The times. [volume] (Richmond, Va.) 1890-1903, 1895-02-28
CONDIIION0P The TREASURY
Mr., German Proposes a Plan Of Relief
by Issuing
CERTIFICATES OF INDEBTEDNESS.
The Measure Anti gonized by Democrats
and Supported by Krpubl esns-Debats
at Length. But Finally Withdrawn.

Senate spent five hours to-day in debate
on the amendment to the sundry civil ap-
propriation BILL reported from the Com
mittee on Appropriations, providing for
an issue of 100000 certificates OF in
debtedness. bearing per cent interest. TO
meet the deficit IN the Treasury, and also
re1utriny future issues OF bonds 10 be
offered 10 the public for at least twenty
/ days
Mr.. German. W was recognized as the
/ rcsponsible author OF the amendment,
+ spoke for over an hour I'm advocacy of it,
showing the probable needs of the Treas
urv during the fiscal year. and declaring
that the Secretary of the Treasury was
entirely mistaken in his estimates. The
| ANTAGONISTS OF the amendment were all
fouud on the Democratic side or the
| chamber in the persons OF Senator's Hlll'
! Mills Voorhees, and Villas, which was,
! perhaps. the cav % of Germans suDse-
/ dueut alluson 90 Sudden conversions
! such as were read of in Scripture the
: supporters of the amendment were on the
Republican side, and included Senators
/ sherman and Allison. Finally, as II was
| clear TO Mr. German and all other seila-
J tors that the amendment-if held TO be
i'm order-would be- debated till the fourth
/ of March next. Mr.. German withdrew
the amendment and the appropriation
bill was then offered and agreed to. IMAM
i imous consent was given to have fnal
/ vote taken on the the bill at o'clock to-
/ morrow. a night session was thereby
/ avoided. and the Senate, at 6:O. ADJOURN
/ ed till tomorrow morning at ~ a. NJ
PLAN OF RELIEF
Mr.. German said that if relief was to
! be given to the Treasury; II authority
was 10 be given 20 issue certificates OF
/ Indebtedness. in order TO maintain the
{ ont ha IL
! BILE way I'm whicf 1t could be given was
/ ON an appropriatlon bill. He regretted
| exceedingly that 1t had become the duty
| Of any senator 10 inaugurate such
/ proposition. He regretted exceedingly that
/ II had not reached the Senate from the
| House as a square measure early in the
/ session, when 1t could have been delio-
! crately entered on and properly discussed.
! Two years ago ;his identical question or
| order had been before the senate ana
| then it was held by vote OF n 10 lo
! that the amendment was perfectly legit-
/ mate and perfectly proper.
MIR. German had no desire, he SAID, 10
| detain the Senate If a vote could be come
! 10 at once But the committee on appfo-
| priations had requested him TO state
! frankly without rejecting on anybody
! what the necessities OF the case We're
| That was the question before the senate.
|
such condition that IL can meet the
wants of the Government under present
| laws? Are the revenues of the Govern
| naut M 10 this hour under the revenue
! laws sufficient to meet the annual appro-
| Drlatfons made b. Congress ana the pre-
| sent appropriations? II 1t shall appear
/ e,om the ofHial .Dorts Ot the IreasbrF
| that we have Appropriated more money
| than the receipts, then l submit 10 the
| Senate that we cannot AFFORD 10 ADJOURN
! until provision shall be made TO meet
! that deficiency unless Congress uesitc9
| the issue Of per cent bonds running
thirty wears or per cent. bonds running
! ten years TO be sold to meet II.
Mr.. German said that the answer mace
by the Secretary OF tho Treasury TO the
resolution Of the Senate Gas to the cohdl-
| ton of the Treasury, was, on its race
misleading. 1t had been got up by clerks
and bookkeepers, and had not had the
close inspection of the Secretary
CONDITION OF THE TREASURY.
From that answer Mr.. German SAID
| ora might draw the conclusion that there
WAS a sufficient amount provided 10 meet
the demands OF the Treasury. He would
however, give TO the Senate the exact
condition of the Treasury. There was III
| the Treasury. he said, on the lst or July'
gr1.li
! 3lst Of December, 1894, the treasury re-
CENTS (except from bonds) were Sl,0sO'-
asa gG, The expenditures during the same
| nerlo,l-that is, the payments out OF the
Treasurv-had been Sl,737. .Z066O. showing
| that the expenditures had been Sl4o'Voo'-
900 more than the receipts ~,
How was the deficiency made up
Senator asked.
"From the proceeds OF the SAFE ol
|
! Nov the question arises whether that
| condition of affairs will continue during
the next year. The Secretary OF the
! Treesurv Mr.. German continued, IN MS
| answer ia the Senate has said that du-
ring this calendar year, 1888, he VIII nave
| revenue enough 10 meet the expenditures
| of tBe Government. That this is mislead-
| ing I shall demonstrate. / thihk inc
| Secretary of the Treasury is ehutely
mistaken In that statement ana Win iii az,
| tba revenues he will get this year he VIII
Ia,,e a deficiency OF over SS7,cc0Oco for the
| c,iendar wear. and a deficiency OF ~0'OOo.-
| oro for the fiscal year ending June 50
1Sq, II IS not wise for Congress ad-
| -, i-,, ,oat,ine. the Treasury Department
| Win the open declaration made py tne
! I5rssidopt of the United States that III
| av emergency he will continue 10 sen
! honds. That Is too expensive. IL Is ph,ne
nm q public debt In form tnat 10 us
| tasteful to the people or this coul''S
| do net criticise the President ior ms
| action in the past. IT congress ioi -
| T,us ~ nroyide sufficient money other
! ,,-isc then under the construction OF the
iau, e,i,,an by the Treasury Department
| - prssident. which construction - not
,,,a.rant,1 the responsibilitywill be upon
us want TO have that policy changed. 1
| ,,,art 10 make provision for certificates OF
| ,,,dsttedness running only two years ana
rsdeemable at the option or the po'ern-
| ment. so that there can be no excuse
hereafter for the department. 10 sen ten
| wear bonds or thirty year bonds
| AMOUNT OF SURPLUS.
Mr. Platt asked Mr.. German to state
| tbe amonut OF surplus in the treasury
arising from the money borrowed.
Mr. Gorman replied: ION the lst OF
ran,,arv 1898. we had only s67,0oVo IN
rhs Treasury to meet the appropriations
~ Congress- exclusive OF the gold 10 re-
deem ereenbacks. The Secretary estimates
tb.t his receipts from now on wiz dc
sunicient TO meet the ordinary dlspurse-
| men;s. provided he can use the paiahce
in the Treasury in the shape OF green
hacks. for which he has paid goiu' III
J thar I think he is mistaken. l don ue-
! Ieve that. II permitted TO use every uo'-
lar of receipts. he will have enorgh money
| IN meet the current expenses OF the gov
ernment by sixty million dollars, withou'
| taking into account the amount uuo op
former appropriations. A..
Mr. German gave s74.l7O.000 az the
amount of appropriation made by the
Uouse al this session-which was Sl6,0O,Oco
/ a