Year: 1878

We clip from the Congressional Record the
following extract from the proceedings in


the House, on the 18th instant The bill


making appropriation for government


printing and advertising being under con-
sultaticn, Mr.. Phillips offered the following


amendment:


After line S:Si, add the following paragraph
And the Secretary of the Treasury shall,
from part OF said appropriation Of s2Un,Ug0 ai-
vertlse IN a newspaper or newspapers OF gen.
eTal circulation, Tor not less than two weeks,
all sales or sale of United States bonds which
may now be authorized by law, and that
Sucn advertisement shall set forth that all
such sa es shall be at open competition, on
equal terms to all bidders: PTOUided That 10
tnIng herein shall be construed as preventing
or limiting the sales of Government securities
by open subscription or purchase Toy all par
ties desiring to purchase the same, or snail
authorize the sale of any bonds, save for pur-
poses OF funding the public debt at a lower
rate of intereS.


Mr.. HEWITT, of New York. | raise


the point OF order that this amendment is
| not germane to the pending paragraph,


which is provision for engraving and
printing.


Mr.. PHILLIPS. On that point OF order
wish TO be heard


The CHAIRMAN. The gentleman has


a right to discuss the point of order


Mr. PHILLIPS. l hold it to be germane


for the reason that this appropriation Of
sos, 600 provides for printing and Issuing
Government notes, bonds, and securities.
and therefore refers directly to the subject
matter OF their issue, and that it is in the
line of economy, because a sale OF those
bonds has been made TO syndicate where
by a private contract of great profit was let
to few bankers, 10 the public loss, and
that such advertising and competition
would result in considerable saving in the
sale of those securities. / have been as
sured that a more profitable sale for the
Government could have been made If the
matter had been open 10 free competition,
and that many other persons desired 10 buy
them and although | was opposed alto
gether TO any sale OF bonds or increase of
the public debt for purposes OF maintaining
resumption, still, il sold at all, We ought TO
be entitled TO the benefits of competition
1t has been stated tnat some S2,000000
have been supposed to be made by that one
sale to the syndicate. 1t is reported that
million and a half of dollars might
have been saved to the Government
il advertising for competitive bids
had been allowed in connection with the
sale of those bonds | hold in Issuing Sc
curilies they should be open to purchase
by everybody who may desire to buy. |
bold that the Secretary of the Treasury


hould offer the Government securities to
severy one; first in open books of subscrip
tion, so that all the people under
exactly similar regulations should
a., &
these subscriptions did not meet the require
ments of the Treasury for called bonds or
bonds falling due, and if it was Necessary
for the Secretary to make sale that such
sale should be open to competition, and
sale should be made to the best bidder for
the Government. That certainly is in the
line Of economy. 1t is in the line of a Just
administration of public affairs and ought
to be a fundamental maxim of American
administration.


Mr.. HEWITT, of New York. submit
this is not q discussion on the point of
order


Mr.. PHILLIPS. 1t is germane to the
subject, for this section provides for the is
sue Of bonds from the Treasury printing
house, and the subject-matter this amend
ment covers is not fixed by any conflicting
statute. 1t is in the line of economy in
providing for advertising and securing bet
ter investment Of these bonds for the Gov
ernment the issue of which bonds is
provided for in this paragraph, and
which but for this paragraph cannot be
printed.


Mr.. HEWITT, of New York. / agree
with what the gentleman says as TO the pro-
priety Of advertising, but this is not the
place for it.


The CHAIRMAN. The Chair is not
able to see how the amendment on its face
provides for retrenchment. What might be |
the effect OF it is mere matter of opinion and |
argument.


Mr.. PHILLIPS This paragraph pro-
vides for certain printing and this i. part of |
it. 1t conflicts with no existing statute,
and from its very nature is sure to save
money, fact which 1 think must be patent
tent This wisely provides for the econom-
ical expenditure Of part of what We here
appsopri.te


The CHAIRMAN, This amendment