Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1896-01-23
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AmsNEUTEEx DuME


by member of the finance committee.
1t indicated that place on the finance
comittcc dii not necessarily mean
complete knowledge OF finance. Mr..
Teller Rrraigned the policy of Issuing
bonds with a view. he said, to build
Ing up permanent bonded debt to be
borne by posterity.
Mr.. Sherman arose as soon as Mr..
Teller closed The silver discussion,
said MI. Sherman. was purely dis
cusslon. No doubt there was silver
majority in the senate. but the country
had settled down to the idea that all
vr Coinage would bring us 10 u single
standard Of silver. and that was UNI
desirable. State after state had taken
this position. The use of both metals.
the blmetalllc system. was being ac-
cepted MS the best Under the ,ircum-
stances, continued Mr.. Sherman. the
thrusting of this worn-out old ques-
ton. which could not hope TO tue
coed in the present congress. was I'M
wise In the emergency OF the treasury.
II was absolutely certain that lnls Sill
yer amendment II passed, would be re-
jected by the house. why thus "hsuuct
the relief iinperatlvely needed by the
government? The deficiency had caused
the trouble and the house had offered
an emergency tariff bill 20 overcome
that deficiency. Such legislation should
not be delayed ana DISTRACTED by the
thresnlnB VI an Oiu anu Npih-"u' 'HS
jecL
Mr.. cockrell asked Mr.. Sherman IL
he meant TO say that the RELIEF pro-
posed was what the executive desired.
MIR. Sherman said II was not for the
president TO determine upon the nature
OF legislation. That was for the house
Of representatives under the constl-
tuition.
Mr. Gray Dem, Del) psked Mr..
Sherman what this tariff bill was.
Mir. Sherman--I refer the gentleman
to tho senator on his right (Jones, of
Arkansas).
Mr.. Jones Dem. Ark.)-'rhat bill
is In the hands OF q republican COM
mlttee on finance.
MIR. Shenandoah finance commit
tee Is today practically democratic
one member OF the committee (Jones,
OF NevAda), has severed himself for
the time from the republican members
Of the committee. But 1t Is important
TO understand that one democratic vote
on the finance committee will author
ize Il report at any time.
Mr.. Teller asked II Mr.. Sherman
thought the bond bill would afford re-
lief
Mr.. Sherman answered that he did.
The government has suffered heavy
losses from selling per cent bonds
and this afforded an opportunity for
Q per cent bonds.
Afr. Teller asked how long It was
intended to keep up the sale OF bonds.
Mr.. Sherman-As long as 1t Is necea-
sary TO meet the governments need
caused by the course OF this admins
tration.
I'm the meantime" continued Mr..
Sherman. the republican party stands
here ready to do It's duty. to pay the
public debt 10 overcome deficiencies.
TO secure sufficient revenues"
Mr. Tailor raFarrnH ~ nj
bonds for the purpose Of securing gold
IF there had been no drG tl1ncy.
there would have been no loss OF gold"
said Mr. Sherman. THE gold has re-
NAMED In the treasury for years, nat
as soon as there was Il deficiency the
Eold began to So. because the gold was
dscd to pay current expenses This
administration had caused fright
about gold losses. The banks-to their
discredit-Jolned in the fright. banks
seeing the government using the gold
Inns adopted the same course. Instead
of maintaining their bank reserve In
notes they drew geld for their re-
serve"
In conclusion Mr. sherman said: AS
far as my voice can go | want IL un-
derstood that this delay arises out Of
the discussion Of an old WORKOUT is
sue, the free coinage, the free courage
OF silver, while We should be turning
our attention to the practical remedies
before US.
Mr.. Teller responded with spirit The
senator (Sherman) and his associates
on the republican side. he said, offered
no monetary system. They stood prac-
,ically with the president. The senator
from Ohio could not get up and lecture
him as to measure that could not be-
come a law. The bond bill could not
become a law.
Mr.. German Dem, Md answered
Mr.. Sherman's statement concerning
the treasury condition. He declared
that the course OF the treasury now
was the same as that under Secretary
Foster and as far back as under that
OF Senator Sherman as secretary. The
democratic congress had enacted n rev.
cnue law which would have afforded
ample revenue, Rut the tax had been
wiped out by the decision OF the SUI
preme court OF the United States. II
was an Unforeseen event. Tho question
now was not OF party or politics. The
senate Itself could not determine tho
elements on this great financial cues
ton, II was too great, to serious a
question that senators should stand
here bard ling charges as to what mar
~ In responsible for the conditions.
~ Is responsible for the conditions.
Mr., Aldrich Rep., II. - and Mr..
Lindsay dem, KY Joined Issue as
10 the political responsibility for the
deficiency.
At 5:2s p. m. the senate adjourned