The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-05-16
BACON SPEAKS ON THE bonds.
Congress Urged 20 Prohibit Further
Issues,

Congress Urged 10 Prohibit Further
Issues.
Washington. May BIN the Senate to-
day Mr.. Morgan. dem. OF Alabama, Of
fered n resolution, which went over untn
tomorrow. instructing the committee on
foreign relations to inquire as to the
rights OF the United States under treaties
with Spain In respect TO the treatment OF
American citizens arrested in Cuba and
under sentence Of death by the Spanish
military tribunals; and also directing the
Secretary OF States to send TO the Senate
literal copies of the original text of the
Gushing protocol of July u, 1877, and
copies Of correspondence on such protocol
and on its bearing toward the persons
captured on the Competitor.
Mr.. Gallinger offered a resolution de-
claring that the widespread business de-
preston and rapid increase of the public
debt demonstrates that the existing tarin
law does not produce sufficient revenue
and that a revision Of tho law is impera.
lively demanded in the interests OF the
people of the United States He asked
that II be laid on the table, subject to
his CALL as he desired to address the
Senate either on the resolution, or on
some bill that may be before the Senate
before the adjournment Of the present
session.
A resolution heretofore offered by Mr..
Aldrich, rep, Of Rhode Island, directing
the finance committee to inquire whether
American labor and Industries are suffer-
ing from, or are threatened with lnju-
rious competition through importations OF
oriental products; and, II so, to investi-
gate the causes which have made such
competition possible, was taken up and
agreed TO, with an amendment offered by
MT. Mllis' lnstructing the committee to
report also as to the labor, cost OF prod
ucts and the unit of quality In both
countries
In pursuance with previous notice, Mr..
Bacon, dem, Of Georgia, addressed the
senate In favor of the bill to prohibit
the issuance Of bonds or other interest
bearing obligations of the government by
the secretary of the Treasury or other
officers OF the government without the au-
thority OF congress. He argued that con-
gress, either by action or nOn-action,
would be responsible II more bonds were
issued. Under the law, by which S262 00O,-
600 of bonds were sold, II the session clos
ed with that law not repealed, congress
be saying to the people that IL approved
me law, and that It also approved what
the Secretary of the Treasury had done,
and approve Of what he might do In the
future. He argued that a delegation Of the
powers OF congress over the finances of
the country was violation of the letter
and spirit of the constitution. Under the
existing law that autocratic power over
the finances was exercised not only IN the
absence Of popular consent, but In oppo-
stion to the wishes of the people and Of
their chosen representatives. From the
foundation Of the government, every Issue
of bonds had been made under authority
given by congress and the act of 1875, under
which $262,OO0O00 of bonds was Issued, was
no exception to that rule, because 1t was
only intended to exchange one form Of
indebtedness for another form-that was,
to issue bonds In order to cancel green
the Secretary Of the Treasury with unliml-
ted power TO Issue bonds at his discretion.
Mr.. Bacon spoke OF the outflow of gold
which had begun--$l3,0 100000 being already
gone, S8,000,000 within the past week. Was
there senator, he asked, who doubted
that that drain Of gold would continue,
and that within few months the treasury
gold would be all gomez And then, un-
der the existing law, under the established
practice Of the treasury department an
other $l00,OOOOO0 of bonds would soon be
issued and a hundred millions of green
backs locked up. There was a most pow
erful and active element at work he
said, under the lead of the chief execu-
tive, openly advocating the retirement and
notes; and this issue of bonds was the
most active means Of promoting that
policy. It would effect that purpose as
thoroughly as would be accomplished BY
a law for their cancellation.
Mr.. Bacon declared that II the day after
the Senate shall have adjourned and after
the senators had hurried away to attend
political conventions, II was announced
that the executive department had with
out special authority from congress,
determined to issue $1O0 OO000O 300 nm 0o0
or 100000, 600 Of bonds, there was no power
TO say II nay so long as the law remained
unrepealed.
the permanent policy Of the government
that the executive department was ia
exercise, in Its discretionary power, the
power to contract debt and to issue bonds
without limit? II not, there was no time
like the present for the repeal Of that
law. The responsibility was on the sena-
tors, and could not be escaped Speeches
on all subjects were made in the Senate:
and, should the senators be silent now
either in speech or in vote, when this
great issue was presented? Should any
man be vested In the future with the
more than royal power, in his discre-
ton, and without limit, to burden the
people with debt to the amount Of un-
told millions; and should the executive
department be clothed with the most inn
portant legislative functions conferred by
the constitution on congress? That was
Let the record" Mr.. Bacon said. in
conclusion, show how the senators and
representatives, and how the political par
ties whom they represent stand upon this
great issue"
Mr.. Butler. pop, OF North Carolina, com
mended Mr.. BacOn's speech and called at
tention to bill which he (Nr Butler) had
introduced early in the session prohibiting
the issue of bonds without the consent Of
congress. He gave notice that he would
on some future day ask the Senate to take
up that bill for consideration.
Mr. Hin objected to having the time
farmed out IN advance.
The Dupont election case from the state
of Delaware was taken up and debated
until o'clock. The result of all the legal
and constitutional arguments for and
against was that the republican senators
to a man voted for the claim, that the
democrats voted just as unanimously
against 1t, and that the populists allied
themselves solidly on the democratic side.
making the vote on the amendment, which
declared that Mr.. Dupont was not entitled
to the seat, 81 to 30.
A second vote on the resolution thus
amended resulted in exactly the same fig
ures. There was no attempt on the part
Of the republicans to postpone a decisive
issue.
The Senate then adjourned.