The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1895-02-07

now S34, 00O,0UO, but TINS VIII pe re
duced S14,OOO,0O0 in the coming hye
months. On June 80, 1876, ne ne SAD SAD
there would be in the treasury $SooOV,-
900 of surplus revenues" ms sur
plus had been derived from the SAFE vi
bonds.
While Mr.. Springer was discussing lne
dwindling gold reserve and the outstuhu-
ing gold obligations of the government ne
was INTERRUPTED by Mr.. Simpson (Popr
Kas) who asked if the secretary OF tne
treasury was compelled to redeem the
legal tender in gold.
He replied that the secretary was 50
by the precedent of former secretaries
or in bad faith repudiate the estaOIisneu
policy of the government. In conclusion
he appealed to members to lay asld parry
Dreiudices, and as patriots stop the urail
of gold and save the cOuntry's credit
Mr.. Cox Dem, Tenn.) in opposition TO
the bill, tainted Mr.. Springer with MS
agility in getting on every side OF every
uuestion. He made vigorous arSu-
ment in favor Of the substitute he should
offer. which was based on the principe
of the Carlisle bill, the issue of circula-
ton of banks on deposit of legal tenders,
and contemplating that this would take
| the greenbacks ont of the way without
increasing the interest bearing debt OF
! the country. and without throwing the
country upon an absolute gold basis.
Mr.. Hall Dem, No. followed in the
same strain in support of the substitute:
| He deprecated the further washing OF
dirty linen on the floor of the house.
Mr.. Swanson of Virginia bitterly crlti-
rised the administration. The present
trouble was due to two causes; deficiency
of revenue and the gold raid on the treas
ury. Congress passed the bill for the
seiyniorage The president had vetoed
the bill. Let the responsibility be placed
where it belonged.
owe all know" said he, chat if this
bill passed the house, it will 90 no further:
But it does seem to me that Il practlcal
measure could be presented.
Continuing as a preliminary before of
fering his own suggestion and in order to
prevent the accusation of Dartisanship he
quoted from Horace White, to show that
the real cause of the present trouble lay
in the deficiencies of the revenues. If the
revenues equaled the expenditures, when
ever the greenback was redeemed it would
stay in the treasury. 1t was the fact OF
its reinsurance to meet current obi
cations that caused the trouble. He for
tilted his statement with the figures ad-
duced by him some days ago.
After ALL the showing made under the
disadvantages under which the treasury
was abOring was not a bad one. The
remedy for the present condition of affairs
was to separate the banking department
from the business department of the gov
eminent. The first step was to make the
government revenues equal its eXpendi-
lures.
But" said Mr.. Reed, 'to raise reven-
l., Ca.,
might mean suicide
He said that those in control of public
affairs would have command of the re-
venue question for the next two years.
| The secretary of the treasury has just re-
ported to the senate that he would have
u surplus of So. 100000 The secretary
had given the last dollar of this surplus,
! emitting however, the cents, as otherwise
some question might have been raised as
to the accuracy of this surplus.
Now. if the secretary had any surplus,
one thing to do was to use it, and, instead
of long time gold bonds, issue certificates
to be redeemable at any time.
Mr.. Reed said he would send to the
desk bill he had formulated. 1t might
be changed or modified. He was not in
Sisting on having it considered as u sub
stitute, or in any other particular relation
to the pending bill. But it avoided the
question of putting gold bond against the
coin bond of the past; it avoided other com
plicatiOns promised by the original
measure.
Section |. of Mr. Reeds bill authorizes
the secretary of the treasury to issue >
per cent bonds. payable after five years,
similar to the bonds issued after the re-
sumption act. 1t is substantially similar
to Mr.. Sherman'S bill introduced ill the
senate.
Section ., embodies the new phase in
troduced by Mr.. Reed and is us follows:
That to enable the secretary of the
, treasury to pay the current expenses of
the government, so long as the current
revenues shall be sufficient, he is author
lied and required from time to time in
| his discretion. to issue, sell and dispose
OF at not less than par such an amount of
certificates of Indebtedness of the de
nomination of $50, $50 and 500 or any
multiple thereof as may be needed for
that purpose, bearing not to exceed > per
cent interest per annum. payable semi
annually, and redeemable at the pleas
urc of the government in coin after two
years from their date with like qualities,
privileges and exemptions provided in
this act approved Jan. If. 1873. The
secretary may at his discretion sell and
dispose of the same for not less than an
equal amount of lawful money of the
United States and at designated deposi-
tories of the United States and at such
pOstotfces as he may select, and the sec
rotary shall use the proceeds thereof for
the purpose provided for in this section
and for none other.
Mr.. Walker rep, Mass.) also opposed
the measure. He was very sarcastic at
times. The government had already
been forced to issue $10O0OO.OOO of
bonds which were dCnOmnated "Grover''
) Shortly SlOOOOO.OOO more "Grovers
would be tlOatcd and the next step would
he the issue of S500.0OO.0O Growers. %
Mr.. Simpson pop. Kan.) regretted il
beginning his speech that he could add ne
hilarity to this funercal OCCASION" ii,
inquired what were the moral Obliga
tons to which Mr.. Springer had re
ferrcd rs binding the secretary to re
deem obligations in gold and declared
= that it was an evil inheritance from Re
publican rule. He characterized the bill
= as complete surrender of the Demo
cratic party to the banking interests.
Mr.. McKeighan Pop. NebO followe
in the same line. creating some amust
ment by calling Mr.. Springer "the artfr
. dOdgcr of the situation"
Mr.. Patterson Dem, Tcnn.) favore
d the passage of the bill. Offering in col
nection with his argument the resoll
tons of several commercial association
of Memphis and Knoxville in advocaC
of it. If he was in favor Of the free an
e unlimited coinage of silver he should, |
said, never vote for such bill as the OF