BINDING TWINE-Continued.

Hemp and binding twine under the present bill are placed on the free list.

The results show imports of hemp in 1895 to be $754,975, and binding twine $16,422. None reported in previous years. The Census statistics show that the “Cordage and Twine" interests of the United States embraced 140 establishments, with a capital of $22,786,019, employing 12,506 men, paying $4,412,640 in wages, consuming $23,372,627 worth of material, and turning out products to the value of $32,376,454.

No. 34.

BISMARK ON AMERICAN PROTECTION.

The success of the United States in material development is the most illustrious of modern times. The American Nation has not only successfully borne and suppressed the most gigantic and expensive war of all history, but immediately after disbanded its army, found work for all its soldiers and marines, paid off most of its debt, gave labor and homes to all the unemployed of Europe as fast as they could arrive within the territory, and still by a system of taxation so indirect as not to be perceived, much less felt. Because it is my deliberate judgment that the prosperity of America is mainly due to its system of protective laws, I urge that Germany has now reached that point where it is necessary to imitate the tariff system of the United States.-(Speech in the Reichstag, May 12, 1882.)

BLAINE ON BRITISH AND AMERICAN PROGRESS. No. 35.

In 1860 the population of the United States was, in round numbers, 31,000,000. At the same time the population of the United Kingdom was, in round numbers, 29,000,000. The wealth of the United States at that time was $14,000,000,000; the wealth of the United Kingdom was $29,000,000,000. The United Kingdom had therefore nearly the same population, but more than double the wealth of the United States, with the machinery for manufacturing fourfold greater than that of the United States. At the end of twenty years (1880) it appeared that the United States had added nearly $30,000,000,000 to all her wealth, while the United Kingdom had added nearly $15,000,000,000, or about one-half.

BLAINE-Continued.

During this period of twenty years the United States had incurred the enormous loss of $9,000,000,000 by internal war, while the United Kingdom was at peace, enjoyed exceptional prosperity, and made a far greater gain than in any other twenty years of her history-a gain which during four years was in a large part due to the calamity that had fallen upon the United States. The United Kingdom had added 6,000,000 to her population during the period of twenty years, while the addition to the United States exceeded 18,000,000.

By the compound ratio of population and wealth in each country, even without making allowance for the great loss incurred by the civil war, it is plainly shown by the statistics here presented that the degree of progress in the United States under protection far exceeded that of the United Kingdom under free trade for the period named. In 1860 the average wealth per capita of the United Kingdom was $1,000, while in the United States it was but $450. In 1880 the United Kingdom had increased her per capita wealth to $1,230, while the United States had increased her per capita wealth to $870.

The United Kingdom had in twenty years increased her per capita wealth 23 per cent., while the United States had increased her per capita wealth more than 93 per cent. If allowance should be made for war losses, the ratio of gain in the United States would far exceed 100 per cent. Upon these results what ground has Mr. Gladstone for his assertion?

BLAND BILL FIXED THE GOLD CLAUSE-Which Passed the House Nov. 5, 1877.

No. 36.

Be it enacted, etc., That there shall be coined at the several mints of the United States, silver dollars of the weight of 4121⁄2 grains Troy of standard silver, as provided in the act of January 18, 1837, on which shall be the devices and superscriptions pro vided by said act; which coins, together with all silver dollars here tofore coined by the United States of like weight and fineness, shall be a legal tender, at their nominal value, for all debts and dues, public and private, except where otherwise provided by contract; and any owner of silver bullion may deposit the same at any United States coinage mint or assay office, to be coined into such dollars, for his benefit, upon the same terms and conditions as gold bullion is deposited for coinage under existing laws.

BLAND-Continued.

Sec. 2. All acts and parts of acts inconsistent with the provisions of this act are hereby repealed.

Amended in the Senate, and became a law February 28, 1878, but was known as the Bland-Allison act.—(Record, vol. 6, p. 241.)

No. 37.

BOLIVIA.

In Bolivia the standard is silver; the monetary unit is the boliviano; the value in United States coin is $0.613; the coins are silver; boliviano and divisions. The ratio of gold to silver is 1 of gold to 152 of silver.

BONDS OF THE U. S.-Bill Providing for Issue and Sale of, in the 54th Congress.

