The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-26
VEST REPLIES TO ALDRICH.
The Missouri Senator Thinks There Is
Too Much Money in the Treasury.

The Missouri Senator Thinks There Is
Too Much Money in the Treasury.
Mr.. Vest, Democratic member of the
finance committee, was then recognized.
I'VE know" he said, 1.-The desperate condi-
ton of the country the ruined homes, the
blasted hearts. If prosperity can come
from any source, even from our adver-
saries we will bless the moment. l do not
believe the imposition of higher tariff du-
ties will dispel the clouds hanging above
us, bringing back the sunshine and illumi-
mating the whole country 1t had been
said, Mr.. Vest proceeded, that adversely
came with the advent of the Democratic
party and prosperity with the Republican
party. But that adversely did not come
with the advent of the Democratic party.
Mr. Vest said he would summon as a wit
ness no less an authority than William
Mckinley. The senator read from report
made by Mr. Mckinley on April !, 1880,
setting forth the distress which the farmers
of the country were suffering How was II
expected, the senator asked, that by IN
creaSing the burden of tdrln taxes the
farmers would be helped to buy more goods.
All agreed that there must be sunclent
revenue to meet the requirements OF the
government, that the government credit
shall be sustained and her nag honored.
But every dollar collected by the govern
ment beyond its needs is a crime why
was it, Mr.. Vest asked, that the Repub-
lican party was about to abandon its record
and urge a tariff not for protection but for
the amount of revenue it will produce. Why
does it abandon it's record and propose a
tax on tea?
The senator said there was at this time
an available balance in the treasury OF
1929, $50 $50. Deducting the gold reserve OF
one hundred millions the available balance
was Sl29 800, $50 This vast amount of idle
money was now accumulated in the treas
ury And yet the Senate was told that 1t
fGTj l.
tional taxes. When President Harrison
turned over the government to President
Cleveland the treasury balance stood at
$24, 12S, 087 To-day there was 100000 goo
more than when Mir. Harrison turned over
government affairs to Mr. Cleveland How
could this obvious fact be avoided. COY
ernor Dingey admitted it, Mr.. Vest said,
and tried to explain it on the ground that
subsidiary coin and certain deficits We're
included in this present treasury SUI Soo P 9ad
But with these items about $36OO0OgQ) out
there remained about $92, 900 GOO available for
the uses of the government. To overcome
this Governor Dingley says we ought TO m
crease the gold reserve to $15O, O,O0U. Even
if there a deficit of siXty-fiVe millions
this year-which Mr.. Vest did not admit
meet that deficit. Why, then, should we
hurry to put more taxes on the people Wnen
every dollar unnecessarily hoarded by the
government is a crime against the people.
Mr. Vest said it was most unfortunate that
the Republican side had offered no eStl-
mate of revenue until to-day. inquiry mad
promised comparative statement ana ne
had stated that it was turned over to the
senator from Rhode Island (Aldr1ch) Mr;
Vest asked what the estimate Oh MI. foFd
was on the bill.
Mr.. AIdrich replied that the statistician
stated that in his opinion neither the
sufficient revenue to meet the expenses OF
the government.
NAKED AND BOLD"
Mr.. Vest, proceeding. declared that the
proposition to raise $31, 5000 of revenue by
a tax on tea and increasing internal rev>
enue taxes was naked and bold aban-
Comment of the protective policy of the Re-
publican party. Where was the protection
to American manufacturers in these taxes,
he asked The senator said that the great
est suffering in the country was felt In
the agricultural States. With abundant
harvests the people were without money
and were appealing to Congress for relief
Mr. Chandler interrupted with an inquiry
to where the vast accumulation IN the
treasury TO which Mr.. Vest had alluded
came from. Does the senator mean that
did it get there?" asked Mr.. Chandler
I'VE all know" answered Mr.. Vest, that
it came from the sale of bonds, which | did
not approve but it makes no ditferencc
where it came from. There it is in the treas
ury and what right have you to increase
me the t14es on 'aG Ped The Senator de-
cIared that the urgent need was not for
greater taxes, but for more money ana bet
ter prices The fall In prices must be
stayed before there could be any prosperity
He mentioned as one source of evil that our
workers were paid on a gold basis and came
into competition with those paid on silve4
'The senator from Nevada (stewarD US
ually makes that argument interpose1
Mr.. Gallinger, of New Hampshire. HE has
based it usually on JapPn's use of silver
and now Japan has repudiated silver
You mean Japan was bought out" Mr.
Stewart put in.
Mr. Vest then turned to several of the
schedules and discussed them in detail
First he took up the sugar schedule. In
geniouS tables could be prepared as to suga>
differentials and the tables of the senator
from Rhode Island (Aldrich) were of this
ingenious kind. The whole thing turned on
one point said Mr.. Vest, and no one but the
expert inside the sugar refinery was able
to tell this 1t was as to how much raw
sugar would make 100 pounds of refined
sugar and what amount of waste will
there be. One of the Sugar Trust officials
had testified before the LexoW investigation
that profits of q per cent had been real
lied. That amount could be made only on
the waste and the sugar expert was the
only man who knew about this waste
Without discussing the Hawaiian treaty
least more honorable had the committee
proposed to abrogate the Hawaiian treaty
rather than kill it indirectly.
THE DUTY ON LEAD.
How is it possible to defend the increase
of duty on lead?" asked Mr.. Vest, when
the Lead Trust is making enormous profits
and is declaring II per cent. dividends on it,
stock common and preferred. Why double
the rate on lead a product going into every
poor home, in order to feed the cormoraht
taste of these monopolies?" On earthen-
ware and crockery the senator said the in
creased duties were appalling. The trainers
Of the bill had undertaken to make the du-
ties absolutely prohibitory. And this on tho
goods which go into every home. 1t was
outrageous oppression the senator de-
clared.
Referring to the wool schedule. Mr.. Vest
spoke of the conflicting claims of the wool
manqfactuTers, and Mr.. Lawrence, the
Shepherd King" As to hides Mr.. Vest
said, he warned Republican senators that
hides would go back on the free list as n
result of thrifty New England sentiment
In conclusion, Mr. Vest said there was NO
disposition TO delay the consideration of the
bill: There would be no factious opposition
and no unnecessary objection.
Mr.. Cannon introduced an amendment for
a bounty on agricultural exports and spoke
briefly. lie said the pending bill offered no
protection to agricultural staples. The pas
sage of the bill without any protection TO
the farmer would be a rank injustice and
would be a violation of the pledge when
the victorious party made in it's platform
to the voters last year. If the bill shan
ran TO give some measure of justice to the
farmer, then he will overthrow it at the
first opportunity, declared Mr.. Cannon
1t was singular fact commented Mr.
Chandler, that the Utah senator had long
supported protective tariff and now con-
cluded that the system he advocated was
robbery.
Mr.. Cannon responded that in his guile
leSSnesS as Republican he had accepted
the entire protective idea. but now with
the responsibility of Weighing the merits
of every, protective proposition he insisted
on equaliZlng the advantages so that the