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VOL. XV.
CLEVELAND’S CALL
APPEALS TO CONGRESS TC
BE SOMETHING
DO
To Save the Country’s Credit—Bond
Sag S ested as the Only Remedy.
The president has sent to eongrest
fe following message on the financia
question: and House of Itepresenta
jo the Senate
tires: I
limy last annual message, recoin
mended to the serious consideration ol
the congress the condition of our na
(tonal finances, and in connection with
the subject indorsed the plan of currency
Halation which, at that' time, seemed
to 'furnish protection against impending been
Sanger. This plan has not ap
proved by the congress. In the mean¬
time the situation has so changed and the
emergency now appears so threatening,
that I deem it my duty to ask at the
Bands of the legislative branch of the
government such prompt and effective
action as will restore confidence to our
financial soundness and avert business'
disaster and universal distress among
oar people. Whatever may be the merits
the plan outlined in my annual mes¬
sage as a remedy for evils then existing
and us a safeguard against the depletion
dthegold reserve then in the treasury,
lam now convinced that its rejection by
tongrese and our present advanced stage
oftancial perplexity, necessitates addi¬
tional or different legislation.
OCR GREAT RESOURCES UNLIMITED.
With natural resoucres unlimited in
variety anti productive strength, ami
with a people whose activity and enter¬
prise seek only a fair opportunity to
achieve finational success and greatness,
our progress should not be checked by a
falsenancial policy, and a heedless dis¬
regard of sound monetary laws nor
should the timidity and fear which en¬
gender stand in the way of our prosper¬
ity. It is hardly disputed that this pre
dicament confronts us today. Therefore,
no one in any degree responsible for the
Baking and execution of our laws
should fail to see a patriotic duty in hon¬
estly and sincerely attempting to relieve
the situation. Manifestly, this effort will
tot succeed unless it is made untrammel¬
led by the prejudice of partisanship and
titli a steadfast determination to resist
the temptation to accomplish party ad¬
vantages. We may well remember that
it we are threatened with financial diffi¬
culties, all our people, in every station of
life are concerned and surely those who
■offer will not receive the promotion of
party interests as an excuse for permit¬
ting our present troubles to advance to
a distastrous conclusion. It is also of the
utmost importance that we approach
the study of the problems presented as
Ires as possible from the tyranny of pre
tonceived opinions, to the end that in a
common danger we may be able to seek
Fitli unclouded vision a safe and reason
■hie protection.
THE REAL TROUBLE EXPLAINED.
*hereal trouble which confronts us
“Mists in a lack of confidence, wide
cffMd and constantly increasing, in the
continuing ability or disposition of the
I government to pay its obligations in
fold. This lack of confidence grows to
home extent out of the palpable and ap
l^rent sorts of embarrassment tiie government attending under existing the
t° procure gold and to a greater
stent , out of the impossibility of either,
«ping it in the treasury or cancelling
rgatfona by its expenditures after it is
! obtained.
10 ISSUE BONDS THE ONLY REMEDY.
Tbe auly way left open to the govern
for procuring gold is by the issue
sale of bonds.
eoolj-bonds that can be so iBsued
™ authorized 25 years and
"‘calculated ago, were
to meet our present needs.
^ long other disadvantages they are
e payable in coin instead of specifical
Vr * 1 ’' : li in existing conditions
ct i largely and in an increasing ratio
1 ” 6 ' 1 ' desira bility as investments.
it’#! J -' no means certain that bonds
i a,. , of
L. *wT iption a can price ® Bcl1 creditable longer be dis- the
Iai . character to
' of government,
He - our
into n 1 ,°? the dan situation, keroue and irritating fea
to be Mentioned. however, remains
TnE Mosr DANGERGUS FEATURE.
