The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-01-09
NEW YoRNs NEW CANAL BONDS.
A Resolution Protesting Against the
Gold Clause.

Albany, n. y, Jan. S-Hardly an as
semblyman was absent, when. tonight,
at S:45 o'clock, the first practical business
session of the lower house of the legisla-
ture for the year 1896 convened. The fol-
lowing resolution was offered by Mr.. Bah
cock of Chautauqua, and went over I'M
der the rules:
Whereas, James A. Roberts, controller
of this state, has caused the issue of ad-
refreshments for the sale of 100000 Of
bonds of the state. running for a period
OF ten years, commanding interest at the
rate OF per cent, which bonds he prom
Uses 70 pledge the state to pay, principal
ana interest, in gold; and,
Whereas, This action, taken under the
pretended authority of the canal improve
ment act of 1885, can have no other result
than to discredit the lawful money of 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 to approve
OF the law authorizing the sale Of bonds
for the Improvement of the canals au-
thorized the issuing of gold-bearing bonds,
believing that the money which was good
enough to be received by the state and
pald 70 It's employees was good enough
to be used in paying the principal and in
terest of the Indebtedness; and
Whereas, The state of New York has no
power to compel the payment of taxes in
gold, and is, therefore, likely to find itself
compelled to enter the market and pay a
premium upon the gold necessary to pay
these bonds, thus aiding to create an arti-
fetal demand for gold; and,
WhereaSs. The only pretended precedent
for this usurpation of the prerogatives
of the legislature of this state is found
in the action of the canal board of 1872
when silver, commanding a premium of 3
per cent. over gold, while greenbacks
were below par, II was decided that the
old canal bonds, for which coin was re-
ceiVed, should be paid in gold, thus saw
ing the state from paying a premium or
from repudiating a part of its debts; and
whereas, The action of 1872 was taken
under the provisions of an act passed in
1885, before the constitution was changed
in respect to 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 provision of the revised and
amended act, and is therefore wholly an
Original proposition governed entirely
by the law of 1895; and,
Whereas, The law of 1895 gives no au-
thority for issuing gold bearing bonds
therefore be it
Resolved, That this House distinctly
disapproVeS of the action of the con-
troller and protests against the usurpa-
ton of powers which belong to this
House, in common with the Senate, as
the direct representatives of the people
Resolved, That a copy of this resolu-
ton be served by the clerk upon the
controller of this state at once, to the
end that the sale of bonds, which is ad-
vertised to be made at the Office of the
controller upon the 9th of the present
month"; may be stopped and the rights of
the people may be protected and the in
tegrity of the national currency be pre-