The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1897-02-18
HOUSE PROCEEDINGS.


Washington, Feb. 1.-THE house to-
day passed the Notifications appropria-
ton bill, with but single amendment,
and made some Roadway with the post
office appropriat ton bill. But the major
portion of the day was consumed in Il
political debate on the financial question,
which was precipitated by an innocent
provision in bill for funding the debt
of the territories. The bill aroused the
opposition of Mr.. McMillin (dem) of Ten
nessee because it provided for gold bonds
and the payment of interest in gold or
it's equivalent -,
Mr.. Knox (rep.) of Massachusetts said
that the stipulation regarding gold bonds
applies only to Arizona, which had out
standing gold bonds to be refunded.
Mr.. Payne Crep.) of New York said he
saw no reason why the other territories
should not be permitted to issue gold
bonds He said this bill bore no relation
to the question whether we should put
gold into bonds of the United States. He
voted to put gold in the bonds, he added,
when the administration put the coun-
try in position where not to do so
would cost the people $12,OOOO00. Con-
gress refused to do so, and now the tax
payers would have to pay that $4,000
GOO.
"And yet you maintain" interposed
Mr. Terry (dem.) of Arkansas, that we
should pay those bonds in gold, although
we paid $12,OOO,O00 for the privilege of
paying them in silver!
every one maintains" replied Mr..
PAYNE, that the bonds are payable in
gold. Even the late democratic cand-
date for vice president (SewalD. who ran
on a silver platform, held gold bonds and
silver mine owners who were rampant
for free silver sentiment, wrote gold in
their notes"
Mr.. Hartman (rep) of Montana indig-
nantly denied this statement, but Mr..
Payne insisted that he was right. He
said that the western debtors in order to
get money at q respectable rate of inter-
est were obliged to agree to pay princi-
pal and interest in gold. lie said he be-
iieved every United States bond should
be paid in gold.
Mr.. Mcguire (dem.) of California re-
piled to Mr.. Payne. He said the honesty
of the believers in free silver was ques-
toned because some of them, in loanlng
their money, made gold contracts. Sill
yer had by law been deprived of its legitl-
mate function as money; gold had been
given special privilege. Silver was mere
token money. Why he argued. should
business man abandon this advantage
which the law gave him because of his
conviction that as a matter OF policy silver
should be remonetized?
Mr. Bailey (dem.) of Texas made a brief
argument to demonstrate that gold con-
tract, being contrary to public policy,
was illegal.
Mr. Walker (rep) of Massachusetts,,
chairman of the committee on banking
and currency, declared it was as nOto-
rious as that the sun shines that there
were certain states in the Union whose
monetary system, was beyond the reach
of congressional legislation. There were
seven states where all transactions were
in gold. and yet it was curious. he said,
that the representatives from those
states on this floor sought to compel the
rest of the Union to take 80 cents on q
dollar. He insisted that congress should
not interfere with private contracts. lie
urged the house to vote down an amend
ment that had been submitted by Mr.. Nc
Millin (dem.) of Tennessee, which was
as follows:
provided that the principal and inter
est on the bonds funded under this act
shall be payable in any lawful money of
the United States, except the Arizona
bonds. above described, heretofore is
sued"
Mr. Bartlett (dem.) of New York, who
described himself as a gold democrat"
warned the house that the adoption OF
this amendment was equivalent 10 decia-
ration in favor of soft money"
Mr. Hartman again got the floor to deny