The Coconino weekly sun. [volume] (Flagstaff, Ariz.) 1891-1896, 1896-01-09
SHERMAN ON FINANCE.


rae Senator from Ohio Addrssssa the aa,.
ass on Shs Treasury Coaditiop.
WASHINGTON, Jan. lin the sonata
yesterday Mr.. Sherman spoke in favor
OF resolution lately introduced bv
him In relation to the reserve fund. He
said In part:
The president has mistaken the cause Of our
present financial condition In attributing It to
the demand for gold instead of to the de-
nciehcy OF revenue caused by the leQis-
iation OF the last congress. He proposes
Us remedy the conversion of tho United
states and treasury notes into INTEREST,"
oearing bonds, thus increasing the in
terest-bearing debt nearly $500 ,Ooo, 900. He
proposes line Of public policy that will pro-
duce sharp contraction Of our currency. add
greatly TO the burden Of existing debts and ar
rest the PROGRESSES Of almost every American
industry which now completes with foreign
productions.
Mr.. Sherman then entered into COM
parative analysis Of the Mckinley and
wilson laws to show that under the
latter we exported in year agricul.
tural products valued at 1901, SIS, ss5,
while during the last year of the Nc.
Kinley law we exported similar prod.
ucts valued at $37l, 1876. 300. He said:
NsSSAeOhs ShorOiuuu pouCNcS IN lurRC lInpOrs
tations ut tho lowest cost, without regard to
the industries and labor Of our countrymen,
while believe In . careful discrimination and
the imposition Of such duties ON articles that
compete with homo productions as will d.
versify our employments and protect and fos-
ter impartially in all industries. whether of
the farm, workshop, the mine, the forest or the
sea. have not been satisfied with any tariff
law made during my public life. though have
shared in framing many. prefer q law that
VIII impartially protect and encourage oil
home industries.
Concerning the treasury notes, he
said:
Notes once redeemed should only be reissued
for gold coin, and such reissue should not bo
mandatory when coin is deposited in the treas
ury With this provision of the law tho scarc-
ity Of currency would create such demand
for 1t that gold will be freely deposited In ex.
change for the more portable and convenient
notes OF the United States. The resumption fund
should be segregated from all other moneys of
the United States and paid out only In redcmp-
tion Of United States notes. Deficiencies in
revenue should be provided for by bonds or
certificates Of Indebtedness Of small denomi-
nations at a low rate Of interest, which would
be readily taken by the people through ma
tional banks sub-treasuries and post offices.
careful study of the system OF banking.
currency and coinage adopted by the principal
nations OF Europe convinces me that our sys-
tenn, when cured OF few defects developed by
time. founded upon the bimetallic coinage of
gold aad silver maintained at par with each
other with free national banks established
In every city and town Of impor-
lance in the United States issuing
their notes secured beyond doubt
by United States bonds or some equivalent
security redeemable on demand in United
States notes. and the issue of any amount
OF United States notes and treasury notes,
equal to the amount now outstanding with
provision for ratable increase with the
increase Of population, always redeemablo
In coin supported by an ample reserve of
coin in the treasury not to be invaded by
deficiencies Of revenues and separated by the
sub-treasury system from all connection with
the expenditures Of the goeernment-such Q
system would make our money current in COM
mercial circles In every land and cline, better
than the best that now exists in Europe, better
than that OF Great Britain which now holds the
purse strings Of the world
Mr.. Mills replied to Mr.. Sherman's
tariff arguments, asserting that the
Mckinley bill bred the original deficit