The record-union., 1897-02-12
Which Approved Payment in Gold or
Its Equivalent.
Silver Men Speak in Opposition to Its
Adoption, While the Advocates of
Gold Defend 1.-THE FO-tifiCationS
Appropriation Bill Passed, and
Some Headway 1ade on the POST
office Bill Before the House Ad-
iOurned.
iOurned.

iourned.
WASHINGTON. Feb. 1.-THE House
to-day passed the Notifications appro-
priation bill with but a single amend
ment and made some headWay with
the postoffice appropriation bill. But
the major portion of the day was con-
sumed in a political debate on the n
nancial question, which was preclpltat-
ed by an innocent provision in a bill
providing for funding the debts of the
Territories.
The bill aroused the opposition of Mr..
Mcmillan because ii approved the
bonds and payment of interest in gold
and its equivalent.
Knox (R) of Massachusetts said the
stipulation regarding gold bonds ap-
piled only to Arizona, which had out
standing gold bonds to be refunded.
Payne (R.) of New York said he saw
no reason why the other Territories
should be permitted to issue gold bonds.
This bill bore the relation to the ques-
ton of whether we should put gold in
the bonds of the United States. He
had voted to put gold in the bonds OF
the United States. He had voted to
put gold in the bonds when the Ad-
ministration put the country in posi-
ton where not TO do so would cost the
people S12 100000. Congress refused,
and now the taxpayers would have to
pay the S12 600 coo.
And yet you maintain" interrupted
Terry (D.) of Arkansas. that we should
pay those bonds in gold, although we
paid $12 100000 for the privilege of
paying them in silver"
Everyone maintains, almost every
one maintains" replied Payne, that
the bonds are payable in gold. Even
the late Democratic candidate for Vice
President (SewaID, who ran on silver
platform, held gold bonds. and the sill
Yer mine owners who were rampant for
free silver sentiment wrote gold in
their notes.
Hartman (R) of Montana indignant
ly denied this statement. but Payne
insisted that he was right. He said
the Western debtor. in order TO get
money at a respectable rate Of inter
est, was obliged to agree to pay the
principal and interest in gold. He said
he believed every United States bond
should be paid in gold.
Mcguire Cd of California replied to
believers in free silver was to be ques-
toned, because some of them, in loan
ing their money, made gold contracts.
Silver had, by law, been deprived of
its legitimate function as money. Gold
had been given special privileges. Sill
yer was a token money. Why should
men abandon the big business advan-
tage which the law gave him because
Of
policy silver would be remOnetiZed?
Bailey CD Of Texas made a brief ar
gument to demonstrate that gold con-
tract, being contrary to public policy,
was Illegal.
Walker (R.) of Massachusetts, Chair
man of the Committee on Banking and
Currency, declared it was as notorious
as the sun shines that there were GER
tain States of the Union whose none
tary system was beyond the reach of
Congressional legislation. There were
seven States were all transactions were
in gold. and yet it was curious that
the representatives from those States
on this floor sought to compel the rest
of the Union to take 30 cents on a dol
lar. He urged the House to vote down
an amendment that had been submit
ted bv Mcmillan. which was as follows:
Provided that the principal and in
terest of the bonds funded under this
Act shall be payable in any lawful
money of the United States except the
Arizona bonds above described, hereto
fore issued"
Bartlett D) of New York warned the
House that the adoption of this amend
ment was equivalent to declaration in
favor of soft money.
Lacey (R) OF Iowa deplored the fact
that a financial debate had been precipi-
rated by the bill, and expressed the hope
that this bill would not be run ashore
and wrecked on a silver coast
Hartman again got the floor to deny
the statements of Walker. who he said
had furnished more misinformation to
the world on this question than all the
rest of the world" He insisted that gold
contracts were not made in his State,
and read one of fifteen letters from
casbiers of banks in his State denying
gold contracts. His correspondent, he
sid had been in the banking business
twenty years, and had never seen gold
note.
In justification of his statement Wal
Lor nroduced and read some gold notes
made In llfafl anu (dliLOi AAt 0eAiN
he regretted it, if he had made mis-
take In enumerating the seven States,
but he insisted that there were seven
States where practically all the time OBJ
legations were payable in gold.
McAIillan's amendment was agreed to
-149 to later which the bill was
passed.
The House then went into Committee
of the Whole and took up the Postoffice
appropriation bill.
Loud OR) OF California, in charge,
said there was some question about the
Justice Of the present method of de-
termining the compensation TO be given
10 the various railroads for carrying
mails He said Congress could do moth
ing but fix the maximum compensation
IT was within the power Of the Post
master General to devise methods for
obtaining the transportation of the mails
at Just and equitable rates. The cost
of the transportation of the mails during
he past eighteen years had been SooS,-
OOO. 900. OF this 0,64O,0OO had gone