The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-02-01
SENATORS AND THE SHEKELS.
THE FINANCIAL SITUATION THE
TOPIC OF THE DAY.

] Country at the Eleventh Hour, If
Necessary, by Placing on an APP
preparation Bill Provision That
Would Avert the Impending Dis
aster-A Bond Issue Contemplated
by President Harrison.
Washington, Jan. S1.-Everything Of in
terest in the Senate that took place to-
day circled around the financial situa-
| ton. During the morning hour there was
a discussion upon a resolution offered
some days ago by Mr.. Allen. pop, of Ne
braska as to the reason why the United
/ States notes were not paid in silver coin,
as the Secretary of the Treas
ury has the discretionary
power under the law to pay them. The
/ resolution went over till tomorrow with
/ out action.
Then the District of Columbia appro-
priaton bill was brought up by Mr. Cor
man, with the purpose. as he afterward
avowed, Of shutting out the financial
topic; but the purpose failed. because the
bill led to a discussion late in the after
noon in which very important statements
were made by Messrs. Allison and Cor
man. the latter declaring his belief. he
might say his knowledge. that if flnan-
cial relief were provided in no other way.
the Senate would, before midnight, on
March 3, place on an appropriation bill
a provision that would save the country
from impending disaster so that the
honor and credit of the government should
be maintained. and the country would
] he ha
ton in the matter of observing obliga-
! tions
Mr.. German said that in the last days of
! Mr.. Harrison's administration the appro-
| priations exceeded by 500, 100000 the funds
| In the treasury and that bankruptcy had
only been wardee off by postponing from
time to time appropriations for pensions,
/ for the navy, fo~ public buildings and for
! rivers and harbors. President Harrison
| and his Secretary of the Treasury had not
| hesitated to say, frankly to senators on
| both sides of the chamber, I'VE are reach
1 Ing a point of distress: we have reached
| point where we cannot meet our obliga-
| tions without the aid of congress-" And
/ they had come to the Senate to get that
| aid. But it was m the midst of a presi-
Dental election and no one on either side
thought 1t wise, proper or polite to bring
rthe auestiOn-up except TO state the facts
He (Mr. Gorman) had then given the warn
ing to the Senate and to the country that
no matter whether the Democratic party
| came into power or not there were but
! two things to be done-eiSher to increase
/ taxation or to borrow money by the issue
! of bonds. The presidential election had
! passed over and the Democratic party had
! been swept into power. Then it was that
| with a greater frankness than ever the
| republican President and Secretary Of the
| Treasury suggested to democratic sena-
! tT-.. afa o.as
bonds to keep the gold reserve intact
| And there was put on an appropriation
| bill a provision for the issue of 10000
/ in per cent. bonds.
2Ir. Aldrich-Why did not that provision
| stay there?
Mr. Gorman-It was not agreed to else
where.
Mr.. Aldrich-Why was it not agreed to
elsewhere?
Mr. GOrman-Another body was imbued
| with the idea that the government could
be run by reducing taxation. The fact is
that the authority to issue bonds was
| refused majority of congress refused
to recognize the fact that the treasury
was in a bad condition. And legislation
roviding for revenue was made-which
will be amply sufficient after 1896. But
no provision has been made by congress
for this condition of affairs, which exist
ed when we came into power. We inher-
tied it. 1t was awful load. That we
have not met it frankly by making tenn
porary provision for taxes for this year
was a misfortune. 1t has been met in
part by the sale of 800, 90 5000 of bonds
producing S11S.00O,0O0, Every dollar of
that has been used to pay the current
expenditures of the government, save
what small amount is now in the treas
ury. And the treasury stands to-day
with appropriations made by congress
(Which are demands upon it, to the
! IA
money in the treasury to meet 1t is
a crisis. 1t is one that will appeal to
every patriot 1t must be met. This gov
ernment is able to pay every dollar of
it's debts in the soundest money in the
world. All that is necessary is to face
the question as patriots and as American
senators, and before we leave here, make
provision for the treasury.
l believe that this Senate, which has
met every crisis in the history OF the gov
ernment, this Senate which does not take |
account of the storms brewing outside |
this Senate, which has never yet bowed to |
a demagogu this Senate, which will main |
tain the credit of the government no mat |
ter what il costs, will, before this con- |
gress adjourns-if it does not come from |
elsewhere, as it ought to do-place upon |
an appropriation bill provision enough to |
pay every honest obligation of the govern |
ment that has been contracted, and to |
keep the administration-no matter which |
party it may be-in position that the |
honor of the government and the credit |
Of the government shall be maintained; |
and we will continue to stand before the |
world the foremost nation in the matter |
Of observing obligations.
Mr.. German delivered these rapid SEN |
tences with great force and earnestness, |
and his words were listened to with the |
greatest attention and interest.
Continuing, he said Il care nothing |
about these little details 1 call IL details |
though ought not to use that word. But, |
in the present emergency 1t is a matter |
Of detail whether the money be silver or |
gold or greenbacks, or national bank |
notes, so long as the money is as good /
as any money in the world. 1t must be
supplied to this government, and l appeal /
to the members on the other side of the /
chamber to come forward in this crisis, |
for which they are as much responsible /
as we are. The responsibility is joint. |
1t cannot be escaped by either side. 1t |
must be met by you (meaning the repub-
licans) with us, and before that clock /