The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-02-06

Speeches by Springer, Reed and 9th
ers-The Republican Proposition.

Speeches by Springer, Reed and 9th
ers-The Republican Proposition.
WASHINGTON, Feb. 5.-The debate on
the administrations bill to authorize the is
sue of $500, 900 gold bonds for the purpose
of retiring the legal tenders and treasury
notes began in the House to-day and con-
tinued for six hours. 1t developed widely
divergent views at the outset. The silver
Democrats and Populists opposed it out
right Some of the administration Demo-
Gratis like Hall. of Missouri, favored a SUBJ
stitute the lines of the Carlisle bill, while
Mr.. Reed, the leader of the Republicans,
after speech charging the present trouble
to the deficiency of the revenue, introduced
a bill authorizing the Secretary of the
Treasury to sell three-per-cent. coin bonds
to keep up the gold reserve and certificates
of Indebtedness redeemable at the pleas
ure of the government, to pay current ex-
penses until the revenues shall equal the
expenditures. The issue of gold bonds he
said, would discriminate against the coin
bond of the past. Mr.. Patterson Demo-
crat, from Tennessee, on the contrary IA
vored the issue of gold bonds. The debate
under the five-minute rule when the bill
is open for amendment, begins Tomorrow
When the House met, at IL o'clock this
morning, several bills were passed by unan-
the widow of the late Commodore Frank
Avery at the rate of $40 per month"; and one
for the relief of Kate Eberle, an Indian
woman.
In accordance with the terms of the spe-
cial order adopted yesterday, the House
then resolved itself into committee of the
whole to consider the bill ITO authorize the
Secretary of the Treasury to issue bonds to
maintain a sufficient gold reserve and to
redeem and retire United States notes for
other purposes.
SPRINGER'S STATEMENT
Mr.. Springer chairman of the committee
on banking and currency, opened the debate
with long statement concerning the con-
dition of the treasury. He produced figures
to show that there would be an estimated
surplus of SIG, ,000, 900 in the revenues at the
end of the present calendar year, but de-
ficiency at the end of the fiscal year, June
80, of $40, ,000,000. The deficiency now was
$34 000, ,000, but this will be reduced $l4C000O0
in the coming five months. On June 80 1896,
he said. there would be in the treasury Ss5,-
COO coo of surplus revenue.
While Mr.. Springer was discussing the
dwindling gold reserve and the enormous
outstanding gold obligations of the govern
ment he was interrupted by Mr.. Simpson,
who asked if the Secretary OF the Treasury
compelled TO redeem the legal tenders
in gold.
L.
so compelled by the precedents of former
Secretaries or in bad faith repudiate the
established policy of the government. In
conclusion he appealed to members to lay
aside party prejudice and as patriots stop
the drain of gold and save the country's
credit.
Mr. Cox CTennessee), in opposition TO the
BILL taunted Mr.. Springer with his agility
in getting on every side of every question.
He made vigorous argument in favor of
the substitute he should offer. which was
based on the principle of the Carlisle bill,
the issue of circulation by banks on de-
posit of legal tenders, contending that this
would take the greenbacks out of the way
without decreasing the interest-bearing debt
of the country and without throwing the
country on an absolute gold basis.
Mr.. Hall (Missouri) followed in the same
strain in support of the substitute. He
deprecated the further washing of dirty
linen on the floor of the House. Mr.. Swan
son bitterly criticised the administrator.
The present trouble was due TO two causes
deficiency of revenue and the gold raid on
the treasury Congress passed the bill for
coining the seigniorage. The President had
ve.oed the bill Let tire responsibility be
placed where ii belonged
Ex-SPEAKER REEDS SPEECH
Mr. Reed the leader OF the minority
then took the floor. He was given close at
tention. This bill. he began. might exhibit
the science OF statesmanship. but II did not
exhibit the art thereof. In order to accom-
plish anything 1t was necessary that bill
should pass both houses and be signed by