The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1895-02-14
TALK GOLDEN HERE
Five Hours Debate Allowed
for the Three Per Cent.
Bond Resolution.
WILSON OPENS THE BALL
Situation of the Treasury =
Reed to Support the
Measure.
WILSON OPENS THE BALL

WASHINGTON, Feb. IA, 1S95.-In the
House today Mr.. Catchings Dem,, Miss)
reported the resolution agreed upon by
the Committee on Rules for the consid-
Grafton of the joint resolution OF the
Committee on Ways and Means regard
ing the issue OF gold bonds. The resolu-
-tion reads as follows
Resolved. That ;inemdiately upon the
adoption of this resolution the House
shall proceed as in Committee of the
Whole, TO the consideration of House
resoiu don 275. That at the hour OF nye
O'Clock p; NJ THIS day the previous ques-
said resolution. and then, without IN
terveninG motion, votes sh4lI De taken
thereon until the same shall nave peen
fully disposed OF
The previous question was demanded by
Mr. Catohings, and it was seconded-56
to IL Mr. Picller Qlep., S. D..) made
the point of no quorum. but withdrew
it at the solicitation OF Messrs. Hopkins.
Rep., Ills.,) Grosvenor. 6Rep-, ohioO
and other Republicans.
The question of the passage of the
resolution was then put. the vote re-
suIting, yeas, So; nays. IT,
Mr.. Simpson pop, kas..l no quorum
Mr.. Simpson refused all requests 10
withdraw the point; saving that ,, the eon, on.
rules Of the House. required the vote
OF a majority TO determine these que5-
tions. He said that many members mad
not known that the House was 70 meet
al eleven o'clock. and the advocates CT
the rule had desired to take advantage
OF thai fact, and tried TO rush through
this most important matter.
A vote by tellers was taken. The tel
lerz. Messrs. CatehinGs and siApSon;
stood for half an hour at the neaq OF
the centre aisle, while enough members
slowly struggled IN 10 make quorum
ana at 1i;55 the resolution was declared
y aAs7 Nfsa.S.
On motion of Mr.. Bryan, (i5em, Neo-l
leave to print remarks on the pendlnS
The gold bond resolution was read oy
the clerk, and the Speaker statsa that
he would recognize MessIs- wilson;
(Dem., W. Eaa) and Reed, iRep:. Malne3
Nessrs Bryan, (Dem., Neb.,1 and Hop
kins, Glep., Ills.,) in the, negative. for
the same time; the other hour TO be di-
SV7LS6N'S SPEEca.
Mir. Wilson, in opening. said that un>
less the debate could be kept to the CUES,
ton presented IN the resolution reported
by the Committee on Ways ana Means
and prevented from drifting OF upon
these matters witch naturally attach to
the discussion OF any financial measure,
ii might not be possible TO vote upon
the resoiation intel gently. The situation. on
he said, was this:-The Secretary of the
Treasury having deemed that an eTner-
gency had aTisea, Provided for n
Ions Of bonds, at the net rate of 3A
PC. caSst., Tor the pGrchgse of 3,yo0VOt
ounces gsld. It was further agreed
= s--a ,ear fsetsss 11sia bonds should Con-
those bonds 3dnight be exchanged Tor
gress give tae Secretary aushorlsy 70
the Committee on Ways and Means pro
vided that none of the gold thus real
lied should be used for the payment OF
current expenses of the government.
In considering the necessity for the
passage of the resolution, Mr. Wilson
went i a showing of the condition OF
the Trs.ssury. This morning, he said:
there was an available cash balance OF
sl65, COO, COO, which was greatly in excess
history of the Treasury. For instance,
on the 31st day of May. 1892. the avail
able cash balance was s125,0o0, coo. So it
was not due to any financial stringency
in the Treasury itself. But when We
come to consider the gold reserve, said
Mr.. Wilson, we found this morning i
amounted to but 1921, 900. AS a bank
of issue and redemption, therefore, it
had been compelled to do as other IN
stitutions of the kind-it had been COM
pelled to go into the market and pur-
chase that with which it must redeem
Mr.. Wilson reviewed the history of the
1875, providing for the resumption of
specie payment Secretary Sherman, in
his reports, had said that the power
of the Secretary of the Treasury to main
tain the gold reserve was q continuing
power, and in his estimation. it should
amount to forty per GENT. of the out
standing liabilities. This was not the
Treasury had suffered from a loss of
c~nt