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Norwalk, Conn, Saturday Evening, Jahuary4,1896.
0litical.”?+Jefi?’erson.
, WING Moreno inn cnosnn oUTI IN THE NEXT SIX. Dans. ,
ON MON
mesons BARGAINS EVER. OFFERED
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‘ Sale Commencing at 1 o’clock
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All IMMENSE STOCK T0 SELECT FROM.
rm
23, 1895.
IN NORWALK BEFORE
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mtmmInrusmmuniiworsens-Edit
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LONG ISLAND BflTlLlNG 00.,
280-284 Bergen Sh, Brook-lg, n
FOR SALE BY
EDWARD P. WEED
SOUTH ; NOBWALK, ' CONN- -
SHERMAWINANCES
The Veteran Senator From Ohio De-
livers a Long Address.
THE LATEST TARIFF BILLS.
The McKinley and \Vilson Measures Com-A
pared —- Senator plills of Texflh Re-
plies—The Routine Work of the
Uppcr' Branch of Congress.
WASHINGTON, .T‘an. 4.-—The presence of
many holiday visitors at the national cap- ;
Ital was shoWn today by Well filled senate
galleries, in which college girls and uni- l
varsity men were well represented. Mr.
Sherman, who was announced for a speech
on financial affairs, was early at hisdesk,
with a roll of manuscript before him. a
Mr. Merrill (Rep, Vt. ), chairman of
the finance committee, made a brief but
important announcement. He moved that
when the senate adjourn it be until Tues-
day next, and in this connection he said:
“I hope that by Tuesday, when the sen-
ate reassembles, the finance committee
will be ready to report on both the tariflf
and bond bills passed by the house. ”
The motion for an adjournment till
Tuesday was agreed to.
Mr. Hale (Rep., Me.), in presenting a.
bill for a Pacific cable, explained that it
Was an elaboration of the plan urged be-
SENATOR SHERMAN.
fore‘the last congress and contemplated a
cable tenths trapsaptioqofi the goings
_‘
of the United States government. lie
said he would call up the subject next
Tuesday. _
A joint resolution foraccnstitutional
amendment admitting women to suffrage
was presented by request by Mr. Hoar.
Mr. Squire (Rep, Vi’ash.) ofiercd a reso-
lution for the negotiation forthwith of a
convention between the United Stat-cs and
Great Britain for marking the boundary
between Alaska and British North Amer-
ica. The resolution provides for an ap-
propriation of 875,000 for the convention.
The resolution was referred.
Mr. George (Donn, Miss.) asked imme-
diate consideration fora bill repealing the
law requiring an oath of loyalty as a pre-
requisite to securing a pension for service
in the Mexican war. The bill was passed.
The senate agreed to a resolution by
lr. Allen (Pop.‘, Neb.) calling on the sec-
retary of the treasury for detailed informa-
tion as to the segregation of funds in the
treasury.
At 1 o’clock Mr. Sherman began his
speech on the financial question, reading
from manuscript and receiving close at-
tention. Speaker Reed and Messrs. Hen-
derson, Dalzell, Walker and other mem-
bers of the house were on the floor of the
senate and followed Mr. Sherman with
. close attcntion.
Mr. Sherman began by asserting that
while congress would support the presi-
dent in maintaining the honor and integ-
rity of our country in the field of di-
plomacy it will not approve his recommen—
dations on the more important subject of
our financial policy and especially of our
currenry. “'l’hc president, ” said Mr.
Sherman, “has mistaken the cause of our
present financial condition in attributing
it to the demand for gold for United
States notes instead of" the deficiency of
revenue caused by the legislation of the
last congress. lie places the client before
tho cause. lie proposes as a remedy the
conversion of il’sB United States notes and
trossrrry notes into interest bearing bonds,
thus increasing the interest bearing debt
nearly i=500.0:fi20,000. lie proposes a line
of public policy that will produce a sharp
con traction of our currency, add greatly to
the burden of existing dot-tr. and arrest the
progress of almost every American in-
dustry which new ccunpcrcc with foreign
productions.
“The only difficulty in rho way of an
easy maintenance of our notes at par with
coin is the fact. that during; this adminis-
tration the revenues of the government
havc not been sufficient to meet the ex-
penditures authorized by congress. If
congress had provided the necessary reve-
nue, or if the: president and Mr. Carlisle
had refused-to. extend appropriations, not
mandatory in form, but permissive, so as
to confine expenditures within .rcceipts,
they would have no difficulty with the re-
serve. This would have been a stalwart
act mharmqnuvith the president’s char-
i iTc‘r’aTJfr’KLTJ ‘with'fii Iris—56%?
