Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1896-01-09
FEDERALIAW MAKERS.


Senator John Sherman, rep, Ohio,)
introduced the following resolution:
Resolved, that by injurious legisla
ton by the fifty-third congress the rev.
enues of the government were reduced
below it's necessary expenditures, and
the fund created by law for the re-
demption of United States notes has
been invaded to supply such deficiency
of reserve that such a misapplication
of the resumption fund is Of doubtful
legality and greatly injurious to the
public credit, and should be prevented
by restoring said fund to the sum of
not less than $100,000,000 in gold coin
or bullion to be paid out only in the
redemption of United States notes and
treasury notes when redeemed to be
reissued only in exchange for gold coin
or bullion
After it's introduction, Senator Sher-
man left the senate chamber It was
after this that Senator Elkins, of West
Virginia. asked for an immediate con-
sideration of the resolution declar-
ing it to be the sense OF the senate
that no bonds of the United States
should be sold at private sale or by
private contract, but that they should
be advertised and sold to the highest
bidder
LAS the resolution would seem to re-
fleet on the senator from Ohio (Sher-
: MANI who. when secretary of the treas
ury, always disposed of bonds by pri-
vate contract, and as he is now absent,
l think the resolution should go over"
said Mr.. Hill. The resolution went over
An adjournment was taken until
Friday.
Besides the introduction of the Sher-
man resolution, Mr.. Chambers
resolution directing the COM
mittee on naval affairs to Investigate
the prices paid by the government for
armor plate, and as to whether any Of
ficials of the government were interest
ed in patent processes, was called up
At the suggestion of Mr. German
(dem., Md.) the words directing
an inquiry into the facts as to whether
the prices paid by the United States
were ''as low as paid by foreign gov
eminent" were stricken out, after
which the resolution was adopted
Mr.. Mitchell rep, Ore) took the
floor and spoke in favor OF his
resolution instructing the finance COM
mittee to restore the Mckinley duties
on wool in any revenue bill reported
to the senate. He said the tariff bill
lassed by the house would probably
increase the revenue $40 100000 year.
Amended as it should be by affording
wool, lumber, barley, hops and other
agricultural products adequate prote"-
ton it will give an additional revenue
of $60,000,000 and place paddock up
CT the so-called endless chain by
which gold is drawn from the treas
ury, stop all necessity for further issue
of bonds and rescue from impending
ruin the wool and other agricultural
interests of this country.
Among the bills introduced into the
senate was the following: by Mr..
Pettigrew. Directing the secretary
of the treasury to cancel and
not reissue greenbacks hereafter re-
deemed by him, but to issue silver GER
tifcates in their place, said certificates
to be redeemed with silver dollars. To
meet the demand thus created, the sec
rotary is directed to coin silver now in
! the treasury and if the amount is not
sufficient he is to purchase more silver
bullion.
The last session of the house for the
year 1895 was a purely formal meeting,
lasting but a very few minutes, and
an adjournment was taken until Fri
day
Washington, Jan. Sin the senate
John Sherman made a speech on
finance. He began by asserting that
while congress would support the pres
ident in maintaining the honor and
integrity of the country in the field
of diplomacy, it would not approve his
recommendations on the more import
ant subject of financial policy, partic-
ularly currency. The president was
mistaken in attributing our financial
difficulties to the demand for gold for
United States notes instead Of the de-
ficiency in revenue caused by the legis-
lation of the last congress. AS a
remedy the president proposed the con-
version of United States notes into
bonds including an intere bearing
debt of about five hundred millions,
causing a sharp contraction of the cur
rency, arresting the progress of every
American industry competing with for
eign productions. Sherman presented
statistics showing that for the first
time since 1866 the country began to
have a deficiency in revenue in 1898,
since which time the national debt had
been increased $162,602,245. He made
an analysis of the Mckinley and Will
son tariff laws. During the twenty
five months the Mckinley law was in
force the average monthly surplus was
81, ,S21; during the existence of the
Wilson law the average monthly de-
fciency was S41, 699, 603. Under the
Wilson law the United States exported
in a year agricultural productions
valued at 1901, SIS, 1856; during the last
year of the Mckinley law such exports
amounted to 1911, ,299. He declared
the deficiency in revenue the primary
cause for the demand for the United
States notes and the only remedies are
either a radical reduction of expenses
or increase in taxation, perhaps both.
The senate then passed with only
six dissenting votes the Sherman reso-
luton against the private sale of Uni
ted States bonds.