Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1896-01-02
THE BOND BILL.
Two Amendments Made by tho
Ways and Means Committee.
DEBATE OPENED BY Mr.. DIyCLEY.
Mr.. Turner, Of Georgia, Then Leads on for
Those Against the Bill-synopsis Of
the Sentiments Of Other
Members.

the united opposition OF the democrati
and populists, the gold democrats be-
ing arrayed against 1t because they
claimed 1t did not give the secretary
the authority to issue gold bonds with
which he desired to replenish the re-
serve, and the silver democrats on the
ground Of their general opposition te
bond issues. The committee on rules
extended the limit OF debate until to
day at three o'clock, but declined tc
give the members Of the house an op
portunity to offer amendments
Another amendment was adopted by
the ways and means committee, max
ing the bonds issued under the ACT
payable within ID years. The second
amendment was suggested by Mr.,
Lacey, OF Iowa, and met the approval
Of the republican members. In the
original draft of the bill 1t was pro
vided that the bonds should be re.
deemable at the pleasure Of the gov
eminent, after five years from their
date. II was thought best to make q
definite termination OF them. The
amendments were adopted by strict
party vote and the bill was reported to
the house us amended.
The amendment agreed to by the
ways and means committee, providing
that the green backs should De reissued,
is considered great concession to dis
satisfied ones Mr.. johnson, republic.
an, Of California, appealed to his re-
publican colleagues to vote against the
bill. lie scored the republican leaders
for bringing in the bill He said he
had voted for the revenue measure
under protest, but he refused to follow
them on the present bill. Political ex.
pediency which involved II surrender
of principle, he declared, would never
succeed. The debate ran far into the
night, The principal speeches were
made by Messrs. Dingley, OF Maine, and
Grosvenor Of Ohio, republicans, and
Messrs. Turner, Of Georgia, and Patter-
son, OF Tennessee democrats.
Mr.. Dingley opened the debate. lie
explained that, as q plain business
proposition, the secretary should have
the power to float three per cent.
bonds. The bill provided that these
bonds should first be offered to the
people of the United States, and Mr..
Diugley expressed no doubt that the
people, from the Atlantic to the Pa
cific would respond and over-subscribe
any issue advertised for.
Mr.. Dingley stated that the amend
ment specifically stated that nothing
in this act should be construed to re-
peal or modify the act Of 1878 for the
reissue Of redeemed greenbacks.
What will become Of the green
backs redeemed by the sale OF the
bonds under the act?' asked Mr.. Marsh,
republican, of Illinois
''rhey will be used," replied Mr..
Dingley, ''as they were used up to
1893, in discharging our interest bear
ing obligation. But in case OF run
on the treasury they could be held In
the treasury temporarily for Its pro-
lection. When the exigency passed,
however, they would, under this act,
be paid out or applied to the public
debt
Mr.. Turner, democrat, of Georgia,
opened for the minority. He contend
ed that tho fault did not lie in any de-
ficiency in the revenues, but in the
existence OF evils In our financial sys-
TEN, for which the democratic party
was in nowise responsible. The funda-
evil was in the existence in our
currency system Of the enormous mass
of unconverted paper money which the
supreme court had held to be valid.
He was very earnest in his protest
against temporizing with the situa-
ton. 1t would only prolong and in
tensfy the difficulty. Any settlement
on the basis of sound money would
the most benehcent effect
here and uphold our securities
abroad, Mr.. Turner affirmed most
positively that in the existing state OF
the market three per cent coin bonds
could not be tloated. In conclusion,
he said that he had once believed that
the secretary Of the treasury, by exer-
cising the option of redemption in sill
YER, could repel raids on the treasury,
but he now believed such a course
would precipitate a crisis, panic,
ronvulsion such as we have never had,
that would shake public and private
credit to its foundations
Mr., Patterson, democrat, OF Tennes-
see, attributed the financial disaster
That had overwhelmed the country to
the want of confidence In a currency
system which carried S5G1, 1000. 900 Of
silver and S3i6,000,0O0 Of greenba backs
On tho basis of gold reserve Of $780,
100. 900 A single declaration Of con-
yress that 1t intended to sustain invio.
ate the gold standard of value would
10 more than anything else to restore
lie ridiculed the idea OF
passing a bill for an authorization Of
,oin bonds at such time,
Mr.. Lacey, republican, Of Iowa, spoke
'avor Of the bill. He expressed conf.
lence that three per cent coin bonds
,ould be 1oated among the people Of
he country and denounced the dis.
graceful contract with the Morgan
,yndicate last year In view OF the
'umors that were abroad regarding
he imminence OF another bond issue,
t was important that the pending
Measure should pass at once.
Mr.. Tarsney, democrat, Of Missouri,
harged the republicans with Sinking
heir responsibility. The passage Of
his bill would not relieve, but would
Iggravatc the present embarrassment
II the treasury. The bill was in effect
imply proposition to reduce the In.
crest on bonds, the authorization for