The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-01-02
THE SURPLUS REVENUES.
Historical Paper on the Subject by
Comptroller John JAY Knox.
Twenty-Eight Millions Distributed Among
the States-President JacksOns Plan,
and the Debate in Congress-

President jackson. in his message to Congress
in 1929 referred to the difficulty in adjusting the
tariff so that the revenues of the government
should be but slightly in excess of its expend
lures. He considered the appropriation of
money for internal improvement by Congress as
unconstitutional but suggested that If the an
ticipated surplus in the treasury should be dis
tibuted among the States according to their
ratio of representation, such improvements
could then be made by the States themselves. If
necessary, it would be expedient to propose to
the States amendment to the constitution
authorizing such legislation.
In his message for the following year he again
suggested the same proposition.
The receipts from sales of public lands for the
three years 1884 1888 and 1886 were $44, 1872, ISL
slightly less than the total receipts from this
source for the thirty eight years previous, from
1896 to 1884 On Jan l, 1885, the csunt1y was
virtually out of debt and the receipts of the gov
eminent largely exceeded the previous estimates
of the Secretary. The amount of surplus
Jan. l, 1885, SIS, S92, S5S and at the same date
in 1886, 500, 749, SOB On Jan. l. 1897, it amounted
TO more than $40 600 000 In 1884 1896 the pub
lie money, which had heretofore been deposited
in the Bank of the United States was deposited
in fayorite State banks, by order of General Jack
son. The deposit of the revenue in these banks
was followed by financial distress, and during the
year 1884 and previous thereto, propositions were
made in the public press for distribution of the
surplus revenue among the States, as a measure
of relief. These propositions were first in the
form of a distribution Of the revenue from pub
"a 5 S,ai, ~ o of t
During the session of 1885 a select committee
To-, 20 oJ ~ 'e;t+i 90 IT. ~
,oo,,a1r ,a,,,a; ~; az +oaeIr- - a. 90 of
nah 90 tii 31a 20 fl+ f Iy ' 1919 hnId
annually be distributed among the States and
Territories. Both General jackson and Secre-
s fba f Hi o Tril r l",1d a.
-, az g." - r a. I'D ~ ! Ia
m ILL e9 20 n o az o'9;a1 %
hin to d;et1ihnta tIe s,11r1,,s was however in
taco5 =, 40 S,,o+o "a "o1 ~, - 80 Is f
S5 10 On Il & ~; 49, FL ~ 49, b;ii Ia 20
80 +7o rIo @ ' w i ,,,.5t e a. ,I ilD
ccorsidaaj tba Iii - ~ go 81 q d;+I;h+ioi,
as unconstitntionaI The friends Of tbe measure
q; III S,t 49, W 'i ~
s 70 ,a,,,II,o Az AZ a;,,lt Iii - - r.:
~; 40 ,,t , = i 40 ny ~
,1,.o,,osi+;1 fo, dis+,.;i,,Itf,, 10 - ,,o,,og;+i a.
5anpeit in tb STATE hanls TN tIis fn~ II asse
tbe Sena+e ana c,,LeonI1aI,4l, tLo IJoreo Nv -
Iarye ,,,.,ioIi+,l tx 70 ~ "'i'''' wv ~
ITbis at Of i,,,,o % Ie2G ,,.o,,iloa fo +1, do
nosit With Tho +eaI,,' Of tb several Stas
If thirty, eayan rniiio, 6s97 Az s5ol i, fo,,r IN;
g. H. -, b. 49,. tl,,,.,. o5- a. -. -
tI T,aas,I,1 70 o9i, ao1tieata cf i,1oit
tEerafo, .io5ad h,l o,eto,i+ 11tIo;t t ,j
Form rs he sLonid nrescIibe which csIti6catesr
should avrrase the usual local oh1igotion and
nLsde +I,a fa;+j of +1 S4a+o f +ba So lyaa3ni,1,
Ind 3.r,I,ra+ Of tbn Jonao+ fo,', tn,d 70
fine Whenever the same psbonld he reoIiireJ
The frst tbree insi,,I1mants nya,,e danoeited Re
fore the last installment PAYABLE on the first dav
Of Octoher wac t,.,,,e fa,,t.d eo;e Of fnoY,isI
disasters cnIroinatad IL, +bo% risiS Of 1829 and
there was no siirrI1s to danos;t -''
.-'.---..',,.Y,..
The EMERGENCY OF THE PANIC
Further legislation was deemed necessary in
this emergency. and an extra session Of Con.
o,oss oo1lod h., p,,oia,4 Va, r,,,,o,, H.,
So was '0ii00 ~ ie'iUe.' an Duivi| Doi-
ing TINS session, on sept H. 1881, bill was re
ported from the finance committee of the Senate
nrovidin, that tl,o +rarsfo, Of tho fo,,r+ i,s+a1
Wv VI wv '''i III LIE -
ment should be indefinitely postponed The OPP
position to this bill was persistent and there
long debate, which was participated in by
Wright, Caleb Gushing and others of the Senate;
ttuu III tIle HouSe Dy Auanlh Fillmore ana SID