The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1895-12-28
SLOWER PROGRESS.
Congressman Are Talking On The
Bond Bill.
THE WAYS AND MEANS COMMITTE
AMENDS THE BILL,
Dingley and Crisp Both Address the House
Some Republican Opposition-A
Final Vote at p. m. Today.

Some Republican Opposition-A
Final Vote at 3 p. m. Today.
Washington, December 27.-Another
large crowd was present in the House
today to hear the debate on the bond bill
proposed by the committee on the ways
and means and reported to the House by
Mr.. Dingley, as soon as the journal hal
been read aud various corrections made
of the record of the vote yesterday on the
revenue bill.
Mr.. Daniels made a unanimous report
from the committee on elections number
one, declaring Mr.. Belknap, Republican,
entitled to the seat for which Mr.. Nc
Gam, Democrat. holds the certificate
from the third district of Illinois. The
reports was agreed to and Mr.. Belknap
appeared and took the oath of office.
MIR. Henderson presented 4esolution
from the committee on rules providing
forssthe discussion of the bond bill until
5 o'clock this afternoon and at an even
ing session from 7.30 to 10 o'clock and
for vote at clock tomorrow.
Mr.. Crisp, speaking to the resolution.
said he desired again to call attention to
the impropriety of the course of the ma
jority in this regard and to appeal to
them for their own sakes to proceed with
greater caution and deliberation. The
experience with the two bills already re-
them to make haste slowly. The bond
tHfl O,nsx r1,DIh bad oDn
stoned murmurs and criticisms on the
Repu blican side because it was couohed
in language the effect Of which would
be to retire the green backs.z What the
Democrats said about it had no weight
but Republican objection led to a reyis-
ion of the bill as it had been hurriedly
drawn in the committee room. Objeo-
tion from the same source, Mr.. Crisp
said, had led to modification of the rule
proposed yesterday to close debate and
force yote at o'clock today so that
the debate had been extended six hours.
The leaders of the House had yielded to
that objection, as yield they must on all
such occasions, and MIR. Crisp urged upon
Republican representatives who are Op-
posed to the bill to make their objections
valid by voting against a rule which
would deprive them Of the right of offer
ing any amendment to the proposed
measure.
The resolution limiting debate on the
bond bill was agreed 10, yeas 1876, nays
| 101.
The House committee on foreign affairs
today ordered favorable reports to be
made ON the resolutions of inquiry in the
Waller case; regarding the condition of
affairs III Cuba, and the resolution OF
Mr.. Mccall of Massachusetts, with some
notifications, requesting information
regarding the utterances of Ambassador
Bayard
Mr.. Dingley speaking on the bond bill,
said; Had the gold reserve been main
ta;ned at 500, GOO, 900, or increased many,
if not most of the evils from which the
government and the country has suffered
in these last few years, would have been
avoided. The failure to maintain 1T at
OF above the line Of safety. bred disGrust.
which manifested itself in the continued
depletion of the fund, despite the futile
efforts to maintain it, by subsequent and
sadly delayed sales of bonds.
In reply to question, Mr.. Dingley
said tine effect of the bill would be that
when there was run on the treasury
tho same policy pursued up to 1890 would
be pursued, green backs could be with
held temporarily in the treasuy, and in
the meantime such condition of the mar
kets could be cultivated as would make
the greenback more desirable than gold,
and the flow of the latter into the treasury
would be stimulated by desire to Sc
cure the more convenient gTeenbaok in
exchange.
In response to another question, Mr..
Dingley expressed the opinion that 3
per cent bond would be taken by the peo-
pie Of this country with great activity.
In conclusion, he said the bill had moth
ing to do with the silver question. 1t
presented simply the proposition that
it was better and wiser to issue per
cont bonds than those of a higher r4te Of
Interest. 1t contemplated a return to the
conditions obtaining from 1879 to 1898.
during which period the country enjoyed
u high degree OF prosperity Applause. }
MIR. Turner, Democrat of Georgia, op-
posed the bill. He said that the funda-
mental error in our financial system was
The vast volume of uncovered paper mon
ey, which was legal tender. The Repub-
lioan majority had undergone the most
remarkable changes in its attitude to
wards the finances of the country. The
Republicans were paltering with the
present crisis because there was Presi-
dential election pending. They were
afraid of interfering with the green
back currency or with silver, which they
unnecessarily trampled under foot. The
hill contained nothing to prevent the
treasury from using the proceeds of the
sales of bonds for any lawful purpose.
A proviso protecting the green back from
destruction which would result in their
retirement, would necessarily result in
the retirement of notes issued under the
Sherman act of 1890. Mr.. Turner stated
that the administration wanted all the
paper money retired. If he had an op-
nortunity to do SO, he would have offered
10 SO amend the bill. In the present con-
dition of the market, Mr.. Turner said,
he would inform Mr.. Dingley ne could
not sell a single bond provided for in the
bill at par In support of this he referred
TO the prices quoted in open market for
the ) per cent bonds last issued by the
government. MIR. Tuast appealed for a
reyision of the financial sy stem upon the
bnsis that would commend it to the fav.
or of conservative men.
Mr.. Grusvenor, Republican of Ohio,
sunnorting the bill, said the Democratic
officials had drought ABOUT the necessity
for it's passage. He delivered philippe
AGAINST Secretary Morton who, he do
olared. violated the law, when he refused
to carry into effect the appointments
made by Congress for his department..
Mr.. Patterson, Democrat of Tennessee,
said that the duty of Congress was to re-
STORE confidence in the currency. The
massage of resolution declaring it the
nnrnose and policy of this republic, tc