Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1895-02-06


retary or the treasury was so COM
pelied by the presidents of former sec
retarles, or in bad faith repudlate the
established policy OF tho government.
IN conclusion.he appealed TO members to
Jay aside party prejudice and as pa
triots stop the drain of gold and save
the country's credit
Mr. Cox, Democrat, Of Tennessee. in
opposition TO the bin, tainted MIR.
Springer with his agility In getting
away from every side of every uues-
tlon. He made a vigorous argument in
FAVOR of the substitute he should Of
Ter, which was based on the principle
OF the Carlisle bill, the issue of circula-
non OF banks of deposit of legal ten
J. RS, contending that this would take
greenbacks out of the way with
out increasing the interest bearing debt
OF the country and without throwing
basis.
Mr.. Hall, Democrat, of Missouri fol-
lowed In the same strain in support
of the substitute. He deprecated the
further washing of dirty linen on the
floor of the house.
Mr. swanson. Democrat, of Virginia,
bitterly criticised the administration.
The present trouble was due to two
causes, deficiency of revenue and the
gold raid on the treasury. Congress
passed the bill for. coming the seignior-
age. The president had vetoed the
bill. Let the responsibility be placed
where 1t belonged.
Mr.. Reed, the leader of the minority.
then took the floor He was given close
attention. This bill, he began, might
exhibit the science of craftsmanship,
but 1t did not exhibit the art thereof.
In order to accomplish anything, it
pppnggapV mat a
both houses ana be signed by the pres
ident. What was wanted was prac-
teal measure that would remedy the
evil that had produced this crisis In our
national affairs.
in my Judgment" he continued, "if
the president, when he became con-
WINGED that an effort was being made
to drain the treasury of Its gold had
announced his purpose of maintaining
the reserve at 10O,OOO,O0O, the limit set
by Conrad Jordan, a Democratic treas
urer, and had followed that announce
ment with vigorous measures, there
would have been no difficulty. II the
party in power had provided sufficient
revenue, there would have been no
trouble. To find a remedy 1t was nee
essary to know the condition"
There were 1896, 10000 outstanding pa
per oligations (paper and legal tender
notes., subject to redemption. For a
country like this, that was an inslg-
niflcant sum-a sum not worth talk
ing about when the question OF the
promptly was raised. Therefore, some
thing must have been done to create
mistrust. The first and main thing
that was done was the passage OF
financial measure which had already
resulted in a deficiency of Sl01OO0-OOO.
and which, from present indications,
would create a further deficiency, per-
manent or temporary. The treasury
was divided into two sharp divisions.
II was engaged in banking and 1t was
engaged in business. The business end
of the concern was running astern as
he had pointed out. Now, the conduc-
tors of the treasury had allowed the
business end to interfere with the bank
ing department Discarding the wis
dom of business which would have in
sisted on increasing the revenues or
borrowing money TO meet the deficiency
in that department, 1t had taken the
banking department funds to supply
the deficiency in the business depart
mont. There was set In operation the
endless chain by which we were fur
nishng gold for the rest of the world.
The president had appealed, not only
to his party associates, but TO the OPP
positlon for aid. AS n party man, he
ought not to be melancholy over the
prospect but as n citizen, he stood
ready to assist his country in the pres
ent crisis.
Mr. Reed warned the house, however.
that there could be no currency legisla-
tion at the dietatlon OF any one man
the president, Mr.. Springer, the speaker
or any other-it must be had by the
consensus of opinion of all. There can
be no legislation, he added, on the eve
of an expiring congress.
I'VE all know" said he, that If this
bill passes the house, It will so no
further. But IL does seem to me that
practical measure could be pre-
sented."
Continuing, as a preliminary before
offering his own sugsest.Sl and in or
der to prevent the accusation Of pGfti-
sanshlp, he quoted from Horace White
10 show that the real cause of the pres
emit trouble lay in the deficiencies of
the revenues. IL the revenues equalled
the expenditures, whenever a greenbacs
was redeemed II would stay In the
treasury. 1t WAS the fact of the neces-
sity of its resistance to meet current
obligations that caused the trouble. He
fortified his statement with the figures
adduced by him some days ago.
After all, the showing made under the
disadvantages under which the treas
,Iry was laboring was not bad one.
The remedy for the present condition
of affairs was to separate the bank
ing department from the business de-
partmcnt OF the government. The first
step was to make the government rev.
enues equal to Its expenditures.
"But" said Mr.. Reed. ito raise the
revenues would be confession. and the
confession might mean suicide"
He said that those In control OF pub
lie AFFAIRS would have command OF the
revenue question for the next two
wears. The secretary of the treasury
has lust reported TO the senate that
he would have surplus OF $4,000, 600.
| The secretary had given the last dol
lar Of this surplus, emitting, however,
| The cents, as otherwise some question
might have been raised as to accuracy
~ this surplus. Now, II the secretary
bad any surplus, one thing To do was TO
use n and instead of long time gold
bonds issue certificates to be redeem
able al any time.
Mr. Reed said he would send TO the
desk the bill he had formulated lt
might be changed or modified. He was
NOT insisting on having IL considered
a. a substitute or In any other parilc-
Mar relation to the pending bill. But
a. welded the question OF putting y
.o,d boad against the coin bond OF the
Set Il avoided other complications
rproroised BY the original measure,
sartton 1 of Mr.. Reeds bill authorizes
~. s.acretary OF the treasury to issue
- bonds Dayable after years,