THE BILL ,vrTnouizix<; I>-ri: OK 



1S9 



to them by every tic of kindred, of religion, and 

 of citizenship. 



But, Mr. President, these ill-natured eh; 

 airainst ili.- Western States, and particularly'against 



what are known as i - ates. are not true. I 



believe 1 may truthfully say that they have their 

 i in the fact that the representatives of those 

 - in this body hold financial opinions and have 

 seen fit to cast their votes in opposition to the views 

 and the wishes of the present Administration and 

 its Republican sympathizers and supporters. I as- 

 without fear of successful contradiction that 

 in every attribute of good citizenship, in industry 

 and sobriety, in respect for law and property, in 

 obedience to constituted authority, in reverence for 

 religious forms, and in point of public spirit the 

 citizens of the silver States will easily take rank 

 with those of any other State in this Union. Fur- 

 ther than this. Mr. President, I assert that within a 

 radius of 5 miles of Carnegie Hall, in the city of 

 New York, where the Presbyterian Home Mi- 

 ry recently held its meeting to beg funds 

 with which to convert the wicked people of the 

 badly regulated municipalities' and undesirable 

 States ' of the West, there is twenty times more of 

 squalid poverty, of pauperism, of ignorance, of 

 crime and criminals, than can be found in all the 

 silver-producing States of the West combined." 



The speaker followed with a comparison of sta- 

 tistics of illiteracy, pauperism, debt, and money ex- 

 pended on education, between five Eastern and five 

 Western States, much to the disadvantage of the 

 former : and, further, compared the population of 

 certain silver States with the smaller Eastern States. 

 and referred to the failure to elect Senators in 

 Delaware and Kentucky in connection with the fact 

 that "two years ago the States of Montana and 

 Wyoming were held up to public scorn and ridicule 

 by the Eastern press as being totally incapable of 

 self-government because their Legislatures had 

 failed to elect Senat 



" There is probably no section of our country," he 

 said, "that derives so little direct benefit from the 

 protective system as the silver States. They are 

 producers solely of what are called raw materials ' 

 and purchasers of finished products. They are also 

 large and increasing producers of gold, and as gold 

 istantly appreciating in purchasing power, it 

 may be openly questioned whether they would not 

 be the greatest gainers by a policy which would 

 permit them to buy their manufactured commod- 

 ities in the open markets of the world, unrestricted 

 by tariff or other legislation. But up to this time 

 the Republicans of those States have not permitted 

 themselves to be swayed by selfish considerations 

 in the discussion of the tariff question. They have 

 always taken the broad ground that the protective 

 :i was correct in principle, and that it meant 

 the greatest good to the greatest number. But with 

 the policy of protection they have also united the 

 policy of bimetallism, believing that that, too, was a 

 cardinal principle of Republican faith. Upon this 

 platform of protection and bimetallism they have 

 'heir political battles in the past and held their 

 States in the Republican column." 



The subjert \va- again debated May 22. when the 

 Senate bill for the regulation of bond issues was 

 under discussion, and June 2 Senator Morrill spoke 

 upon the Dingley bill. 



Bill authorizing 1 Issue of Bonds. Another 

 measure for the relief of the Treasury was reported 

 by the House Committee on Ways and Means, enti- 

 tled "A bill to maintain and protect the coin re- 

 serve fund and to authorize the issue of certificates 

 of indebtedness to meet temporary deficiencies of 

 revenue/' 



A resolution offered by Mr. Henderson, of Iowa, 



Dec. 27. that the vote on the bill should be taken 

 the following day at IJ o'clock without delay or 

 other motion, separate votes being taken on the 

 ns if demanded, was debated and pa>sed by ;i 

 vote of 196 yeas to 102 nays, 57 not voting. 



The bill was as follow > : 



" A bill (II. R. 2904) to maintain and protect the 

 coin redemption fund, and to authorize the issue of 

 certificates of indebtedness to meet temporary defi- 

 ciencies of revenue. 



" Be it enacted, ttc.. That in addition to the au- 

 thority given to the Secretary of the Treasury by 

 the act approved Jan. 14. 1875, entitled 'An Act to 

 provide for the resumption of specie payments.' he 

 is authorized from time to time, at his' discretion, 

 to issue, sell, and dispose of. at not less than par in 

 coin, coupon, or registered bonds of the United 

 States, to an amount sufficient for the object stated 

 in this section, bearing not to exceed 3 per cent, in- 

 terest per annum, payable semiannually. and re- 

 deemable at the pleasure of the United States, in 

 coin, after five years from their date, and payable in 

 fifteen years after their date, with like qualities, 

 privileges, and exemptions provided in said act for 

 the bonds therein authorized. And the Secretary 

 of the Treasury shall use the proceeds thereof for 

 the redemption of United States legal-tender notes, 

 and for no other purpose : Provided. That nothing 

 in this act shall be construed to repeal or modify 

 an act approved May 31, 1878, entitled 'An Act 

 to foibid the further retirement of United States 

 legal-tender notes.' Whenever the Secretary of the 

 Treasury shall offer any of the bonds authorized 

 for sale by this act or by the resumption act of 

 1875, he shall advertise the same and authorize sub- 

 scriptions therefor to be made at the Treasury De- 

 parment and at the subtreasuries and designated 

 depositories of the United States. 



. 2. That to provide for any temporary de- 

 ficiency now existing, or which may hereafter occur, 

 the Secretary of the Treasury is hereby authorized, 

 at his discretion, to issue certificates of indebtedness 

 of the United States, to an amount not exceeding 

 f50.000.COO, payable in three years after their date 

 to the bearer in lawful money of the United States, 

 of the denomination of 20. or multiples thereof, 

 with annual coupons for interest at the rate of 3 

 per cent, per annum, and to sell and dispose of the 

 same for not less than an equal amount of lawful 

 money of the United States at the Treasury De- 

 partment and at the subtreasuries and designated 

 depositories of the United States and at such post 

 offices as he may select. And such certificates shall 

 have the like qualities, privileges, and exemptions 

 provided in said resumption act for the bonds 

 therein authorized. And the proceeds thereof shall 

 be used for the purpose prescribed in this section 

 and for no other." 



Mr. Dingley. of Maine, said in explanation of the 

 intent of the bill : 



" Mr. Speaker, the pending bill contains two sim- 

 ple propositions. Section 2 (reversing the order in 

 which the sections are placed in the bill) authorizes 

 the Secretary of the Treasury to issue certificates 

 of indebtedness to an amount not exceeding s.jO.- 

 000.000, to be paid within three years, bearing 3 per 

 cent, interest to be used for one purpose and one 

 purpose only to meet temporary deficiencies in 

 revenue temporary deficiencies deficiencies that 

 may occur not only now. but at any future time, 

 for this second section is to be permanent law. 



I have only to say in respect to that section 

 that it is in substance the exchequer-bill system 

 which prevails under many governments, and is in- 

 tended to be a form of loan for temporary purposes, 

 of a popular nature, that can be paid out even by 

 the Secretary of the Treasury for current objects of 