; “He knows as well as anyone that since
the close of the civil war to the date of
his inauguration the expenditures of the
government had been less than its re-
ceipts.”
Riciiiuley Law Defended.
Mr. Sherman read from a. table show-
ing the receipts and expenditures each
year from 1866 to 1893 and continued:
“Now for the first time since 1866 we
have deficiencies of revenue. Since the
lst of March, 1893, to the lst of Decem-
ber, 1895, the national debt has been in-
creased $162,602,245.
"The president in his recent annual
message complains that the last law of
Oct. 6, 1890, known as the McKinley act,
Was ‘incfficient for the purposes of revs-
nuo.’
”That law, though it largely reduced
taxation by placing many articles on the
free list and granted a bounty for the pro-
duction of sugar, yet did not reduce revo-
nues below expenditures, but provided a
surplus of $37,239,762.57 June 30, 1891,
and $9,914,453.66 June 30, 1892, and $2,-
341,674.29 on the 30th of June, 1893, when
Mr. Cleveland was president and a Dem-
ocratic majority in both houses of con-
gress had been elected, all pledged to re-
peal the McKinley act and to reduce du-
ties. That the McKinley act did not pro-
duce more revenue in 1893 and 1894 is not
a. matter of surprise. Any tariff law de-
nounced by the party in power with a
promise to repeal it and to reduce duties
would prevent importations under the old
law and thus lower the revenue. Early
in December, 1893, at the first regular
session of congress during Mr. Cleveland’s
term a bill was formulated and as soon as
pmcticuble passed the house of represents.
tives. That bill met the hearty approval
of the president. If it had become a law
as originally presented, the deficiency in
the revenue would have been much great
, er than now. but conservative Democratic
i senators with the aid of Republican sen-
, ators greatly improved the house bill,
' added other duties and changed the scope
of the measure. With these amendments
it became a law. The president refused
to sign it, expressing his opposition to the
senate amendments, and yet now supports
it when deficiencies have been greatly in-
creased, when tho public debt is increas-
ing and doubts are expressed as to the
ability of the government to maintain its
notes at par with coin.
\Vilson and McKinley BillsQCompared.
“No complaint was made that the Mo-
Kinley law ‘was inefficient for the pur-
poses of revenue’ when the Wilson bill
' was pending. The objection to‘the Mc-
g Kinley law was that it was a"protective
, tariff’ and the Wilson bill‘ was ‘a row?
l nue tarifi.’ I have a. statement show-
} Ing the receipts and expenditures under
f each law, each month, the McKinley law
‘ from its pepssage to the election of Cleve-
land, and the Wilson law from its passage
to Dec. 1. 1893. )u‘ring the 25 months
of the McKinley law the average monthly
surplus was $1,129,821. During the ex-
istence of the Wilson law the average
monthly deficiency was $4,699,603. If the
McKinley law was, in the opinfon of the
president, inefficient for revenue, he
should have said of the Wilson law that it
was bounteous in deficiencies.” ‘
Mr. Sherman then entered into com-
parative analyses of the McKinley and
Wilson laws to show that under the latter
we exported in a year agricultural produc-
tions valued at $301,578,885, while during
the last year of the McKinley law we ex—
ported similar productions valued at $371,-
125,399. “President Cleveland.” be con-
tinued, “believes in large importations
at the lowest cost without regard to the
industries and labor of our countrymen,
while I believe in a careful discrimination
and the imposition of such duties on ar-
ticles that compete with home produc-
tions as will diversify our employments
and protect and foster impartiality in all
industries, whether of. the farm, work-
shop, the mino, the forest or the sea. I
have not been satisfied with any tariff
law made during mrpublic life, though
I have shared in framing many. I prefer
a law that will impartially protect {and
encourage all home industries and regard
the McKinley law as infinitely better than
the Wilson law, which I believe is the
cause of all the evils which we now on-
counter by adverse balance of trade, by
exportation of gold and derangement of
our monetary system. ”
The Deficiency of Revenue.
Mr. Sherman, continuing, declared that
the deficiency of revenue was the primary
cause of the demand for United States
notes and that the only remedy is either
a radical reduction of expenditures or an
increase of taxation, or perhaps both.
