Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1895-02-02
THE FINANCIAL PROBLEM.
The Senate Takes Hand and Will
Try and Give the Country
Some Relief

Washington, Feb. 2..-An effective step
was taken in the senate Yesterday to
bring the problem of national finances
squarely before that body, the finance
committee having failed to agree upon
any plan of procedure. Senator Nc
Pherson dem. N. J.,) member of that
committee, moved to discharge the com
bill of Senator Sherman toprovide tenn
porary means of meeting deficiencies. A
long debate followed. Senator German
said the gold reserve was originally
created to redeem greenbacks. Up to
the time of the passing of the Mckinley
bill the government had plenty of gold,
and the gold reserve was intact. But the
Mckinley law started a change, and one
year from the time Mr.. Harrison retired
from the presidency he was unable to
meet the demands on the treasury. lne
bankruptcy of the government began at
that time.
"We have inherited this load" con-
tinued Senator German. ave are carry
ing this tremendous burden"
The senator declared the crisis was far
graver than was known. He hoped the
real deficiency of the treasury would be
disclosed, in response to senate rssolu-
tions. It was time the country knew 1t.
He had hoped the officers charged with
the highest executive duties would appre-
clate the gravity of the conditions as to
lack of revenues and would make them
plain to congress. In the present grave
emergency he did not fear that the senate
would be found impotent. "It will meet
this great emergency" SAID he. "If in no
other way it will place it in an appropri-
alton by which every obligation of this
government will be amply met and the
honor of the government be maintained" :"
He did not care what the details of this
provision might be, but he appealed to
the Republican senators to join in meet
ing the issue. It was their duty as we'll
as that of the Democratic senators.
Senator Hill was at once on his feet,
asking why the senator from Maryland
had not allowed the financial resolutions
to pass earlier in the day.
Senator German said he wanted them
to pass, and would now move to lay aside
the district appropriation bill and put
the financial resolutions on their imme-
diate passage.
The resolutions were accordingly
brought forward, and were agreed to
within few minutes, without a word of
argument.
The first resolution, proposed by Sena-
tor Hill calls on the secretary of the
treasury to inform the senate whether
legislation is necessary or desirable to-
ward the issue of bonds to meet the de-
ticiences in revenue, and if 30 what
the substantial features of this leg1sla-
tion should be. This was agreed to on a
viva voce vote, only Senator Allen voting
nay.
Senator Allison's resolution calling
on the secretary for information as to
the amount of the gold reserve for cur.
rent expenses, and the amounts OF pro
ceeds from bonds similarly used WAS
also agreed to, with an amendment by
Senator German. The amendment was
very comprehensive, and calls on the
secretary fer details on every possible
item of revenue, deficiency, assets, etc.
that can shed any light on the financial
situation. The amendment and resolu
tlons we're adopted without dissent.