People's Pilot, Volume 2, Number 37, Rensselaer, Jasper County, 3 March 1893 — WILL ISSUE NO BONDS. [ARTICLE]

WILL ISSUE NO BONDS.

The House Refuses to Indorse Senator Sherman’s Flan for Three Per Cent*. Thus Practically Killing the Measure. Washington, Feb. 28.—The last effort to relieve the financial situation by legislation has failed. The house, after some debate, the principal feature of which was a spirited speech by Bourke Cockran, non-concurred in the senate amendments to the sundry civil appropriation bill, and sent that important measure to a conference committee. Tbe meaning of this action is that the Sherman amendment, inserted in this bill by the senate, authorizing the secretary of the treasury to issue 3 per cent bonds, will be killed by the conference committee, the house members of which are Messrs. Holman, Sayres and CogswelL The vote against the bond amendment was overwhelming and was undoubtedly due to the fact that Mr. Carlisle communicated to a number of the democratic leaders of the house that the present law was ample to permit the issue of bonds. Mr. Carlisle feared that the entire sundry bill might be jeopardized by the Sherman bond “rider’’ and he preferred to go without the rider rather than risk the passage of this most important bill. The sending of the sundry civil bill to conference appears to end the chances of an extra session and at the same time to leave the question of currency without any probability of action under this administration. It is understood in Washington that there will be no heavy gold shipments from New York this week. This news was especially pleasing to President Harrison, who is extremely anxious that his administration should close without increase of the public debt. To issue bonds, under any circumstances, would have been an absolute reversal of the policy which he has followed for four years of buying bonds with the surplus money in the treasury, thereby reducing the public debt and saving interest When a telegram was brought to the president at the white house during the morning announcing that there would be no gold shipments this week large enough to decrease seriously the balance of free gold in the treasury President Harrison did not conceal his delight. Treasurer Nebeker, speaking of the drain of gold that has been going on for the past year or more, said it was largely the work of speculators on the New York stock exchange. The export of gold had the effect of bearing stocks by selling stocks and then exporting gold. The profit made on their stocks not only compensated for the freight charges, insurance, etc., on the gold slipped, but left a profit. Then, too, as France and Austria were in the market after gold, the specie found ready sale on the other side. Washington, Feb. 28.—One of the most important bills affecting railroads ever passed by congress was that which went through the house Monday afternoon providing for a uniform system of brakes and ear-couplers. The bill has already passed the senate, so that the action of the house Monday insures a comprehensive American system of safeguards for railway travel. The bill passed in spite of the most bitter opposition from the railroads, which contended that it would bankrupt some of the southern roads and would cost the railroads of the country from §30,000,000 to §100,000,000. The final passage of the bill was attended by many exciting scenes; members were wrought to a pitch of excitement they had not felt before in months. Washington, Feb. 28.—The pension appropriation bill was passed by the senate Monday without any amendments. It appropriates for army and navy pensions (including widows and minor children) §165,000,000 and about §1,500,000 in addition for fees of examining surgeons, clerk hire at pension agencies and some small items.