The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-02-28
CAN'T ISSUE CERTIFICATES.
THE SENATE TURNS DOWN THE
$IOO.OOO.OOO SCHEME.

Denies the Accuracy OF Secretary
Cariisle's Claim That the Govern
ments Receipts VIII BE sufficient
90 Meet Its.Expc nditures.
Washington, Feb. 27.-The Senate spent
five hours to-day in debate on the amend
ment to the sundry civil appropriation
bill, reported from the committee on APP
proprations, providing for an issue OF
$loo0OO0OO certificates Of Indebtedness
bearing 3 per cent. interest. to meet de-
hciencies in the treasury, and also requir-
ing future issues Of bonds to be offered
to the public for at least twenty days.
Mr.. German. dem. OF Maryland, who
was recognized as the responsible author
Of the amendment, spoke for over an
hour in advocacy Of Il, showing the
probable needs OF the treasury during
the fiscal year. and declaring that the
Secretary Of the Treasury was entirely
mistaken in his estimates. The antagon-
lists Of the amendment were all found on
the democratic side OF the chamber. in
the persons Of Senators Hiu. Mills, Voor-
hees and Villas. which was. perhaps. the
cause OF Mr.. Germans subsequent allu-
sion to sudden conversions-sucfi as were
read OF in scripture"
The supporters OF the amendment were
on the republican side. ana included SEN
ators Sherman and Allison. Finally, as
It was clear to Mr. German and all
other senators that the amendment
II held to be in order-would be debated
till March 4 next, Mr.. German with
drew the amendment; and the appropria-
ton bill was then offered and agreed to.
Unanimous consent was given 10 have
a final vote taken on the bill at p. m,
tomorrow. A night session was thereby
avoided and the Senate at $50 O'Clock
adjourned until tomorrow at II a. m.
Mr. German said that II relief was to
be given to the treasury-if authority was
to be given to issue certificates OF indebt-
edness, in order TO maintain the credit OF
the government-the only possible way in
which It could be given was on an appro-
priation bill. He regretted exceedingly
that II had become the duty Of any senator
TO inaugurate such a proposition. He re-
GREETED exceedingly that It had not reached
the Senate from the House as a separate
measure early in the session, when Il
could have been deliberately entered upon
and properly discussed. Two years ago
this Identical question OF order had been
before the Senate, and then il was held by
a vote of 2S to 18 that the amendment was
perfectly legitimate and perfectly proper.
MIR. German had no desire, he said, to
! detain the Senate, " a vote could be come
to at once. But the committee on appro-
! priations had request him TO state fank-
~, without rejecting on anybody, what
| the necessities OF the case were. The ques-
ton was: rs the treasury in such con-
dition that 1t can meet the wants Of the
government under the present law2 Are
! ~. q
hour (under our revenue laws), sufficient
to meet the annual appropriations made
by congress and the permanent appropria-
tions2 II It shall appear from the official
reports OF the treasury that we have ap-
propriated more money than the receipts
then we will submit to the Senate that we
cannot afford to adjourn until provision
shall be made to meet that deficiency, un-
less congress desires the issue of 4 per
cent. bonds running thirty years or per
cent. bonds, running ten years, to be sold
| to meet it,"
Mr.. German said that the answer made
| by the Secretary OF the Treasury to the
resolution Of the Senate (as to the condi-
| ton Of the treasury was on its face mis-
leading. 1t had been got up by clerks
and book-keepers, and had not had the
close inspection OF the secretary. From
that answer, Mr.. German said one might
draw the conclusion that there was a suf-
| hcient amount provided to meet the de-
mands OF the treasury. He would how
| ever give 10 the Senate the exact condi-
ton of the treasury. There was In the
treasury on July !, 1890, he said, $50 $685. 1O4
Between that time and Dec. 81, 1884 the
| treasury receipts Except from bondO
were 81 500, 4SO 1856. The expenditures dur
ing the same period-that is the payments
out Of the treasury-had been 81, ,737, ,2g0, ,5s0
showing that the expenditures had been
/ N f1u fha
How was the deficiency made up?' a
senator asked.
From the proceeds Of the sale of
bonds" Mr.. German answered.
"Now the question arises, whether that
condition of affairs will continue from
now on, during the next year. The Sec
retary of the Treasury" Mr. German
continued, "in his answer TO the Senate
has said that during this calendar year
1896 he will have revenue enough to meet
the expenditures Of the government That
Is misleading, l shall demonstrate. I
think that the Secretary Of the Treasury
is entirely mistaken In that statement
and with all the revenues he will get this
year he will have a deficiency Of over
$50, 100000 for the calendar year and q de-
hciency of 500, 100000 for the fiscal year
ending June, 1885.
''It Is not wise for congress to adjourn.
leaving the treasury department with the
open declaration maze Dy the president
of the United States that In an emergency.
he will continue to sell bonds. That is too
expensive. II is piling up a public debt
In a form that is distasteful to the people
Of this country. / do not criticise the
President for his action IN the past. II
congress refuses or fails to provide suhi-
cient money otherwise, then, under the
construction Of the law given by the treas
ury department and the President which
construction, ! think, is not welcomed. the
responsibility win be upon us. I want to
have that policy changed. I want to make
provision for certificates Of indebtedness.
running only two years, and redeemable
at the option Of the government, so that
there can be no excuse hereafter for The
department to sell I0-year bonds or 3O-year
bonds"
Mr. Platt Of Connecticut asked Mr. Cor
man TO state the amount Of surplus in the
treasury arising from money borrowed.
Mr Gorman-On Jan. l. 1895, we had only
SGT 900 in the treasury TO meet the an
propriations Of congress, exclusive Of the
gold to redeem greenbacks. The secretary
admits that his receipts from now on will
be sufficient to meet the ordinary disburse-
ments, provided he can use the balance in
the treasury in the shape of greenbacks,