.,, ‘Hound
in the means by which the
t *4" 5 l a , 1( ,'-' ls despoiled of gold thus ob
^ ,
cane elling a stogie gov
gation and solely for the
of .A those who find
abroad profit in ship
horde or whose fears induce
° it at home. We have out
J'ng about $500,000,000 of cur¬
ing ° f the government for whch
a ’’’ be demanded, and curiously
- ® me law requires that when pre
Sold. and in fact redeemed and paid in
F $awin mu, + S ma} eba11 ’ do be duty re-issued. many times These in
g £°'d from the treasury, nor can
° CeHS bea rrestedasIong private
tetie as
We brost or otherwise see an advan
«-nuP ’° eat 00 ' n!? ’000 tbe operation. More
iin-ariv h v"' 1 deemed in these in gold, notes and have
Wither,, not
'j^;r t * be eev- enteenth eBptioMhey are
bht ^ bonded interest day of January,
bis inf*- bearing debt
loseot taining f 10 ®*000,000. Forthe pur
eoin resp sold to re Pl enis h our
a r ' e two issues were made
^Uroarr ®onn« t0 ’ millions in
and eaeh—one
‘resn’t the other in November. As
^“toith, o° T bin e brst issue, there was real
ioae t "! * ®°r_ than fifty-eight mill
ar * in gold. Between that
a l hf " aUece «ding
com, one, in Xovem
$3nth« Ulg a period of about ten
- ~. _ “early „ one hundred and three
Hales Weekly
CONYERS, GA. WEDNESDAY, JANUARY 30. 1805.
millions of dollars in gold were drawn
from the treasury. This made the sec¬
ond issue necessary and upon that more
than $58,000,t 00 in gold was again real¬
ized .
Between the date of the second issue
and the present time covering a period
of only about two months, move than
sixty-nine million dollars in gold have
been drawn from the treasury. These
large sums pf gold were expended with¬
out any cancellation of government obli¬
gations, or in any permanent way bene
fitting our people or improving our pe¬
cuniary situation.
FINANCIAL EVENTS OF THE YEAR.
The financial events of the past year
suggest facts and conditions which
should certainly' arrest attention:
More than 172,000,000 of dollars
in gold have been drawn out of
the treasury during the year
for the purpose of shipments
abroad, or hoarding at home, while
nearly one hundred and three millions
of this amount were drawn out during
the first ten months of the year, a sum
aggregating more than two-tliirds of
that amount, being about sixty-nine
millions, was drawn out during the fol¬
lowing two months, thus indicating a
marked acceleration of the depleting pro¬
cess with the lapse of time. The obliga¬
tions upon which this gold has been
drawn from the treasury are still out¬
standing and are available for use Is re¬
peating the exhausting operation with
shorter intervals as our perplexities ac¬
cumulate. Conditions are certainly super¬
vening tending to make the bonds which
may be issued to replenish our gold less
useful for that purpose.
ADEQUATE GOLD RESERVE NECESSARY.
An adequate gold reserve is, in all
circumstances, absolutely essential to
the upholding of our public credit, and
to the maintenence of our high national
character. Our gold reserve has reached
such a state of diminution as to require
its speedy reinforcement.
The aggravations that must inevita¬
bly follow the present conditions and
methods will certainly lead to misfortune
and loss not only to our national credit
and prosperity and financial enterprise
but to those of our people who seek em¬
ployment as a means* of livelihood, and
to those whose capital is their daily
labor.
It will hardly do to say that a simple
increase of revenue will cure our troubles
with the apprehension now existing and
constantly increasing as to our financial
ability does not rest upon a calculation
of new revenue.
The tim e has passed when the eyes ol
investors abroad and our people at home
were fixed upon the revenues of the gov¬
ernment. Changed conditions have at¬
tracted their attention to the gold of
the government. There need be no fear
that we cannot pay our current expenses
with such money as we have, There is
now in the treasury a comfortable sur¬
plus of more than $63,000,000, but it
is not in gold and therefore does not
meet our difficulty.
SILVER NOT THE ISSUE.
I cannot see that differences of opinion
concerning the extent to which silver
ought to be coined or used in our cur¬
rency, should interfere with the counsels
of those whose duty it is to rectify evils
now apparent in our financial situation.
They have to consider the question of
national credit and the consequences that
will follow from its collapse.
Whatever ideas may be insisted upon
as to silver or bimetalism, the proper so¬
lution of the question now pressing upon
us only requires a recognition of gold as
well as silver and a concession of its im¬
portance, rightfully or wrongfully acquir
ed, as a basis of national credit, a neces¬
sity of an honorable discharge of our ob¬
ligations payable in gold and a badge of
solvency.
WHAT FRIENDS OF SILVER DEMAND.
