New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-02-19
PRICE THREE CENTS
GORMAN PRESENTS HIS PLAN
1T PROVIDES FOR AN ISSUE OF $1oo,ooo.ooe
DEBT CERTIFICATES.
PRACTICAL METHOD OF MEETING TREASURY
DEFICITS INTRODUCED AS A rider" TO THE
sUNDRY CIVIL BILL~-JONEss FREE
SILVER BILL TO BE BROUGHT
fBY TELEGRAPH TO THE TkIBUNE.1
TO A VOTE.

TO A VOTE.
fBY TELEGRAPH TO THE TkrBUNE1
Washington, Feb. 1S-Two material attackA
were made to-day in the Senate on the Presi'
dents financial policy and on the extraordinary
and runous exhibition Of personal financiering
in which it has eliminated. The first came in
the shape of a pointed rebuke from the Commit
tee on Appropriations. in which Mr. German.
the real leader of the Democratic majority In
the Senate exerts controlling influence. the
committee reporting as rider on the Sundry
Civil Appropriation bill a plan Of relief for the
Treasury, which, being at once practical ana
sensible flies in the face of all the Administra-
tons fantastic suggestions and directly con-
travenes in one important particular the pro-
visions Of the recent bond contract signed oy
the Treasury with the Morgan Belmont syndi-
cate The other attack was made In the Senate
itself when on a direct test Of strength that BODY
decided late this evening to take up and rusn
through the Jones Free Silver Coinage bill In
open defiance of the Administration and Its
wishes
The two assaults on the Presidents policy were
not unconnected, for while 1t Is well understood
that the passage of a Free Coinage bill through
the Senate at this time is piece OF mere political
bravado, yet such a nominal demonstration OF
the reviving strength of the free silver forces is
considered the necessary price Of vote for
Mr.. GormaIs plan for the relief OF the Treasury
"a plan which is even more dangerously an
tagonlstic TO the Administrations programme.
inasmuch as 1t has a rational value and is
based on an appreciation Of actual necessities
which the President and his advisers have
chosen to ignore.
Mr. German as is well known. has been entirely
bv vii m m q r a q.
cent financial operations holding with the Re-,
publican leaders in Congress that the practical
and sensible method of overcoming the Treas
urys present embarrassments lay in the adop-
ton Of some temporary expedient to relieve the
current deficiencies rather than in an elaborate
experimentation with the currency system or
further resort to ruinous purchases or gold. Ever
since the beginning OF the session the Maryland
Senator. who seems 10 be the only leader In the
Democratic party with candor or courage enough
to look actual conditions IN the face has favored
the imposition of rider on one Of the regular
appropriation bills granting authority to the Sec
retary Of the Treasury to contract temporary
loan to meet the deficiencies occasioned BY the
failure of the present tariff law TO produce ade-
quate public revenues and he has consistently
sought to unite both parties in the Senate on
moderate and practical plan Of relief such az
the Sundry Civil bill
BAD on THE NATIONAL CREDIT.
Mr. German. in common with all the other
anti-AdmInistration Democrats in Congress. re-
CARDS the contract entered into by the President
with the foreign bond syndicate for the disposal
of indefinite issues Of bonds at an extortionats
profit as not only highly injurious in its effect
on the National credit. but exceedingly dis
- stA optv
and his own scheme for the relief Of the Treas
ury's embarrassments ia turally includes pointed
rebuke to the President for that portion OF his
unlucky bargain which seems to bind the Govern
ment 10 further contracts with the same thrifty
banking combination According 10 the provisions
OF one Of Mr. Germans amendments. no further
bond sale can be negotiated by the Treasury ex-
cept after due public notice and on terms which
open the bidding - all cOmers. This direct repudia-
;ion Of that portion of the Administrations con-
tract which is yet 10 be fulfilled can be construed
only an emphatic notice on the part OF Con-
gress that the Presidents recent extraordinary
financial experiment is not to be repeated under
any circumstances. and that the party leaders
in Congress are anxious to absolve themselves
as far as possible from all responsibility for the
secret arrangement made with the bond syndi-
cate through the agency of Mr.. Clevelands per.
Mr.. German. asserting to the suggestion first
made by Mr. Allison that the present deficiency
in the Treasury could be most easily and con-
veniently met by the issue Of short term exche0-
uer notes currency certificates, has incorpo-
rated in his rider to the Appropriation bill an
authorization OF a temporary loan of this char
acter not to exceed I'm amount 500, ,0o00 000 The
certificates 10 be foated in denominations
Of s2o $50 and $40, aud in multiples OF the same
up to $1,000. They are to run for two years bear
ing per cent interest. payable semi-annually.
and after maturity are to be redeemed at the
pleasure of the Government. They are also to
be used by the Secretary Of the Treasury in dis
charging current obligations IL the holders Of
these obligations willing to receive interest.
bearing certificates in lieu Of cash.
The Republican managers have all along IA
vored the adoption Of the exchequer note plan.
and their only embarrassment in supporting Mr..
Gorman's amendment to the Sundry Civil bill
will arise from the mpossibility or obtaining
from the Treasury an admission OF the actual
necessity OF such lean as Mr.. German adVo-
Gates II Mr.. Carlisle is willing to admit az
frankly as Mr. German the existence OF an
alarming deficit In the revenues. the Republican
leaders will gladly cooperate with the Maryland
Senator in fastening his practical and sensible
rider on the Sundry Civil Appropriation Dill.
DEMOCRATIC OPPOSITION TO GORMAN.
On the Democratic side Of the Senate, good
deal of opposition to Mr.. Germans amendment
is likely to be developed the Cuckoo Senators
being as reluctant the Administration officials
themselves to admit the failure of the present
tariff law to furnish revenues sufficient for the
support Of the Government and being also highly
averse 70 sanctionng the practical abrogation Of
Mr. Cleveand's contract with the Morgan-B Bel.
mont syndicate contemplated by Mr. Cor
mans programme
The Sunl'y Civil bill will probably come before
the Senate before the end Of the week. and the
German amendments will cause an animated and
highly personal political debate. Their adop-
ton failure will depend largely on the at
tiude OF the Administration Democrats. for at