The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1896-01-04
The Ohio Senator Says He Is
With Cleveland on His For
eign Policy
But That the Presidents Ideas
on the Financial Question
Are Warped.
Deficiency of Revenue the Main
Cause of Troublesome
~ Suggestions.

WASHINGTON, Jan. 4.-The> presence
of many holiday visitors at the capital
was shown during the day by well filled
senate galleries, in which college girls
and university men were we'll repre-
sented.
Mr. Sherman, who was announced for
speech on financial affairs, was early
Mt his desk, with q roll of manuscript
before him.
Mr.. Morrill, (Rep., VT chairman of
the finance committee, made brief
but important announcement He
moved that when the senate adjourn it
be until Tuesday next, and i'll this con-
nection, he said:
II hope that by Tuesday, when the
senate reassembles, the finance COM
mittee will be ready to report on both
the tariff and bond bills passed by the
house"
Senator sherman's speech.
After some routine business Senator
Sherman took the floor.
Mr.. Sherman began by asserting that
while congress would support the pres
ident in maintaining the honor and in
tegrity Of our country in the field of
diplomacy, it will not approve his rec
y concentrations on the more important
Spbject Of our financial policy, and es-
pecially Of our currency.
"The president said Mr.. Sherman,
"has mistaken the cause of our present
fiscal condition in attributing it to the
demand for gold for currency, in
stead of the deficiency of revenue caused
by the legislation of the last congress.
He places the effect before the cause.
He proposes as remedy the conversion
of the United States and treasury notes
into interest bearing bonds, thus in
creasing the interest bearing debt
nearly $500, 200, 600. He proposes q line
Of public policy that will produce a
sharp contraction of our currency, add
ing greatly to the burden of existing
debts and arrest the progress of almost
every American industry which now
completes with foreign productions.
Only One Difficulty in the Way.
The only difficulty in the way of an
easy maintenance of our notes at par
with coin Is the fact that during this
administration the revenues of the gov
ernment have not been sufficient to
meet the expenditures authorized by
congress If congress had provided a
necessary revenue or if the president
and Mr.. Carlisle had refused to expend
appropriations not mandatory in form,
but permissive, SO as to contine expend-
itures within receipts, they would have
no difficulty with the reserve. This
would have been stalwart act, in har-
mony with the presidents character
and plainly within his power.
He knew, as we'll as any one, that
since the close of the Civil War, to the
date Of his inauguration, the expend.
ituxes of the government had been less
than its receipts
Mr.. Sherman read from table show
ing the receipts and expenditures each
year from 1866 to 1898.
Compared Wilson and Mckinley Laws
Mr.. Sherman then entered into com
parative analysis of the Mckinley anG
Wilson laws, to show that under the
latter we exported in year agricultural
products valued at 1901 ,57S, SS4, while
during the last year of the Mckinley
law, we exported similar productions
valued at $37l, l25, ,299. President
Cleveland" he continued, "believes il
large importatiOns at the lowest cos
without regard to the industries ant
labor of our countrymen, while be
lieye in a careful discrimination and thu
imposition of such duties on articles
that compete with home productions a
will diversity our employments and pro
tect and foster impartiality in all in
dustries. whether of the farm, work
h shop, the mine, the forest or the sea.
III None of the Laws Have Suited Him.
" II have not been satisfied with an,
tariff law made during my public life
though have shared in framing many
prefer law that will impartially pro
tect and encourage all home industries
and regard the Mckinley law. as in
finitely better than the Wilson, whic
I believe is>the cause of all the evil
which we now encounter, by advers
balance of trade, by expectation OF gol
and arrangement of our monetar
system
Mr.. Sherman. continuing, declare
that the deficiency of revenue was tn
urinary cause of the demand fC
United States notes, and that the onl
remedies are either radical reductio
of expenditures, or an increase OF ta1
alton, and perhaps both.
Doe. Not Criticiss Bond Sales.
lido not wish to criticize the sales
bonds authorized by the resumptio
act to meet deficiencies. Under th
circumstances the administration VIZ
justified in doing this, even to the in
pairment of the resumption fund, but
ought frankly to say that the cause