Greenbrier independent. [volume] (Lewisburg, Va. [W. Va.]) 1859-1980, 1895-02-21

Editor
Beaten AgaiI,.


urN from the present Congress failed
on IN" tth. Early in the session "A
bill embOdyiug the suggestions of
the Secretary Of the Treasury and
intended 10 effect general reform
IN our currency system, Was brought
to vote in the House OF Repre-
sentatives and defeated. Then Mr..
Springer. chairman of the commit
tee on Banking and Currency, pre-
SrntCd what was more particularly
known a. the Administration bill
providing tor an issue of 5000, 600, 600
with which t0 retire the grccnbacks
and treasury notes. This shared the
fate of the Carlisle bill, going down
under an adverse majority of -.
Seeing that there was little or no
probability of action on the part Of
Congress looking to the relief of the
treasury, and the gold reserve hav-
ing dwindled to about $4,000, 600,
the Administrations then made con-
tract with the Morgan hschild
syndicate under which the syndicate
agreed to deliver to the United
States 3,500,000 ounces of standard
gold coin or about 500, zoo, 900 in
consideration Of which the Govern.
ment was to issue and deliver to the
syndicate United States thirty-year
coupon or registered bonds bearing
interest at per cent, payable quar-
terly. Under the contract at least
one half of the gold furnished was
to he obtained in and shipped from
Europe. and the Secretary also re-
served the right, within ten days, in
case he could obtain from Congress
authority therefor, to substitute
bonds bearing 3 per cent. interest
payable specifically, principal and
interest, in gold. These 1 per cent.
bonds were sold to the syndicate at
price which made them carry 81
per cent. interest. Now if Congress
would authorize the substitution of
per cent. bond to be paid, princi-
pal and interest, in gold the three
tourthS per cent. interest could he
saved to the Government. This. on
the bonds contracted for, would
amount to $500, 900 a year, or abou,
Sl6,0O0,O0O for the thirty years the
bonds had In run, and could he easily
saved to the Government by substi-
tuting 3 per cent. bonds If Congress
would authorize the Secretary to
contract for their payment principal
and interest in gold. In other words
the syndicate was willing to accept
bond bearing "A lower rate of inter
est IL the Government would agree
specifically To return both principal
and interest in gold; but the Adj.
mlniStration having no power, un.
der the law aS il now stands, To issue
bonds bearing lower rate than (
per cent, Mr.. Cleveland, by special
message, stated the situation to Con.
gresS and left that body to determine
whether the bonds should bear 3 or
per cent. interest, or whether this
Sl6,OOO,u 900 should be saved to the
Government or paid to the syndi.
cate supplying the needed gold.
With view to saving this inter.
est to the Government, and only with
this in view, Mr.. Wilson, from the
Ways and Means committee, offered
in the House last Thursday Joint
resolution authorizing the Secretary
to substitute the , per cent. bonds s.
principal and interest to be paid in
gold. After a four hours spirited
debate, in which much foolish and
indiScreet talk was INDUCED i'm and
many ridiculous and outrageous
charges both by Democrats and Re.
publicanS made against the Presi.
dent and Mr.. Carlisle, the resolution
was rejected by majority of IL
An analysis of the vote shows that
50 Democrats and 81 Republicans
(l20 in all voted in favor of the
resolution and 9S Democrats, 81 Re.
publicans and : Populists (l67 in all
against it.
1t was fully admitted in the argu.
ment by every one who spoke on the
resolution that the Government j,
fully committed to the policy of dis
charging its obligations H. gold
that though the letter of the law al.
lows the payment Of bonds or the
Governments treasury notes in coin
(gold or silver that the word coin
as applied to the obligations of the
Government, means gold and is :,
understood here and abroad; that
this policy would and should he
maintained and is the only way by
which the Government can keep IN
its credit and maintain the parity Of
its silver and paper currency with
gold. Notwithstanding these adj
missions and though il was clearly
right that the Government should
return gold for the gold it received,
it was graVely argued that the reso.
luton would change the policy OF
the Government, and 81 it went
down leaving upon Congress. "a we
think, the responsibility for this bur.