Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-01-09
AGAINST GOLD-BEARING bonds.
UesoIution offered In New York
Legislature.

ALBANY. N. Y, January S.-Hardly an
assemblyman was absent when. at S:i5,
the first practical business session of the
lower House of the year 1896 convened.
The following resolution was offered by
MIR. Babcock, of Chatauqua, and went
over under the rules:
Whereas. James A. Roberts, Comp
troller Of this State. has caused the issue
OF advertisements for the sale of S2,OOJO OJ0
of bonds Of the State, running for period
of ten years. ana commanding interest
at the rate of per cent, which bonds
he promises to pledge the State to pay,
principal and interest, in gold; and
Whereas. this action. taken under the
pretended authority of the canal improve
ment act OF 1926. can have no other result
than to discredit the lawful money or the
United States. which we stand pledged by
party platforms and national statute to
maintain at par with gold; and.
Whereas. neither the Legislature OF
this state nor the people who voted -
approve OF the law authorizing the sale
OF bonds for the Improvement OF the
canals authorized the issuing OF gold
bearing bonds. believing that the money
which was good enough to be received by
the State and paid to its employees was
good enough to be used In paying the
interest on the States Indebtedness; and,
whereas. the State OF New York has
no power TO compel the paying OF taxes
in gold, and Is. therefore, likely to hnd
itself compelled to enter the market and
pay premium on the gold necessary
TO pay these bonds. thus aiding 10 create
an artificial demand for gold; and,
"Whereas, the only pretended precedent
for this usurpation of the prerogatives
of the Legislature of this State is found
i'm the action of the Canal Board of
1872 when, silver commanding premi-
um OF per cent. over gold. while
greenbacks were below par IL was
decided that the old canal bonds, for
which coin was received, should be PAID
I'm gold, thus saving the State from pay
ing a premium or from repudiating
part Of its debts; and.
whereas. the action Of 1872 was taken
under the provisions of an act passed
IN 1855, before the legislation was
changed In respect 10 the power of the
Legislature to create debts. and was
to pay bonds issued on a coin basis, while
the present canal appropriation Is made
under the special provisions OF the re-
vised and amended Constitution, and is
therefore wholly an original proposition,
governed entirely by the low of 1&5;
and
Whereas, the law OF 1879 gives no au-
thority for issuing gold-bearing bonds;
therefore be It
''Resolved, That this House distinct
~ dsapproves of the action of the
COMPTROLLER. and protests against the
usurpation OF powers which belong to
this House, III common with the Senate,
as the direct representatives. OF the peo-
pie.
"Resolved. That a copy OF this resolu-
ton be served by the Clerk upon the
Comptroller of this State at once, TO
the end that the sale Of bonds, which Is
advertised to be made at the office OF
the Comptroller upon the 9th Of the pres
ent month may be stopped, and the
rights of the people may be protected
and the integrity of the national curren-
cy be preserved"