The people's journal. (Pickens, S.C.) 1891-1903, 1896-01-09
ATTACKS THE BOND BILL.
Congreasn1 an MeLaurin Exposes TN
Real Object OF tho Measure

Congressman HeLaurin Exposes the
Rea1 Objoot OF tho Measure.
Hon. John l.. McLaurin, of South
the discussion Of the bond bill proposed
by the Republican,, aud he spoke 40
follows:
Mr.. Speaker, I am opposed to the
passage Of this bill, because it's pro-
visions will not only burden an al
roady debt-ridden people, but will
legalize long series of usurpations
by different secretaries of the treas
ury. The caption declares this bill
ito protect tho coin redemption fund.-"
while at tho same time there 10 not q
single line of law upon the statute
book authorizing or providing any
such fund. Judging from past OK
perience, without doubt this language
would bo construed by the Secretary
for tho purpose OF sequostering in the
Treasury this vast sum of 100000, 900,
which should be in the channels of
business, giving lifo and vigor to our
commercial transactions. This un-
authorized fund has becn main
tained In absolute idleness for over
twenty years. and at simple interest
has cost the poople more than $780,
100000. This is a covert attempt to
legalize an unwarranted assumption,
which alone should prevent the pass
age OF the bill. MIR. Speaker, instead
OF this being bill to protect tho coin
redemption fund, It is, moro properly
speaking, in my Judgment, an act to
provide for deficiency in our reve-
nues. The President has already is
sued over $3.50, 100000 of interest bear
Ing bonds for tho alleged purpose Of
strengthening this reserve fund. In
my oplnionwe might with profit inquire
40 to what hae has become OF tho pro-
ceeds OF tho sale Of these bonds
Mr.. Speaker, 10 Is not true that the
ono hundred aad sixty million. Of gold
| received frora the sale of these bonds
| WAS drawn out OF the Treasury through
tho rodomptlon of United States not,s
or greoabseks Ie ii NOT also true
| that these ona hundred and sixty
millioas OF United States notes or
Gresn baoks have boon paid out by the
Secretary OF tho Treasury In tho ordi-
nary axponao Of tho government? I ro-
peat, he's 1t nos boon tho custoR OF the
! present Secretary 10 soil be ads for gold
| to exobnasS tho gold for United States
| payment Of our governmental ex.
|
bill claiming to protect "tho coiu re-
devaptien fund" when In fact and In
practice it 10 bill to supply the def
ciency Of the revonuep
| bolievs In dealing with tho people
frankly and squerely and II this bill
10 really 70 nlsiptaia O redemption
fund, It should be 90 stated, plainly
and distinctly, aua thea used for no
| other purpose whatever. II, Oh the
other haad, 40 10 now rocretIy prac-
ticed. it 10 10 eupply do6c'ency In
the revenue, I maintain that such a
declaration sheu'a bo made In order
that all may oh rly understand Its
import.
Bssides, l en- decidedly in favor oi
ourtailing rather than extending the
discretionary powers Of the Secretary
OF tho Treasury In our financial affairs
The aoS Of 1875, mentioned in this bin
provided for tho sale Of bonds st his
discretion, ~ not loss than par Ia cola
while tho last issue OF bonds by the
Secretary OF the Treasury was made
for 80 naany ounces OF gold bullion.
merely mention thio 10 show the char
acter OF the usurpation Of power by the