The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-02-06
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he continued. II the treSlQent, WnEik fic
became convinced that an effort was being
made to drain the treasury of its goiu, nad
announced his purpose OF maintaining the
reserve at 100000. 600, the limit set by Con-
rad Jordan q Democratic Treasurer. and
had followed that announcement with fle
orous measures, there would have been no
dine dflcnfsy II me s par1y n there po~sy would i'd have
been no trouble
TO find a remedy, Mr.. Reed said. It was
necessary to know the condition inere
were sIse 900, 900 outstanding paper obliga-
tions paper and legal-tender notes. suDlect
to redemption. For country like TINS thtt
was an insignificant sum-a sum net WORM
talking about when the question OF the gov
ernment's ability TO pay 1T and pay ~
promptly was raised. Therefore, something
must have been done to create distrust. INT
first and the main thing that was done was
the passage of a financial measure Wnicn
had already resulted In deflciency on
$1O7 coo, 900, and which from present lndi-
cations would create a further deficiency
permanent or temporary. The treasury was
divided into Two snarP eivrsaons, ss rsagaS IN
business. The business end or the concern
was running astern as he nad pointed
had allowed the business and to interfere
with the banking department Discardlng
the wisdom OF business which would nave
insisted on increasing the revenue or bor-
rowing money to meet the deficiency in that
department, it had taken from the bank
ing department funds to supply the de-
flciency in the business department. There
was set in operation the endless chain by
which we were furnishing gold for the rest
of the world. The President had appealed
opposition for aid AS a party man he
ought not to be melancholy over the pros
pect, but as a citizen he stood ready 10
assist his country in the present crisis
CAN BE NO "ONE-MAN'' BILL.
Mr. Reed warned the House, however,
that there could be no currency legislation
at the dictation of any one man--the Presi-
dent, Mr.. Springer. the Speaker, or any
other-it must be had by the concensus of
opinion of all. There can be no legislation,
he added, on the eve OF expiring Com
gress. 1--WE all know" said he, that If xthis
bill passes the House it will go no further
But it does seem to that practical
measure could be presented" Continuing,
as a preliminary, before offering his own
suggestion and in order to prevent the ac-
cusation of partisanship, he quoted from
Horace White to show that the real cause
of the present trouble lay in the deficiencies
of the revenues. Ii the revenues equaled
the expenditures, whenever greenback
was redeemed it would stay In the treas
ury 1t was the fact OF the necessity of
it's reissuance to meet current obligations
that caused the trouble. He fortified his
some days ago. After all, the showing
made under the disadvantages under which
the treasury was laboring was not Dao
one The remedy for the present conditlon
of affairs was to separate the banking de-
partment from the business department of
the government. The first step was 10
make the government revenue equal It's ex-
penditures.
But" said Mr.. Reed, 'to raise revenues
mean mean suicide.'' He said that those in control
of public affairs would have command of the
revenue question for the next two years.
The Secretary of the Treasury had just
reported to the Senate that he would have
a surplus of twenty-five millions. The Sec
retary had given the last dollar of this sur
emitting however the cents. other
wise, some question might have been raised
to the accuracy of the surplus. Now. ii the
Secretary had any surplus, one thing to do
was to use it. And. instead of longtime gold
bonds. issue certificates to be redeemable
to the the desk desk the the pian % he | had I'd formuated. I
1t might be changed or modified. He was
not insisting on having 1t considered as
to the pending bill But it avoided the ques-
ton of putting a gold bond against the
piications promised by the original line measure.
Section /, Of Mr.. Reeds bill, authorizes
the Secretary OF the Treasury to issue 3
similar to the bonds issued under the re-
SUMPTION act 1t is substantially similar to
Mr. Sherman's bill introduced in the Senate.
NEW FEATURE.
Section embodies the new phase intro
duced by Mr.. Reed, and is as follows: THAT
to enable the Secretary of the Treasury to
pay the current expenses of the govern
ment, so long the current revenues shall
be deficient. he is authorized and required,
from time to time, in his discretion, to is
sue. sell and dispose Of at not less than
par. such an amount of certificates of in
debtedness of the denomination of s25,
$50 and $1Qt or any multiple thereof, as
may be needed for that purpose, bearing
not to exceed 8 per cent. interest per an
mum, payable semi annually and redeemable
at the pleasure of the government, in coin
after two years from their date. with like
vided in the act approved Ian e IS75 Pro Pro
Secretary may, at his discretion, sell and
dispose OF the same for not less than an
equal amount of lawful money of the United
states and at designated repositories of the
United States, and at such postottices as he
may may select; and the Secretary shall use the
Tor in this section and for none other''
Mr. Walker also opposed the measure. He
ment had already been forced to issue 500
100000 of bonds which We're denominated
vers'' woud be fioated, and the next step
would be the issue of $500. COO 900 Growers"
Mr., Simpson regretted in beginning his
this funeral occasion He INQUIRED y What At
were the moral obligations to which Mr..
Springer had, referred as binding the Sec
retary to redeem obligations in gold. and
declared that it was an evil inheritance
from Republican rale.. He characterized the
Democratic party to the banking interest.
Mr. Pence marveled that such a measure
Democratic committee at the dictatiol of
a Democratic party, and he expressed for
himself and his party a willingness to CO.
operate for the passage of some relief
measure.
Mr. McKeighan followed in the same line.
creating some amusement by calling Mr.
Springer the "artful dodger of the situa-
tion."
Mr.. Patterson favored the passage of the
bill, offering in connection with his argu-
ment she resolutions of several commercial
associations of Memphis and Knoxville i'm
advocacy Of 1t. If he was in favor of the
free and unlimited coinage of silver he
should, he said. never vote for such a bin
as the one pending. But he should vote for
il, because he believed in maintaining the
gold standard. He expressed the opinion
that, as the discussion went on, the senti-
ment would change and the Southern States
would wheel into line supporters of the
gold standard.
IF you should make the speech you have
made here to-day in Tennessee" interrupted
Mr.. Cox. could you get a corporars guard
to vote for your"
Il made identically the same speech"
replied Mr.. Patterson warmly. eat least
thirty times in Tennessee" U4auehter1
~ the conclusion of MIR. Pattersor's re-
marks the committee arose and the House
at :45 p: m, adjourned until tomorrow al
IL o'clock
Iowa Weaver Scores Cleveland.
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