The daily morning journal and courier., 1895-02-15

man know that under the law of 1874
 national bank notes can be used as
 effectively as treasury notes or green.
 backs? That the government has been redeeming national bank notes and
 that the banks are not required te do it.
 MT Dingley-The gentleman has not
 answered the practical question put to
 him. Was not the sale of bonds made to
 meet deficiencies in the revenue and not
 to maintain the gold reserve? That the
 surplus of 65,O00,0O0 now in the treas
 ury was put there by the sale of bonds
 and from no other source?
 MT. Wilson-Oh, well, if the gentle
 man wants to give the matter political
 turn, and compare the matter of mana
 cement of the treasury department I will say that when we need money we
 borrow it, and when you needed it you
 appropriated the trust funds in the | treasury. (Applause)
 MT, Dingley-Not a dollar of the bank
 redemption fund was ever used by re- | publican administration to pay the ex-
 penses of the government.
 MT. Wilson-f the gentleman had l read the speech of Secretary Windom to which I referred, he would have seen that according to that officials | own statements that as far back as the 10th of September, 1890, practically the | only available cash in the treasury
 was the $55,000,000 of bank redemption fund
 MT. Dingley-And of the surplus
 Which you speak to-day all but $11, ,OOO,-
 900 belong to that fund.
 MT Wilson said that if the govern
 ment fulfilled it's pledges all of the out
 standing bonds payable in ''coin" were
 virtually payable in gold, for all our
 coin was pledged to be on parity with
 gold.
 MT. Hopkins, rep, of Illinois, said the
 question was whether congress would
 authorize the president to change the
 policy of the government and issue a
 gold bond. He deprecated such change Referring to MT. Wilson's dec
 laration that government bonds were presumably payable in gold, he inquired
 why this fact had not been impressed upon the mind of the syndicate without any attempt being made to impress it upon congress. Amid applause he as- y II sired to fund $500, 1000, GOO of 4 per cent bonds into 3 per cents. the negotiations were conducted, not with foreign sym dicate, not under a private contract with the law partner of the president as party but in open sunlight and with the American people as it's witness In his judgment, the payment of these bonds in gold, instead of saving to the United States $16,000000 in interest would cost the people ,$100,000,000 as a result of changing the character of out obligations. Such a transaction, he as- serted, would make every bondholder a bear" in the market interested It would enhance the value of their bonds and the syndicate would double the val ue of it's holdings.
 Mir. Hopkins said on the day this con tract was signed per cents, with only twelve years to run, were selling for 110h The new issue was sold to the syndicate for 1041s. ''Even Egypt" he continued, "has negotiated loan for less sum. They have given higher rate of interest than Norway or little Belgium or the English colonies are compelled to pay, And yet they ask i congress to confirm the contract on the l ground that a saving of $16,00O,00O will | be made
 The presidents message sent in here | was not inspired by patriotism, but | was an effort to throw upon congress | the responsibility for giving profit of | $25, ,000,000 to a foreign syndicate repre- | scented by his former law partner" (Applause.) This loan, MT. Hopkins | asserted, could have been taken in this country alone. The president and secreary had made a contract that | would be condemned by the country | and the message was sent to congress for the purpose of misleading, the peo- pie by the assertion that $16,OOO OOO might be saved.
 'I want to say for one," he re- marked, speaking I think for the en- tire republican party, and most of the democrats tha I am not willing to pc particeps criminis to any such ar- (Applause) The prsei- lent should not be permitted to pros- flute the interests of the country dis lrrange it's financial system and bring disgrace upon the people for the benefit If foreign syndicate. It is time, I hink, to indicate that we can be patriotic without endorsing all the financial vagaries contained in this 
 MT. Powers, rep, of Vermont. gave lotice that he would ask to have the oint resolution amended by adding he following:
 Provided, That nothing herein con aimed shall be held or construed as the avowed policy of the overnment to pay all it's outstanding ills in gold" t MT. Cannon, rep, of Illinois. said hat coin meant gold and the country nd the world so understood. The men S Tho made the bond contract under ( tood this. If they had believed thai he bonds were payable in silver at to 1 they would not have touched lem. Referring to the previous ef- c ,rts to pass an administration finan- | al bill MT. Cannon said that the Reed r lbstitute, the only proposition that r -ood a chance, went to it's death at | le command of the treasury. 2 On the day after the defeat of the I pringer bill came the presidents mes q lge telling that he had negotiated a lis new loan and suggesting a gold 6 1nd at per cent. The president knew f