The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-01-04


the opinion OF the President, inefficient
for revenue he should have said OF the
Wilson law that It was bounteous In
deficiencies"
Mr.. Sherman then entered into COM
paratlve analysis OF the Mckinley and
Wilson laws 10 show that under the
latter we exported In q year agricul-
tural productions valued ut 1901, ,57S, ,Ss5.
while during the last year OF the Nc
klnley law we exported similar pro-
ducuons valued at $S7l. ,29g. Presi-
don't Cleveland, he continued, believed
in large importatlons at the lowest cost
without regard TO the industries and
labor OF our countrymen, while I be-
lIeve In a careful discrimination and
the imposition OF such duties on articles
that compete with some productions as
will diversity our Cmployments and
protect and foster Impardally all
industries, whether Of the farm, work.
shop, the mine, the forest or the sea-"
Cause OF Financial Troubles.
Mr.. Sherman continuing. declared
that the deficiency OF the revenue was
the primary cause OF the demand for
United States notes and that the only
remedies are either radical reduction
of expenditures or an increase OF taxa
tIon, and perhaps both.
He thought It strange that the Presl-
dcnt,ln dealing with our financial con-
ditIon. should ignore entirely the fact
that during his term OF Office thus far
three issues Of bonds have been made
amounting In the aggregate to Sl62.-
3lj, 400 to meet current expenses In time
OF profound peace. THE President"
he said. attributes all our financial DIFF
ilculties to tho continued circulation OF
United States notes and treasury notes.
debts bearing no interest, amounting
10 nearly $500, ,000,000
Senator Sherman then read from Sec
rotary CarlIsle's report to show that
prior to 1881, the demand for coin for
United States notes during a period Of
l,lsg2, was only $i3. 1910. .Sg6. while the re-
ceipts OF gold for United States notes
during the same period amounted to
$i6O, coo. 900. THE Withdrawals from the
treasury from July /, 1892, to Decem-
ber /. 1895, have amounted to $sso,2s6,-
5l2.
"purlng the first term OF Mr.. Cleve.
lane" he continued, when he was pow
erless to affect our currency and tariff
policy, the senate being Republican, the
gold increased from $2I0. 900 on the
iifst OF April, 1885, to $320, 0,O0O, 900 on the
first OF April, 1889 This gold came Into
the treasury without cost in exchange
for United States notes or gold certih-
Gates.
''lt is lust to Mr.. Carlisle to say that
he attributes the Withdrawals OF gold
to silver legislation. yet the Bland-Al-
llson act was in force from 1878 to 1890.
when the accumulation OF gold occur
red and the great body OF gold was
withdrawn after the act Of July IL, 1890
was repealed.
on view OF these official facts can
any fair man doubt as to the cause OF
our financial condition? What other
cause can be stated than that unwise
legislation reduced our revenues below
our expenditures, Impaired confidence
in our ability TO maintain our currency
at par. and compelled the government
10 sell bonds provided for the redemp-
ton OF United States notes in order to
meet deficiencies? What other reme-
dy Is there for our financial difficulties
except TO borrow money on the best
terms possible to pay current dehcien-
cies and TO provide additional revenue
for further wants? To this extent and
for these purposes am willing TO sup
port this administration, however much
may disagree with Its general policy.
VIII Fall.
"But the President Is not satisfied.
He demands the retirement and can
collation. OF all the United States notes
and treasury notes by the sale OF bonds
OF the United States bearing interest,
"It this policy Is adopted 10 compel
the people OF the United States TO sur
render the best paper currency they
have evr enjoyed, It will fall" The de-
fIcicncy would not have occurred. Mr.
Sherman insisted. had not the Presi-
dent and both houses OF the Fifty
third Congress, then in political sym
pathy. united In passing law reducing
the revenue below expenditures for the
flr,s, time since the close OF the war.
81 do not wish 10 crIticiEc the sales
OF bonds authorized By the resumption
act 10 meet these deficiencies. Under
the circumstances the administration
was Justified In doing this. even TO the
impalrmeut Of the resumption fund. but
It ought frankly to say that the cause
OF the invasion OF the resumption fund
was the deficiency OF revenue created
BY faulty tariff legislation by the last
Congress. The true remedy is 10 supply
in some form additional revenue, md
until this can be effected, to borrow
from the people OF the United Stntes
enough money to cover past and future
deficiencies. This done, gold will read
ily be exchanged for United States
notes, as was done from January, 1879.
TO the election OF Mr.. Cleveland.
"The two defects in existing law re-
intIng 80 redemption are mentioned by
the President
REDEMPTION must be relssucd. II seems
from the newspapers that he has found
the power to hold notes redeemed until
they can be exchanged for coin. dis
covcry that he should hava made soon
or.
"Sccond. that the resumption fund ls
"A mart of,tho general balance In the
treasury and may be applied TO cur
rent expenditures.
Congress neglected to cure tho de-
fects pointed out by me MS secretary OF
the treasury in 1885, But hope will cor
rect them now at the request Of the
President. II was not then anticipated
hat a deficiency Of revenue would oc-
cur, or that II II did occur The govern
mont would use n fund specifically
pIulgcd for another purpose 10 meet
current liabilities,
"Notes once redeemed should only be
re- issucd for gold coin and such re-i9-
sues should he mandatory when coin Is
deposited In tho trcanury. with tho
provision Of law tho scarcity OF cur
rency should create such demand for
IL that gold Will be freely deposited In
exchange for tho more portable and
convenient notes OF the United States.
The resumption fund should be sGgre-
gated from all othOr monies OF the Uni
led States and paid out only In rcdemp-
lion OF United States notes. With
suoh provisions in the law the resump-
ton fund could not be Invaded to meet
deficiencies In the revenue. They should
he provided for by bonds or certhcateS
Of Indebtedness OF small dcnomlnNtlonsI ,I