I do not understand that the real
friends of silver desire a condition that
might follow inaction, or neglect to ap¬
preciate the meaning of the present ex¬
igency, if it should result in the en
tire banishment of gold from
IU r financial and currency
arrangements. Besides treasury notes
which certainly should be paid in gold
amounting to nearly oOO, 000,001 i
dollars, there will fall due in 1904 one
hundred millions of bonds, issued during
the last year for which we haverece ve
gold, and in 1907 nearly 600,00 0
4 per cent bonds issued in 1877. shall the
payment of these obligations in
gold be repudiated? If they nre to he paid
in such a manner as the preservation oi
our national honor and national sol
vency demands, we should not destroy
or even imperil our ability to supply our
Belves with gold for this purpose.
not unfriendly to silver.
While I am not unfriendly to silver,
and while I desire to see it
recognized to such an extent as is consis
tent with the financial safety and the
preservation of national honor and
credit, I am not wiling to see gold entire
ly abolished from our currency and
finances. To avert such a consequence I
believe thorough r.nd radical remedial
legislation should be promp !y passed.
I therefore asked congress to give the
subject immediate attention.
what should be done.
I» my opinion the secretary of the treas
should be authorized to issue bonds
ury government forthe purpose of pro
of the sufficient gold
curing and maintaining a
reserve and for the redemption and can
cellation of the United States legal tender
notes and the treasury notes issued for
the purchase oi silver under the law of
June 14th, 1890. We should be reiiev
ed from the humiliating process
of issuing bonds to ptocure gold-to be
immediately and repeatedly drawn out
on these obligations for purposes not re
lated to our government or our people.
The principal and interest of these
bonds Bhould be payable on their face in
gold, because they should be sold only
ior gold or its representative, and be
muse there would now be difficulty in
favorably disposing of bonds not con
taining this stipulation.
bonds of small d»nomlnationb.
I suggest that the bonds be issued in
denominations of twenty and fifty dol¬
lars, and their multiples, and that they
bear interest at a rate not exceeding 3
per cent per annum. I do not see why
they should not be payable fifty years
from their date. We ox the present gen¬
eration have large amounts to pay it we
meet our obligations, and long bonds are
most saleable. The secretary of the
treasury might well be permitted at his
discretion to receive on the sale of bonds
the legal tender and treasury notes to be
retired, and of course when they are thus
retired or redeemed in gold thy should be
cancelled.
COULD HE USED BY BANKS.
These bonds under existing laws could
be deposited by national banks as secur¬
ity for circulation,and such banks should
be allowed to issue circulation up to the
face value of these or any other bonds
deposited, except bonds outstanding
bearing only 2 per cent interest, and
which sell in the market at less than par.
National banks should not be allowed to
take out circulating notes of a less de¬
nomination than ten dollars and
and when such as are outstanding reach
the treasury, except for redemption and
retirement, they should be cancelled and
notes of the denomination of $10 and up¬
wards issued In their stead. Silver cer¬
tificates of the denomination of $10 and
upwards should be replaced by certifi¬
cates of denominations under $10.
IMPORTS PAYABLE IN GOLD.
As a constant means for the mainten¬
ance of a reasonable supply of gold to
the treasury our dutiesonimportsshould
be paid In all gold, allowing all other
dues to the government to be paid in any
other form of money.
I believe all the provisions I have sug¬
gested should be embodied in our laws if
we are to enjoy a complete reinstate¬
ment on a sound financial condition.
They need not interfere with any currency
schem e provided for the increase of the
circulating medium, through the agency
of national or state banks, since they can
easily be adjusted to such a scheme.
BONDS TO RETIRE LEGAL TENDERS.
Objection has been made to the is¬
suance of intevst bearing bonds for the
purpose of retiring the interest bearing
legal tender notes. In point of fact, how¬
ever, these notes have burdened us with
a large load of interest and it is still ac¬
cumulating. The aggregate interest
on the original issue of bonds, the pro¬
ceeds of which in gold constituted the re¬
serve for the payment oi t.iese notes
amounted to $70,326,250 on January 1,
1895, and the annual charge for interest
on these bonds, and those Issued for the
same purpose during the last year will
be $9,145,000 dating from January 1,
1895. Whtletliecancellationofthese notes
would not relieve us from the obligations
already incurred on their account, these
figures are given by way of suggesting
that their existence has not been free from
Interest charges and that the longer they
are outstanding, judging from the ex¬
perience of last year, the rqore expensive
they w ill become.
