The Cambria freeman. [volume] (Ebensburg, Pa.) 1867-1938, 1895-02-15


committee on ways and means has con
sumed, one more Of the ten days within
which the treasury has an option 20
make the new bonds payable IN gold
and made decided progress toward an
agreement upon plan TO be reported
10 the house After being clOseted for
two hours. with Secretary Carlisle, the
committee talked over the situation,
delegated the framing of an agreement
70 a Sub-committe of three Democrats
and two Republicans. and late
learned that Its subcommittee had
dropped partisan differences, and found
common ground
The resolution reported at the last
meeting was one 70 authorize the secre
tary of the treasury to issue S62, 100000
IN 3-peU cent bonds, payable IN gold.
with the pTovIsO that none OF the pro
ceeds shall be used for current expenses.
and the further provision, requested by
Secretary Carlisle, repeating the law
which requires the government to re
deem national bank notes, and requlr
ing hanks 70 redeem their notes in the
first instance Inquiry was made ii
there was a minority report. and Mr.
RyeC SAID there was none, although he
believed a wiser plan would be to pro
vide for increasing the revenues
Mr. Bynum Dem, Ind proposed his
resolution as a substitute
Mr. Wheeler Dem. Ala.D offered
resolution reciting that Secretary Car
Isle had admitted that the issue OF gold
bonds would compel all future issues TO
be made payable in gold, that blme
tallism had been declared TO be the pol
10 l.f h.. har
be an abandonment of bImetallism. and
therefore declaring that the committee
considered II IuexpedIent to adopt the
president ; recommendations
Mr. Bryan Dem, Neb) offered a
resolution recommending that the sec
retary OF the treasury should pay all
obligations OF the government IN either
gold or silver. whichever 1t was the
most convenient TO use
Secretary Carlisle came before the
committee and presented a typewriter
copy of the contract which had been
called for 1t was drawn IN legal form.
covered two typewriter pages, and
bore the signatures of John Or Carlisle
secretary of the treasury; PierpOnt
Morgan, for J 5. Morgan of London.
August Belmont, for y. w ROthschIld
and was witnessed by Francis Lynde
SrerSOn Of New y Ork, formerly Presi
dent cleveland = law partner.
The principal features of the contract
We're made known in the presidents
message. Upon one point, the seCre
tary particularly enjOined the committee
TO maintain secrecy, and that was re
gardlug the dates for making the pay
mentS for the bonds He asked for Sc
Crecy. he said, at the request of the
finauciers. who have agreed TO take the
bonds. and because they feared that the
bankers would corner the world gold
against them if the time 1t would be
needed was known, and the methods by
which 1t was TO be obtained Accord
inEly the committee adopted resolution
pledging Its members not to reveal the
terms of the document, so far as it con
cerned the payments. Many questions
We're asked the secretary, which he
answered III order. giving the amounts
of all kinds Of money in the treasury
and much other information not new.
When Mr.. Reed asked why the plan
which he recently proposed III the
house as a substitute for the admins
tratiOn bill. was a satisfactory measure
the secretary proceeded TO quote a feat
ure Of the act of 1874, which had not
been before noticed in the financial de
bates and which seemed to greatly in
validate Mr. Reeds scheme This
clause binds the treasury to the redemp
ton Of national bank notes by treasury
notes when the holders formally re
quest II Consequently the Withdrawals
of the greeuback> INTO the treasury, the
secretary argued would not stop the
drain of gold upon II, but would merely
add another step 10 the process of ob
tanning gold. a. fnaucIers could procure
the national bank notes and secure
treasury notes for them In effect
therefore. the government Is bound &C
redeem bank notes In gold To Obviate
this difficulty. the secretary suggested
that the committee adopt plan 10 com
pei the national banks to maintain al
agency for the redemption Of their notes
and relieve the treasury Of all burden IL
the premises
There was disposition on the part of
certain members 10 intimate in their
questions that the administration haG
shown favCrltism in its negotiation of
private contract. and the question was
directly asked whether the bonds were
not to be sold at rate unnecessarily
low considering the prevalent prices in
the market Secretary Carlisle admitted
that the bankers practically had the
government at their mercy, and he was
obliged TO accept the best terms that
could be made with them That better
terms could have been secured he de-
MED emphaJically. relating somewhat
in detail the different finauciers with
whom Assistant Secretary Curtis had
talked with on his visit TO New York
and those who had visited Washington
In answer tO other questions he as
sured the committee of his belief that ;
plan could be devised to stop the out
flow Of gold. and OF his strong hope thar
the forthcoming bond issue would main
tain The gold reserve at its high water
lrL- for Il
After the secretary had departed. Mr.
CTOckrau Dem y Y y announced that
he could not support Chairman Wilson,,
resolution. because II was simply =
make-shIft 70 meet a present emer
gency, and offered no help 20 the treas
ury IL the event II similar sxigenCies
before the next session 5t congress
ThereuUon NJ Tar~uev Dem Mo,
offered a resolution q empower The
secretary 20 .>-u= 3 Der cent gold bond
whenever rHe needs Df The treasury
might require them. with ;ke provisC
that the proceeds We're not 10 De useC
TO pay current expenses
Then suD- committee was appointed
to draft plan with Messrs. Wilson
tW- Na.), Turner (Ga.) and McMillin
CIenn.) Democrats, and the Republicans
chose MeSSrs. Reed (Me.) and Hopkins
ulls-l- 10 represent them, and the com-
mittee took a recess to enable the sub
committee TO meet.
The meeting of the senate committee
on finance resulted in decision, bv a
vote of 70 3, 70 report a measure for
the unrestricted coinage of silver on the
basis Of the provisions Of the ninth sec
ton Of the financial bill introduced by
Senator Jones ARK The vote on the
motion TO report this section as amended
was a. follows: Yeas. Voorhees,, Harris,
Vest Jones ark. Jones New and
White, nays, Mcpherson. Morrill,, Sher-
man Allison and Aldrich
The Irwin Trial.