Daily capital journal. (Salem, Or.) 1896-1899, 1896-01-10

ifl28,btI,balYW, HA luliHWN
First months, surplus.s J2y,012.;
Fiscal year 1891. deficit. 0,S03, 260.i
Fiscal year 1906, deficit. l2,SOj, ,223, !
First lmonths fiscal year
1896 deficit. a.s...... l6,Ol5, ,I22.o
Total deficit Cleveland
administration ..... .sl2S, ,52l, ,42l.3
Hut not only 80. DnriDg the yea
about 20 close the deficiency has bee
constantly growing until now. sine
July I, 1893, II reaches the enOrmou
sum Of over sl33, 900, 900, $40, 900, 900 o
which amount has arisen during tn,
last six months, and no less than
about 1000, ,OOOOf this amount during
the present month of December; anC
still the gap between receipts and ex
pendltures not only does not contract
but continues to expand. And yet the
president and the secretary Of the
treasury tell Us that none OF the
fearful embarrassments in which the
administration finds itself In carrying
on the ordinary operations Of the
government are attributable Ia q lack
Of revenue.
This, IL seems To me. Is most re-
markable claim on the part OF the
president and The secretary. And
based on such y claim, Uutcnablc as IL
would seem in every particular, the
demand is made upon congress to re-
tire $3iG OOO.OOO Of legal-tcnder notes
and sllD,OOO 600 Of Sherman TREASURY
notes, all redeemable in either gold or
silver coin, 10y an Issue of nearly $780,
0OO, ,OOO-to be accurate, $4,000, 900
Of Understanding bonds, not re-
deemnble In coin, but In gold coin,
No such character Of bonds was ever
issued by this government In all its
long history, not even when involved
in the terrible commissions Of civil
war. And this claim that there Is no
lack Of revenue and this demand for |
authority to Issue bonds come mores
over, after the secretary of the treas.
ury has within the past twenty
issued and sold a fraction
over Sl62, 900, 900 of 8 per cent ten-year,
and 1 per cent thlrty-year bonds, from
which was realized over 1882, 900, 900,
md out Of one issue OF S02, 600 900 Of
which the New York and London
'yndicate realized some sll 200, 900 Of
profits.
Why, even the New York bankers,
hose Of them outside OF the enchanted
'lrcle OF the gold syndicate, and who
ire not permitted 10 share In its bene,
Its, thoroughly understand this whole
business. They know full well IL was
lot the Sherman law, that IL Is not
he greenback that drove, or is driy-
ny, gold from the country by the
ems of millions, which has depleted
hp treasury Of gold, led to bond issues
md involved our government in de-
'lorableembarrassments. They know,
nd now frankly admit, that one Of ,
he great causes OF these financial !
mbarrassments is the lnsunclency OF
ur revenue laws, and inferentially ,
hey do not hesitate 10 say that one
ther great cause is our failure to give
MI recognition TO the money metals ,
I the constitution, and Withholding 4,
rom one of them the full equal mint
ge privileges accorded TO the other,
nd full legal tender purchasing power q,
nd debt-paying functions, .
Mr. Hlll-wnl the senator rrom /
'regon allow meY I
The presiding onicer Mr. Perkins in s
he chair Does the senator from d
regon yield TO the senator from New u
Orky Il
MIR, Mitchell of oregon-Certainly.
Mr.. llill-l wish to ask whether it 81
fact that ever since 1879 il has
cen the custom under all secretaries {,
the treasury to pay the greenbacks
gold when demanded9 d
Mr. Mitchell Of oregon-That has Il
erhaps been the custom, but IL Is IA Il
'ryshad one, In my Judgment. h
Mr. Cockrell, Beginning in Oeto. &
r. 1891, and never before.
Mr. Mitchell Of Oregon. Beginning N
October 1872 Is that the fact ? q