The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1895-02-15
WAS KNOCKED SKY HIGH
ClrliSle'S Bond SCham3 Meets lis D,ath
in the House.
BY A VARY DECISIVE VOTE
Eloquent and Earnest speeches by
Leaders on Both Sides OF the
Ouestion-Biand and Bryan
Win a Big Victory.

WASHINGTON, Feb. 14-As soon as the
house journal bad been read to-day,
CatchinCs from the rules committee re-
ported tue special order under which the
house was to operate. IL was as follows:
Rosolred, That immediately upon the adop-
tion OF this rule the house shah proceed in con-
mttee OF tie whole to the consideration OF the
bond resolution, and at o'clock the previous
questio shall be considered as ordered on said
resolution, and then Without intervening motion
the vote shsn be taken thereon until the same
shall have besn fully disposed OF.
CatchIngs promptly demanded the pre-
vious question, which was ordered, t6
to IL.
The vote then recu-red on the adoption
of the order. 1t resulted 56 to II.
Simpson made the point of no quorum.
Simpson and CatchiEgs as tellers, took
their places, and for over half an hour
waited patiently for the belated arrivals
TO make up the coveted quorum.
At II 80 o'clock, when CatchIngs re-
ported a quorum, the vote had resulted
152 TO 2S in favor of the special order.
Before the debate began the speaker
announced that he would recognize two
members of the committee on wavs and
means, Wilson and Reed in the affirma-
tive, and Mcssrs. Hopkins, republican, of
Illinois, and Bryan, democrat, of Me-
braska, necessary to control the tour
hours of time allotted for debate, the re-
naming hour to be given to debate under
the five minute rule.
Wilson. chairman of the ways and
means committee. who opened the de-
bate, cautioned the house at the very OUT
set, that unless the debate could be re-
stricted the resolution from the ways and
means, to the exclusion of all PARTISAN
ship. it would be impossible to vote intel
lige ntly on the question at Its conclusion.
Wilson then proceeded to carefully state
the case, covering the ground traversed
by his report to tue house yesterday. He
said there was no dcarth of revenue to the
treasury. To-day he discovered there was
an available cash balance in the treasury
of $l65. 900. 900, larger amount than on
| June 81, 1892, by $50. .00o.o00, when il was
| S129, Coz, 900, including the gold reserve.
| To-day the gold reserve stood at SAC ,213,-
| 600.
Wilson reviewed the history of the gold
reserve established TO insure the resump-
tion of specie payments. The reserve had
/ not been threatened until the panic of
| 1890. when, in a single month. November,
| So, 900. % of gold had been withdrawn.
/ In the course of the panic of 1890 the $685.
/ 000. 900 of bank note trust funds had been
| passed to the available assets of the trea 5.
ury. Since then bonds had been sold
three times to replenish the gold in the
treasury, twice within six months. The
| previous operations of the treasury had
resulted, he said. IN the United States ex-
changing its own bonds for its own gold,
| and now Secretary Carlisle had done what
| Secretary Sherman did, time and time
again, when he was refunding tho public
debt-he had purchased gold in other
markets than our own.
Wilson contrasted the situation of the
treasury in 1882 with its situation now in
regard to 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 support the outstanding sill.
yer, amounting to but 500, 900. Tod ay
| it supported the entire currency fabric
$500 100000 of outstanding legal tenders
and treasury notes, S500,OOO,CO0 of over
valued silver and all tho national bank
notes outstanding.
"You admit interrupted Dingley
"Sl11 .0O0, 900 of gold have been purchased
to maintain the gold reserve. How did
the treasury obtain the money to meet
the deficiency in tho revenues of Sl09, 900,
O00?r
Wilson replied that it was partly true
by the operations of the endless chain pro
cess by which gold was drained from the
treasury, some of tho money obtained
from the sale of bonds had been trans
ferred to other accounts and had been
used to defray current expenses. He
] aff To he 70 h.,
under the national bank act of 1873. the
bank notes being redeemablo by the treas
ury. could be used by conversion to drain
the treasury of gold as we'll as legal len.
ders.
Dingley, however, persisted upon !
moro specific answer to bis original ques
ton and Wilson finally admitted that Q
large amount of the gold received from
the sale of the bonds had been used &c
meet the deficiency in the revenues.
Then Dingley, referring TO Wilson'S
former statement about the transfer oi
the bank trust fund to the available as
sets of the treasury, declared that no
one dollar of that fund had been used tC
defray current expenses.
The difference between your method:
and ours" replied Wilson, lis that wher
We needed money we borrowed it. Wher
you needed il, you borrowed il from the
trust fund"
Dingley insisted that that fund was no
used until 1893, whereupon Wilson CITED
him to Secretary WINDOWS report stating
Sept. l. 1880, the only available cash il
the treasury was the amount of the trus
fund turned over to that account in the
preceding July.
This ended the fencing and Wilson con
tinued his argument. He said Secretary
| Carlisle, in borrowing this gold, had only
done what Sherman had done. He haC
sold per cent. 3J-year bonds AT the rat'
of 35l, with the right to substitute At par
per cent. gold bonds. II the goyernmen
continued TO MAINTAIN ITS traditional pol
| ICY the rnr cant. hnnI. Moull be y Z