Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-02-28
Mr.. G0RMAN SPEAKS. |
Ee Refers 10 Certain Remarkably Sud-
den Conversions.
HIS AMENDMENT WITHDRAWN.
Not, However, Before He Prociaims "a
Treasury Deficit for the Currcnt
Year Of some sixty MiIiions-Nn-
hone Again sat Upon.

to-day IN debate on the amendment 10
the sundry civil Appropriation blil' re-
ported from the Committee on AppropIla'
tlons. providing for an issue OF SiV'V'''
900 certificates OF Indebtedness Dear"s
per cent interest. 90 meet dchcieno''' -
the Treasury and also requiring i"'u'e
,ssue Of bonds 10 be offered to the puD"o
for at least twenty days.
Mr. German. who was recoghi%eu hS
tho responsible author oi the "'"e"'
men, smoke for over an hour h au'o-
c,cv ~ ~ showing the probable neens OF
,t, errea,,,y during the fiscal year ana
sc.i.,i,g that the Secretary Of the Trea-
-, cos entirely mistaken in his estl-
mics The antagonists OF the sineho-
r,c,t were all found on the Democraue
.ld. Of the chamber. IN the persons OF
Senator'S Hiu. Mills VOORHEES,. and Villas
,.sicb was. perhaps. the cause or Mr.
Germans subsequent allusion TO sud
don convcrslons-su as were read OF In
reripturc" The supporters Of TIE
am,ndnent were on the Republican
aide. and Included Senators Sherman and
allison Finally. as II was clear to Mr..
Coffunn and al other senator's that the
a,ncndmcnt--if held TO be IN ordor-would
b. debated TIL the Atm OF March next
tr German withdrew the amendment
and the appropriation bill was then offer
90 and agreed 10. Unanimous con-
sent was given to have a final vote taken
on the iii at O'Clock tomorrow.
uicht session was thereby avoided and
a.. Senate. at $50. adjourned till tO-mor-
row at 30 a. NJ
Mr. German said that II relief was TO
be given to the yreasury-if authority
was 10 be given 10 issue certificates OF In
dcbtodness in order to maintain the
credit Of the govcrnment-the only posi-
bic way In which It could b. done was
ny an appropriation bill He regretted
exceedingly that IL had become the duty
OF any senator 10 inaugurate such pro
position. lie regretted exceedingly that II
had not reached the Senate from the
House as square measure early In the
session. when Il could have been delibe-
rately entered on and properly discussed.
Two years ago this Identical question OF
order had becn before the Senate, and
then II was held. by vote Of p TO Is.
that the amendment was perfectly legi-
innate and perfectly proper.
THE SITUATION.
Mr.. German had no desire. he said,
90 detain the Senate. II n vote could be
come 20 at once. But the Committee on
Appropriations had requested him TO state
frankly. without rejecting on anybody
what the necessities OF the case were.
Thnt was the question before the Senate.
The question was: "!s the Treasury In
such "A condition that IL can meet the
wants OF the government under present
laws? Are the revenues of The govern
mcnt up 10 this hour under our revenue
laws) sufficient to meet the annual ap-
propriations made by Congress, and the
present appropriations? If 1t shall appear.
from the official reports Of the Treasury.
that We have appropriated more money
than the receipts. then | submit to the
Senate that We cannot afford 10 adjourn
Until provision shall be made 10 meet
that deficiency. unless Congress desires
the issue of 4 per cent. bonds, running
thirty years. or 8 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 10 the
resolution Of the Senate (as 20 the con-
ditiOn Of the Treasury was, on its face.
misleading. II 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
Cne might draW the conclusion that there
Was a sufficient amount provided 10 meet
the demands Of the Treasury. lie would
however. give TO the Senate the exact
condition OF the Treasury. There was In
the Treasury. be said. on the lst of July.
1870 SStg9JlH. Between that time and
the 3ist Of December, 1885, the Treasury
receipts (eXcept from bonds were $l,590,-
S,0.Sbj. The expenditures during the same
pcflOd-that Is. the payments out OF the
Treasury had been N,7JI2s0 so. showing
that the expenditures had been $1,000
0o0 more than the receipts
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 viii continue during the next
year.
\ DEFICIT.
The Secretary OF the Treasury" Mr.
Gorman continued. lin his answer TO the
Senate has said that during this calendar
year 1895. he will have revenue enough TO
meet the expenditures OF the government
That that is misleading | shall demon,
sirate. ] think the Secretary Of the Trca-
sury Is entirely mistaken In that state
ment. and with all the revenues ne viii
set this year he viii have a deficiency OF
over 100000 FOR the calendar year, and
"a deficiency OF ScoooN"o0 for the fiscal
year ending June 30. 1895
VI Ia not wise for Congress TO adjourn.
leaving the Treasury Department with
tho open declaration made by the presi-
dent OF the United States that in an
emergency he will continue to sell bonds.
That ia too expensive. Il Is piing up a
public debt i'm form that is diStasteful
10 the people Of this country. ! do not
crticise the President Tor hts action ia,
the past II Congress refuses. or falls
L. provide sufficient money Otherwis>
then. under the construction OF the law
given by the Treasury Department and
the President (which construction Is not
A.
upon us. want 90 have that policy
changed ] want TO make provision for
certificates OF Indebtedness running only
two years. and rcdeemable at the option
~ the government. so that there can be
no excuse hereafter for the department
O. scll tsn-year bonds or thirty-yeas
bonds"
Mr Plait asked Mr.. German 20 state
the amount OF surplus In the Treasury
arising from the money borrowed.
Mr Gorman replied: "On the lst Of |
January. 1875. We had only s67 1900 |
10 the Treasury to meet the approprla
lions n Congress. exclusive Of the goll /
90 redeem giecnhaCks. The Secretary |
estimates that his receipts from now on |
Wil be sufficient 20 meet the ordinary |
cisNui stments. provided he can use the |
balarce IN The Treasury In the shape
of grronbacks. for which he has paid |
cont believe that. II permitted to use
every dollar of receipts, he VIII have
onorEh money 20 meet the current ex-
p'nscs or the goyernment BY S60Ooo coo. |
without taking into account the amount |
due on former appropriations.
APPROPRIATIONS.
MI Oorman gave Sl3l70.oro as the
amount Of appropriations made by the
hcuse az this stss on. which Was SlS 100 O0
mere than the Secretary's estimate OF
expenditures lie had. no doubt. how
ever. tnai, with the additions made bv
ta' Senate. the total appropriations of the
stnate would be al least Ss0o.NpOo0. and
that would show a dcricit Of So upa0
i appeal to senator's" Mr.. Gorman
continued. whether II is wise or patrlotie
Tor us 10 permit Congress 10 adtour1
without making some provision 10 neo,
this deficiency. and whether il would no,
D. impolitic and unwlse 10 allow anv
executive officer TO sell ten or thirty.
year bonds 10 meet It,"
Mr.. George: What is the objection 10
having the silver seignoriage in The Trsa.
suY coined 70 meet the deficiency?
Mr.. (sOfman. | frIof We VIII g.. I