The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1896-01-01

into an explanation of the cause Of the ex-
listing weakness OF the treasury following
closely tie lines of his report of the bill
In the last congress ii was stated as IL was
stated now. that there was ample revenue
The democrats had predicted that the rev.
enues would soon meet the expenditures
next day. next week, next month the sur
plus would begin. But what had happened2
Every day and every month since had
shown a deficiency. Since July, 1894 the
deficiency had reached the enormous sum
of $133. 900. 600
The bill proposed by the committee in the
next two and one-half years during which
it was to operate would raise about $40 0oo.-
900 to stop the deficiency that was causing
the disaster He closed with an explana-
ton that this was not a general revenue bill,
and said that the general change needed
would be postponed until the other branches
of the government were in harmony with
the house.
Mr. Crisp who followed Mr. Dinglev, 81 ia
the latter had asserted that this extraor-
binary bill had been precipitated upon
the country and this extraordinary spec
tacle created by the presidents message
In making this assertion Mr.. Dingley HAD
not observed his usual care.
If, said Mr. Crisp, the presidents message
had been the cause of this effort at legisla-
ton, the legislation attempted should be III
the line of the presidents suggestions II
had been claimed on the other side that
there was a deficiency in the revenues bur
the statement was wholly without official
authority The secretary of the treasury
had positively stated that there was suff3-
cient money in the treasury to meet all OBJ
legations and that there was no necessity
for imposing additional burdens in the way
of taxation.
1t was true, Mr.. Crisp confessed, that
the daily receipts were smaller than the
daily expenses, but there was surplus
in the vaults of the treasury sufficient to
meet any probable deficiency three times
over. 1t was not a question of borrow
ing money, but question Of using an
asset which we have already-a question
of getting money to pile upin the treasury.
Mr.. Crisp then proceeded to argue that
the Mckinley law had been responsible
for whatever deficiency there was. He
instanced the fact that the receipts under
this law had fallen off until during the
four months preceding the Inauguration
of Mr.. Cleveland there was a deficiency
of over $4,000, 900. This shortage had, he
said occurred under a law which was
the peculiar pet of the republican party:
a law which no republican had seen 1T
to criticise, possibly because of the name
it bore; law typical of the republican
party, so framed as to decrease the re
ceipts of the treasury and increase those
of private individuals favored by its pro
visions. It was under this bill that the
revenue had fallen. Furthermore, he had
understood Mr.. Dingley to say that there
had been no expectation of gold previous
to the Inauguration of the democratic ad
minlstration, whereas as a matter Of fact
more than SIS, zoo, 600 of gold had been sent
abroad during the nine months immedi-
ately preceding March. 1893.
Mr. Hopkins (rep., nl.) asked why If the
other side did not believe the pending
bill would relieve the situation, had they
not suggested some remedy? Why did not
Mr.. Crisp or Mr.. McMillin offer some sug-
gestion in committee? Why had they not. IL
they desired to uphold the arms OF their
president, formulated some plan which, in
their opinion, would bring relief? They had
done nothing. They offered nothing
They were in their right place again. They
were simply in opposition to everything
republican. lApplause.l
Mr.. Grosvenor said he yielded his sup
port to the present bill because it pro-
posed an increase of SIG, 100000 in revenue
and to that extent would increase the pro-
lection Of American industries
After some brief remarks by Mr.. Arnold
(rep, Pa.) and Mr.. Knox rep, Mass)
Mr.. Dolliver (rep., Ia.) closed the debate
for the ma jority. His speech was most
eloquent effort. As he spoke the repub-
licans crowded about him, and there was
much applause and enthusiasm.
OOlllFGE LOOK MS Scdt ana tHe
was put upon its passage, the vote be-
ing taken by yeas and nays. 1t was passed
-2O5 to 81.
Report on the Bond Bill.
The report on the bond bill says that
the secretary of the treasury now has
the authority, under the resumption
act of 1875, to issue and sell ten-year
five per cent. bonds and Cougar four
per cent. bonds to maintain the funds
Tor the redemption of United States
notes, and that he has sold $780, 900
of the former description of bonds, but
small amount of the latter descrip-
nounces his intention to avail himself
of the authority given by the resump-
ton act and sell more high-rate and
long-term bonds if necessary. the only
question is whether it is not clearly for
the public interests that he should
have authority to sell d lower rate and
shorterterm bond.
The committee thinks it is clearly
in the public interest that he should
have this authority and adds:
I'm granting this authority. however, We
have included in the bill a provision that
the proceeds of bonds sold be used ex-
clusively for redemption purposes. our OBJ
ject being to secure such separation of the
redemption fund from the ordinary ca sh In
the treasury as will maintain and protect
the revenue.
I'VE also proviue that such bonds shall
be offered for sale In such a manner as TO
invite investment among the masses of the
people,
Of the certificates of Indebtedness
the report says:
I'm our Judgment the secretary Of the
treasury should always have such au
thority as this to meet temporary def
ciencies that are liable to arise. Unless this
.dthority is given the seer. larry viii indi
rectly use the proceeds of bonds sold under
the Resumption act for redemption pur-
poses to meet the deficiency IN the revenue