The record-union., 1895-02-06

June 30th, would be $40, 900, 900. The de-
ticiency was now 1900, ,000 but this
would be reduced Sl4,000,0U0 in the COM
| ing five months. On June 80, 1886. he
said, there would be in the Treasury $S5,-
G0O,OO of surplus revenues. This surplus
had been derived from the sale of bonds.
While Springer was discussing the
dwindling gold revenue and the eEor-
NOUS outstanding gold obligations of the
Government, he was interrupted by
Simpson of Massachusetts, who asked If
the Secretary of the Treasury was COM
pelled to redeem the legal tenders in gold.
| lie replied that he WAS so compelled by
the precedents OF former Secretaries, or
in bad faith repudiate the established
policy OF the Government. In conclusion,
he appealed to the mem bers to lay aside
party preferences, and, as patriots, stop
the drain OF gold and save the country's 3
credit.
Cox made vigorous argument in favor
of the substitute he should offer, which
was based on the principle OF the Carlisle
Dill.
Hall (Dem.) of Missouri said he depre-
Gated the further washing of dirty
linen'' on the floor OF the House.
Reed, the leader of the minority, then
took the floor. He was paid close alten-
lion. This BILL" he began, might en-
hlblt the science OF statesmanship, but it
did not exhibit the art thereof. In order
to accomplish anything it was necessary
that bill should pass both houses and
be signed by the President. What is
wanted was practical measure that
will remedy the evil that has produced
| this crisis in our national affairs In my
judgment if the President became con-
vinced that an effort was being made to
drain the Treasury of its gold, had an
nounced his purpose Of maintaining the
reserve at SlOO,UU0, 900, the limit set by
Conrad Jordan, a Democratic Treasurer,
and had followed that annodncement
with vigorous measures, there would
have been no difficulty. If the party in
power had provided sufficient revenue
there would have been 10 trouble"
10 lind remedy, he continued, it was
necessary to know the condition. There
was S496,OOO,OO0 outstanding paper obli-
cations subject to redemption. For a
country like this that was an insignificant
sum-a sum not worth talking about,
when the question of the Governments
ability to pay and pay it promptly was
raised. Therefore something must have
TO De done TO create dIStruSt. The first
and main thing that was done was the
passage of 4 financial measure which had
already resulted in deficiency of Sl0I-
100000. and which, from present indica-
tlons. would create further deficiency
permanent or temporary. The Treasury
was divided into two sharp divisions. 1t
was engaged in banking, and it was en-
gagged IN business. The business end of
the concern was running astern, as he
had pointed out. Now the conductors of
the Treasury had allowed the business
end to interfere with the banking depart
ment. DiscardiIg the wisdom of those
who have insisted in discarding the
revenues, and borrowing money 10 meet
the deficiency in that department, il has
taken from the banking department
funds TO supply the deficiency in the
business department. There was set in
operation the endless chain by which we
We're furnishing gold to the rest of the
world. The President had appealed not
| only TO his party associates, but to the
opposition for aid.
There can be no legislation" he added
ION the eve OF an expiring Congress. W e
well know that ii this bill passes the
House it will go no further. But il does
seem to me that a practical measure could
be presented"
lie said that those in control OF public
affairs would have command of the rev.
enue question for the DeXttwo years. The
Secretary OF the Treasury had Just re.
ported TO the Senate that he would have a
surplus OF 81, 900, 900. The Secretary had
given the last dollar of this surplus,
emitting, however, the cents, as other
wise some question might have been
raised as TO the accuracy OF the surplus
Aow, If the Secretary had any surplus,
one thing TO do was 10 use it. And instead
OF longtime goldibonds, issue certificates
TO be redeemed at any time.
Section l OF Reeds bill authorizes the
Secretary of the Treasury 10 issue 3 per
cent. bonds, payable alter five years,
similar to the bonds issued under the Re-
sumption Act 1t is substantially SINH
lar TO Sherman's bill introduced in the
Senate.
Walker (Rep.) of Massachusetts also op-
posed the measure. He was very sarcas-
TIC at times. The Government had al
ready been forced to issue Sl00,0OO, 900 of
bonds, which were denominated Grow
ers." Shortly Sl00,00O,0 900 more "Grov-
ers," and the next step would be the issue
of 500, 900, 600 "Grovers."
Simpson (Pop.) OF Kansas said III the
beginning Of his speech that he could add
no hilarity to this funeral occasion."
He characterized the new bill as a COM
plete surrender of the Democratic party
TO the banking interest.
Pence tPop.) of Colorado marveled that
such measure as the pending bill
should emanate from democratic COM
mittee, at the dictatiOn OF a Democratic
President, and he expressed for himself
and his party Willingness TO Cooperate
Tor the passage of some relief measure.
Mcheighan (Pop.9 of Nebraska fol-
amusement by calling Springer the art
ful dodger of the situation"
The committee then rose, and the
House, at 4:45 p. NJ, adjourned until to-
morrow at IL O'Clock.