RELUCTANT TO SEE MORE BONDS ISSUED.
In conclusion, I desire frankly to confess
my reluctance to issuing more bonds to
present circumstances, and with no bet¬
ter results than have lately followed that
course. I cannot, however, refrain from
adding to an assurance of much anxiety,
to co-operate with the present congress
in any reasonable measure of relief, an
expression of my determination to leave
nothing undone which furnished cheeking a hope
for impro ving the situation or
a suspicion of our disinclination or dis¬
ability to meet with the strictest honor
every national obligation. Cleveland.
Grover
Executive Mansion, January 28, 1895.
ANEW FINANCIAL BILL.
Washington, January 28.—Chairman
Springer, of the banking and currency
committee of the house, has introduced a
bill to carry into effect the recommenda¬
tions of the president’s message.
He lias notified his committee to meet
tomorrow morning and consider the
bill. The bill is as follows:
“An act to authorize the secretary of
the treasury to issue bonds to maintain
a sufficient gold reserve and to redeem
and retire United States notes and for
other purpoges .
<!Be it enacted by the senate and house
<){ repr@gen t a tives of the United States of
America j n con gress, assembled, that, in
ordor to enab i e the secretary of the treas
nr y to procure and maintain a sufficient
j d regerve an( i to redeem and retire
pTnited g t ates notes and treasury notes,
lggued under the act of Ju i y 14< 18 90, en
^lgd “nn act directing the purchase of
gi j vgr bu j bon an( j the issue of treasury
noteg thereon and for other, ^purposes,
^ jg hereby authorized to issue and to
ge u at no t less than par in gold, except
0g prov i(jed in section 2of this act United
g tateB registered or coupon bonds, in
denon ,i na tions of twenty dollars and
do u arg and multiples of said sums,
respectively, payable in fifty years in
Bold coin of tJ)e united States of the pre¬
gent we j gb t and fineness and bearing in¬
teregt at a ra te not exceeding 8 per cent,
per an(1Ini payable quarterly in like coin;
and guC h bonds and the interest thereon
gha]] have ] ihe qualities privileges and the
exemp tions as the bonds issued under
act approved July 14, 1890, entitled an
act to authorize the refunding of the na
t) onal debt. Such bonds may be sold and
de] j ven . ( i j n the United States or elsewhere
gg may b e deemed most advantageous to
the ln { e rests of the government,
Section 2. That whenever aDy United
States legal tender notes or treasury
noteg shall be redeemed in gold, they
„hall be cancelled and not reissued, and
the secretary of the treasury is hereby
authorized, in his discretion, to receive
united States legal tender notes and
treagu ry notes issued under the aforesaid
aet of j u ly 14, 1890, in payment for any
of the b ondB issued under the preceding
gfectioa Q f this act and the notes so re¬
ceiTed shall be cancelled ami not reissued,
Section 3. That hereaiter national
b anking associations may take out oi
emulating notes in the manner now pro
vided b y law to an amount equal to the
par value of the bonds deposited to se¬
cure the same. But this provision shall
not apply to any bonds now outstanding
bearing interest at the rate of 2 per cent
only.
Section 4. 'That hereafter no national
bank note of less denomination than $10
shall be issued, and as rapidly as such
notes of denominations less thun $10
shall be received into the treasury, other¬
wise than for redemption aitd retire¬
ment, they shall be cancelled and an
equal amount of notes of likewise char¬
acter, but in denominations of ten dol¬
lars and multiples thereof, shall be issued
in their places. All silver how outstand¬
ing in denominations less than $10,shall,
when received into the treasury of the
United States, be retired and cancelled
and silver certificates in denominations
less than $10 shall be issued in their
stead.
Section 5. That from and after the
first day of July, 1895,* all duties on im¬
ports shall be paid in gold only, and all
taxes, debts and demands, oilier than
duties due on imports, United accruing or becoming
to the Sattes, shall be paid in
gold United and States silver notes, coin silver treasury notes.
certificates or
notes of national banks.
