Mr. SLOAN. I move the following amendment: Provided, That all bondsorother obligations issued under this act, orthe actsto which this is nmendatory sshsuwbe payable in the lawful money of the U.S. Mr. Chairman, I otfer that amendment for the purpose of calling the attention of the committee to what seems to me to be a very great de fect in this bill in allowing the Secretary to send our bonds abroad. The chairman of the ComWays&Means has asserted that it will be ruine us, and even the SecyTreasu himself says that if our bonds go abroad rhirgely our deht will become an oppression and a curse, and ruine us to the in of the country; yet, as far as “SI? I have obseryc, neither the chairman of the Committee of W ays and Means, nor the SecyTreasury, a; we reach the specie basis, there will be no de 1 It is a disgrace the way this House conducts nor any other gentleman, has proposed any remedy for this great and crying evil. Our bonds are going in large amounts every day to Europe, and as confience in the stability of our Government and its ability to pay increases, they will go abroad in larger amounts unless something is done to prevent it. It requires no very great knowledge of business to see that when our bonds are held in Europe to such great extent, and 100s of millions of coin are annually drained from the country to pay them, that it will be impossible to maintain our credit and prosperity unless we prevent it by providin that they shall be pai in currency. If this be done our bonds will not continue to go abroad. Today our 5 twenties can be purchased there at 70, thus atfording an interest of from 9 to 10%. in gold, whereas the national loans of Europe give only 4 or 5%. There is no means of preventing this evil, so far as I can see, if our bonds are to be paid in coin. So long as we pay 6%. interest, while European Governments pay but 3 or 4, if the capitalists or the people of Europe have confidence in the stability of our Government, and in its ability to discharge its oblitions, it seems to me by the natural law of finances that our bonds must inevitably go to Europe. Now, this debt can be taken care of by the American people. There is abundant ability, and I would much refer to see the 7 30 bonds continue in the hands of the people, and be diffused throughoutthe entire country among the laboring men, those who can own a few hundred dollars worth, rather than have a large amount of coni interest bearing obligations issued. Now, while this evilis acknowl edged, while there is den or impending in regard to our finances and the busmcss of the country, though this amendment may be very inadequate, and may fail to accomplish the purpose desired, yet it is the only means that occurs to me of meeting the duo er. So long as the bonds are payable inlawfu money, until mand for these obligations issued in Europe. Here the hammer fell.]