The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1896-01-01
MCLAURIN'S RINGING VOICE
In the Halls of Congress-An Able
Speech.

pSSCu.
Dir. Speaker. am opposed to the pass
age of this bill, because its provisions Will
not only burden on already debt-ridden
people, but will legalize long series OF
usurpations by different Secretaries Of the
Treasury. The caption declares this bill
'tc protect the coin redemption fund,
while at the same time there is not single
line of law upon the statute book author
izing or providing any such fund. Juos.
ing from past experience. without douo'
this language would be construed bJ tAe
secretary for the purpose of sequesteSdlnt,S dt,
in the treasury this vast SUN OF Sl0o, wv,
600, vLich should be in the channels OF
business, giving life and vigor to our com,
mercial transactions This unauthorized
fund has been maintained in absolute Idle
ness for over twenty years, and at slihpie
interest has cost the people more tnan
$50, ,OOO, 900. This is covert attempt &c
leeal;ze an unwarraated assumption, when
alone should prevent the passage OF the
hill MIR. Speaker, instead Of this being
a bill to project tie coin redemption fund
1t is, more properly speaking, IN my Judg
ment. an &C, to provide Tor deficiency IN
our revenues. The President has already
issued over sl6O,OOO COO of interest-bearinl
bonds for the alleged purpose OF strength
ening this reserve fund. In my OPINION w
might with profit inquire as to what ha
become Of the proceeds OF the sale OF thes'
bonds.
MIR. Speaker, is it not true that the ont
hundred and sixty millions Of gold received
from the sale of these bonds WAS drawn ou
Of the Treasury through the redemption o
United States notes or green backs! ls ]
not also true that these one hundred an(
sixty millions Of United States notes O.
greenbacks have been paid out by tR'
Secretary of the Treasury III the ordlnar,
expenses of the Government? 1repeat, ha'
it not been the custom of the present: Sec
retary to sell bonds for gold, to exchange
the gold for United States snotes, ane
then to use these notes in payment OF ou
governmental expenses? Then why come
| nere with bill claiming to protect "tht
coin redemption fund" when IN fact anc
| in practice It is a bill! to supply deficiency
ID the revenue!
| believe in dealing with the people
frankly and squarely. and II this OIL !:
really to maintain u redemption fund. i
should be so stated, plainly and distinctly
and then used for no other purpose what
ever. II, on the other hand, as is no"
secretly practiced, it ls to supply de
fclency in the revenue, MAINTAIN tha
such declaration should be made, IN or
der that ail may clearly understand it:
import.
Besides, AIN decidedly in favor of cur
taillus rather than extending the discret
ionary powers Of the Secretary of the
| Treasury III our financial affairs. The &C
of 1875, u,eutioued in thi. bill, provided
| for the sale OF bonds at his discretion, a
not less than par 10 coin, while the last Issue
OF bonds by the secretary of tie Treasurywa
made for so many ounces OF gold bullion
| merely mention this to show the char
ac,er OF the usurpatlon OF power by ths
Secretary Of the Treasury. -.r. Speaker
there is y vast difference between selling
bonds for COIN. which means both gold anl
silver, and bartering the obi!gatlouS VI TIE
United States for gold bullion.
assume that all Of our present dlthcul
/ ties would be eliminated and futhor legls
la,ion upou this subj eci uunecessary II We
had Secretary OF treasury who "oule
obey the law now upon the stutute book lu
the nation There Is to-day not bopa, cou
pou, obligation, or debt OF auy charactel
against the United States which IS not pay
able principal aud interest, ID coin; ant
coin to-day means just what It has sinc'
the foundation OF the Government-botl
gold and SILVER.
Now, MIR. Speaker, with the vaults of the
Treasury bursting with slver, with ths
great plain people struggling beneath
load Of debt ard distress, l assert that IT Il
unfair, unjust, wholly uncailee
| for, that interest-beallng bohds' IN
| time OF peace, should be sold, to tuther ,m
f2ve-;oS --- ,,co-,,> ane through this fu