The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1895-02-15


30 year bonds the 3 per cent. % year god
bond"
Mcmillan asked If it would not he possi-
BILE to raise the gold reserve IN the future
as it has been done in the pt.t.
Wilson replied IL has undcuht edly been
possible since the first day of the resump-
ton of specie payments, but he said Il
could not be done if We can't maintain
confidence so that our currency will be as
good as gold.
Hopkins said the resolution was whether
the government at this late day should,
by the extraordinary methods of Presi-
dent Cleveland and his secretary of the
treasury, change its established currency
under 50 years of republican rule. and
make its bonds payable ga goll. Way did
not tho president call the attention of
these foreign capitals 10 Tho fact that
this country had a settled policy? II the
statement Wilson made had been true
that coin was really a good as gold. and
meant the same thinr, wly did not the
president tell the capua.ls.s sot
II oppose this resolution, .le ontinued,
"because II will destroy tho credit of the
United States. In future it would be
necessary to prt the word gold into every
bond. The bondholder was directly inter-
ested in driving this country to silver
basis and sending gold TO premium.
The Rothschilds by this means could
double the value of their holdings. Secre-
tary Folger had extended the vast sum of
S3J0,000,000, 4 per cent. bonds. at per
cent, in the open sunlight, before the
American people. Republican APP
plause.l Even the loans of this admins
tration had before been made in the open
market with the American people in the
light of day; they had been made for 10
| years at less than 3 per cent. Now there
| had been made a contract with n foreign
syndicate by which the government re-
ceived S90.500 less than similar bonds were
selling for in the open market on the
very day the president had sent his
contract to congress with the bribe of
| Si6,00)O)0 to got it's consent. a secret
loan was negotiated for higher rates than
any civilized country was paying on its
debt, higher even than bankrupt Egypt,
| little Norway or any other country.
| "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.
Il say for one" be asserted. land l
| hope | speak for the entire republican
side and the great mass of the democratic
party, that can not be made particeps
crIminis to this attempt of the president
to prostitute the financial standing OF
this great country"
Hopkins then yielded to Cannon, repub-
licau. He sketched with biting sarcasm
the abortive attempts made to pass legis-
lation for the relief of the treasury. say
ing that the presidents message was re.
sponsible for the Springer bi.rs "second
BIRTH" He denounced the contract made
by the secretary of the treasury anl then
expressed he opinion that il republican
secretary of the treasury made this con-
tract this democratic house would havo
impcached him. The republican side
gave him round after round of applause.
Grosvenor, a member of tho ways and
means committee, opposed the resolution.
He pointed out that without consultation
with congress the secretary of tho treas
ury had privately entered into n contract
with the Rothschilds and the Morgans "a
purchase gold with coin bonds of the gov.
ernment at n rate of interest almost per
| cent. higher than the last bond issue and
| now gave congress the option of substi.
iutiug for these coin bonds gold bonds al
3 per cent. Tho only alternative offered
congress was to go back on the long es.
tablished precedent of the government
and authorize gold instead of coin bonds
Neither the honor, credit nor integr ty ol
the government was involved. This was
an attempt to force n revolution in oul
| financial policy.
Daniels, republican. of Now York, in a
three-minute speech, argued in favor oi
the resolution.
Coombs, democrat, OF Now York, alsc
favored the resolution. He did not know
whether the secretary of the treasury hac
made the best possible bargain, but he
did know the necessity which drove hin
to obtain gold was imperative.
Bryan was then recognized TO contro
an hours time in opposition to the resolu
ton. Tic yielded 10 minutes TO McMllin
who gave his reasons why he preferred, Al
this time, to forego the opportunity to save
the people $4,000 a year in interest
charges. To do so would be to dscrim
mate against those of own people who, ir
the dark hour of their country's distress
took the governments bonds and KEEP
the governments obligations as good a,
gold. Those people, or others like them
will continue TO keep their country's credi
good, and all the powers of earth or hcl
cannot prevent it. (Appiause).
Simpson opposed tine resolution in
shor, speech. After some further remark
by Messrs. Huiick, Wheeler and North
way against tho bill. Bland, the silver ad
vocate, took the floor. and in ringing sen
tences appealed to the house not to sur
render TO the gold kings.
II this resolution passed Bland declare,
the government would forfeit its right t,
coin silver.
Springer insisted that the only question
at issue was whether congress would saw,
to the taxpayers Sl6,OoO,OOO.
Turner of Georgia, a member of thi
ways and means committee, made
strong speech in favor OF the resolut on
the burden of which was, II is the dut!
of the government az whatever cost, L
, maintain the parity of al IT'S currency.
Hatch Of Issourl, IN q five mlnut,
speech. aroused the currency opponent
of the resolution 10 great enthusiasm. III