New-York tribune., 1896-06-06
BUTLERS BILL DENOUNCED.
NO POPULsT FINANCE FOR WAYS AND
MEANS REPUi LICANS.
MIR. pINGLEY REPORTS TIE MEASURE ADVERSE
Ly TO TIE oUsE-REPUDIATIoN AND PANIC
WOULD FOLLOW ITS PASSAGE


so,ate on Tuesday was submitted TO the House Oh
Representatives ,ate this afternoon. and 1t IS eX-
pected that that body Will adopt 1t before the hhai
sd.ournment-probab.y sd tomorrow. Two OF the
Democrats members CT the conmittee-Messrs'
Cobb Of Missouri and Turner. Of Georgia-concur
in the recomme menda:!on Of the Republican members
OF the committee. but do not join in the repor-
Messrs McSlillin. of Tennessee. and "heeieh Oh
Alabama who submitted the views OF the minority
have been authorized by Mr.. McLaurn, OF oou'n
Carolina who is absent. TO append his name 10 ther
arsunent Nothing was heard from ex-SpeaRer
Crisn the other member of the minority, VINO Is
also absent
The report Of the committee. which was prepared
by Chairman Dingley. IS not only an ape ai'o -
haustive argument but a most interesting one '''
vii! receive the hearty praise and cornihehua'o" VI
every man who desires protect the National hohor
and maintain the National credit. Afttr Driel
recital OF the provisions OF the Resumption ACT OF
1875 and the purposes and objects OF that leglsa'oi
the report continues as follows:
From 1872 1893 unlim;ed confidence e. was Sspse re
fund at minimum Of 500 900 COO and the possession
Of an uninterrupted surplus revenue. ana also on
SccSunt Of the knowledge that the Secretary Of the
Treasury possessed the authority TO borrow com 20
sor,een ne Years less than 100000 Of the cOc
Of outstanding grsennackss redeemed green
backs shall not be cancelled and rersG fsnd Was
g5s for om ISs .ans ane ase
nnccssiiv Of a resort 10 the sale OF bonds During
IN 1e eopro ptrI o, one or both Congress al az
feren periods. the wisdom 0i se1nsv artsonsd
and no party after specie payments Were sscutsa sa
n SoSsh 4 As OF Of M sa' whS @ RlSPlSs
the Secretary Of the Treasury to redeem on nf sn
nS'os II fsn that nG' das H"y G %tSc"
lmi, as to time and necessarily autnor,zsa nun 1,s, ~
provide s sef0re first from any surplus reve-
nues. and secondly by borrowing
WHAT THE BILL PROPOSES TO DO
T, "a now proposed by thu Senate BIZ under con-
sidera,.on TO repeal so much OF tnc Hesu'',p''o" M
Act OF 1915 as authorizes the Secretary oi .'o
Treasury 20 borrow coin 10 maintain me rede'"p'o
fund. for. Notwithstanding the biz does not use me
word repeal. ye, this the sgal theGt S' ,h,s iie
language employed. The atiempt 10 cioua ii, ''Is
nnerese IS mean ngess verbiage. for surely ever!
one knows without declaration 70 this rs N,cn 70.
peasd and the repeal Is proposed Just as s9nges ,e.
s ready 20 adjourn for six months ana VIII VA
Woud never Consent to authorize an issue OF bonds
to maintain the redemption fund II was me ~ 1ss
20 give 70 the Secretary Of the Treasury pirnar.
power issue and sell bonds a for 'he fnr 9he he ep
;ion OF permanent issue Of United States leSa
the Secretary had such power would inspire CONT
donco In the public credit but aiso occaSse orld
nevitabIy arise when Congress was not in session
Indeed this power was given 20 the Srcrrs'a ns
3.
sy sard ma and Withou; 1SfSls any mira'o m he
Sscse,tY @ OF so arng the fiscal head OF the Cow
ernrnent IN order TO promote confidence
BLOW AT PUBLIC CREDIT.
No one then conceived the idea that it would be
time enough 20 authorize the Secretary 10 borro"
In order 70 maintain a redemption fund after con-
edence had been impaired and a run the Treas
ury had become chronic II proposition had been
made to deprive the Secretary Of the Treasury OF
the power borrow for the purpose OF All
T nave been pausibIy argued that there then
no necessity for borrowing because the surplus re W
propose tbs when there is and has been for three
args deciency Of ana nd
from that source. and when there Is no otheI re- re-
n5 s,ssp S henq o borrow ineviab raises the
whether 1t Is not the deliberate purpose OF the pro
repuiat!on and deprectate the sreenbacks What
makes tns inquiry al the ss more Rsrnsin siptady re
fused concur IN the House bill TO provide 20
even more TO- fake up the House Revenue consider
and amend 1t with the counter proposition looK!ns
fact that the deficiency in the last three years IN
Guiding sl 000C 90 matured Pacific Railroad bonds
onsr ons eSssSSss sss n'' and !" tho last SIX "0"'"'
One Of he excuses which has been given fsr the
ary Of the Treasury Of the power to borrow In order
ali ain %e fGHd on =: a he
| sold bonds to syndicates instead OF Offering them
| popular
this criticism yet this affords substantial ground for
amending the ac' Of 40 so as 70 reqIre re M 9omas
people and not ground for the absolute repeal OF s
| authority 10 borrow IN an exigency The House I'VE
he AS Of @ as TO 10 the secretary Of tho
Treasury rst to OFFER any bonds issued as PopnA'
Another excuse given for This bill is that III.
aold bonds under the &c, Of 1875 not Tor .h purpose
contemplated by such act but TO meet ne dehcitncy
ny notes for current expens and thu:
pacing them in position for second red"nption
| This affords ground for such legislation as wi!
make II practically impossible TO continue this prac
| tce. but not satisfactory ground for taking IRON
Of maintaining the redemption fund More thar
Ave months ago. the House sent 70 the senate ts
hereafter issued under the act o; 1878 and require
that they should hrst be offered a. p9puSr '9an
| the proceeds Of bonds so issued should be devote
| lega,-tender notes. and that II at any time tcmpoI
ary deficiencies OF revenue should arise ihey shouI
| debtedness And to make the use even Of such tenn
| porary certificates unnecessary except 10 meet az
providing for suGicient additional revenue TO pre-
vent deficiency. Instead OF conenrring with tn IN
have effectuaiiy prevented any recurrence OF th'
matters com planned o.: the Senate refused to pro
Of Temporary certificates of ebiedness thus prac
se 80 on of
| inasmuch as in the absence OF b0th revenue nnC
anhOr to m b to ns is se Use me Of h
redeemed United States ,egal-tendcr notes TO nec
that portion Of the current expenditures and natur
ing liabilities for which the revenue IL inadequate
FAIR CRITICISM OF Mr.. CARLISLE
Our criticism OF the Secretary Of the Treasury II
| not that ne has used the redeemed United States
| .egal-tender notes TO meet the deficiency In the alb
| sence OF revenue and authority TO borrow for tho
distinct objectfor no other resource has been opcr
10 him. unless the Government was to stop-but tina
| the Administration and Secretary have refused tt
.Ax tbo. t1n hO hnan nnr
still Is insufficient to meet the expenditures. and
| have discouraged ali steps TO provide sufficient
| revenue thereby practically insisting on continua
ton OF the conditions which made IL necessary In
directly 10 for current expenses the proceeds o
i od...r tinn Ard