The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1895-02-15
sPRINGER's SPEECH ON THE
BOND BILL.
Statements Of tho Secretary Of tho
Treasury Concurred In ndr. Reeds
Speech-sensational Scene In the Senate
Chamber Hope for More Ships.

Speech Sensational Scene In the Senate
Chamber-Hope for More Ships.
Washington, Feb. 6. In his speech
yesterday Mr.. Springer, chairman of
the committee on banking and cur
rency, produced figures to show there
would be an estimated surplus Of $780,
600, 600 in the revenues at the end of
the present calendar year, but de-
ficlency at the end of the fiscal year,
June 80, of $c6, 900, OOO The deficiency
now was 1874, 600, ,OOC, but this would be
reduced $l4, 600, coo in the coming five
months. June 80, 1856, he said, there
would be in the treasury $s5, ,oc0, 900 of
surplus revenues. This surplus had
been derived from the sale of bonds.
In reply to question as to whittier
the secretary of the treasury was COM
PEELED to redeem the legal tenders in
gold, Mr.. Springer replied that the
secretary was SO compelled by the pre-
cedents of former secretaries, or in
bad faith repudiate the esta blished
policy of the government.
Mr.. Cox (dem., Tenn. made vigor-
GUS argument in favor of substitute
he should offer, based on the principle
of the Carlisle bill (the is ue of circu-
lation by banks on deposit of legal
tenders.)
Mr. Hall (dem., Mo- followed in sup
port of the substitute.
Mr. Swanson dem, Va.) said 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 seigniorage. The
President had vetoed the bill. Let the
responsibility be placed where it be-
longs.
Mr.. Reed, the leader Of the minority,
then took the floor He blamed the
democratic party for the situation, say
ing: IF the party in power had pro-
yided sufficient revenue there would
have been no trouble" Mr. Reed
warned the house, however, that there
could be no currency legislation at the
dictation of any one mantle Presi-
dent, Mr.. Springer, the speaker, or
sny other-it must be had by the
concensus of opinion of all. There
can be no legislation, he added, on the
eve of an expiring congress. If the
revenues equaled the expenditures
whenever greenback was redeemed
it would stay in the treasury. It was
the fact of the necessity Of its reissu-
ance to meet current obligations that
caused the trouble. The remedy for
the present condition of affairs was to
separate the banking department from
the business department of the govern
ment The first step was to make the
government revenues equal its expen-
ditures Mr.. Reed said he would send
to the desk the plan he had formu-
lated. 1t might be changed or modi.
fed. He was not insisting on having
it considered as su bstitute or in any
other particular relative to the pend
ing bill.
Sec. j Of Mr.. Reeds bill authorizes
the secretary Of the treasury to issue
3 per cent bonds, payable after five
years, similar to the bonds issued
under the resumption act It is sub
stantially similar to Mr.. Sherman's
bill introduced in the senate. Sec. 2
embodies the new phase introduced by
Mr.. Reed and is as follows: '.That to
enable the secretary of the treasury to
pay the current expenses of the gov
ernment SO long as the current rev
enues shall be deficient, he is author
i2n1 n f ~ l.
in his discretion to issue, sell and dis
pose Of at not less than par such an
amount of certificates of indebtedness
OF the denomination of $25, $50
and 800 or any multiple thereof,
as may be needed for that
purpose, bearing not to exceed
per cent interest per annum, payable
Sc Gmi-annually, and redeemable at the
pleasure of the government in coin
after two years from their date, with
like qualities, privileges and exemp-
tlons provided in the act approved Jan.
Il, 1875. The secretary may at his dis
cretion sell and dispose OF the same for
not less than an equal amount Of law.
ful money of the United States and at.
designated repositories of the United
States and at such postoffces as he
may select; and the secretary shall
use the proceeds thereof for the pur-
pose provided in this section and for
none other.
Mr.. Walker Rep, Mass.) also op.
posed the administration measure
NJ. Simpson (pop., Kas.,) inquired
what were the moral obligations" to