The Caucasian. (Clinton, N.C.) 188?-1913, 1896-01-09


the session of Congress.
Mr.. BrTLEk- / ask unanimous
consent that the unfinished business
be laid aside for the present.
The PRESIDING OFFICER. The
Senator from North Carollna asks
unanimous consent that the nnfin-
iShed business be laid aside tempo
rarily. Is there objsetioni The
Chair hears none.
Mr.. BUTLEg. | do not want TO
talk about funerals today. / Am
trying to prevent a funeral. lam
trying 10 keep the liberty and pros
perity OF the people from being muir
dered. If this policy of contracting
the currency and pihng up debt in
times of peace is not stopped, We
will all soon be forced to attend the
funera: of our republican form of
government. II Congress will pass
this bill TO prohibit the further issue
Of bonds without the consent of Con
gress) then the President will be
forced 20 refer this whole matter to
Congress.
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 Senator from Ohio or any
other questions at this time: First.
shall there be more interest bearing
bonds issuedf Second, if they are
to be issued, how, in what manner,
and at what pricei Congress is the
sole power that should decide these
questions. The Constitution dele
gated 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 re-
sumption act of 1875. Therefore if
this bill is not passed the President
Will use his own judgment and go
into this big transaction without tho
advice or consent of Congress. lam
not willing to trust the judgment of
the President. His bad judgment
in the last bond deal cost the people
of this country $16,000,000, and be-
sides brought shame and disgrace
upon this country.
The bill which l have introduced
covers the resolution submitted by
the Senator from West Virginia Mr..
Elkinsl, requiring that the bonds, if
sold at all, shall be sold at public
sale after having been duly adver-
tised. That Is proper; but it does
not 60 far enough. This whole mat
ter should be in the hands of Con-
gress. This is the effect of the bill
which l offer. l ask that it be read.
The PRESIDING OFFICER. The bill
will be read.
The Secretary read as follows:
A bill Is. l3i1) to prohibit the further issu-
ance of interest bonds without
the consent of Congress.
BE IT ENACTED, ETC, That the issuance of
Understanding bonds of the United States,
for any purpose whatever, without further
authority of Congress, is hereby prohibited
Mr.. BUTLER. This bill is perfect
ly plain and simple. Everybody un-
derstands what it means. 1t needs
no discussion. 1t should be passed
at once, and every Senator should
vote for it.
1t is perfectly clear from the word
ing of the bill that it makes no diff
ference what a mans opinion may
be about where the responsibility
lies for the issuance Of bonds. Ii
they are necessary, he can not op-
pose this bill. 1t makes no differ
ence whether man is in favor of
bonds or opposed to bonds, he can
not oppose this bill. The bill is pur-
posely drawn so as not to raise a
discussion Of those questions to-day
It is important for this bill to pass
at once. How can any Senator OBJ
ject to it7 It simply provides tina,
the President and the Secretary OF
the Treasury shall get the advice
and consent of Congress before issu
ing any more bonds. If there is
any necessity to issue bonds
can not Congress trust itself tc
act3 Do Senators think that Con
gress is not as patriotic as the Presi
dent7 Is not the credit of the coun
try as safe in the hands of Congress.
as in the hands of the PRESIDENT 1
it is not the right and duty of Con
gress to decide when a bond issue il
necessary, then Congress had bette
delegate all its power to the Presi
dent and go home and let CLEVELAND
make all the other laws. If Congress
sits still and allows the President t,
issue these bonds, then Congress i
just as responsible for the wrong a.
the President himself. This is dan
gerous power which Congress ha
permitted the Executive to exercise
The distinguished senior Senate
from Ohio Mr.. Sherman said las
year on the floor of the Senate
quote from memory-that so long a
the present law, the resumption ae
of 1875, remained on the statut
books the President ard the Secre
tary of the Treasury could, in hi
sopinion, continue to issue bonds rs,
long as water runs down hill, so Ion.
as time lasts, unless Congress shout,
prohibit them from doing sou Tha
is his Interpretation of the law. An,
it is on this Interpretation of the &C
of 1875 that the President is about t.
issue more bonds. If this interpre
tation of the law is correct-which
deny--then the law should be re
pealed at once. If the President ha
the power to issue bonds withou
limit, then it is tie most dangerou
power that was ever given to an,
one man. 1t gives him the power t.
mortgage the whole country to for
eign shylocks without asking th
consent of the people or of Congress
Shall Congress intrust such tremen
dous and dangerous power in tn
hands of any one mani Nearly ever,
Senator on this floor has cri.icise.
the Presidents course in the las
bond deal. hope that no one woul,
approve such a shameful transac
ton, except those who made mona,