Mr. ANTHONY. I do not think it is safe to rely on such large receipts as we have had, especially ifthe taxes are to be reduced. Mr. SHERMAN. I shall detain the Senate but fora few moments in reply to one or 2 observations of the chairman of the ComFinance, and I shall confine myself mainly to the question of the necessit forthis bill. I think he substantially admitte in his argument that there was no necessity for it except to indorse the policy or theory of the SecyTreasury. In the present condition of our finances I do not think it wise to advance theo ries or to indorse them. Perhaps it was not wise in the SecyTreasury to be so open in the announcement beforehand of what he intended to do, and perhaps it would be just as unwise for Congress now to indorse that policy until we see the events that will come pro115. That this bill is not necessary for maintaining the public credit I think is clearly demon strated. It certainly is not necessary to meet current expenditures. On all hands it is admitted that our receipts are in advance of our exenditurcs, and no possible or probable deduction will make our receipts fall below our expenses, so that the bill is not necessary as aloau bill to enable the Secretary to get money to carry on the expenses of the government. The honorable Senfrom Maine admits substantially that it is not necessary for other purposes. The only debt that is maturing during the coming year is $62,000,000 of certificates of indebtedness. The balance now on hand, as reported and shown by the Treasury books, is $120,000,000; but the actual balence on hand is some 20 or 30 millions more than the reported balance, growing out of the mannerin which the books of the Treasury are ke t. A draft is drawn here on the Treasurer at NewYork, and it is immediately put to his credit though the money may not be drawn for some time, so that there is always more money in the Treasury than the books show, and that simple fact led to the controversy about which a good deal has been said in the newspapers, between the Comptroller of the Currency and the SecyTreasur. Deposits are made in the national banks aIover the country, and it may be some time before they are so reported at Washington as to he entered on the books of the Treasury here, while if drafts are drawn here on NewOrleans or anywhere else they are at once entered on the books of the Treasury to the credit of the properTreas urer while the money may not be actually drawn out for a month or 2 months. There is always that discropancy; there is always more money in the Treasury than is reported by the Treasury Dept, not because they intend to deceive anybody, but simply from the nature of the transaction and the manner in which the accounts are kept. I say there is no necessity for this bill to enable the SecyTreasury to ay the current expenses or to meet accruing indebted ness. The 62 millions of certificates of indebtedness can be paid out of the current receipts, or if they are not sufficient, as the Senator knows very well, the Secretary has new power to exchange for those certificates any of the bonds of the U.S. He may issue 5 twenties in payment of those cer tificates under the existing law. There is no necessity for the bill therefore for that purpose. p