Democratic Northwest. [volume] (Napoleon, Ohio) 1869-1894, 1884-09-04
The two Hundred and Forty-six Mill
lion Dollar Surplus.


other day by Hon. John Follett, he
made the following remarks:
There is a surplus of 246, ,000, 900 in the
United States Treasury, over and above
the outstanding certificates. This sur
plus has been constantly increasing.
The evil effects of this upon the COM
mercial condition of the country are
recognized by every business man. The
question for solution was and is, how to
prevent the accumulation of this surplus.
TheeForty-seventh Congress which was
Republican in both branches, provided
fora commission appointed by the Presi-
dent composed of leading manufacture
ers representing the various manufac-
turing interest Of the country, to de-
wise means by which the surplus, in
stead of accumulating in the Treasury,
should be left in the pockets of the peO-
pie. That commission travelled over
the United States, took testimony of
representative men of various business
interests, and made report to Congress
that there should be u reduction in the
revenues of ut least 25 per cent. They
reported bill, which, after it was con-
sidered in Congress, was so amended
that, as shown by its actual operation,
instead of being reduction of 25 per
cent. upon the tariff revenues, was ac-
tually Il reduction of less than 2 per
cent. Under that condition of things,
when the present Congress met, the
surplus then increasing, as it has con-
tinued to increase, the Ways and
Means Committee reported bill to
make q
HORIZONTAL TARIFF REDUCTION
of 20 per cent, which still would have
come within the limits recommended
by the commission. If the scheduling
of the tariff bill by the last Congress
was correct, the theory of horizontal
reduction would be correct. I, for one,
don't believe, and did not believe, that
the schedule was correct, but after the
bill had been considered in Congress,
and it had reached that stage when it
could be amended, believe, as | did then
and do now, that very large increase
could be made to the free list without
affecting any interest whatever in this
country. [ was opposed to striking out
the enacting clause in order that, if
possible, the bill might be so amended
as to conform to the views had to rid
the Treasury of its surplus, and at the
same time disturb no business interest
in this country. An amendment was
prepared, which examined carefully,
placing upon the free list about two
hundred articles, the tariff on which is
over $l0, ,0O0, 900 a year, and not one Of
which is produced in this country at all,
and therefore, could in no way conflict
with any interest represented in> this
country. | had no doubt that by
amendments such as have designated
the bill could have been passed through
both the Senate and the House, and it
would have become law, and the very
surplus that has accumulated in the
| Treasury would have been measurably
left in the circulation of the country and
| the pockets of the people. Our present
business depression arises very largely
from the withdrawal of so large a part
of the circulating medium and locking
it UP in the Treasury of the United
States. 1t was almost daily perform
ance during the last session of Congress
for Mr.. Belford to get the floor and in q
five minutes speech charge the Demo
Gratis with not having courage enough
to unlock the Treasury vaults and give
the money to the people, to whom it be-
belonged. AS long as it is in the
Treasury it is a standing induce
ment to extravaganza and was wasteful
expenditure of money. I, for one, be-
lieve it ought to be as speedily as posi-
bic, and as soon as it can be legitimate
ly done, appropriated to business pur.
poses, and returned to the business
channels of the country We have
now q country full and overfiowine
with all kinds of products of the farm
and of our manufacturing establish
ments, but with no markets.
see in the last publication of Brad
streets Agency a statement that steel
rails have sold at $27 per ton. The tar
iff upon steel rails is $2S per ton, and is
SO placed upon the claim made by the
manufacturers of these rails that thew
could not be produced in. this country at
less than $45 per ton. How they are put
into the market at $27 per ton, q dollar
less than the tariff upon them, am
unable to say, but such seems to be the
fact. Almost every interest in the coun-
try to-day is depressed and suffering,
not from lack of material, but from
want Of market in which it can be
sold. Wheat is below eighty cents per
bushel. Every species of farm product
| is lower than it has been known to be
for years. Every kind of Manufactured
goods seems to be lower than before. and
the trouble apparently is that there is
no demand for any of these articles, and
with the money SO largely locked up in
the Treasury of the United States there
is no capital to handle or move these
goods.
| have been called a free-trader. am
not free-trader. In fact, no man in
the United States is a free-trader. We
all agree that the revenue to pay the ex-
penses of the Government should be
raised by tariffon imports. Thisalone,
levied fiat on all imports, would necessi-
tate tariff of 25 per cent.