WAR-LIKE DEMONSTRATIONS.
Patriotic Mexican Students Otter Their
Services as Soldiers.
After a very stormy cabinet meeting
at the City of Mexico Monday night,
President Diaz notified Guatamala,
through its minister, that he would not
concede one iota and Guatamala would
have to give in to Mexico’s demand or
suffer the consequences.
Other Central American representa¬
tives present at the meeting made the
statement to President Diaz that they
understood Mexico was trying to grasp
Central American territory.
President Diaz denied the assertion
and stated that Mexico would have her
rights and the boundary lines should
be as Mexico claims and that Mexico
had all the territory that she needed.
It looks as though the other Central
American republics were behind
Gautemala.
All the government students march¬
ed on tho streets with banners shout¬
ing “Viva Mexico,” “Viva Diaz” and
“On to Guatemala.” They assembled
in front of the palace from 11,000 -to
15,000 strong, clamoring for war and
pledging their support to President
Diaz. They were mainly composed of
students of the law and mining and
medical schools.
Mexico has been preparing for war
for some time, and has about 12,000
troops on the border. All the officers
that have not been in active duty have
beau notified to report for marching
orders.
STORMY WEATHER.
Cyclone in Alabama and Snow Storms
at Other Points.
A cyclone struck the eastern portion
of Abbeville, Ala., doing considerable
damage, blowing down trees, fences
and telephone wires. The house of
Mr. Spien was blown to pieces, one of
his children killed and another se¬
riously injured.
A Storm in Louisiana.
A cyclone of considerable violence
passed over a part of New Iberia, La.,
blowing down a shingle factory, fences,
some small houses and uprooting trees.
No lives lost.
At Crowley, a heavy wind and rain
storm prevailed. The residence of D.
Millers, at Port Ledger, was complete¬
ly demolished. Miller was killed and
his children bad'y, but not fatally in¬
jured. A number of buildings unroofed
and others demolished.
Severe Snow Storms.
Reports from all over the west and
northwest indicate that Friday night’s
snow storm was the severest for
years. From four to nine inches fell
and business and traffic everywhere is
impeded. Most of the trains from the
west and northwest were late, and all
that reached their destination had
stories to tell of the severe struggle
with drifts, The snow was accom
panied everywhere by the high wind
which in some places, notably in Chi¬
cago, reached the strength of a gale
and complicated the difficulties of
travel.
TRUST RECEIVERS.
Two Appointed by Judge Grosscup
in Chicago.
A grand coup was sprung at Chicago
Tuesday night by President Greenhut
and his friends, and now the big or
ganization known as the Distillers and
and Cattle Feeders Company, is in the
hands of two receivers appointed by
Judge Grosscup, of the United States
district court. The receivers are:
E F. Lawrence, a director of
the First National bank of Chi
cago, and Joseph B. Greenhut, of
Peoria. They immediately filed their
bonds for $300,000 each before the
court and were duly qualified to act.
The property represents a nominal
valuation of $35,000,000, with a pres
ent actual valuation of probably
$4,000,000 or $5,000,000.
FRANCE'S NEW CAS.NET.
»
the Marine u e s
It is announced that the French cab
inet has been completed outside the
ministers of war and marine, uhicn
General Jamont and Vice Admiral
Besnard have been requested to take,
but have not yet accepted. The decree
regarding the appointment of the new
ministers has been signed.
CONGRESSIONAL.
WHAT THE NATIONS’ LAW-MA¬
KERS ARE DOING.
The Proceedings of Both Houses
Briefly Epitomized.
THE SENATE.
In the senate, Saturday, Mr. Allen,
populist, of Nebraska, presented a
resolution authorizing the secretary
of the treasury to exercise his discre¬
tion in redeeming all formB of paper
currency in silver as often as he is
convinced that a systemetic effort is
being made to deplete the gold reserve
and force an issue of bonds. The res¬
olution went over under the rules.
Mr. Lodge, republican, of Massachu¬
setts, then rose to reply to the remarks
of Mr. Mills that New England had
Hawaiian bonds which was the motive
inspiring New England senators in
their interest for the Hawaiian repub¬
lic. Mr. Lodge declared that the bond
story was a miserable falsehood. Mr.
