The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1895-02-15
FIGURING A SURPLUS.
:sPRINGER's SPEECH ON THE
BOND BILL.
Statements Of the Secretary of tho
Treasury Concurred In-Mr. Reeds
speech-sensational Scene In tho Senate
Chamber-Hope for More Ships.

Washington, Feb. 6.-In his speech
yesterday Mr.. Springer, chairman of
the committee on banking and cur
rency, produced figures to show there
would be an estimated surplus of $780,
900, 900 in the revenues at the end of
the present calendar year, but a de-
fclency at the end of the fiscal year,
June 30, of $e6, 600, 900. The deficiency
now was $4,000, OOo, but this would be
reduced $14, ,OO0,e coo in the coming five
months. June 80, 1856, he said, there
would be in the treasury $s5, ,oc0, 900 of
surplus revenues. This surplus had
been derived from the sale of bonds
In reply to question as to whittier
the secretary of the treasury was COM
PEELED to redeem the legal tenders in
gold, Mr.. Springer replied that the
secretary was so compelled by the pre-
:cedents of former secretaries, or in
bad faith repudiate the established
policy of the government.
Mr.. Cox (dem., Tenn made vigor-
Gus argument in favor Of substitute
he should offer, based on the principle
of the Carlisle bill (the is ue of circu-
lation by banks on deposit of legal
tenders.)
Mr.. Hall dem, Mo- followed in sup
port of the substitute
Mr.. Swanson dem, Va.) said the
present trouble was due to two causes,
deficiency of revenue and the gold raid
on the treasury Congress passed the
bill for coming the seigniorage. The
President had vetoed the bill. Let the
responsibility be placed where it be-
longs.
Mr.. Reed, the leader of the minority,
then took the floor. He blamed the
democratic party for the situation, say
ing: IF the party in power had pro-
vided sufficient revenue there would
have been no trouble Mr.. Reed
warned the house, however, that there
could be no currency legislation at the
dictation of any one mantle Presi-
dent, Mr.. Springer, the speaker, or
Sny other-it must be had by the
concensus of opinion of all. There
can be no legislation, he added, on the
eve of an expiring congress. If the
revenues equaled the expenditures
whenever a greenback was redeemed
it would stay in the treasury It was
the fact of the necessity of it's reissu-
ance to meet current obligations that
caused the trouble. The remedy for
the present condition of affairs was to
separate the banking department from
the business department of the govern
ment. The first step was to make the
government revenues equal it's expen-
ditures Mr.. Reed said he would send
to the desk the plan he had formu-
lated. It might be changed or modi.
fed. He was not insisting on having
it considered as su bstitute or in any
other particular relative to the pend
ing bill.
Sec. of Mr.. Reeds bill authorizes
the secretary of the treasury to issue
per cent bonds, payable after five
years, similar to the bonds issued
under the resumption act. It is sub.
stantially similar to Mr. Sherman's
bill introduced in the senate. Sec. 2
embodies the new phase introduced by
Mr.. Reed and is as follows: ''That to
enable the secretary of the treasury to
pay the current expenses of the gov
ernment so long as the current rev.
enues shall be deficient, he is author
lied and required from time to time
in his discretion to issue, sell and dis
pose of at not less than par such an
amount of certificates of Indebtedness
OF the denomination of $25, $50
and 500 or any multiple thereof,
as may be needed for that
purpose, bearing not to exceed
3 per cent interest per annum, payable
Sc ml-annually, and redeemable at the
pleasure of the government in coin
after two years from their date, with
like qualities, privileges and exemp-
tlons provided in the act approved Jan.
IA, 1875. The secretary may at his dis
cretlon sell and dispose of the same for
not less than an equal amount of law
full money of the United States and at
designated repositories of the United
States and at such postofices as he
may select; and the secretary shall
use the proceeds thereof for the pur-
pose provided in this section and for
none other"
Mr.. Walker Rep., Mass.) also op.
posed the administration measure.
Mr.. Simpson (pop., Kas.,) inquired
what were the moral obligations" to
which Mr.. Springer had referred as
binding the secretary to redeem obll-