The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-05-25

interference
with sta,e taxation by the FEDERAL gov
eminent.
In the course OF discussion OF the
question os Issuing bonds and legal tender
notes. Lindsay noted the facts that when
the proposition TO issue greenhacks during
the civil war was made TO congress by
Secretary Chase. every Democrat in the
house had voted against #. as well as
every Democra: in the senate He said
II was strange there lad been such
great change In the opinions Of the MEM
bers OF the house and senate, IN view OF
the fact that the Democrats are now IA
vori1g the issue Of legal tender notes
he argued IN favor OF the issue OF bonds
as provided for by the amendment offered
by the minority OF the finance committee
Lindsay maintained that the paper
money issued during the civil war was the
dearest kind of money. The mos. OF II
dre= ::-,.ssss. al the rate OF or per
cent. while the bonds proposed by the
pending bill called for only per cent.
interest. II this bin should become a
law as II stands. Lindsay urged. the Re-
publican administration would redeem the
greenbacks issued under IL In gold. and
would. II necessary. sell bonds under the
act OF lss5 in order 10 get god He fur
Their maintained that by the proposed
issue Of legal tender notes the Democrats
In favor of such issue were simply placing
thar power in the hands Of spectators 20
raid the gold reserve of the government
This biii." said Lindsay. CONCENTRATES
that We will use all the money IN the treas
ury except the 800 CO., 900 OF gold held as
redemption fund and that we will issue
greenhacks. 80 that at the end OF the year
all the money IN the treasury will be the
sloc. 900 60 of gold
Lindsay then presented the supposed
case Of syndicate presenting greenhacks
al the treasury department to the fun
amount OF the gold reserve and drawing it
out. and then that OF another syndicate
presenting another hundred million the
next day.
Where is the gold 10 come from to meet
these demands7" This question precipi-
tated a colloquy on the whole financial
question. which was participated in by
Lindsay, Cockreil, Teller and Stewart of
Nevada. Lindsay maintained that the
syndicates would raid the gold reserve OF
the government, and that IL the legal ten
der notes were issued they would certainly
be redeemed In gold and IL reissued would
again be redeemed in gold.
I'VE shall have an opportunity then"
said Cockrell. Ito test the patriotism OF
holders of eenbacks and see would
they raid the treasury 10 obtain its gold.
Id Ike TO know whether there are such
unauthorized patriots"
THE difference between myself and the
senator from Missouri" replied Lindsay,
us that ne still believes the gold raiding
syndicates are patriots and / do not. They
Will take every advantage offered them,
even In time OF war
In conclusion. and partly in answer TO
questions put TO him by Tillman of South
Carolina. Lindsay said:
1.-THE war will not 20 on for two or three
years. unless we break down our credit at
the outset The issue of legal tender
notes proposed here would have that ef-
feet
We'll" interrupted Tillman. in what
kind of money will the bonds you propose
10 issue he paid for?'
1.-THE bonds issued" replied Lindsay.
twill be sold for money as good as gold.
and the funds so raised will he used 10
pay the boys who are 10 be sent to Cuba
To face Spanish bullets and yellow fever.
Our credit will be as good as gold, and a.
the end of the war we Will have conducted
1t on the cheapest possible basis. We may
become involved with the continental pow
ers, and the time may come when we cam
not go further on a coin basis, either gold
or silver. and then we will be compelled
10 come 10 the issue Of greenbacks When
the time comes. whatever necessity de-
mands will be done. It will be done with
out complaint. Those who are alive at
the end OF the war win be charged up with
the debt. But We cannot promote that
state OF affairs We cannot discredit our
selves at the very outset. be resorting TO
currency which g In the nature of
forced loan. by issuing notes payable on
demand and putting no money in the treas
ury 10 pay them upon demand.
on the conclusion of L.ndsay's speech.
the revenue bill was laid aside.
On motion OF Allison, the senate agreed
to meet AT II a. m. tomorrow. After the
transaction 81 some routine business. the
senate. at ABB p. m. went into executive
session. after which the senate adjourned.