The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1885-07-11

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are considering plans for collecting the
face value of their Tennessee bonds
through government aid. They will
decline to fund under the 80 8 act,
and are hugging this bright delusion.
He says:
The purpose is to have congress
to appropriate all surplus federal rev.
enues to the use of the states, it being
provided that any due and adjudicat-
ed or undisputed claim against any
state may be filed with the treasurer
for payment before the prorata is dis
tributed to such state.
The creditors appreciate the fact
that the national government will soon
accumulate an unused surplus of
100000, 900 annually, and that some
provision must he made to keep it
from piling up in the treasury, and
get it back into circulation.
The policy suggested by the Phila-
delphia American in 1888 and Ell.
dorsed by Blaine in his letter to the
Press of the same city, is considered
with favor by capitalists generally,
by those holding bonds of defaulting
states. The latter, Of course, will
vigorously urge that policy upon" the
government from directly selfish
interest, while other moneyed men
who hold American securities of any
character will heartily join in its ad.
vocacy, because it is to their interest
to have home credit, state and nation
al, strictly and scroupulously main
tanned, as such a record assures conf
dence abroad and opens European
money markets to the ready sale Of
American securities.
That there will soon be a large an
nual surplus in national revenue re
ceipts, proof can readily be found il
the treasurer's report of the nation
finances which was published Thurs
day. 1t shows only S194, 100, 800 o
3 per cent. bonds outstanding, whicl
are the only redeemable bonds unit
1891 The estimated surplus revenu
for the present fiscal year, beginnin,
with this month, is about $50, 100000
and next year 1t will not fall short O
100000, 900, thus in two years tn
entire bonded debt now subject t.
call will be cancelled, if the polio
continues to apply the surplus fund t
the redemption of bonds.
For the four years preceding 1891
therefore, there will be annual sur
plus of more than $100,000,00O
estimate allows very little for tn
growth and increasing prosperity {
the country. 1t would never do
let the S40O,0OO,O00 of surplus accu
mulate in the treasury vaults, and
would be impolitic and impractical
to repeal or amend the revenue law
restricting collections to the absolute
needs of the government, because tn
time would only be short when rev
sion would be demanded to increas
the revenue receipts in order to NEE
the due obligation of 1891, and the
again in 1907, when the next series c
bonds are due.
Mr.. Blaine tried to boom this ides
or a similar one, before he was non
mated for the presidency, but tn
press and people of the county woul
not listen to him. Possibly he is a
the bottom of this scheme. trying
enlist capital in his favor in the mex
presidential race. If he is, he'll b
badly left again, The people wi
demand less taxes in some shape t
5 reduce the surplus. 1t costs to
much to collect this $100,000,000 an
; then return it to the states. Let tn
people keep their money and say
officers commissions