New-York tribune., 1895-12-28

sequent and sadly delayed sales of bonds.
Mr.. Ouigg (Rep ~ Y) asked Mr.. Dingley If he
thought the passage Of the bill would result in
maintaining the gold reserve at any particular
point
INFLOW OF GOLD STIMULATED.
Mr.. Dngley replied that ~ effect would be that
when there run on the Treasury the same
policy that was pursued up to 1890 would be par
sued: the greenbacks would be withheld tempo
rarily In the Treasury. and in the mean time shch
a condition of the markets could be cultivated as
would make the greenback desirable than
gold and the flow OF the latter into the Treasury
be stimulated by the desire to secure the more con-
venient greenback in exchange.
In response to a further question from Mr.. Marsh
regarding the comparative value Of long and short
bonds Mr. Dngley expressed the opinion that a 3
per bond would be taken by the people of TINS
country with great avidity. In closing ne Sad that
the b!ll had nothing 10 do with The silver question
1t presented simply the proposition that II was was
better and wiser issue cent bonds than lhose
Of higher rate of interest: ard il contempla,sd
return TO the conditions obtaining rom 1873 TO 1878
during which period the country enjoyed q high de-
gree of prosperity. lApplause) -, ,,... ,,,...,
GaJ in opposition TO the lali lie said that the
fundamental error in the hnanclal system "i INC
paper money which by statute had been declared
to be legal tender. The Republican majority. he
said had not only changed front. he said yester-
day upon the tariff question, but had undergone
the most remarkable changes in its attitude toWaLd M
the finances of the country He briefly reviewed the
history OF the financial legislation since the passage
of the specie rosumpt on act and said that they ho
because there Was a Presdentia election pending
They were afraid of Interfering with the grecnbacA
trampled under foot MIR Turner challenged the
statement by Mr.. Dingley that the b.l would re-
Quire the Treasury Department to open tw3 wa, ac-
counts OF the proceeds of the sales OF the oblgu-
tcns provided for. Nothing of the knd was sus.
eested he said and il contained nothing to prevent
the Treasurer from using the proceeds OF these
sales for any lawful purpose to which he could de-
Discussing the proviso protecting the greenbackss
from construction of the b.ll which would result
in their retirement Mr. Turner asserted, as a LEGAL
proposition that it would necessarily resuG III Lille ,e
act of 1880 The inclusion OF the greenbacks neces-
sary implied the exclusion of the sherman notes
pleasant ust and unproable a ~ task to fiji the role Of
obtecor and critic only but 1hs s m rue p provpns vd M
associates no other course Had ths sent,enad sepnad
generonsIy to the appeal Of the president they
would have allowed to those who in some neasure
ton the privilege of proposing amendments wh-cn
the President and Secretary OF the treasury a de
sired. They might have been allowed n accord
ance with the recommendation. 10 ask the retire
ment of all the paper money. so called.
FAILURE OF THE PLAN PREDICTED.
The unfortunate divisions in both parties respect
ing the financial system of the country Mr.. Turner
said. had done much TO postpone and prevent
settlement of the question on a sound basis. The
benefits Of such a settlement, he declared. would
not be confined to this country. but would extend
to all the world; And it could be settled. IN ms
opinion. by the declaration Of a sound-money doc
trne as the policy of the United States Personally
woud LII be glad to er off, ~, an o al AZ the M
circulating notes now in existence and restoring 20
money mo oiH In tn the present condition Of the market
Turner said ne would inform his friend from Name
(Mr. Dingey) that he could not sell single bond
or bin provided for in the bill at par and in sup
port of this referred to the prices quoted IN ~ open
Government. Mir Turner closed with an appeal for
a revision of the financial system of the country
upon basis that would commend 1t to the favor oi
conservative men. -, -
was influenced by the conditions that had preceded
officials had brought about the necessity lor lis
passage Secretary Morton, he declared had daIcl
dared to do The, regular troops, he said, were
cSd out TO pg t cG%n Sey bad yoaed nd he law no
more than rad the Secretary Of Agriculture when
made by Congress for his Department" lie would
support the bin even If It's effect was to rescue
grace, for underneath it les my country, the coun
Try, which the Republican party has saved in war
YOU can trace disaster from that hour, as you
ton OF Mr.. Patterson Dem, TennD IN beginning his
speech against the bill He was talking of the pas,
year preceding that date ne said s6s per of the
customs dues collected in New-York Were paid in
off to i2ls per cent; in 1892 to 50 per cent and in
1873 not cent was Spa PAID N god i Aer M nG sDer %
gress the gold payments rose to aI6 per cent, bur
since 1888 thay had asan enTey @ from
gold in the Treasury of the United States.
THE DUTY OF CONGRESS-
The duty of Congress, Mr. Patterson said. to
restore confidence in the currency of the country.
The passage of a resolution declaring 1t to be the
purpose and policy Of this great Republic to main
tain fxedly its standard of value would be worth a
great deal more the American people and contrib
ute more largely TO their prosperity than bond
lean people? MI Patterson asked. What was the
[ he la m he
cipitated 10 a silver basis large proportion of both
political parties to-day earnestly advocate the free
and unlimited coinage OF silver at the ratio IL 10 l.
Those with whom he agreed. said Mr. Patterson,
%aoH on the basis of Silver ~o%a monome sns sne
That apprehension could not be allowed long
that danger threatened the currency of the country
The provisions Of the pending bill. he declared did
not meet the requirements Of the situation There
was nothing TO prevent the purchaser of the pro-
posed bonds from first putting his hand IN the
for them. 1t was a miserable makeshft; the Re
publican party had failed TO meet public expectation
The President had asked for bread for the suffering
Mr. Swanson Dem, Va. after entering his pro-
consideration of the pending bill. said he calculated
upon the basis of Secretary Carlsle's figures. that
three years hence. and that the proceeds Of sales
of bonds under the biii would be so much an ad-
dition thereto. He opposed any such proposition
and also any proposition to retire the grecnbacks
either directly or indirectly. The passage of the
Bland SeSnlorage bili would. IN his opinion. afford
the necessary relief IN the best manner
LIVELY WAR OF WORDS.
As Mr.. Swanson closing a lively coloquy
sprang up between him and Mr.. Hardy Rep.. Ind.
question by the latter as whether the sur
plus in the Treasury Of S72000Oo1 claimed by Mr.
Swanson. part of the $l62Oyo,00 that President
Cleveland had borrowed The crossGre Of question
and answer and unter-questions rapid and
confusing to escape the reporters. and shortly
drifted into the realm of political contests. Il
elected i'm district that cast 5000 votes asserted
Mr.. Hardy. How many votes did You receiver
Mr.. SWANSON received 1900 votes, and beat my
Republican opponent by 1000.
Mr.. Hardy-How many votes were cast in your
district?
Mr.. SWANSON don't know. Republican augnter)
But what has that got to DO with the matter?
Mr.. Hardy-Thcre more votes cast in two
districts IN Indiana than in your whole State.
Here the gaYel fell and the House was LEFT in a
state OF ignorance TO the merits OF the original
subject of the c0loGuy.