Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1895-03-10

! Now. II may be that each and every
| one OF these public buildings ought
| 10 have been built, but the point is
! that the party which authorized the
contracts for their erection without
| providing the funds with which to do
the. work Is responsible. and not the
| party which happened TO be In power
when the deficiency occurred.
"Of course IL was some time before
the laws that were passed by the Fifty
first congress began to manifest their
full refults, but every well informed
and intelligent man knew that the
troubles which we have encountered
during Mr.. Cleveland's administration
were Inevitable. After the election of
1899 and during the short session OF
the Fifty-second congress, anticipating
the necessity which was then appar-
ent. OF experimenting In some way
the revenues OF the government. the
senate on motion OF Mr.. Sherman on
the 18th OF February. 1893, by vote
OF 80 to 16. adopted an amendment to
the sundry civil appropriation bill,
authorizing the issuance OF . per cent
bonds At that time Mr.. Foster was
secretary Of the treasury, and on the
10Th of that month he came before the
house ways and means committee ana
was examined with reference to the
condition Of the treasury In answer to
question by Mr.. Mcmillan he stated
that they had adopted different sys-
tenn OF bookkeeping from that which
formerly prevailed, and that he mad
transferred to the available cash In
the treasury the National Bank re-
demption funds. and the subsidiary
silver. I would better quote his exact
language. Under MIR. Manning the
bank deposits were not considered as
money In the treasury Subsidiary sill
yer was not. IL i eliminated those
items now there would be showing Of
q deficit This shows that the actual
deficit had occurred before Mr.. Cleye-
land was inauguratcd and before the
democrats became responsible for the
management OF our governmental Of
ncials,
'Further on in his examination this
occurred
Mr.. Turner OF Georgia asked: TAX
ing into consideration all the conditions
when you anticipate, what In your
Judgment, would be fair conjecture
OF the condition of the treasury at the
end OF the next fiscal Year,
Secretary Foster; ~ should say that
the next fiscal year would show a de-
felt"
Mr. Turner; Can you give an ap,
proximnte estimate, according to all
the data accessible TO your
Secretary Foster: Il viii only say
this. That If ! was 70 have the man
agement Of the treasury 1 would Insist
upon an increase OF revenue to the eN-
tent of {5O,OOO0OO.'
In addition to this, ns IL well known
and as has been shown, Secretary Eos
ter had the plates actually prepared
for the purpose OF printing the bonds
which II IL contemplated would be ls-
sued. The facts which | have stated,
I think, clearly show that the RESPONSE
bility for the Issuance of some bonds
. N...
administration, but upon those WHO
passed the laws which SO enormously
Increased our expenditures without
providing for raising the revenue With
which TO meet them"
"Then you think that the Issuance
Of bonds was necessary
at can be demonstrated as clearly
ne figures can prove anything that the
hrst two bond Issues were unavoidable
unless we We're willing to allow our
obligations to remain unpaid, and /
presume there Is no considerable mum
brr who would be willing to have the
government default In the payment OF
lts debts, AZ to the last bond ISSUE /
must say that / have been unable to
understand the necessity for IL, and /
regret to add that ! have not heard
any explanation given for the manner
IN which Il was negotiated which |
thought satisfactory"
currency system is In any way respon-
sible for the conditions which now pre-
vail, and that II has not caused the is
sunnce Of the bOnds2"
81 do not, As long as our revenues
exceeded our expenditures there never
was any drain upon the gold reserve,
ana In the very nature Of things would
not be. But as soon as the eXpendl-
lures exceeded to any considerable
amount the receipts, and the available
money other than gold was exhausted.
there was nothing TO do except to use
the gold In payment OF our debts, and
az there was only limited quantity
OF that, II would soon have been cX-
hnusted unless II had been replen-
lshed."
when do you thlnl, the condition
which caused the gold reserve to be ex-
hausted will ccaaeI'
'As soon as the revenue laws passed
by the Fifty-thlrd congress can come
Into full operation. The receipts from
July !, 1894, to March !, 1885, were $780,
100000 less than the expenditures, but
II must be remembered that nothing
has yet been collected from the income
tax, besides the receipts from the tax
on distilled liquors and the tariff on
sugar have, mp to the present time,
been insignificant"
THE reason OF this Is the tariff was
delayed so long In the senate that the
distillers took out OF bond such great
quantities OF distilled liquors and tho
sugar dealers imported such great
quantities OF sugar before the new law
went into effect that the supply OF those |
articles has not been exhausted. and |
OF course no considerable revenue has |
been derived from them, but those In a |
position TO know say that the receipts |
from these sources will greatly Increase |
In short time. II so, and we begin |
TO collect more than we spend. our
finances will again be on sound basis.
Just AS would those of an individual
under like circumstances. When this
Is the case, and wo can point TO the
fact that under the legislation OF our
predecessors the overlooking treasury
which they found when they went into