The daily morning journal and courier., 1895-02-28

our revenue laws) sufficient to meet | the annual appropriations made by%on-
 gress and the permanent appropria-
 tions? If 1t shall appear from the off,
 cial reports of the treasury that we have appropriated more money than
 the receipts then 1 submit to the sen l ate that we cannot afford to adjourn
 until provision shall be made to meet
 that deficiency unless congress desires the issue of 4 per cent. bonds running | thirty years or per cent. bonds run
 ming ten years, to be sold to meet it." MT. German said that the answer | made by the secretary of the treasury l to the resolution of the senate Gas to | the condition of the treasury was, on | its face, misleading. It had been got up by clerks and bookkeepers, and had not had the close inspection of the sec retary
 l From that answer. MT. German said. one might draw the conclusion that 1 there was a sufficient amount provided to meet the demands of the treasury
 He would. however, give to the senate the exact condition of the treasury
 There was in the treasury, he said, on the first O. July 1890, $S0,993, 104. Be
 tween that time and the 31st of Decent Der, 1894 the treasury receipts except from bonds) were $1,5S0, ,4s0,S65, The ex- penditures during the same period Chat
 is, the payments out of the treasury
 had been $1, ,737, ,29O,560, showing that the
 expenditures had been Sl46000,0 more than the receipts,
 How was the deficiency made up?' a
 senator asked.
 From the proceeds of the sale of
 bonds" MT. German answered. Now
 the question arises, whether that condi-
 tion of affairs will continue from now
 on during the next year"
 MT. German said that the secretary in
 his answer to the senate had stated
 that during the year he would have
 revenue enough to meet the expendi- tures. MT. German thought the secre- tary had made a mistake and declared that with all the revenues he would get
 this year the secretary would have a deficiency of over $30,00OOO0 for the year and deficiency oe s6O.O0O,O0O for the fiscal year ending June. 1896.
 Mir. German said 1t would not do for congress to adjourn, leaving the treas ury department with the open declara tion made by the president that in an emergency he would continue to sell bonds. That was toe. expensive.
 Mir. Platt asked Mr. German to state the amount of surplus in the treasury arising from the money borrowed.
 Mir Gorman-On the first of January, | 1895, we had only $87, GOO 900 in the treas ury to meet the appropriations of con | gress, exclusive of the gold to redeem | greenbacks. The secretary estimates | that his receipts from now on will be | sufficient to meet the ordinary disburse- | ments provided he can use the balance | in the shape of greenbaeks for which | he has paid gold Tn that I think he is [ mistaken. I do not believe if per mitted to use every dollar of receipts | he will have enough money to meet the | current expenses of the government by | $60,000,000 without taking into account | the amount due on former appropria- tions Up to this date $25O ,OOO, 900 of ap- populations Gncludng the sinking fun0 have been suspended.
 MT. German gave $374, ,170,O00 as the amount of appropriations made by the house at this session, which was six teen millions more than the secretary's estimate of expenditures, He had no doubt, however, that with the additions made by the senate the total appropria- tions wotild be at least $400 000, 900, and that would show a deficit of $4200O, 000
 The truth was, MT. German said, that the secretary had made an estImate a year ago in which there was a mistake of 60,000000 on the wrong side and the mistake had been adhered to ever since, while the facts stared him in the face that the treasury was running behind at the rate of half million a day.
 'I appeal to senator's Mr. German continued, whether it is wise or patri- oitic for us. to permit congress to ad- journ without making some provision to meet this deficiency and whether it would not be unpolitic and unwise to al low any executive officer to sell ten or thirty year bonds to meet it.
 MT. George dem. of Mississippi, ask ed what the objection was to having the silver seigniorage in the treasury coin ed to meet the deficiency.
 MT. German declined to go into that and appealed to senators to abandan for the time all theories and ideas as to currency, anu sullpFy tO pIONiue CeILlll- cates of indebtedness, so as to prevent the sale of long bonds.
 MT. .Voorhees Of the finance commit- tee recalled MT Carlisle's statement that the secretary should have author ity to issue certificates in case of deti- ciency, but that he would not exercise that power now if given to him, because 1t was not necessary.
 MT. German argued that congress ought to say to the president that hav- Ing given authority to issue certificates of indebtedness he should not sell long bonds. Senators" he continued, "who are on more intimate terms with the president than I am may have some ntimation that this proposition is dis tasteful to him, but that would not con- ,roI me, because my view is that I must the interests of the people IS I understand them. There is no re- lection on the president in my proposi- ion I make. But if this is to be de- 'eated and we are to run the risk of ,uspending works of public enterprise, hat responsibility must be accepted" /
 MT. Mills, dem., of Texas, said there ,ould be no question of a treasury deficiency when there was $55,0OO,O 900 if silver in the treasury belonging to