Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1895-02-15

the negative 10 control Tour hours of I
the time allowed for debate, the re-
naming hour to be given TO debate |
under the Ave minute rule
Mr.. Wilson. chairman Of the ways
and means committee. who opened the |
debate. cautioned the house, at tho
very outset. that unless the debate
could be restricted TO the resolution
from the ways and means committee,
TO the exclusion OF all pnrtisanship. II
would be impossible to vota intelligently
ON the question at its conclusion.
Mr. Wilson then proceeded to care
fully state the case covering the ground
traverscd by his report to the house
yesterday. lie spent much. time clabo.
rating the events leading zap TO. and the
conditions which compelled the secre-
taiy OF the treasury to make the con-
tract with the syndicate for the pur-
chase OF gold, He said there was no
dearth of revenues In the treasury
Today, he declared, there was an
available cash balance IN tho treasury
OF 65,0OO,00O, a larger balance than on
June 80, 1892. by $50 O0O. 000 when II
was Sl2n.oo0.00o. including the gold re-.
serve Today the gold reserve stood at
MIR Wilson revived the history Of tho
gold reserve established TO insure the
resumption OF specie payments. That
reserve had not been threatened until
! iNhh' VI ioNus Which, IN n nlnRlp
month tNovember, s2I.000,O00 OF gold
had been Withdrawn.
IN the course OF 1890 the S5i 900 600
OF bank trust funds had been passed TO
the available assets OF the treasury.
| since then bonds had been sold three
times to replenish the gold In the
treasury twice within six months.
me previous operations OF the treasury
mad resulted, he said. In the United
states exchanging its own bonds for
us own gold and now Secretary Car
| nsle had done what Secretary Sherman
uid time and time again, when he was
reminding the public debt--bc had pur-
chased gold In other markets than our
| own. Mr. Wilson conlrasted the ait,n-
ton OF the treasury OF 1852, with its
situation now, In regard 60 the burden
TO be borne by the gold reserve. Then
no greenbacks were being presented for
redemption. and the reserve was only
necessary for practical purposes to sup
port the outstanding silver, amounting
TO but S2OJ,0OO0O0 To-day Il supported
the entire currency fabric $500 900 900
OF outstanding legal tenders and trens-
ury notes. S50O0OO.000 NJ over-valued
silver and all the national bank notes
outstanding
You admit" interrupted Mr.. Ding
ley Rep OF Mainel that Siii, 600. 900
OF gold have been purchased 90 main
tain the gold reserve. How did the
treasury obtain the money to meet the
deficiency in the revenues OF siO9,OOO.-
0003"
SIN hurping on my daughter" re-
piled Mr. Wilson, with a wave OF his
hand but Mr. Dlngley insisted upon
an answer TO his question. and Mr..
Wilson replied that, as he had stated on
former occasion, II WIS partly true
TINT by the operations OF the endless
sataH Iaa H.. a. Ia
drained from the treasury some of the
money obtained from the sale OF bonds
had been transferred to other accounts,
and had been used to defray current
expenses. He called Mr, Dingley's At
tention to the fact. TINT under tho
national bank act OF 1874. the bank
notes, being redeemnble by the treas
ury, could be used by conversion to
drain the treasury of gold, as well an
the legal tenders. Mr.. Dlnglcy, how
ever, sim persisted upon a more spec
ellie, answer 10 lis orlFbW question,
and Mr.. Wilson finally admitted that u
large amount of the gold received from
the sale Of bonds had been used to
meet the deficiency IN the revenues.
Then MIR, Dingley, recurring To Mr..
Wilson's former statement about tho
transfer Of bunk trust funds to tho
available assets OF tho treasury de
clared that not one dollar OF that fund
had been used to dcfray current ex-
penseu.
'The difference between your meth
DDS and ours" replied Mr.. wilson. amid
burst of Democratic applause, rs
that when we needed money. we bor-
rowed 1t. When you needed II, you
borrowed Il from trust fund"
MIR. Dlngley insisted that that fund
was not used until 1893 whcrcupon
Mr. Wilson cited him to Secretary Win
dom's report, stating that, on Soptom-
her TO- 1890, the only available cash In
the treasury was the amount Of the
trust fund turned over 70 That account
in the preceding July.
This ended the fencing between the
opposing leaders and Air, Wilson con
tlnued his argument where 1t had been
broken on by MIR. Dlngley's Interrupt
ton
Secretary Carlisle In borrowing this
gold had only done what Mr., Sherman
had done He had sold four per cent
thirty yonr bonds at the rate Of i0i Ia,
with the right TO substitute, at par
three per cent gold bonds II the gov
eminent continued 70 maintain ita ira
ditional policy, the four per cent bonds
would be virtually payable IN gold, be-
cause the government was bound TO
maintain all Its currency on parity.
AA the bonds viii be paid In gold, II
committee that there ought TO be no
hesitation In making these bonds pay
able In gold and saving 10 the govern
ment interest charges, amounting
10 over yl6OO0O0o. The contract Is al
ready made by which gold Is being
put into the treasury and plnced on
vessels for shipment 10 this country
1, cannot be set aside. II was made
under ample provision OF law. The
qlcstlon presented here Is whether we
will substitute for u four per cent coin
thirty year bond, a three per cent gold
bond.
MIR. Wilson asserted that Tor twenty
Ave years the gold standard had been
the practical money basis IN this ooun-
try, that gentlemen confused the
standard Of payment with the currency
payment. Two experiments had fAli-
ed 10 give relief, and now the treasury
had been Obliged to resort, AS il had
! under Secretary sherman, 10 special
, contract.
MIR. McMllin Dem, Tenn) asked II
IL would not be possible 70 raid the
gold reserve In the future. as II had
been ia the past.
= Mir. wilson replied that II has UNI
doubtedly been possible since the iirst
r day OF The resumption OF specie pay
, ments. but said /, would not be done II
we maintain confidence 80 that our