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

uiSaNsf
WASHINGTON. D. C.. Jan. s.-The
senate heard stirring debate to-day
the bond question being the main
theme.
Mr.. shcrman's speaoh, which had
been anticipated with much interest for
some time. Initiated the financial dis
cusslon. The veteran senator was in
good voice, and his speech was closely
followed throughout This, however,
was merely n prelude to an unexpected
financial controversy, vigorous and per-
senai In character.
Mr.. Elkins, OF West Virginia, sought
10 secure an immediate vote on his reso-
luton directing that all bond issues be
advertised and the bonds offered 10 the
public
Mr. Hill attempted to have the ElkIns
resolution referred TO the committee,
but on n roll call the vote was over
whelmlnE In favor OF proceeding with
the question. Only six negative votes
were cast, viz: Chiffon, Caffery, Hill.
Mitchell, OF Wisconsin; Murphy and
Brice.
Mr.. HIll spoke vigorously against the
resolution. He asserted that Mr.. Sher-
man, when secretary OF the treasury,
had made bond contracts with New
York syndlcates similar 10 the one now
assailed. This brought on sharp per-
sonal debate. In which Mr.. Hill. Mr..
] Hoar, Mr.. Sherman. Mr.. Teller nad
others participated.
At $40 the senate agreed to adjourn,
Il although the motion carried by bare
majority OF one.
During the dGy. Mr.. Morrill,, from the
finance committee, reported that the
tariff and bond bills would be ready ON
Tuesday. TO which day the senate ad-
5ourned.
After considerable routine business.
on the assembling OF the senate MIR.
Sherman began his speech on the H.
nancial question, reading from manu-
script, and receiving close attention.
Speaker Reed and McSsTs. Henderson.
ljaizell, Walker and other members OF
the house were on the floor OF the SEN
ate and followed Mr.. sherman with
close attention.
Mr.. shcrmRn's Speech.
Mr.. Sherman began by asserting
that while Congress would support the
President in maintaining the honor and
integrity OF our country In the field OF
diplomacy 1t will not approve his rec
concentrations Of the mOrc important
subject OF our financial policy and es-
peclally OF our currency. THE PTesi-
dent" said Mr.. Sherman, has m!stn-
ken the cause OF our present financial
condition in aUributing II to the de-
mand for gold for United States notes
instead OF the deficiency OF revenue
caused by the legislation OF the last
Congress. He places the effect before
the cause. He proposes as a remedy
the conversion OF the Unltcd States
notes and treasury notes into interest
bearing bonds. thus Increasing the In
terest bearing debt nearly $500. 100000.
"The only difficulty In the way OF an
easy maintenance OF our notes at pnr
with coin Is the fact that during this
administration the revenues OF the gov
er1ment have not been sufficient TO
meet the expenditures authorized by
Congress. II Congress had provided
the necessary revenue or II the PresI-
dent and Mr. Carlisle had refused TO
expend appropriations not mandatory
in form but pernlis5ive so rs 20 cDnnnc
expenditures within receipts they would
have no difficulty with the reserve This
would have been sthlwnrt act In hnr-
mOny with the Presidents character
md plainly within his power.
He knew as well a5 anyone that
since the close Of the civil war to the
date OF his inauguration the eSpcndi
lures OF the government had been less
than Its receipts.
"Thc President in his recent annual
message complains that the law OF Oc-
tober G.. 1890. known as the Mckinley
act. was inefficient for the purposes OF
revenue That law, though II largely
reduced taxation by placing many ar
tlcles on the free list and granted n
4 bounty for the production OF sugar. yet
did not reduce revenues below cSpendi'
lures. but provided n surplus OF S3i.
2S9TG2 81 June 30. 1891. md S9.9lii53 6G
June 30, 1892. and S2,3il.GH - on the
Both Of June. 1898, when AT. Cleveland
was President and Democratic ma
jorlty In both houses OF Congress had
been elected. all pledged TO repeal the
Mckinley net and to reduce duties.
No surprise.
THAT the Mckinley net did not pro-
duce more revenue In 1893 and 1891 Is
not n matter Of surprise Any tarln
law denounced BY the party In power
with promise 10 repeal II and to re-
ducc duties would prevent importation
under the old law and thus lower the
revenue. Early In December. 1898, ni
the hrHt rcgulnr session OF Congress-
during Mr.. Clevclnnd's term blu was
formulated md Hs soon az Practicable
passed tho housc Of representatives
That bill met the hearty approval OF the
President. II II had become n Inv M
originally presented the deficiency IN
the revenue would have been much
greater than now. but conservative
Democratic senators. with the aid ol
Republican senators. greatly Improved
the house bin. added other duties hnd
changed the scope OF the measure
With these amendments II became Il
l1w. Tho President refused To slgn It.
expressing his opposition to the scnnt,
amendments and yet now supports II
whcn deficiencies have been greatly In.
creased. when the public debt " In
crGnsing. ana doubts are expressed NJ
~ III" ability of tho government II
maintain It's notes nt pnr with coin
~ have n statement showing the re-
coipts and expenditures under each law
each month, the Mckinley law from Ri
pia7IRc n tho election Of Cleveland
and The wllgon law from ita pnssngc IA
Dcc6nh'r !, 1890 During the twenty
i've months "t tho Mckinley law tht
average monthly surplus wns 'i,fS''b@i