St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-02-14

Dem, Ind) was on the floor of the
house while the vote was being TAKEN
but did not appear to register either
way Mr.. Dalzel1 (Rep., Pa.) and Gear
(Rep., Io.) were not present. Followings
was
THE VOTE IN FULL
for the bill: Wilson, Tarsney, Turner
Montgomery, Stevens and Cochran
(Democrats); Reed and Payne (Repab-s
Iicans)-S. Against the bill: McMillin,
Whiting, Bryan and Wheeler Demo
crats); Hopkins tRepublican)-5.
A minority report will be made by
those who voted against the bill. It
will probably be written by Mr.. Bryan.
MINORITY REPORT.
The following minority report was
submitted: Owing to the limited
time allowed for preparing a report,
the undersigned dissenting members
of the committee are precIuded from
presenting their views with that elab-
grafton which the Importance of the
subject would otherwise justify; but
they beg to state briefly the most i'm
portant reason which led them to dis
approve of the measure recommended
by the majority of the committee.
''F'irst-The issue of bonds of any
kind is only needed to replenish the
gold reserve, and the gold reserve only
needs replenishing because the secre-
tary of the treasury redeems United
States and treasury notes in the kind
of coin selected by the note holder.
The note holder has no legal right TO
IL, -1,4sr
ton shall be redeemed. but has been
permitted to exercise that right by
policy inaugurated by the treasury de-
partment at or soon after the date OF
the resumption of specie payments.
The opinion of the secretary Of the
treasury recently given is clear upon
this point. (Here is inserted opinion
referred to previously pubushed.) No
one contends that the executive de-
partment of the government can bind
the government or pledge its faith and
credit by the adoption OF such policy.
To so hold would be to assert that the
executive can make and repeal laws
without the concurrence Of the senate
and house of representatives. Be
Iieving that the secretary of the treas
ury has now by law the right to re-
deem legal tender notes by the pay
ment Of either gold or silver coin,
whichever is most convenient for the
government; and believing that the ex-
ercise of this discretion by the secre-
tary of the treasury is absolutely nee
essary TO protect the government from
organized and unoTganiZed raids upon
the coin reserve. we are not willing to
endorse, directly or by implication, the
administrative policy which has pre-
cipitated the recent financial condi-
tions. Neither are we willing, by
authorizing bonds for the purchase CT
gold. to pledge the government to
policy which discriminates against
silver as standard money and recog-
nizes gold as the only money OF ult1-
mate redemption So long as the note
holder is allowed TO choose the coin
in which he is to be paid. so long will
it be futile to attempt to maintain q
gold reserve.
we nave no hesitation in declaring
it as cur conviction that there is no
remedy permanent in character o.
promising in results. except an inlme-
date exercise by the secretary OF the
treasury Of the right TO redeem United
States notes and treasury notes in
standard silver coin whenever it is
more convenient for the government
to do so, and we further believe that
the greatest danger which can possi-
bly, attend such q course is infinitely
less than the evils which are certain
TO follow an adherence to the present
poiicy.''