He thought it strange that the president
in dealing with our financial condition
should ignore entirely the fact that dur-
ing his term of office thus far three is-
sues of bonds have been made, amounting
in the aggregate to $162,315,400, to. meet
current expenses in time of profound
peace. _
“The president,” he said, “attributes
all our financial diflioulties to the contin-
ued circulation of United States notes and
treasury, notes, debts bearing no interest,
amounting to nearly $500,000,000. His
statement of the origin and history of the
United States notes is strongly tinged
with prejudice, for though these notes
were irredeemable for a time they were
incontrovertible into bonds bearing inter-
est payable in coin. They replaced notes
issued by banks chartered by the several
states. ” ‘ '
Senator Sherman then read from Secre-
tary Carlisle’s report to show that prior to
1891 the demand for coin for United States
notesdunns a period. OL 13. mars fram-
ly winds.
3on1, 18757. to ZTuly 1, 189:3,"was only
$43,310,590, while the receipts of gold for
United Stat-cs notes during the same
period nincuntcd to $160,000,000. The
withdrawals from the treasury from July
1, 1892, to lies. 1, 101.35, have amounted to
$360, 966, 5 Lu.
“During the. first term of Mr Clove-
land,” he continued, “when he was pow-
erless to affect our currency and tarifi‘ pol-
iby. the senate being Republican, the gold
increased from $;3—:l:-,000,C-00 ' on the lst of
April, 1885, to $3i2:),000,000 on the 1st of
April, 1881). This gold came into the
treasury without cost in exchange for
United States notes or gold certificates.
“It is just to Mr. Carlisle to say that he
attributes the withdrawal of gold to silver
legislation, yet the Bland-Allison act was
in force from 1878 to 1890, when the ac
cumulstion-of gold occurred, and the great
body of gold was withdrawn after the act
of July 14, 1804i, was repealed.”
Mills Replies to Sherman.
At the conclusion .of Mr. Sherman’s re-
marks hir. Butler (Pop, N. C.) renewed
his rcqucstfor the inmuediato considera-
tion of his bill to prohibit the future sale
of bonds except with the consent of con-
gress. _
Mr. Butler talked for some minutes and
finally asked unanimous consent to put
his bill upon its passage. .
Mr. Hill, who happened to be in the
chair. rather startled the senate by himself,
lnterposing an objection.
Mr. Mills (Dem., Tex.) than tool; the
floor to reply to Mr. Sherman. He re-
pelled the charge that the Fifty-third con-
gress was in any way responsible for the
present financial crisis. The burden be-
longed to the Fifty-first congress, and Mr.
Sherman was partly responsible for the
legislation of that congress. The Demo-
crats had turned over to the Harrison ad-
ministration in 1889 $230,000,000. How
was-it, he asked, if the claim that the Mo,
Kinley bill had produced sufficient reve-
nue was true. that in 1893, when the
Democrats a sin assumed control, all that
surplus wa gone, consumed and dissi-
pated? “\
Mr. Mills compared the McKinley and
the Wilson bills. The former was entitled
sbill “to reduce revenues,” the latter
“to reduce taxation. ”
The report on the McKinley bill writ
ten by Chairman McKinley recited the
problematic effect.
In the House.
The session of the house today lasted ,
but five minutes. The chaplain ofi’ered
prayer, the journal was read and approv-
ed, a message was received from the sen-
to and then the house adjourned until
Monday next.
The .VVeather.
. Fair; very much colder, the thermom--,
eter falling :30 to 30 degrees; northeaster-
-\ .
r
l.
Colds
Coughs and
Bronchitis
Cured by Taking p,
‘ YER’S
Cherry Pectoral
AWarded ~ ‘
Medal and Diploma '
At World’s Fair.
Use Ayer’s Hair Vigor'forwcbrlor.
.
THE HONEST PLUMBER,
W. C. HOLMES,
7 Water Street,
IS PREPARED TO DO ALL MANNEB OF
PLUMBING won];
Till 31111 Slllltl ll‘llll llllllllll‘ Ellll Wfll‘llfll‘.
LL wens AND MATERIALS GUARAN—
TEED or BEST QUALITY, AND
PRICES FAIR AND VERY
REASONABLE.
w. or Kansans,
7 WATER STREET. ..
' Horace ti. Dann,
l isxcnrisron
Livery and. Sales Stable
Qpposite,Danbnry and
flatwalkliaili'osd depot! -
' ’Nbrwalk, Conn. Stylish
Single \or» pliable, Team
with cit-without '* .._ "
Bafe’:h0rses_.ef
andohildren‘i
o
Norwalk Chronicler