
the Government was bound to maintain
all its currency on parity. As the bonds
will be paid in gold it was the sense of the
Ways and Means Committee that there
ought not to be any hesitation in making
these bonds payable in gold and saving to
the Government the interest charges,
amounting to over $16,0O0,O00.
1.-The contract is already made he con-
tinued, "by which the gold is being put
into the treasury and placed on vessels for
shipment to this country. 1t cannot be
set aside: it was made under ample pro-
vision of law. The question presented
here is whether we will substitute for 4
per cent coin thirty-year bond and per
cent gold bond"
Wilson asserted that for twenty-five
years the gold standard had been the prac-
teal money basis in this country; that the
gentleman confused the standard of pay
ment with the currency of payment. Two
experiments had failed to give relief, and
now the treasury had been obliged to re-
sort as it had under Secretary Sherman to
a special contract.
McMillin Cd of Tennessee asked if it
would not be possible to raid the gold re-
serve in the future as it has in the past.
Wilson replied it has undoubtedly been
possible since the first day of the resump-
ton of specie payments, but said it would
not be done if we can maintain confidence
so that our currency will be as good as
gold
Hopkins (R.) of Illinois said the reso-
luton was whether the Government,
at this late date, should by the extraordi-
nary methods of President Cleveland and
his Secretary of the Treasury change its
established currency under thirty-five
years of Republican rule, and make its
bonds payable in gold. "Why did not the
President" he asked, ''call the attention
af these foreign capitalists to the fact this
country had settled policy2 [Applause.l
If the statement Mr.. Wilson made had
been true that coin was really as good as
gold and meant the same thing, why had
not the President told the capitalists so?
oppose this resolution, he continued, ''be-
cause it will, in my judgment, destroy the
credit of the United States. In the future
it would be necessary to put the word gold
into every bond.
'The bondholder was directly interested
in driving this country 10 silver basis
and sending gold to premium. The
Rothschilds by this means could double
the value of their holdings. Secretary
Folger had extended the vast sum of
$500 ,000, 600 worth of 4 per cent bonds at
per cent in the open sunlight before the
American people. Republican applause.l
"Even the loans of this administration
had before been made in the open market
with the American people in the light of
day; they had been made for ten years at
less than per cent. Now there had been
made contract with a foreign syndicate
by which the Government received 800, 800
less than similar bonds were selling for in
the open market on the very day the Presi-
dent had sent his contract to Congress with
the bribe of S16,000,000 to get its consent.
A secret, loan was negotiated for higher
rates than any civilized country was pay
ing on its debt, higher even than bankrupt
Egypt, little Norway or any other country.
1.-The President" said the speaker,
''penned this message, not from patriotic
purposes, but for politics and that alone.
He wanted to throw the responsibility on
Congress of making this loan, negotiated
by his former law partner. | say for one"
he asserted, "and hope that l speak for
the entire Republican side and the great
mass of the Democratic party, that / can
not be made particeps criminis to this at
tempt of the President to prostitute the
financial standing of this great country"
Cox Cd of Virginia-How does it hap
pen that by this contract this syndicate
will have an option on future bond issues
by the Government
Hopkins-Nobody but the syndi cate and
the President can answer that. Loud ap-
plause.l
Powers (R.) of Vermont sent to the
clerk desk an amendment providing that
nothing in the resolution should be con-
strued as changing the avowed policy of
the Government to pay all its outstanding
bonds in gold.
Hopkins then yielded to Cannon (R.) of
Illinois. He sketched with biting sar-
casm the attempts made to pass legislation
for the relief of the treasury, saying the
Presidents last message was responsible
for the Springer bills second birth" He
denounced the contract made by the Sec
retary of the Treasury, and when he ex-
pressed the opinion that had Republican
Secretary of the Treasury made that con-
tract this Democratic House would have
impeached him, the Republican side gave
him round after round of applause.
Grosvenor (R.), member of the Ways
and Means Committee, opposed the reso-
luton. Addressing himself to the charge
that those who were opposing the resolu-
ton were aiding to destroy the honor,
credit and integrity of the Government,
he pointed out that, without consultation
with Congress, the Secretary of the Treas