Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1896-01-12
SHERMAN ON FINANCE.
h. Recent Speech In the United
States Senate.
IS GREAT CURRENCY PROBLEM.

&ur GREAT UuhhbhOA
an, Administrations Policy.
49,. s.,a,or says tho President IL
$500 a. to the Cause of Our Finan-
,c..aI,,on and That Ills Policy Would
$50. tho currency The Wilson and
4. mckinley rrrin Laws Reviewed.
NJ the United States and
treasury Notes Opposed
~, psgnpKST-T Tho president, In his
=" message to congress, confined HIM
! ~ - Two important subjects, ono our
,.lations and the other tho coudi-
" q o,lr national finances. He followed
.nothrr messoeD on the application
X. ,,onroc doctrine to tho controversy
Vs. ,rcnt Britain and Venezuela.
rrs coprress has heartily, perhaps
. VI. Init with entire unanimity, sup.
~ him In maintaining tho interests
a Manor Of our country In the fold OF
snm.oy 10 hos not and will not approve
|. recommendations on the moro impor-
!, grhiOct OF our financial policy and es-
..,.Ily az our currency He Inns mistaken
s,,se Of orr present financial condi.
Al IN atributing ID to the demand for
IA nv United states notes instead OF tho
.ac,spey Of revenue unused by the lcgls-
,,op al the last congress. He places the
rsr, beIorc the oarsc. lilo proposes as
pn,d, the conversion Of the United
,te, notes ard tho treasury notes into
btues, bearing bonds, thus increasing
4 iptcres, bearing dob. nearly $500, 000,i
n He proposes limo Of public policy
M viii produce sharp contraction OF
n currency odd greatly to the burden of
s,,,Inu debts and arrest the progress OF
limos, every American industry which
ow competes with foreign productions.
Tbspresldent Is supported in these Vows
Mr. Carlisle. his sblo secretary Of tho
.sasury, in bis report TO congress. 1t ia
Mn difldencc undertake to. oontrovert
h.lr opinions, but my convictions are so
trors that they are in error that 1 hope
b. strength u the facts will submit to
M senate will convince It that the true
ine OF public policy Is to supply tho gov
fbnient With ample means 20 meet the
urren. expenditures and to pay each year
portion Of the public debt. The gold ro-
ave provided for the redemption Of Unit
q stats notes can then be easily main
ained without cost except tho loss Of in
crest on the gold In the treasury, but
With saving Of Interest on United States
totes and treasury notes OF Ave times the
ntercs. lost by the gold held In reserve. A
lastly greater bsuelt than saving interest
secured 20 our people by national pa-
1er currency at pas With coln supported
" tho credit Of the United States and re-
lceined on demand In coin nc the treasury
p tho principal city Of the United States.
Government Revenues.
The only difficulty in the way of nm
Wy maintenance OF our notes at par with
PIN hthe fact that during this admins
fahcn ths revenues Of tho government
ave 10, been sufficient 10 meet tho ex-
endliur,s authorized by congress. II con.
ns had Provided the necessary revenue
ue p'csi1tntand MIR. Carlisle had re-
u'eu 70 etpond appropriations not man
A'o'y w form, but permissiye, so as to
Vnune expenditures within receipts, they
Noua haze no difficulty with the roseryo.
MS would have been stalwart act, In
aimuhy With tho Presidents character
"a plainly within his power. All appro-
-. ,,alens which are not provided to carry
Ivy :. enec, s1lstlns law are pormissiyc, but
y mandatory, and his roiusnl to expend
Uney IN excess OF the revenues of the
'llmcnt would not only be Justified
pupnc policy, but would have been
ss..ai y approved BY the people of the
nnoa states IIo knew ns we'll as any
,uas nhce Tho close OF the civil war to
eae o. his Inauguration tho cxpendi.
@mo soyerninont Ind been less than
elpu ! have here table which
Y, w, 'ns receipts md expenditures each
\, from 1865 to 1907.
Z. .on' mat official statement II nppears
NM \. and every year during that long
MA ! w. y. way nhurplus which was ap.
,s,,ns 'ne reduction Of the public debt
interest. This debt amounted
-, isob to sn,8sl, $50, eai. on tho
" March. 1899, it was s5s5. oaa' 600
~,,r .vwlng a reduction of tho interest
I XII uool Of si,796, ig0,084. The pub
\, ~. was pledged to this reduction In
pl,r. nNaani by tho act creating
4 Az =. sanu' and, though in some years
hi.. eo'hply with tho terms of tho
|sd,S,. uuu yet In other years we OK.
Id,,Iv,s.' eluifemepts, and prior TO this
leb, =. Won the aggregate reduction of
Vov ~ ~ peaier than tho law reouired
leacIen'i.@' i nist time since 1865 we have
la,ph ~, revenue. Since tho list Of
|hc ps,las 70 the LIST OF December. 1895,
~, III 'cbt has been Increased s16a..
The pre<ls.
hss cor a,uent IN his recent annual mes.
egc, tahs That the law OF Oct. @,
inealrIsr, as tho Mckinley act, was
fhAt H. ior tie purposes OF revenue. -
Non Inv !, 'aouRh IL largely reduced taxa-
VI and p,sss many articles on the free
boa 81 sn' au'eu O bounty for tho produu.
4lov ., Ssaf, yet did not reduce revenues
auxof al az" nrcs, but provided sur
ssli, "A 4, s,1u2, 81 Jnne 80, 1891, and
Nss on june 80, 1899, and Sc, sal,
Y. Uleyr,,,nuse soth of June, 1898, when
atic ma, aa was president and a dem.
pm haa 'ihOslly 10 both honses OF con.
NJ the Mav vn elected, all pledged to re.
~ Thai ,uan ". act aud to reduces du.
luss mora "a, ", sae Mckinley not did not pro.
matter ~ a,s,nnuu IN 1898 and 1894 is not
hethtsd h, sutptisc. Any tariff law do.
Ppnlso n !, .. .ha party In power, with a
fpuld p,e,sn siea' u and tn roll uce duties,
Nv toa NV importations under the Old
sseiabor I,I sos tho revenue. Early il
llun d oan 'asa, at tho first regular sea.
I'm, 4 iii 4 ,s dnring MIR. Cleveland =
1ac,Irabla W., "ns formulated and as SOON ne
a'a ria, ' sI,, tho house OF representa-.
y As rtesIdsn," met the hearty approval