The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1896-01-05

every industry which now competed witt
foreign productions.
Mr.. sherman read from a table show
ing the receipts and expenditures eacl
year from 1866 to 1893 and asserted
that for the first time since 1866 we had
deficiencies of revenues. Since the LIST
Of March, 1893, to the 1st of December
1895 the National debt lad increased
$l62 ,602, 245.
He made an analysis of the Mckinney
tariff laws and of its Successor, the
Wilson law. and asserted that during
the twenty-five months of the Mckinley
law the average monthly surplus was
81, l29S21. During the existence of the
Wilson law the United States exported
in a year agricultural productions val
ued at S30l ,57S, $50, while during the
last year of the Mckinley law the ex-
ports of similar productions were S3T1,-
l25, 300. He declared that the deficiency
of revenue was the primary carse OF
the demand for United States notes and
that the only remedies We're either Il
radical reduction of expenditures or an
increase OF taxation, and perhaps both.
The senator asserted that during the
first term of Mr.. Cleveland when he
was powerless to affect the currency and
tariff policy, the senate being republican,
the gold Increased from S2i0,pOo,O1O on
the LIST of April. 1887 to %320,OOU0GD on
the LIST of April, 1889. This gold came
into the treasury without cost in OK
change for United States notes or gold
certificates. What other remedy. he
asked, ia there for our financial diff
entities except to borrow money on this
lest terms possible 10 pay currency de
fciencies and 10 provide additional reye-
nue. for future wants. 10 this extent
and for this purpose ! am willing TO
support this administration, however
much ! disagree with its general policy.
lie did not wish to criticise the sale of
bonds authorized by the resumption act
to meet the deficiencies caused by the
passage Of the Wilson law. Under the
circumstances the administration wa
justified in doing this.
The senator held that notes once re-
deemed should only be rcissned for
gold coin, and such reissue should be
mandatory when coin is deposited IN the
treasury. With this provision of law
the scarcity of currency would create
such Il demand for il that gold would be
freely deposited in exchange for the
more portable and convenient notes Of
the United States. The redemption fund
should be aggregated from all other
moneys of the United States and paid
out only in redemption of United States
notes. Deficiencies in the revenue should
be provided for by bonds or certificates
of indebtedness of small denominations
at low rate of interest, which would
be readily taken by the people through
National banks, sub-treasiries end post
Offices.
The senator, continuing, said in part:
AS the term lawful money includes
gold coins, there is n disposition by timid
banks to convert their unired SiAtes
notes into coin, thus aiding in depicting
the redemption reserve. This ought to
be prevented by provision of law that
the bank reserve of lawful roney shall
be United States notes or treasury notes
only. The redemption fund is the safe
guard Of the MONEY of the people and
its use for any other purpose is n rrac-
teal Reputation of the public faith
"A careful study of the systems Of
banking, currency and coinage adopted
by the principal nations of Europe con
WINGED me that our system when cured
of few defects developed by time
founded upon the bimetallic einage of