The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1895-03-14
Summary of Work Accomplished.

Miscellaneous Observation-Disclosures. 500 900
Permanent ACKNOWLEDGEMENTS. 1903 $50
Summary of Work Accomplished.
WASHINGTON, March 5.-The three
sessions of the ffty-third congress, ex-
piring at noon today, were dominated
by three controlling issues.
The first by the silver question. The
second by the tariff question. The
third by the financial question.
On the nth of August, 1898, the con-
gress convened in extraordinary ses-
sion for the avowed purpose of repeal
ing the compulsory silver purchase pro-
silver session.
Mr.. William L. Wilson, chairman of
the ways and means committee, pre-
pared bill in conformity to the recon-
mendations of the presidents message
and on the 2sth of August, 1898, this
measure passed the house. The senate
in the meantime had been preparing,
through the committee on finance, a
substitute bill, and on the first of No
vember this senate substitute received
the approval of both houses and be-
came law by the approval of the presi-
dent. This measure, and the repeal Of
the remaining vestiges of the recon
struction federal election laws, closed
the important work of the extra ses-
sion.
The Reyersion of the Tariff.
Upon its meeting in regular session
in December, 1898, congress entered
-
of the tariff The Wilson tariff BILL
passed by the house February LIST, 1894
was set aside for the Jones' German
compromise tariff bill, adopted by the
senate on the third of July, 1894, after
four months debate, and the house
was given the option of the senate
bill or nothing" 1t took the senate
bill and sent it to the president on the
18th of August, 1894, President Cleve-
land permitted the bill to become law
without his approval, and in an infor-
NAL manner communicated to individ-
ual members of congress his dissatis-
faction with the inadequacy of the
changes made in the tariff system.
Supplemental to the passage of this
tariff law, the senate entered upon a
proftless and inconclusive inyestiga-
ton of rumors that senators had been
improperly Influenced to vote for the
senate sugar scedule and had speculat-
ed in stocks of the so-called sugar
trust company"
Lock of Financial Legislation.
The third and last, or Financial" ses-
sion of the fifty-third congress has been
especially marked by the refusal of
both houses to put into Legislative
shape the recommendations of the pres
ident for the alienation of the string
ent financial situation.
The president in his annual message
called attention to the continual deple-
ton of the gold reserve and complained
that though it was perfectly and pal
pably plain that the only way under
present conditions by which this re-
be replenished is through the issue
and sale of bonds Of the government
for gold, congress has not only thus far
declined to authorize the issue of bonds
best suited to such a purpose, but
there seems a disposition in some
quarters to deny both the necessity and
the power for the issue of bonds at all. :"
The Fate Of q Banking Bill
The banking and currency committee
OF the house, with the approval of the
administration, submitted a financial
measure which among other provisions,
materially modified the National bank
ing laws and repealed the restrictions
on state bank circulation. This bill
was defeated by six majority. 1t was
followed by second message from the
president, received by both houses Of
congress December 2Sth, in which the
president said that whatever might
have been the merits of the original
plan proposed by him, he was now
convinced that its reception by the
congress in the advanced stage of the
financial situation necessitated addi-
tional or different legislation" He
once again recommended the passage
of law authorizing the issue of low
interest bearing bonds to maintain the
gold reserve. The banking and cur
rency committee responded to this sug-
gestion by offering on the first of Feb
ruary, 1895, a bill to ''authorize the
secretary of the treasury to issue bonds
to maintain sufficient gold reserve
and to redeem and retire United States
notes"
What Led to the Bond Issue.
After only two days debate this bill
was also defeated by majority of
twenty-seven. On the next day the
president informed congress that he
had negotiated a conditional sale Of
over sixty.two millions of dollars Of
four per cent coin Sonds to a syndicate
largely representing foreign capitalists.
The War In tho East.
TOXIC, March 9.-General Nodzu re-
ports that the first army has advanced
to kokall, where no traces of the enc
my were found. The third division il
encamped at Chioshinto, and the first
army staff with the fifth division is en-
sa.nPsd At Fenhwanton.
Snf