No. 38.

In the House of Representatives, December 27, 1895, Mr. Dingley, of Maine, reported from the Committee on Ways and Means the following bill:

"A bill (H. R. 2904) to maintain and protect the coin redemption fund and to authorize the issue of certificates of indebtedness to meet temporary deficiencies of revenue.

"Be it enacted, etc., That in addition to the authority given to the Secretary of the Treasury by the act approved January 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. interest per annum, payable semi-annually, and redeemable 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 'reasury 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 forbid 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 subscriptions therefor to be made at the Treasury Department and at the sub-treasuries and designated depositories of the United States.

BONDS, Bill for, etc., 54th Congress-Continued.

"Sec. 2. That to provide for any temporary deficiency 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 $50,000,000, 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 au equal amount of lawful money of the United States at the Treasury Department and at the sub-treasuries 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."

On the same day the bill was considered under a special rule and passed the House February 28, 1896.

The following is the yea and nay vote on the first section: Yeas, 170; nays, 136; not voting, 49.

Yeas-Republicans, 169;

PARTY VOTE.

Democrats, 1. Nays-Republicans, 47; Democrats, 82; Populists, 7. Not Voting-Republicans, 27; Democrats, 21; Populists, 1.

The bill proposed three things: A reduction of the rate of interest and the length of time during which bonds should run, when issued under the resumption act of 1875; reducing the rate of interest from 4 per cent., as provided under the act, to 3 per cent., and reducing the length of time which the bonds had to run from thirty years to five years, with a maximum of fifteen years.

The bill as sent from the House to the Senate also provided that whenever bonds should be issued under the act of 1875 they should be offered first to the American people as a popular loan; and lastly, that the proceeds of the sale of the bonds under the act of 1875 should be devoted exclusively to resumption purposes under that act, and that whenever, incidentally, there should be a failure of revenue to meet the expenses certificates of indebtedness running three years and payable from revenue to accrue should be used instead of the proceeds of the sale of bonds.

The bill was received in the Senate December 30, 1895, and rereferred to the Committee on Finance, which reported it with a sub

BONDS, Bill for, etc., 54th Congress-Continued.

stitute back to the Senate January 7, 1896, and was debated at various times until February 1. The following pages of the Daily Record contain the debates thereon: 601, 609, 637, 638, 699, 755, 772, 807, 816, 869, 926, 982, 1004, 1018, 1078, 1079, 1109, 1167, 1217, 1246, 1265, 1276, 1280, and 1327.

The substitute reported by the Committee on Finance was to strike out all after the enacting clause and to insert:

"That from and after the passage of this act the mints of the United States shall be open to the coinage of silver, and there shall be coined dollars of the weight of 4122 grains troy, of standard silver, nine-tenths fine, as provided by the act of January 18, 1837, and upon the same terms and subject to the limitaitons and provisions of law regulating the coinage and legal-tender quality of gold; and whenever the said coins herein provided for shall be received into the Treasury, certificates may be issued therefor in the manner now provided by law.

"Sec. 2. That the Secretary of the Treasury shall coin into standard silver dollars, as soon as practicable, according to the provisions of section 1 of this act, from the silver bullion purchased under authority of the act of July 14, 1890, entitled 'An act directing the purchase of silver bullion and the issue of Treasury notes thereon, and for other purposes,' that portion of said silver bullion which represents the seigniorage or profit to the Government, to wit, the difference between the cost of the silver purchased under said act and its coinage value, and said silver dollars so coined shall be used in the payment of the current expenses of the Government; and for the purpose of making the said seigniorage immediately available for use as money, the Secretary of the Treasury is hereby authorized and directed to issue silver certificates against it, as if it was already coined and in the Treasury.

"Sec. 3. That no national bank note shall be hereafter issued of a denomination less than $10, and all notes of such banks now outstanding of denominations less than that sum shall be, as rapidly as practicable, taken up, redeemed, and canceled, and notes of $10 and larger denominations shall be issued in their stead under the direc tion of the Comptroller of the Currency.

"Sec. 4. That the Secretary of the Treasury shall redeem the United States notes, commonly called 'greenbacks,' and also the Treasury notes issued under the provisions of the act of July 14, 1890, when presented for redemption, in standard silver dollars or