The evening times., 1896-06-06
REASON FOR OPPOSITION
Continued from First Page .
s1.75 and sI.9s Shirt Waists .......

deficiency in the past three years. inciudine
eleven millions OF natured racine hhh.
road bonds has exceeded one hundred ana
fiftv millions and in the last six months
over twenty millions.
SENATE HAS BEEN STUBBORN.
lone of the Excuses which have been given
for the pa ssase OF the Senate bill to deprive
the Secretary OF the Treasury OF the rower
to borrow in order TO maintain the redeinp-
,ion fund. as conferred upon him by the
resun,p,ion act of 1875. is that he has sold
bonds 20 syDdicates instead OF offering them
first as popuiar loans. While we syniltit-
tbize with tits criticism, yet TINS aifortis Il
substantial reason for amending tue act
of 1877 8 so as to require bonds issued under
i. to be first offered tothe American people.
hut not ground for the absolute repeal OF All
authority to borrow in an cxigency- The
House five months ago, sent totte Senate
a bill so amending the act OF ! 81 . as TO re-
uuire the Secretary OF the Treasury to first
offer any bonds issued as popular loan. Out
the Senate refused o concur IN It.
Another excuse given for This bill Is
that the Secretary of the Treasury mas
| Indirect. issued and sold bonds under
th.. act OF 1878, not for tie purpose Coll
tei,:pa.ed by such act, but to meet the de-
ficiency OF revenues by using the redeemed
Uni,el states legal tender notes for cur
ren, excuses. aud thus placing them ID
a position. for 4 second redemption.
REASONS NOT SUFFICIENT.
This affords ground for such leSisa-
| ton as will make it practically impossibe
| tu c,Iitipue this practice. but not satisfac-
| tory gr,.,.nti fer taking from the Secretary
| all ptver to borrow for the purpose pf
maintaining the redemption fund.
More than fige months ago the House
| sert to the Senate IL bill which reduced
| the interest and term OF bonds thereafter
| issued under the act OF 1915, and required
| that they should first be Offered as popular
| loans to the American people; and provided
| further that the proceeds OF bonds so lsssied
| should &c devoted exclusively to the re
| redemption of United States legal tender
notes and that il at any time temporary
| deficiencies of revenue should arise they
| should hc met by the issue OF currency
| certificates unnecessary except TO meet an
| exicency. The House sent to the Senate
| another bill providing for sufficient addi-
| tionai revenue to prevent Il deficiency.
| .'lus:ead of .cneurring with the House
| in the Eassage of these two bills, (which
| would lave effectuully prevented any re-
| curreuce OF the matters complained Of, the
| Senate re fused toproyide the needed revenue
| or to;sutli, rize the issue oftcmEurary certii'
| Gates pi Indebtedness, thus practically i'll
| darsiu. Tie Secretary's course IN Using re
| deemed greeGbacks TO meet cciicencies of
| revenue. iEasmucb as in the absence OF
| both revenue and authority 10 Iorrow Ia
| meet til, deficiency the only resource open
| to the Secretary is the use of the redeemed
| Uui;ed States legal tender rctes to meet
| that portion oft the Observation-Disclosures and
| maturing liabilities fer which the re venue
| is inadequate.
| THEIR CRITICISM.
"Our criticism of the Secretary of the
| Treasury is not that lie has used the re-
deemed United States legal tender notes
! to meet the deficiency in the absence nf
| revenue and authority To borrow for that
| distinct OBJ ect-for no other resource has
! been open to him unless the government
| was to s.op-but that the Administration
| and Secretary have refused to recognize
| the fact that the revenue has been and
| still is insufficient to meet the eNpendi-
| lures. aud have discouraged all steps to
provide sufficient revenue, thereby practi-
| cally insisting on continuation OF the
i conditions which made it necessary to in
/ directly use for current expenses the pro-
1 ceat.s OF bonds sold for redemption pur
poses.
And by refusing to cooperate with the
| House in providing for more revenue, tile
| majority OF the SENATE have practically
shared in the responsibility OF the Execl-
| tive and the Secretary for tht. COntinns,uce
OF the conditions which have brought about
the acts which are ostensib!y made the eX-
cCse for the enactment OF Tie Senate hill
to deprive the Treasury OF all power tu
l maintain the redemption fand; for we tax,
il for granted that if this bill should become
a law, everybody recognizes the inpossi
bility in any exisency of securing authority
from Congress to issue bonds in the future
to maintain the redemption fund. i'll the
present condition OF the Senate.
The report concludes with the declara
ton that. in the present Condition OF The
country, with u deficiency OF revenue. ant
distrust prevailing to an alarming extent
it" would be a most serious mistake, npti
use II stronger term, to take away almost
the only prop that now remains for the main
tcnauce ut par Of tue legal tender and notei