The Portland daily press., 1897-02-12
GOLD OR "LAWFUL MONEY!
Wording Territorial Refunding Bill
Questioned
AND A DISCUSSION is PRECIPI-
TATED IN THE HOUSE.

McMillin Understands Bill to Mean That
Refunding Bonds Must Be Paid in Gold
Payne of New York Thinks They
should Be-words Lawful Money"
Substituted.
Washington, February 1.-The House
today went into committee on the whole
to consider tbs Notifications Rppropr1-
ations BILL The bill was explained by
NJ. Hainer, Republican OF Nebraska, al
ter which the committee rose temporarily
and Mr.. Cannon, Republican of Illinois,
reported the sundry civil appropriation
bill, which was ordered printed and
placed on the calendar.
Mr.. BARTLETT, Democrat of Georgia, re-
ported the unanimous conclusion OF
elections committee No. !, upon the oon-
tested elsction case of Thomas e. Wat
son W. j. G. Black from vhe 10th dis
trict of Georgia, that Black was entitled
to retain his seat.
The consideration of the Notifications
appropriation bill was resumed and the
bill read for amendment. The bill was
reported to tho House without amend
ment and passed.
Mr.. Knox, Republican of Massachu-
setts, snlled up the bill authorizing the
refunding of the debts Of the territories.
Mr.. McMillin called attention to a
IL, t., %ho nh ieh mil
Congress to a policy regarding terri
torlal bonds which 1t had not seen fit
to apply in the issue of national obliga-
tions and force territories to make their
obligations payable in gold.
Mr. Knox expressed surprise that such
a construction sh hould be placed on the
language of the bill, which he under
sued by Arizona which had been payable
in gold. He was willing to accept the
amendment suggested by Mr.. McMillin
to make bonds, other than those speci
fed, payable in coin or lawful currency
of the U nited S States.
Mr. Payne, Republican of New York,
precipitated a lively discussion on the
monetary question by asking what harm
would be done If all bonds were made
payable in. gold. He believed, he sail,
would tie paid in gold and ought to be
paid in gold. This question was one of
permitting the territories to issue the
bonds they wanted to and which would
be to their best interest In the terri
tories and silver states, il they wanted
| to borrow or loan, the word gold
was nominated in the bond. The gen.
. 10 ho
ond largest vote fer vice-preEitent, al
| though running upon ticket declaring
| for the free and unlimited coinage of
silver, whenever he took an obligation
for money to be paid him, saw to.it the
| word "gnld'' was written In the bond.
Mr.. Hartman, Silver of Montana, de-
MED Mr. Payne's statement that the sill
prescribed that the amount be repaid
in gold. He presumed Mr. Payne had
made that statement upon information
furnished by gentlsIean from Massa
ch usetts, (Mr. Walker), who repeated it
three times without word from any
man engaged in loaning money 10 those
states to base it on.
dollars had besn loaned In the silver
states, the payment Of which was
pledged in gsld and without use of that
werd the borrower either could not have
obtained the money or would have been
| compelled to pay higher rate OF interest.
Mr.. Doaksry, Democrat of Missouri,
ironically said that he was sorry Mr..
Payne had preoipitated this debate, for
he feared 1t would retard the progress
Of that wave Of prosperity which was
cation Of all people. He stated that when
the bald proposition had been made to
the House last year by the Executive to
vote the word geld into the issue Of
bonds, only q members voted in favor
OF the proposition.
| Mr.. Walker, referring to Mr.. Hartman 9
statement, regarding the use OF the word
gold" in money contracts a IN tn the silver liver
States, said he had learned that there
was nothing 80 abundantly well proved
but that 1t would be denied by those
infatuated with free silver.
Mr.. Bartlett, Democra. Of New York.
protested against the adoption of the
MoMillin amendment because it would
be considered declaration In favor of
silver money or soft money.
M. T,acy. Republican of Iowa, ex-
pressed the regret that tho silver ques-
| bion had been brought into the debate.
| Tho bill. he said, was intended merely
to enable the people of the territories
to refund the indebtedness at about half
| the rate OF interest Gney Were now pay
ing. There waR to be no change In the
form of the bonds. Old oonus were TO
he renlaced by gold bonds; lawful money
bonds by lawful money bonds.
Mr.. Hartman, Silver of Montana, am
plitied his denial of Mr.. Walker g state
ment that money obligations in the Sill
yer States were made payabls in gola.
He quoted the cashiers Of Is Of the lead
Ing banks OF Montana, all OF whom
wrote that to their knowledge no notes
were made payable in gold.
Mr. skillings Populls. oi Moe'n nnv aro nne
to mnks a contract which could not be
discharged in lawful money of the
United States.3
Mr.. Walker said he accepted Mr.. Hart
mans statement.
Mr.. MoMillins' amendment 20 MAKE