The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1896-01-02

there was a deficiency in the revenues. blu.
the statement was wholly without oficial
authority. The secretary of the treasury
had positively stated that there was sum
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.
=. It 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 tc
meet any probable deficiency three times
over. 1t was not 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,OO0,OGO. This shortage had, he
said. occurred under a law which was
the peculiar pet Of the republican party;
q law which no republican had seen fit
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
u
visions 1t 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 adj
ministration, whereas as a matter OF fact
more than 1000 Of gold had been sent
abroad during the nine months immedi-
atcly preceding March. 1893.
A Pertinent Question.
Mr.. Hopkins (rep.. I'D asked why. II tho
other side did not believe the pending
bill would relieve the situation, had they
not suggested some remedy? Why did not
MI. Crisp or Mr. McAIillin offer some sus-
gestion In committee? Why had they not, II
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 II opposition to everything
republican. ,[Apr)ause.]
Mr. Grosvenor said he yielded his sup
port to the present bill because it pro-
posed an increase Of s40,000,000 in revenue
and ia. that extent would increase the pro-
lection Of American industries.
After some brief remarks by Mr.. Arnold
(rep., Pa.) and MIR. Knox (rep., Mass.)
MIR. Dolliver trep., Ia.) closed the debate
for the majority. His speech was most
eloquent effort. AS he spoke the repub-
licans crowded about him, and there was
much applause and enthusiasm.
Mr.. Dolliver took his seat and the bill
was put upon it's passage, the vote be-
ing taken by yeas and nays. 1t was passed
-yU5 to u.
Report ON the Bond Bill.
The report Oh the bond bill says that
the secretary of the treasury now has
tile authority, under the resumption
act of 1875, to issue and sell ten-year
live per cent. bonds and 3O-year four
per cent. bonds to maintain the funds
Tor the redemption of United States
notes, and that he has sold 100000, 900
of the former description of bonds, but
u small amount of the latter descrip-
ton in the last two years, and as he an
nounces his intention to avail himself
III 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 lower rate and
shorter-term 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 q provision that
the proceeds of bonds sold be used ex-
clusivcly for redemption purposes. our OBJ
ject being to secure such separation Of the
redemption fund from the ordinary cash in
the treasury as will maintain and prote::
the revenue.
1--WE also provide 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 tho
treasury should always have such au
thority as this to meet temporary def
ciencies that are liable to arise. Unless this
authority is given the seer. cary will:indi {.
rectly use the proceeds Of bonds sold under
the Resumption act for redemption pur-
poses to meet the deficiency in the revenue.
as he has been doing the last two years and