The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-01-29
MORE BONDS.
a GREAT DEBATE.
The Gallant. Young, Popullst, Sena-
tor From North Carolina, Fights
With Great Force and Vigor,
THE ISSUE OF MORE BONDS BY
THE PRESIDENT.

Mr.. Butler introduced bill Is. 1341) to
prohibit the further issuance of interest
bearing bonds without the consent Of
Congress-: which was read the first time
by it's title
Mr.. Butler I ask unanimous consent
for the present consideration of this bill
The matter is so simple, so plain and
yet so important that the Senate, think,
will agree to pass the bill, and make the
request.
The bill was read the second time at
length, as follows:
Be it enacted etc, That the issuance
OF Understanding bonds OF the United
states for any purpose whatever, with
out further authority of Congress, is
hereby prohibited.
Mr.. Butler. l have no objections to the
request made by the Senator from New
York except to say that this is matter
which needs no discussion because it is
distinctly understood now. Every Sen
ator knows now as we'll as he will know
a year from now how he will vote on this
question 1t has been discussed ably,
pro and con. as I see from the Congress
sional Record for years. There are two
distinct sets of opinion in this country
as to this plain, simple bill 1t is as plain
as that two and two make four or do
not make four. Therefore it needs no dis
cussion. I have no remarks myself to
make upon it unless there should be some
remarks presented against 1t. 1t is per-
fectly plain. Everyone knows how he
would vote now. This country is ap-
palled with the fact that we are about
to have a tremendous issue of bonds.
1t is seriously questioned whether under
the present law the President of the
United States and the secretary of the
treasury have the power to issue bonds.
The bill says simply that the bonds shall
not be issued without the consent of Con-
gress. Can any Senator object to refer
ring this matter to Congress? Congress
is the power invested by the constitution
with the control of our finances. Can any
senator object to congress being con-
suited about so important a matter?
The bill requires no discussion, Mr..
President. But, as the senator from New
York has made the request, I will let
the bill go over until we can hear the
Senator from Ohio, and then I shall ask
unanimous consent for it's consideration
l ask that the bill may lie on the table.
Mr.. Sherman made a long goldbug
speech. At the conclusion of Senator
Sherman'S remarks Senator Butler con-.
tinued:
Mr.. Butler. Mr.. President, this morn
ing I introduced a bill and asked unan-
imous consent for its present consider
alton. AIT the request of the Senator
From New York (Mr. HID l allowed 1t
Ohio (Mr. Sherman) had addressed the
Senate upon the financial question. The
burden of the speech Of the Senator from
Ohio (N1r. Sherman), to which the Senate
has listened with so much attention, is
to charge the responsibility for the pres
ent bad financial condition of this coun-
try upon the Democratic party. OF course
there will be replies to this charge. The
Peoples Party would like to reply; the
Democratic party would like to reply;
h,,% IL.
ton of responsibility now we may pro-
long the discussion and while it is pro-
longed the President may issue more
bonds without the consent of Congress.
The people are not interested now SO
much about who is responsible for the
wrongs already committed as they are
interested in stopping the fresh wrong
that the President is now about to com
NIT. This is no time to be playing poll
tics-to be sparring for party advantage.
1t is the time to act. If we are opposed
to the issue of bonds that the President
is about to make, let us be honest and
say So
The Democratic senators should at this
hour put patriotism above party instead
of wasting time in replying to the Sen
ator from Ohio (Mr. Sherman) as to who
is responsible for the country being bank
rupt. They should rise to the duty of the
hour and pass this bill which 1 have
offered calling upon the President of the
United States and his secretary of the
treasury not to issue more bonds with
out the consent Of Congress Every SEN
ator should vote for this resolution; we
can pass it in an hour, and we ought to
do it.
I say we cannot afford to discuss other
questions here for party advantage when
we see in the morning papers that the
president is about to issue 5000 00O, 900 Of
interest-bear ring bonds. We are informed
that he will wait a day or two to hear
from Congress. Let us not keep him
waiting. Let us give him our opinion,
and do it unanimously. Let us tell him
not to issue any more bonds without the
consent of Congress. Let us call upon
him not to bankrupt this country with
debt Let us repeal the Republican law
under which this Democratic president
is about to commit another great wrong
to preserve the credit of this country by
not plunging it deeper in debt.
which I offer. y
Mr.. Butler. 1 do not want to talk about
funerals today I am trying to prevent
funeral. l am trying to keep the liberty
and prosperity of the people from being
| murdered. If this policy of contracting
the currency and piling up debt in times
Of peace is not stopped. we will all soon
be forced to attend the funeral of our re-
publican form of government. If Congress
will pass this bill Ito prohibit the further
issue Of bonds without the consent of
Congressl then the president will be
forced to refer this whole matter to Con-
gress.
Mr. President, there are two things
which it is highly important for this
congress to consider now. and which in
my judgment are more important than
the questions raised by the tor from
Ohio or any other questions at this time:
First, shall there be more interest bear-
| ing bonds issued? Second. if they are to
| be issued, how, in what manner, and at
what price? Congress is the sole power
| that should decide these questions. The
| constitution delegated this power solely
| to Congress, and we have no right or
power. in my opinion. to delegate it to
| another branch Of the government In
my opinion congress has not done so
but the president claims that he has the
| power under an old law, the resumption
! act of 1875. Therefore if this bill is not
| passed the president will use his own
| judgment and go into this big transac-
| Congress- am not willing to trust the
| judgment Of the president. His bad
| judgment in the last bond deal cost the
people Of this country $16000,000. and be-
| sides brought shame and disgrace upon
| this country
The bill which I have introduced COW
| ers the resolution submitted by the SEN
| ator from West Virginia (Mr. Elkins), re-
| curing that the bonds. if sold at all
| shall be sold at public sale after having
| been duly advertised. That is proper;
| but it does not go far enough This
whole matter should be in the hands of
| Congress- This is the effect of the bill
! which ! offer.