Birmingham state herald., 1896-01-09
WIPED IN THE BUD.
The Comptroller of New York Will Be Stopped From Issuing Gold
 6earlng Bonds.

Albany, N. Y, Jan. S.-Hardly an as- semblyman was absent when, at 8:45, the first practical business session of the lower house of the year 1896 was con- vened The following resolution was of fered by MT. Babeock of Chautauqua and went over under the rules:
 Whereas, James A. Roberts, comp troller of this state, has caused the issue of advertisements for the sale of $2,000000 of bonds of the state running for period fo ten years.s commanding interest at the rate of. 3 per cent, which bonds he prom ises to pledge the state to pay, principal and interest, in gold; and
 Whereas, This action, taken under the pretended authority of the canal i'm proVement act of 1895, can leave 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 al par with gold; and Whereas, Neither the legislature, of this state nor the people who voted to iap- prove of the law authorizing the sale of bonds for the improvement of the canal authorized the issue of gold bearing bonds, believing that the money which was good enough to be received by the state and paid to its employees was good enough to be used~in paying the princic- pal and interest 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 it. self compelled to enter the market and pay a premium upon the gold necessary to pay these bonds, thus aiding to create an artificial demand for gold; and 1i .-il
 Whereas, The only pretended prece-, dent. for this usurpation of the preroga- tiyes Of the Legislature of this state Is found in the action of the canal board in 1872, when silver was commanding a premium of 3 per cent over gold, while greenbacks were below par it was de- cided that the old canal bonds for which coin was received should be paid in gold, thus saving the state from paying pre- mium or from repudiating part of its debts; and
 Whereas, The action of 1872 was taken under the provisions of an act passed in 1855, 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 provisions of the revised and
 amended constitution, 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 comp 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 comptroller of this state at once, to the end that the sale of bonds, which is ad- yertised to be made at the office of the comptroller upon the 9th of this month, may be stopped and the rights of the peo- pie may be protected and the integrity of the national currency be preserved.