Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1885-03-18
The Surplus in the Treasury
To the Editor Of The Dispatch

To the Editor of the Dispatch:
In the last statement of the Sec
rotary of the Treasury of the United
States the sum of slS5,0O0, 900
is reported as lying idle in Wash
ington. Are our people dull or
careless that such a statement does
not awaken in them fear for the bust
ness interests Of the country? From
this large sum, if the gold and silver
held by the Government is deducted.
there would be about 800, 900, 900 of
paper money in the hands of the
Treasurer. This 5000, 900, 900 Of notes
is about one third of the pa
per circulation of the country, and
its withdrawal cannot fail-it has not
failec-to depress business, lowerprices,
and thus stop active operations in manu-
featuring and commerce. Why should
our Government accumulate this vast
sum? There are reasons why gold and
silver should be held by our Govern
mcnt, because they are the security for
paper issue; but why. in the name of
common sense, why, in the name of
reason, after getting silver and gold
enough, and more than enough, for the
purpose of protecting its paper issue,
should it take also one third of the
notes-greenback and bank notes-and
hoard it in Washington? With what
are we to carry on the business of the
country if the paper money, as well as
the gold and silver, is to be absorbed
by the National Government? Shall
we return to barter? Shall we pay
our taxes in tobacco, corn, and wheat ?
Shall we make our negotiable notes
PAYABLE at commission-hOusc in the
products of the soil? For if this rate
of absorption goes on it will not take
many years for the United States to ac-
quire all the money of the country.
And there is another grave question,
too, and that is: How is this surplus
this accumulatioE-.o be returned to
the channels OF trade? How are
We to get rid of what is already in the
Treasury? The income Of the Govern
ment is greater than the expenses,
enormous as they are, and il, as some
suppose, reduction of the tariff would
increase the receipts from customs, its
income cannot be reduced by that
means. And as, whenever the mention
is made Of taking off internal taxes
there are those powerful to affect legis-
lation who declare that it will not do
TO abolish the tax on liquors and to-
bacco because values will be unsettled
thereby and business disturbed, we can
not get relief in that way. And more
over, say these directors, these ar,i-
Giles are Injuries and ought to be taxed
as il man may not solace himself with
glass Of wine or pot Of beer or
smoke from his pipe without being fined
by the Government for so doing.
But il We do not need the money de-
rived from the tax on these articles.
why, o why, in the name of suffering
people, should money be taken from the
pockets Of our population to further
swell a bursting Treasury Now, il
the remedy is not to be found by re-
ducing the tariff, nor for want of power
by abolishing the internal taxation. it
is plain the income Of the Government
viii continue, as it has been doing for
many years, to accumulate at Washing
ton, which, If you please, may be called
the monetary heart Of our country,
while the extremities--the arteries
Of the legs, the arms, all the
body save the heart--will have
not enough Of currency to keep
life in them, aud congestion will |
take place and paralysis will fol-
low, as Il does when the blood OF the |
body is attracted all to QUE part Of the
physical system.
There seems but one way to return
his money 10 the people. from whom IL
has been wruag By exorbitant taxes