Evening star. [volume] (Washington, D.C.) 1854-1972, 1898-06-04

day In favor OF bimetallism and vet the
cultivation OF that financial sentiment was
what Mr.. Allen called a delusion and a
snare.
The experiment which is now being tried
IN INDIA. continued Mr.. Wolcott in the
opinion, not only of tn" bimetallis,s OF the
world, but also of ninc-tc nths Of the gold
men OF London. whore the situation has
been carefully studied. will result in abSo-
lutte and entire failure. Ii will be impossi-
Die t. impose the gold standard upon the
people OF india In the face of this con-
ceded fact, say he is an enemy and not
friend OF bimetallism who stands IN .u
thls presence and talks about interna tional
bimetalfSm being a delUsion and a snare
ana Yet II appears that he has no argu-
nent TO present except that embodied In
the statement-untrue. unpleasant and un-
aienined-that the bimetallic commission
TOOK a large sum of money and squandered
Mr. Allen Replies.
Mr.. Allen made very brief reply to Mr.
Woicott, speaking calmly and coolly. He
explained that he had not charged the COM
mission with extravaganza or with having
squandered the money appropriated What
he did say, he insisted, was that the ap-
proprietion was made when it was evident
that the effort 10 be made would be a fail
ure. lie had contended. therefore that the
money ought not to he expended at aIl
YET, because he had held that belief and
held IL now. he was he said made the sub-
1ecl OF the Colorado senator's sophomore
pnlinpics He was not. he concluded, afrail
OF the senator tMr. wolcotD in the Senate
or elsewhere.
An effort was then made by Mr. Allison 10
ERECT an arrangement whereby a vote
might be taken last evening but Il was
unsuccessful. The consensus of opinion
was that an adjournment until today would
facilitate the final disposition of the meas
ure- After agreeing to meet at IL o'clock
today the Senate at O'Clock went into cN-
ecuuve session and soon afterward ad-
journed.
Certificates Of Indebtedness.
Following is the provision for the issue
of bonds Incorporated by the Senate i'm the
revenue measure: THAT the Secretary of
the Treasury is authorized to borrow from
Tune to time, at rate OF interest not ex-
ceeding per cent per annum. such sum
or sums as, in his Judgment may be neces-
sary to meet public expenditures and to
issue therefor certificates of Indebtedness
IN such form as he may prescribe and in
denominations of $50 some multiple of
that sum: and each certificate 50 issued
snail be payable, with the interest accrued
thereon, at such time. not exceeding one
year from the date of its issue. as the Sec
rotary OF the Treasury may prescribe: Pro-
Nlued, That the certificates of indebt ednpss
authorized by this section shall from time
70 tlfne be nrst offered whenever practical
BILE at popular subscription under such
regulations, to be prescribed by the Score
tafy OF the Treasury, as will give oppor-
to participate in the subscriptions 10 surh
certificates: Provided fur,her That thu
amount of such certificates outstanding
shall at no time exceed Slop pbptip and
that at least $50. eon 600 of said certificate.
herein authorized shall be issued before
any OF the bonds provided for in this ACT
snail be issued, sold, or disposed of. and
the provisions of existing law respecting
counterfeiting and other fraudulent prac-
tees are hereby extended to the bonds and
certihcates of Indebtedness authorized by
this act.
The Bond Provision
THAT the Secretary of the Treasury is
hereby authorized to borrow on the credit
of the United States from time to time as
the proceeds may be required to defray ex-
penditures authorized on account Of the
existing war (such proceeds when received
to be used only for the purpose of meeting
such war expenditures the sum Of 50, -
oo"ooo. or so much thereof may be
necessary, and to prepare and issue there
for, at not less than par, coupon or regis
tered bonds of the United States in such
form as he may prescribe, and la deaomi-
nations OF SO or some multiple of that
sum, redeemable in coin at the pleasure of
the nlted States after ten years from the
date of their issue, and PAYABLE twenty
years from such date and bearing interest
payable quarterly in coin at the tate of Z
per cent per annum; and the bonds herein
authorized shall be exempt from all taxes
or duties of the United States, as well as
from taxation in any form by or under
state, municipal or local authority: Proyid-
ed, That the bonds authorized by this Sec
ton shall be first offered popular loan
under such regulations to be prescribed by
the Secretary of the Treasury. as will give
opportunity to the citizens of the United
States to participate in the subscription to
SUCH loan: Provided further, That such
bonds and certificates shall be issued at
par, no commissions shall be allowed there
on. and in allotting said bonds and certifl-
Gates the several subscriptions OF ndiVid-
uals shall be first accepted and the sub
scriptions for the lowest amounts shall be
hrst allotted; and a sum not exceeding one
half of L per cent of the amount of the
bonds herein authorized is hereby appro-
priated to pay the expense of preparing
advertising, issuing and disposing of the
same
Mr.. Chandler IN. H.) offered his amend
ment inserting a declaration that the policy
of the United States is not to commit the
country more thoroughly to the single gold
standard, but that the efforts of the gov
eminent shall be steadily directed to coin
both silver and gold standard money
MIR. Stewart offered as an amendment to
Mr. Chambers amendment provision that
no bonds issued under this act shall be
used as a basis of bank currency
Mr.. Morgan gave notice of an amendment
directing the Secretary of the Treasury to
enforce those provisions of the income tax
law of 1894 not expressly declared by the
Supreme Courts decision to be unconstitu-
tional.
Mr.. Morgan spoke in support of the
amendment and attacked the national
banks, which, he declared were behind the
conspiracy to force bond issue upon the
people" He said the national bank combi-
nation was the strongest in the world far
stronger in the matter of controlling the
destinies of the country than the lJo 600
soldiers now in the field for the United
States. No government" he SAID, has
ever been ridden by such an incubus as
this, and no government ought to yield to
such an imposition"