The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-06-06
REPORT ON BOND BILL
Ways and Means Committee
Points Ont IL vieiousnees.
True. cHEcxs ARe NEEDED.
ose1k1ng - a. Crsd1s -
- 0a910o.


washsnwrop City, June G-chasrman
Dtnssey. pf tire house ways and means
comnfstes to-day made report 20 the
house On the senate bill 20 prohibit tie IL
sue % Dor8z without authority from eon-
kresx The statement Ia signed by the
eleven Republican members and two Dem
eSrzfs, Turner OF Georgia and Cobb OF
Missouri. who concur b the recommends-
tiorx without sacoss.ng the argument The
report Gays.
IN /. rot proposed by the senate hal 10
repeal 10 much Of the resumption oct ~
authorizes The secretary Of the treasury
30 borrow coin 20 maintain the redemption
fund. yet this 10 tne legal eject OF the
language employed The attempt TO cloud
fhts repeal BY references 20 further author
ity Of congress Is meaningless. for every
ore knows, vit1out . declaration 10 tais
effect. that congress may re-e1acs law
which has been repealed and the repeal
II proposed just IS congress II ready to
adjourn fer six months. AMI with the
knowl~ige that the senate - ~ present
constituted would never authorize m Is
sue Of bonds 10 maintain the redemption
fund. To propose this when there b and
has been for three years q large deficiency
Of revenue. Inevitably raises the Inquiry
whether It IN not the deliberate purpose Of
the promoters Of this bill 20 plunge the
kCttfEm>Er INTO fetNIt8k4ou anu 00VfS-
cizfe the greenbacks.
zone excuse which has been given for
the passage Of the senate bill Is that the
secretary OF the treasury has sold bonds
TO syndicates instead OF Offering them
first an popular loans. while We sympa-
thixe with this criticism, yet this affords
substantial ground for amending the act
OF 1875 10 A. TO require bonds issued under
II 90 be ffrsf offered to the American peo-
pie. but not ground for the absolute re-
peal Of all authority 10 borrow In an
exigcncy
Another excuse Is that the secretary OF
the treasury has Indirectly issued the re-
deemed United States legal tender notes
for current expenses. thus placing them
IN position for q second redemption. This
affords grounds for such legislation as
will make IL practically impossible TO con-
TIME this practice. but not satisfactory
groand for taking from the secretary all
power TO borrow for the purpose of main
tanning the redemption fund"
After referring TO the house bills for q
popular loan for revenue, the report con-
'inues: Instead OF eoncurring in these
two hills. the senate refused to provide
the needed revenue or to authorize the
issue OF temporary certificates OF in6ebt-
sdness. thus practically indorsing the
secreta-y's course. fnasmuch as In tho
absence OF both revenue and authority 10
borrow to meet the deficiency the only
recourse open TO the secretary Ii the use
OF tho. redeemed United States legal tender
notes.
"our criticism Of the secretary 10 not
that he used the redeemed United States le-
gaitfsnder notes to meet the deficiency IN the
absence OF authority to borrow for the dis
tsnrs object. Cor no other recourse has been
orsnn to him unless sale government was to
stop. but the administration and secre-
tary have refused to rccognis, the fact
that the revenue has been and still Ia In
uicsent 60 meet the expenditures. and
have discouraged ALI steps to provide sur
neisnt revenue. thereby practically In
slstinx On continuation Of the conditions
which made necessary to indirectly use
for current expenses the proceeds OF bonds
soid for redemption purposes.
Practically. therefore. the senate bin
sakes away from the secretary the power
10 borrow either gold or SILVER 20 maintain
the corn redemption fund in the face OF
the fact that the government owns only
2xs0e0.Vp silver dollars and a little over
sioo. 900 OF gold. that can be used for re-
dsnsption prrposez. which fund would dis
appear In a very b.sef period II II should
be understood that the power 10 borrow
IN an exigtncy had been sbroxated. The
Inevitable result o. such a reckless eours 80
wonid bs repudlation by the government.
depreciation Of The currency. and such a
panic In the country as was never before
experienced"