Frye, of Maine, followed Mr. Lodge,
and it soon became evident that the
,New England senators were deeply in¬
censed at Mr. Mills’ speech and in¬
tended to resent it vigorously. Mr.
Frye is one of the most bitterly sar¬
castic speakers in the senate, and he
showed his mastery of this line of at¬
tack effectively. Mr. Frye declared
that the only indebtedness of the Ha¬
waiian government held outBide of
Hawaii was $1,000,000 bonds held in
England which command 1.3 and
which the people of Hawaii have tried
in vain to get back so as to hold them
themselves. At 2 o’clock the bank¬
ruptcy bill was taken up in the senate,
and formally laid aside and minor
matters considered.
The senate looked respleudant Fri¬
day with the great cluster of roses and
lilies, which rose two feet high and
completely covered the desk of Mr.
Cullom, of Illinois, in recognition of
his return to the senate. The resolu¬
tion of Mr. Mitchell (rep., of Oregon,)
asking for detailed information as to
tho sugar bounty claims was agreed to.
The Hawaiian question was then taken
up, and Mr. Allen, (pop., of Nebras¬
ka,) addressed the senate. He urged
that Minister Slevens’ initial act was a
flagrant violation of international law.
Tho minister should have been prompt¬
ly recalled. But this was not done.
The wrong had gone unrepaired and
the present government was now firm¬
ly established. Mr. Allen said he did
not believe in a “strong foreign
policy” or in “bully” proce¬
dure, but under existing circum¬
stances it was the plain duty
of this government to recognize
these conditions and open negotiations
toward annexation. Mr. Mills, (dem.
of Texas), then rose to make a speech
on tho Hawaiian question, which he
had given notice of Thursday. There
was much interest manifested and the
senator was followed with marked
attention. At the start Mr. Mills went
out of the beaten path and arraigned
the sugar interest as responsible for
the constant excitement over Hawaii.
“It’s an old story,” said Mr. Mills,
with great earnestness. “There is a
powerful sugar interest in this coun¬
try and in Hawaii. It is an interest
demanding that the great power of tho
United States be exercised in its be¬
half. This interest is manifesting itself
in the United States senate in its de¬
mands for intervention in tho affairs of
Hawaii. It is manifesting itself in the
arraignment of the president of the
United States, because he does not use
the power of the United States navy
to maintain its interests in Hawaii.”
Mr. Mills proceeded to lay down the
proposition that the senate was going
too far in directing the executive
branch as to what use it should mako
of the navy and army. It was a strange
doctrine, said Mr. Mills, that the leg¬
islative branch should assume the pre¬
rogative to direct another branch of
government what it should do. Mr.
Mills concluded at 2 o’clock. The
Nicaraguan canal bill was then taken
up.
Vice President Stevenson, who has
been absent from Washington for the
last few weeks on account of the Al¬
ness and death of h.s daughter, pre
over -the senate Monday. I he
ftrst an(1 important matter that
oame before the senate was the presi
dent s special financial message on the of subject
of the condition the
treasury, and urging prompt a^d
«*»«« by congress for the res
toration of of confidence business and disaster for and the
prevention
| universal disturbance. - lost earnest
| attention was given by senators to the
reading of^ Jhe message and it was im
mediately, without discussion, reterred
h tije COT nmitt e e on_ Ied finance._ th discussion Several
' ,u " ^ trc oc c "P ln e
of the bouse bill, u passed , July T b, 1894,
.the bill that would secure to the V In
: ()iar , s their r j gh t of individual allot
. 1Ile Dtp, but the bill was finally passed
J *ith some not very important amend
mentg rgported fr om the committee on
. j nf ]ian affairs. The bankruptcy bill, ; j
j ; wb j cb bat i be en displaced, was again i
up ant j made the unfinished
NO. 5.
business for Tuesday. After a short
executive session the senate adjourned.
The credentials of Mr. Cullom, of
Illinois, for the term beginning March
4 next, were presented to the senate
Tuesday by his colleague, Mr. Palmer.
The credentials of William H. Sewell,
of New Jersey, were presented by Mr.
