The times. [volume] (Richmond, Va.) 1890-1903, 1895-02-28

deficiency. and whether IL would not be
| impolitic and unwise to allow airy execu-
tive officer to sell ten or thirty-year
bonds TO meet It,"
THE SILVER QUESTION.
| Mr.. George: What is the objection to
having the silver seigniorage in the
| Treasury coined TO meet the deficiency?
Mr.. German: / trust we will be able to
settle this question in proper way. and
| / appeal to senators TO abandon, for the
| time being, all the theories and ideas as
| to the currency. and simply to provide
certificates OF Indebtedness, redeomable
| within two years, at the option of the
| Government, being the only thing We can
do In the expiring hours of Congress, so
as TO prevent the sale OF long bonds.
| Mr. George: IT seems bad economy to
borrow money when we have it in the
Treasury. IL we will only coin it.
Mr.. German declined to go into that
question. He asserted that if there had
been a surplus in the Treasury within
the last twenty-five months all the gold
| needed could have been procured by the
sale Of greenbaCks or Treasury notes,
without any issue Of bonds
DEALING Win PRESENT CONDITIONS.
|
Of the way in which, in the beginning of
Mr. Cleyelands first administration. Mr..
Mannans, the then Secretary OF the
Treasury. had got the upper hand of the
bankers who were making Il corner on
| she gold.
Why not treat them in the same way
| now?' Mr.. George asked
"Oh, Mr.. President" Mr.. German ie-
Pied the Senator should not put such
d question to me. | am dealing with
| lhe condition as IL stands now. You have
no money IN the Treasury now. as you
had then. Secretary Carlisle came into
the department stripped OF the power
which Mr.. Manning had. lie tried to DO
| IT, but when he came To look at his cof-
fers, he found that he had 10 balance to
| pay his custom debts. He was I'm the
| hands OF the money ring. He was help
less, | want 10 relieve him, and | appeal
to senator's to give him this authority TO
| issue $lO00DO,0O0 of currency, so that he
| can say to these bankers: You cannot
embarrass the Government. 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"
| This portion OF Mr.. Germans speech
was delivered with much spirit and eff
| feet.
Mr.. VOORHEES, STATEMENT.
Mr.. Voorhees,, chairman of the Finance
| Committee, recalled Mr.. Carlisle's state
ment 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
Il was not necessary. Mr.. VOORHEES, also
| referred TO the Presidents statement as
| to there being "a comfortable balance in
the Treasury" and said that the Presi-
dent was not "hankering after the pro-
| posed legislation.
Mr.. German argued that Congress ought
TO say to the President, that, having given
| him authority 20 issue certificates of in
debtedncss, 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 he would con-
tinue the same cOErsc, ard Congress could
not complain of the President hereafter
4 II there was failure on its part here and
| now.
Senator'S" he continued, "who are on
| more intimate terms with tho President
| man ] an, my have some Mtination
that this proposition is distastefu TO
| Kim; bit that would not control me, be-
| cause my view is that / must represent
| the interests of the people of the coun
try as | understand them / would not
| desire to force on a coordinate branch
| of the Government any IoWer which II
does not want, urlesJ I'm my judgment,
| that power was absolutely Necessary to
! protect the taxpayer. | ctnnot. with my
views. permit this session to close with
out making an effort TO give the Presi-
| vsffII
tition OF the sale of long bonds. There
is no reflection on tho President in am
| proposition which | make. RI ere is no
| reelection on the Secretary Of the Treas
| try, whom / admire. But II this propo-
sition is 10 be defeated, and if We are to
run the risks OF suspendng works of en-
terprise, that responsibility must be ac-
cepted."
NO QUESTION OF DEFICIT.
Mr. Mills said that there could be no
question OF a Treasury deficiency when
there was $5, 900 Of silver i'm the Treas
ury belonging to the Government. with
authority to the Secretary of the Treas
ury TO coin it and pay It out I'm his dis
bursements. He condemned the issue OF
bonds as a reversal of the policy Of the
Government. He feared that If it We're
not stopped there would be a mammoth
debt piled on the shoulders Of the Ameri-
can people.
Mr. Mills said that he proposed TO Offer
an amendment to repeal all laws that
authorized the Secretary of the Treasury
to sell United States bonds for any pur-
pose whatever.
Mr.. Allison, member Of the Committe,
on Appropriations. said that he knew
how the hours of this Congress were flee
ing, and that the bill must be completed
to-day and the remaining appropriation
bills completed within the next two days
He believed il to be the first duty OF the
senators TO see to It, as best they could
that those appropriation bills were dis
posed OF at the present session. lie would
vote that the amendment OF the Comm
tee on Appropriations, in accordance with
Senate precedents was In order.
Mr.. Voorhees,, chairman of the Finance
Committee, said he held now as he did
when the repeal bill was under discus
sion, that the Secretary OF the Treasury
ought to have authority By a general Law
to issue bonds or other public securitie:
with the proceeds of which to meet cur
rent expenses I'm the event OF failure oi
sufficient revenue from other sources.
GogMAS AMENDMENT WITHDRAWN.
After further discussion, Mr.. German
the author OF the amendment, rose &c
withdraw 1t, and said;
THE members OF the Committee or
| Appropriations were aware or the rae
that attempts made in both branches tt
dispose Of this financial question have al
| resulted in no legislation whatever. HaV'
ing been compelled TO ascertain as bes'
we could the exact condition OF the
Treasury, and having taken into account
IL M