Red Lodge picket. [volume] (Red Lodge, Mont.) 1889-1907, 1895-02-09
REED ON THE FLOOR
The Man From Maine Objects to
Uncle Sam Borrowing Money.
RAISE MORE REVENUE
Dianity Of the Senate Rufci IN the Had
Temper Of Mitchell
and Harris.

at ii today. Several bills We're passed
by unanimous consent including a pen
sion to the widow Of the late Commo
dore Frank Avery at the rate of $40 Z
month.
In accordance with the terms Of the
special order adopted yesterday the
house resolved Itself into committee Ot
the whole to consider the bill TO author
ize the secretary Of the treasury to issue
bonds to maintain a sufficient gold re-
serve and redeem and retire United
States notes and for other purposes.
Mr.. Springer opened the debate with
a long statement concerning the con
dltion Of the treasury. He produced
figures 10 show that there would he an
estimated surplus Of $2G, 1000 900 in rey-
enues at the end Of the. present calendar
year but deficiency al the end If the
fiscal year. June 80. Of s2G, 900. UO0. The
deficiency was now $34 900 0O0. but this
would be reduced 10 $l4 600 600 III the
coming five months. June 30 1896 he
said there would be in the treasury
$S5, 600. 900 surplus revenues. This sur
plus has been derived from The sale of
bonds. While Mr. Springer was dis
rcussing the twndling gold reserve and
the enormous outstanding gold Dbliga-
tiOnS of the government, he was inter-
ruptei by Mr, Simpson Of Kansas. who
asked if the secretary Of the treasury
was compelled to redeem legal tenders
In gold. He replied that he was com
PEELED by the president Of the former
secretary or in bad faith repudiate the
established policy of the government Tn
conclusion he appealed To the members
10 lay aside party preferences and as
patriots to stop the drain Of gold and
save the country's credit. Mr.. Cox of
Tennessee, in opposition to he bill fol
lowed Mr.. Springer
Mr.. Cox made Il vigorous argument
In favor of the substitute he should Of
Ter, which was based on the principle
of the Carlisle bill, tissue OF circulation
by banks on deposit Of legal tenders.p
contending that this would take the
greenbacks out of the way without in
CreaSing the intereSt-bearing debt of the
country and without throwing the
country upon an absolute gold basis,
Mr.. Hall Of Missouri followed in the
same strain, in support Of the Substi
tute. He deprecated further washing
Of dirty linen" on the floor Of the house.
Mr.. Swinton, democrat Of Pennsyl-
Vania, bitterly criticised the admins
tIdllOH. he present trouble was que
10 two causes, deficiency Of the revenue
and the gold drain on the treasury.
Congress passed bill for coming the
seigniorage. The president had vetoed
the bill Let the responsibility rest
where it belonged
REED TOOK THE, FLOOR
Mr.. Reed took the floor and was given |
close attention. This bill" he began, |
might exhibit the science Of states |
manship, but it did not exhibit the art |
thereof In order to accommplish any |
thing it was necessary that q bill should |
pass both houses and be signed by the |
president What was wanted was q |
practical measure that would remedy
the evil that has produced this crisis in |
our national affairs In my judgment" |
he continued "if the president when |
he became convinced that the effort |
was being made to drain the treasury |
of its gold, had announced his purpose /
OF maintaining the reserve at the $100, !
900, 600 limit set by Mr. Jordan, demo- /
cratic treasurer, and had followed that !
announcement with vigorous measures,
there would have been no difficulty. If |
the party in power had provided sutli-
Cient revenue there would have been
no trouble"
To find a remedy it was necessary
TO know the condition. There We're $l69.-
900, ,ooD outstanding paper obligations
subject TO redemption. For country
like this that was an inSi igni1icant sum
q sum not worth talking about when
the question OF the governments ability
to pay it promptly was raised There
fore something must have been done to
10 6istrijSt The main
thing that was done was the passage Of
a financial measure which had already
resulted in a deficiency Of $lo7 goo 600
and which from present Indications
would create a further Deficiency per
manent Or temporary. The treasury
was divided into two sharp divisions.
1t was engaged in banking and ii was
engaged in business. The business end
or the concern was running aStern, as
he had pointed out. Now the cOnduc-
tors or the treasury had allowed the
business cad to Interfere with the
banking department. Discardins the
wisdom Of those who have insisted in
sliscarding revenues and borrowing
money 10 meet the deficiency in that
department. it has taken from the bank |
ing department funds ~ supply the de
ticiency in the business department.
There was set in operation Al endless
chain by which We were furnishing gold
for the rest Of the world The president
had appealed not only TO his party sub
1rdinates, but TO the opposition for AID.
As a party man he ought not to be
melancholy over the prospective, but AS
. citizen h. stood ready t. assist his ,
country IN the present crisis. Mr. Reed
warned the country however. that |
there could be no currency legiSla tiun {
AZ the dictation Of amy one man, the 5
president, the speaker or any other one I
man; it must be had by a concensus Of |
opinion of all. There can be no leSis- ,
lation," he added, 'on the eve Of an eN-
piring congress. We Wen know said t
he that if this bill passes the house
II will go no further But it does seem :
to me that a practical measure could :
be presented"
DEFICIENT RENEN TI1S. {
Continuing as a preliminary before [
his own suggestion and in or Z
der to prevent an accusalio of parti-
he quoted from Horace White {
to show that the real cause of the pres j
ent trouble lay in the deficiencies Of
revenue. If the revenues equalled the
whenever a greenback j
was redeemed it would stay in the treas {
ury. 1t was the fact Of the necessity \
Of it's reissuance to meet current obli- /
cations that caused all the trouble.
After all the showing made under the /
disadvantages under which the treas '
ury was la boring, was done as remedy +
for the present condition Of affairs, it l
was to separate the banking depart
ment from the business department Of \
the government The first step was to | /
make the government revenues equal i
10 Its expenses. But" said Mr.. Reed, b
TO raise the revenues would be a con- 0
fesslon and confession might be sui i
eide" I
He said those in control Of public