The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1895-02-28
PLAIN FIHHNCIAL FACTS
Mr. German Gives Stern Figures
Of Treasury Needs.
HIS PLAN OF RELIEF FAILS
she Proposed Issue of SlOO,OCO,-
900 of Certificates of Indebted
ness, Bearing 3 Per Gent.
Interest, Does Not Re.
ceive Support.
BY Southern Associate / Press.

ale, - l. liz SENATE spent IVo hours
today in debate on the amendment
10 the Sundry Owl bill reported by
the Committee on Appropriations
providing for the issue of 500,
O00. 900 of certificates of indebtness
bearing > per cent. interest to meet
deficiencies in the Treasury aud also
requiring future issues of bonds to
be offered to the public Tor ut least
swenty days,
MIR. GormaD, who was recognized
as tho responsible author of. the
amendment, spoke for over an hour
In advocacy OF 1t. showing the prob
Gble ueods of the Treasury during
ihe fiscal year and declaring that
ine Secretary OF the Treasury was
entirely mistaken in his estimates.
9he antagonists of the amendment
were ell found on the Democratic
side OF the Chamber III the persons
of Senators HllI, Mills, Voorhees,
and Villas.
The supporters Of the amendment
were on the Republican side and III.
clnded Senators Shermau and Ali.
con. Finally, us it was clear to MIR.
German and all other Senators that
order-would be debated till the
9Th Of March next, MIR. Gormun
withdrew the amendment and the
Appropr alton bill was then agreed
10. Unanimous consent was given
40 have final vote taken on the biil
at ) p. III. tomorrow. A night ses
eion was thereby avoided and the
Senate ct 6:30 adjourned until to :.
morrow.
Mr., Gorman said that If relief
0ns TO be given to the TreGsury-if
authority was to be given TO issue
certificates OF indebtedness IN order
60 mnintnin the credit Of the Gov
crnmeDt-the only possible way in
which it could be given WAS in an
appropriation bill. He regretted
exceedingly y that it had become the
duty of any Senator to iunugurnte
such proposition. He regretted eX.
eoediugly that it hnd not reached
the Senate from tho House Us IL sep
Erate measure early III the session,
when 1t conld have been deliberated,
entered upon aud properly dis
cussed.
Two years ngo this identical ques-
Senate, and then 1t was held, by IL
votc of IS TO Is, that the amendment
vas perfectly legitimate and perfect
~ proper. Mir German had no de.
sire. he said, to detain tho Senate, if
vote could be come to at once, but
1he COMMITTEE on Appropriations
AGd requested him tn state frankly,
without rejecting on any body, what
The necessities Of the case were.
What was the question before the
Senate? The question was, "is the
Ireasury III such condition that it
can meet the wants of the Govern
ment under the present law, and are
ihe revenues OF the Government
tunder our revenue lnwsl, sufficient
TO meet the annual appropriations
made by Congress and the permn
nent appropriations? If it shall ap
pear, from the official reports of the
Treasury, that we have appropriated
more money than receipts, then /
Gnbmit to senate ihat we cannot af
ford to adjourn until provision shall
ae made to meet the deficiency, IN
less Congress desires the issue of 4
per cent. bonds running ten years,
~ Dc tOil ~ ultCt IL.
Mir. Ciorman said that the answer
made by the Secretary of the Treas
Mry to the resolution of the Senate
tns TO the condition OF the Treasury
Tns, on It's face, misleading. That
1t Is misleading shall demonstrate.
i thinl; that the Secretary Of the
Treasury is entirely mistaken in
adat statement, and with all revo
rues ho will get this year he will
3inve deficiency OK over thirty mil
Ions for the calendar year aud u
deficiency OF SIXTY millions Tor the
fiscal year ending June 30th, 1896.
1t Is not wise for Congress to nd
sourD, leaving the Treasury Depart
ment with the open declaration
fnade by tho President of tho
United States, That u an emergency
Lo will continue TO sell bonds. That
Is too expensive. 1t is pillng up the
publc debt III form that Is dis.
tasteful to tho people of this coun.
try.
Mr.. Allison said that he concurred
IN the action of tho Senator from
Maryland.
Tho German amendment was
tbereupon withdrawn.
MIR. Mills offered an amendment
Tepealing all laws that authorize the
Secretary OF tho Treasury to sell
United States bonda for any purpose
whatever. a point of order was
made by MIR. Aldrlch and was sus-
gained by the Nice-President. so MIR.