The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1893-02-01

The Hon. W. ID. Bynum, who is stop
ping at the Denison house for day or so,
was seen by SENTINEL reporter. Asked
about the workings of the present con-
gress. he said:
"Not much has been done in the way OF
legislation this session, and the remainder
OF the time will be required to pass the
appropriation bills. do not think there
is the least show for public building bills
There are more than sixty on the calen-
dsr. and not one has or will likely he con-
sidered. During the Forty-ninth, Fiftieth
and Flfty-frst CONGRESSES when there was
a large surplus in the treasury, it was not
very difficult to get through Till for the
erection OF public building. bat things
are quite different now. When the repub-
licans took charge of the administration OF
affairs in 1889 there was about Sl00.000,O00
of a surplus in the treasury. The accumu-
lation OF surplus in the treasury was a
strong argument in favor of a reduction of
taxes So the first thing the republican
party undertook ia the Fiitv-first congress
was TO rid the treasury of the eurD Us and
TO render the accumulation OF such
thing impossible in the future. They sue
ceeded beyond their most sanguine eX-
pectations. They not only disposed of
the surplus, but bY the enactment OF GER
tain measures created such drains upon
the revenues that they have been com
PEELED to Jungle with the books TO cover
up a iarge deficiency. The investigation
now going on will, am confident, show
that the available assets of the treasury
are not only not equal to the demands
outstanding. but that there is a large de-
/ ticlency. A number of public buildings
authorized by previous Congresses. aDpro-
priations for which aggregated about
/ SS,000,000. have not been started. Large
| appropriations for other matters have not
been paid. The prese Mt secretary has re-
! fused TO 90 ahead and 10 pay out money
! for no oth-r reason than that it would
1 show, in spite of his padded system of
/ bookkeeping, q deficit.
There is no doubt that the commits
! sioner of pensions was directed to reduce
his estimates of the amounts required for
! pensions Sl3,000,000 below what will be
| required next year SO that the present
/ administration might escape without the
true condition OF affairs being disclosed.
/ hope that the commit ee of ways end
means will be able TO make a full EXPOSE
ton OF the situation. lido not know what
would have become of the country ii the
J republican party had succeeded at the ate
! election. In one term of congress they
! squandered a surp US OF over Sl00m0, 600,
| fOisted such burdens upon the govern
ment as 10 bring about deficiency in less
tnan a year afterward. aud enacted silver
| policy which, If continued, will prove dis
| aetrous 10 our financial interests.
"a strong effort is now being made 10
repeal the Sherman law, which requires
/ the government TO purchase 100000
| ounces OF silver bullion every month and
/ to issue coin notes in payment therefor.
! We are now experiencing the evil @ ects
| OF this measure. Gold is being exported
| in large quantities, notwithstanding the
| balance of trade in our favor. This SIM
] ply means that our OBJ igations, which are
J held in Europe. are being returned to us
| through the fear that We will soon be up
on silver basis. We can restore conf
dence by suspending the operation of the
| Sherman lAw-by stopping the purchase
! of silver bullion. The government had
! just as vel try to keep up the price of
wheat or cotton, when there was q largo
surplus, bv purchasing the same. as to try
| to uphold the price of silver dollars I'M
| der the present law. The provisions OF
this law are a great convenience for those
| who wish TO export gold. All they have to
| dc is to get hold of our coin notes, issued
| in payment for the purchase OF
| of silver bullion. take them to the SUBJ
treasury and demand the gold. The pol
lev has been to redeem these notes in
| gold and should the government refuse to
| do so gold would likely go to a premium
| at once. The monetary value OF our gold
and silver coin would separate. IL is only
| a question OF time when the treasury will
| be forced TO refuse TO pay gold for these
notes il we do not repeal the law and stop
the purchase of this immense amount of
silver bul ion. Another thing, l am con-
WINGED that we are now unable IN open
our minis to the free coinage of silver;
that such q thing can only be safely done
| by the concurrent action OF the different
| nations. i believe that il We should stop
the purchase of silver bullion We would
force the European governments to enter
into an agreement at an early date. With
| a restoration of confidence and balance
| OF trade 10 our favor we would
not only hold our present supply
OF gold. but would draw from other
countries. This would drive them to
terms. The supply of 60 is inadequate
and they would be made to realize the
fact much sooner if we stopped purchss-
| ing silver and kept our gold at home.
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