Delaware gazette and state journal., 1896-01-09
Another Loan Called For.


per cent bonds, purchasers to be re-
quired to pay for the same in United
States gold coin or gold certificates
Proposals are to be received at the
Treasury Department, Washington, up
to u O'Clock noon on Wednesday, Feb.
ruary 9th.
This will be the fourth issue of bonds
by the present administration for the
purpose OF maintaining the gold re-
serve in the United States Treasury.
Additions to the public debt Of the
country are not popular, neither are
they economical, but the attitude Of
Congress leaves the administration no
alternative. Ii must be either a bond
issue, for the purpose Of procuring
more gold, or the depletion of the gold
reserve in the Treasury TO point far
below the safety limit, with all the
danger attendant upon such a result.
Partisan papers will strive TO make
capital for the Republican party out
of tho situation, but they will fail.
Both parties are in measure RESPONSE
bic, but upon the Republican party the
greater weight must bear. 1t was in
power in Congress when the resump-
tion plans were enacted, and it is in
power now, when the danger is greatest
and the necessity for immediate action
so Imperative.
A plain and interesting recital of the
events leading up to the present finan-
cial situation was given Monday by tho
Philadelphia Ledger, as follows:
The utimatum OF the Silver Senators
Of the United States is: THE free and
unlimited coinage of silver or nothing. y
Tha is the reply of Congress to the
President $ request aud to the urgent
demand of the country to afford relief
TO the Treasury, to safeguard the gold
reserve and to maintain the financial
stability and honor Of the country.
The request of the President to Con-
gress was a plain, sagacious business
proposal. Under the law of 1873 he
has already effected three issues of
bonds; that law gives him unques-
tionable authority, which cannot be
impaired, much less taken away, by
mere resolution of the free silverites
as the needs of the government require
This act is Republican act; ii was
reported from the Finance Committee
to the Senate December 21st, 1874, BY
John Sherman, Republican, and, on
the following day, it was passed by the
votes of 32 Republicans; Ii others, II
of whom were Democrats, voting
against it. On January 7th it was
passed by the House, 1876 Republicans
voting for it and 81 Republicans
uniting with "A Democrats to defeat
it, On January 14th, 1879, President
Grant, Republican, approved it, This
law is still in force, unmodltied in any
manner. 1t authorizes the Secretary
Of the Treasury ito issue, sell Of dis
pose of, at not less than par in coin,
either of the descriptions Of bonds a
the United States described in the
act of Congress approved July 18th,
1870. These bonds consist Of 10
year per cent bonds, l5-year Az pei
cent bonds and 30-year per cen
bonds. The three issues which Presi
dent Cleveland has made under the ac
were of the latter kind,
Congress knows that the Sccretar,
Of the Treasury has its authority 70
issuing these bonds, and it knows tina
when the last issue of them was mad
it could have saved the countr,
$4,000, 900 by authorizing the issu
of a 3 per cent gold bond. Congress
knew it because the President, in hi
message to that body, told it that tina
loss would be inflicted upon the peapl
if the people representatives in Hpus
and Senate refused to authorize
per cent gold bond. They did refuse
Notwithstanding the Presidents warn
Ing, to comply with this request; til
consequence is that the country i
SIG, OJl,Q00 the poorer for their refusal
and for that enormous loss Congress j
wholly and solely responsible.
a few weeks asa the President 70
quested this new Congress, which i
controlled by an uvefN heiming Repub
lican majority III the House, an
responsibly BY the Republicans in I'll
Senate, to do what be had urged Ill
Fifty-third Congress 10 do for the ri
lict Of the Treasury and the maIntt
nance Of public and private credit,
hayin% bern clearly uninteti out h
him that If 3 per cent gold bon
We're authorized an enormous savin
would be effected.
Tho Republican House, by sma
majority, did authorize 3 npr cef
coin mot gol' bond The hi
even in that form was better tha
ncne, and If passed would % doul
serve thn desired purpose. Hut I'll
Senate. as organized by the R6publ
cans has determined upnn ts lefeH
serving notice upon the President an
the country that il Will moi vote ar
bond bill for the relief of the Ircastr,
for the maintenance Of tho honor
the nation: THAT it win give ii
government ffah silver coinage
nothing. Tha Repuhlicans, H tia
s0rdid bargain with the hUpuIist
gaGe the free eilEerIles majority
the finance committee, and thus paw
the way to get fra silver bill hef0
the senate, ii whigL there IS fr
silver majority. The Republican Srna
has plAcal itself squuely in antag
nism to the sound uuHey sentiment
thee7untry, y the vital business i
tereat3 Of Tie people, and 10 Il
cherished Republican Hncipic II sal
sound, hoHes' money.
The ehei hed Republican Trincif
Of sound mozey," however. eats ye
little figure in Congress just n4w.
has been swaIowed in an allianaa nj
the interests Of free silver eoinas N
has practically served naJico up4a t
country that ne matter how gaga ii
be tho danger, nothing but tHs Il
and unlimited coinRge of SILVER Mtll
applied as i remedy tar 81 (
tni q States Sealte Is cauac96t
Under the circumstance. tha aaIg
Lief is another bond i4AIs. WEir6 /
been ordered. The wild s5lgor thea-i