The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1895-03-06

is mistaken. l do not DelleNe LnaC, II
permitted to use every dollar Of re-
ceipts. he will have enough money to
meet the current expenses of the Gov
ernment by 6O,00O,0O0 without TAX
| ing into account the amount due on
former appropriations.
Senatar German gave 1914, ITO, 900
as the amount of appropriations made
by the House at this session, which
was S16,O00,0O more than the Secre-
tary's estimate of expenditures. He
had no doubt, however, that with the
additions made by the Senate the to,
tai appropriations of the session would
be at least S400, 900, 600, and that would
show a deficit of S42, 100000. 81 ap-
peal to Senator's" Senator German
continued, whether it is wise or pa
triotic for us 10 permit Congress to adj
iourn without making some provision
to meet this deficiency, and whether
it would not be impolitic and unwise
to allow any executive officer to sell
ten or thirty year bonds to meet itT
Senator George: What is the OBJ
lection to having the silver seignlo-
rage in the treasury coined to meet
the deficiency" -,
Senator German: 81 trust we will
be able to settle this question in pro-
per way, and appeal to Senators to
abandon, for the time being, all the
theories and ideas as to currency and
simply to- provide certificates of In
debtedness. redeemable within two
years at the option of the Government
being the only thing that we can do
in the expiring hours of Congress SO
as to prevent the sale of long bonds"
Senator George: "Itseems bad econ
omy to borrow money when we have
it in the treasury if we will only coin
it."
Senator German declined to go into
that question. He asserted If there
had been surplus in the treasury
within the last twenty-five months all
the gold needed could have been pro-
cured by the sale of greenbacks or
treasury notes without any issue of
bonds. Senator German gave graph
ic description OF the way in which,
in the beginning of Mr.. Cleveland's
first Administration Mr.. Manning,
the then Secretary of the Treasury, had
got the upper hand of the bankers
who were making a corner in gold.
"Why not lead them in the same
way now?" Senator George asked.
"Oh, Mr.. President" Senator Cor
man remarked, the Senator should
not put such a question to me. L am
dealing with the condition as it stands
now. You have no money in the
treasury now as you had then. Sec
retary Carlisle came into the depart
ment stripped of the power which MIR.
Manning had. He tried to do it, but
when he came to look at his Golfers
he found that he had no balance to
pay his current debts. He was in the
hands of the money. ring. He was
helpless. I want to relieve him, and
appeal to Senators to give this au-
thority to issue 500, 900, 600 of curren-
cy so that he can say to these bankers:
You cannot embarrass the Govern
ment. Our credit is perfect. We have
the money which the people will take.
| am master of the situation The
Government of the United States
should not be at the mercy Of the
money kings"
Senator voorhees,, Democrat, of In
diana, chairman Of the finance COM
mittee, recalled Mr. Carlisle's statement
that he thought the Secretary of the
Treasury should have authority to
issue Government certificates in case
of Deficiency, but that he would not
exercise that power now if given to
him, because it was not necessary.
Senator VOORHEES, also referred to the
Presidents statements as to there being
a comfortable balance in the treasury
and said that the President was not
'hankering" after the proposed leg
iSlation.
Senator German argued that Con-
gress ought to say to the President that
having given him authority to issue
certificates of Indebtedness, he should
not sell long bonds, and that if he did
the people of the country would
not sustain him. But if Congress
failed to give the President that
authority he had said that the
would continue the same course, and
Congress could not complain of the
President here afterif there was fail
ure on its part here and now. "Senat-
ors," he continued, ''who are on more
intimate terms with the President than
I am may have some intimation that
this proposition is distasteful to him:
but that would not controlme, because
my view is that l must represent the
interest of the people of the country
as I understand it. would not desire
to force on coordinate branch of
the Government any power which it
did not want, unless inmy judgement
that power was absolutely necessary
to protect the taxpayers. / cannot
with my views permit this session to
close without making an effort to give
the Presidents such power as will avoid
a repetition of the sale of long bonds.
There is no reflection on the President
in any proposition which 1 make.
There is no reflection on the Secretary,
of the Treasury, whom I admire. But
if this proposition is to be defeated
and if we are to run the risk of sus-
pending works of public enterprise,
that responsibility must be accepted" "
Senator Mills said that there could
be no question of treasury deficiency
when there was $55, 100000 of silver
in the treasury belonging to the Gov
ernment with authority othe Secret
ary of the Treasury to coin it and pay
Il out In hic lich11ncn,nnnfc He com