McPherson, who will be succeeded by
Mr. Sewell. Mr. Hill (dem., New
York) presented a resolution from the
New York chamber of commerce, pass¬
ed with but one dissenting vote,heart¬
ily approving the financial course of
the president and urging congress to
aid in sustaining the government’s
integrity and in meeting the emer¬
gency by an issue of bonds as suggested
by the executive. The resolution also
adds that while momentary reform is
requisite, yet it should not be under¬
taken until recommended by a thor¬
oughly qualified commission. Mr.
Yoorhees, from the committee on
finanoe, presented a compilation of all
laws bearing on the issue of paper
money. It was ordered printed as
a part of the financial literature -now
being prepared. Mr. Candler intro¬
duced a resolution that the interstate
commerce commission be directed to
send to the senate a statement pre¬
pared from the latest returns to the
office of the commission showing the
capitalization of all and each of the
eight principal railway lines trans¬
porting passengers and merchandise
between Chicago and the Atlantic sea¬
board ; showing also the proportion
which such capitalization bears
to the total capitalization of railroads
of the United States and inoluding for
the last, year a statement of the aggre¬
gate gross and net income of saidliues,
also compared with the gross and net
income of all the railroads of the
United States.” Mr. Chandler said
this information was necessary to un¬
derstand the eflect of the bill recently
reported from the committee on inter¬
state commerce. He quoted the sec¬
tion of tho bill allowing pooling and
continued: “The authority given by
this paragraph is stupendous. Uudor
such authority all the railroads
of the country may pool all
their gross or not earnings from
all sources, They may virtually
unito or form one company or partner¬
ship, with a capitalization equal to
the existing Juno 30, 1893,of $10,506,-
235,410; the gross earnings of which,
were for the year then ouding,$1,230,-
751,874; and the net income after
paying fixed charges was $111,508,304.
They may agree to commit the man¬
agement and disposition managing of this board gross of
or net income to a
even three officers of the various rail¬
roads. This board can be given au¬
thority and discretion to pay out for
the purpose of control of legislatures,
state or national, or other public offi¬
cers, or for any other purpose such
portions as they may see fit of the
gross or net earnings of this gigan¬
tic partnership, and afterwards to
divide the remainder of the net earn¬
ings among tho various companies ac¬
cording to arbitrary fixod portions of
one hundred per cent of tho whole. ”
The senator then read the amend¬
ments he offered in tho committee, and
which he has since proposed in tho
senate. He then snid he could see no
reason for tho rejection of the amend¬
ments holding that if it is not intend¬
ed that the interstate commerce com¬
mission shall muko an investigation,
“then the promise is a fraud and de¬
ception on the people.”
THE HOUSE.
Friday was an off day in the house.
During the call of committees for re¬
ports, Mr. Harrison, democrat, of Ala¬
bama,made the majority report on the
memorial from Cleveland, Ohio, which
asks for tho impeachment of Judge
Ricks, Mr. Bailey, democrat,of Texas,
obtained leave to file the minority re¬
port later.
The message from President Cleve¬
land to congress upon tho financial
situation of the government was read
to the house immediately after it as¬
sembled Monday, At the conclusion
of the reading Mr. Springer presented
his new bill to revise the currency and
banking systems and it was referred to
the committee on banking and curren¬
cy for examination and report. The
president’s message was referred to
the committee of the whole. The Nic
(tragUft canal bill was received from
senate and referred to the commit
tee on interstate and foreign commerce,
rjp ij0 jj 0llHe committee of the whole
continued the discussion of the bill to
ea l the differential duty of 1-10 of
\ cent a pound on sugar imported-irom
cotmtrieg pa yj ng an export bounty on
t ^at article. Its passage was advocated
b y Messrs. Turner, Wheeler and Ter
an q opposed by Messrs. Dalzell,
i£ 0 pkins and Doliver. After passing
two or three, private bills, the house at
- O , c]ock a aj ourne d.
Outhwaile, chairman of the
committee ou military affairs, asked
unanimo ns consent in the house Tues
o',
srtsrS£*3: hut Mr. sc Wadsworth,
. - -hereto
^ repnblican c f’ New York, objected,
K( . Iiftte bm to authorize the city
° f . r*h«rlntte Chatlotte ’ * V V C to beautify the
United States mint property and use
it as a public park was passed .
The safest road to virtue is repent¬
ance.