St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-12-29

force the retirement of paper unless its
redemption in silver could be brought
about. Under the present policy the
danger always existed that the finan-
cial institutions of the country might
combine to coerce the treasury. Sue
cessive gold Withdrawals and bond is
sues might be forced until the public
debt was increased infinitely.
HE HADN'T. TIME.
Mr.. March Rep., Ill.) arose to give
his reasons for refusing his support to
the bill, but before he had finished his
preliminary remarks the gavel of the
speaker fell and the house remained
unenlightened.
Mr. Burton Rep., Me) and Mr.. Con-
molly Rep., Ill), who had been counted
on as opponents of the bill, gave their
support to it in brief speeches. The
latter said that if he had been framing
the bill he would have changed the lam
guage so as to make it read "in lieu of
the power now given the secretary of
the treasury, instead of 'in addition
to that power. His announcement that
he had finally decided to vote for the
bill was greeted with Republican ap-
plause.
Mr.. Hopkins (Rep., Ill.), in support Of
the bill, argued that there was no neces-
sity for the issue of gold bonds Time
iid Lie treasury experience WIFI InG
bond issue had demonstrated this. The
bonds sold abroad and were returned
to this country. There was ample gold
here to supply the needs of the treasury
Mr.. Payne Rep., N. " called atten-
tion to the fact that the administration
was already preparing $1O0,0O0,0O0 of
thirty-year 4 per cent bonds. This was
the emergency that this bill met by
reduction of the interest
'"Thp nrpSidnnf'c i,,&a
ed Mr.. Liney (Rep., N. c., says that
$l55, 900 of silver certificates issued
against the bullion purchased under the
act of 1890 constituted gold obligations.
Why did the ways and means commit
tee provide for the coinage of more
bullion and the redemption of these
notes in silver?" Democratic applause)
= The secretary now has authority to
coin and redeem the Sherman notes."
replied Mr.. Payne. 'But one thing at
time: This bill proposes to give the
government the power to redeem it's
gold obligations in gold" Republican
applause)
e He argued that the purpose of the ad-
m1n1Stration was to sell bonds to the
Morgan syndicate at an eXorbitant rate
OF interest and throw the responsibility
on republican congress.
CRISP CLOSES.
MI. Crisp closed the debate for his
side. He said he would endeavor to
bring the house back to the real issue.
The president had pointed out to con-
gress that the gold reserve was dimin-
ishing and had appealed to congress
not to adjourn until some relief was
afforded. That was a plain business
proposition.
You, gentlemen, he said, addressing
the Republican side, should either act
upon it or decline to act upon it, You
should not play politics and claim you
are acting in response to the presi-
dents message The president says there
is no deficiency. The official statement
shows $175,0O0OO0 in the treasury. But
the president asks you to retire the
greenbacks and to enable the treasury
to sell gold bonds.'
rs the gentleman from Georgia in
favor of it?' asked Mr. Boutelle.
II am not" replied Mr.. Crisp, amid
a roar Of laughter on the Republican
side.
"Our opposition to this measure" he
proceeded, "is united-those on this
side who favor the single gold stand
ard, because 1t affords no relief to the
treasury; those who concur with me in
the belief that these bonds are paya-
BILE in coin at the option of the gov
ernment, because they think there is
no necessity for it. Gentlemen on that
side believe the obligations of the gov
ernment should be paid in gold. If you
believe that you owe to your country
you owe 1t to your treasury and to
the tax burdened people of the country
then vote to obtain gold and save the
additionalintereSt charges. If I believed
as you do I should have felt myself
unworthy to longer be o. representative
Of the American people if 1 failed to