The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1895-02-14

Silver Men Discover a Law on the
statute Books Which They Con-
strue to Allow Them Ground for
Hope That They Can Bring About
the Coinage of the White Metal
Through the Use of Mexican
Dollars.
Special to the RECoRD-UN1ox.
WASHINGTON, Feb. 13.-The House
Committee on Ways and Means voted
to-day to report to the House the follow
ing resolution acted upon by the sub
committee:
'ReSO{ced. By the Senate and House of
Representatives Of the United States i'll
Congress assem- bled, that the Secretary OF
the Treasury be, and is hereby author
lied, to issue and dispose of, at not less
than par in gold coin, bonds of the
United States, with qualities, privileges
and exemptions of bonds issued under
the Act approved July II, 1870, entitled
An Act authorizing the refunding of the
national debt loan TO an amount not eX-
ceeding 500, ,ll6,215, bearing interest at
rate not exceeding 3 per cent per an
mum, the principal and interest payable
in gold coin Of the present standard OF
weight and the said bonds to be made
payable not more than thirty years after
date.
provided, however, that no part Of
the proceeds of the sale OF such bonds or
notes redeemed with the proceeds be
available tor the payment of the current
expenses Of the Government"
The vote is as follows: For the bill.
Wilson, Tarsney, Turner, Montgomery,
Stevens, Cochran Dems.), Reed and
Payne Reps). s. Against, Mcmillan,
Whiting, Bryan and Wheeler Dems.),
Hopkins (Rep.J, ). Bynum did not vote.
Dalzell and Gear were absent.
y minority report will be written by
Bryan.
The provision against the redemption
of the national bank notes by the Treas
ury, which Secretary Carlisle requested
yesterday and which the subcommittee
recommended, was passed over by gen
eral consent, as it was thought best not to
cumDer the resolution with too many
propositions.
The resolution prepared by Wheeler,
declaring the enacting OF the Presidents
recommendation 10 be an abandonment
OF blmetaIlIsm and therefore ineXpedient,
and Bryau'S resolution for the payment
OF ali Government obligations in the coin
IilbSL cOllN eul5lL, were NOIeu uOND, as
was COchran'S proposition for a more
comprehensive authority to the Secretary,
but the votes were not recorded. Cochran
SAID lie would vote 10 report the reSOlu-
lion, bat would reserve the right TO offer
an amendment. Reed said the plan was
none OF his making nor choosing, but
under the circumstances he would vote
1Or 1t as scheme which might furnish
some relief for the treasury.
1he report which Chairman Wilson
submitted TO the majority OF the Ways
and Means Committee describes the resU-
luton, and says: The message OF the
President communicates 10 the House
the condition OF the reserve OF gold in the
treasury available for the redemption of
The Governments legal tender notes and
the maintenance OF lhe parity OF its coin
circulation, and the reasons which COM
pei, at the present time, and issue of
bonds 10 TeDlGuIsn and maintain that re-
serve; also The general terms Of a contract
made uHuer authority Of section 300 OF
the Revised Statutes for the purchase and
delivery to The treasury OF q sum slightly
IN excess OF SO5, 10000 or gold coin, to be
added to the stock IN the treasury, which
amounts 10 only 81, ,2I1, ,OSI at the present
time. The committee have had the bene-
lit of a conference with the Secretary of
the Treasury, VINO exhibited to them the
Original contract entered into by himself
on the Sth day OF February and explained
Its details to them. a full and complete
copy OF SAID contract is hereto added.
From reading OF this paper, it viii be
seen that the arrangement OF the Secretary
with the parties 20 the contract effects the
purchase OI $500, 900 ounces OF standard
gold coin OF the United States (amount-
ing to 500, 1870, at least One-haIf OF
which shall be obtained in ana Skinned
from Europe. For this gold coin he has
contracted 10 issue to the parties furnish
ing il, under authority OF the Act Tor the
resumption of specie payments, approved
January II, 1870, ! per cent. thiriy-year
coin bonds OF the uited States, at a price
which realizes To them interest at the rate
of 81 per cent. But the Secretary OF the
Treasury has reserved the right, if au-
thority be given him by Congress, TO sub
stitute at par any bonds Of the United
States bearing . per cent. interest, of
which the priucipa! and interest shall be
specifically payable III United States gold
coin OF the present weight and iineness.
said substitution TO be made within ten
days from the date OF the contract"
The contract was made q pant of the
report.
SILVER MEN HAVE GROUNDS FOR HOPE.
WASHINGTON, EeU. 13.-An old law
has been discovered upon the statute
books by Tree silver men which they de-
clare gives them ground to hope that they
can bring about the coinage OF silver in an
dollars. The law was passed in 1897, and
is Section j501 OF the Revised Statutes. 1t
Is as follows:
THE pieces commonly known as the
quarter, eighth and sINteeulh of the
Spanish dollar ana OF the Mexican dollar
shall be receivable at The Treasury oEthe
United States and its several Offices aud
Its several PUstO.nces, and the Land OIL
ces at the rates OF valuation following:
The fourth OF dollar, or piece of two
Eeals, at twenty cents; the eighth OF a dol
lar, or piece OF one real, at ten cents and
the sixteenth oI dollar, or half real, at
five cents"
The section following provides that the
COINS shall not be rC.ssuGd in the treas
ury, but Shall be recCiucd into United
States coins. The law has never been re-
pealed, and silver men IL Congress assert
that Il is possible TO SEM hem all to
Mexico Tor coinage ana relmport into tho
United States aud present a. the treas
ury. They assert that The validity of the
law is beyond question.
Representative Hartman OF Montana
has Introduced u resolution intended 10
bring the matter OF the old Mexican sill
yer law TO the attention OF the House.
and serve as an opening wedge in the
discussion OF the situation. Ii uoJ re-
ported from committee within six DAYS
the resolution will be privileged and can
be called up ut any time. 1t calls on The
Secretary Of the Treasury to inform the
House what proportion OF TIE receipts
since February ]. 1889, have been paid in
the coins mentioned III the law and which
provided for their receipt at the treasury.
DOINGS IN CONGRESS.
Yesterdays Proceedings in the senate
and House.
w tSETI>-ct-C>- ITei II The Senafe he