Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1886-02-24
DAILY POSTINTeLuGENcER
TnE anru. ~ THs TxEastHr.

~
The resolution offered IN the HSase Of
Representatives yesterday By Morrison
demanding of the Secretary 81 re
Treasury the reasons for retaining IL
the Treasury an enor1 oos and useless
surplus, Ia wise and proper. The Treas
ury Department under Secretary Man
ming and biz predecessor, AcCaiiooh,
has been conducted IN nost sriraor
binary manner, and 10 u fitting that the
people should kn0v Why the Frscsdsnis
Of the Dspartmsn, ~ veil a. the die
tatss Of common sense have beso -
compIstely disreeardsd by the men who
conduct their financial affairs. Especi
ally since the advent Of Secretary Man
Rins, the Department has been p'izzie
and a wonder to the people. The nev
system Of book keeping II utterly IN
telIieibls to any bot q graduate Of Wall
Street, and few even Of those who have
acquired their financial education zits
In the shadow OF the spire Of Trinity are
able 10 comprehend II.
According 10 The Morrison resolution
there IL at present In the Treasury
fl79. 6sg, 5G224 in excess Of the amount
usually reserved for the purpose Of
meeting current obligations. or IN other
words. sl7s6 81. s6224 is withdrawn from
the volume OF currency circulating 10
the United States and allowed 10 lie
idle in the vaults OF the Treasury. For
many months previous 10 January. 1870
no call was made for bonds aud the sur
plns In the Treasury was allowed 10
accumulate until it reached its pres
ent emo, nous proportions. This vast
amount, IL must be understood, Is en-
tirely withdrawn from oireul ion. and
Withdrawn without the shsdov of an
excuse. How much Of the present de-
preston ia trade Is due to this with
draxal, of course, it Is impossible to say,
bat IL Ia not difiicalt 10 believe that the
restoration OF sneh a vast amoant of
money 10 ths ordinary channels Of cir
oulation would do much to revive the
dropping industries Of the country.
Bat 1t is not strictly true to say that
this sum is lying idle in the Treasury.
II 10 vorss than idle, for 30 lsnR "a 1t l.
retained, the Government Is really pay
ing intereas upon 1t. IL must be remem-
bered that the bonds which this money
should redeem are still outstanding and
bearing interest. or that ths people are
presenting a. a free Gift % the bend
holders something In the neiRhborhood
OF go, per day. What would be
thought Of 9 man Who continued IN
necessarily to pay interest on money
which he bad borrowed. while the
money with which he intended AZ some
fature time to pay the debt was lying
In his pocket Unless be happened to
be phiIanthropist, people would cen
slider him a fool. What, then, should
be thought Of Government which con
tinues u pay interest on its bonds while
the money with which those bonds must
eventually be redeemed, lies idle in the
Treasury II ma & be said either that
the people are acting the part Of phi
lanthropists and are making daily a
handsome present TO the bondholdess,
or that the bondholders. With the con
uivanee Of the Government officials, are
robbinR the people.
But the heavy withdrawal Of money
Of which the circulation is necessary to
the business interests Of the country,
and the anomaly OF paying interest on
none, in the possession Of the Govern
ment, are not the only evils connected
With the accumulation of too large a
surplus. The very presence OF this
money in the Treasury where IL sbould
no, be--is an incentive TO extravaganoe
and folly. What temptation TO the
average Congressman IL the Thought OF
sl79.6s9 So "a lying idle and waiting
TO to appropriated! 1t is with nation
much So With an individual. When a
man has q large amount Of money idle
ia his hands be IL liable TO spend /,
reeklessly and extrava9antly. When a
nation has AZ enormous surplus lying
idle In the Treasury, its legislators are
very liable to vote IL away recklsssly
OF course. there Ia wisdom in the policy
of applying money carefully 10 public
improvements In times of business de
preston, but the trouble IN America ID
that whenever Congress finds largo
amount Of money 10 be spent, IL spends
II without securing an adequate retarn.
II literally throws the money away. An
example Of sx,rsvaganoe set by the
Government begets extravaganoe among
the people and the train OF evils result
ing IL invariably long one.
II ID better in many ways that that
enormous surplus should be got out OF
the Treasury. Bonds should be called
In, the payment of unnecessary interest
should cease. and the vast sum of
money nov boarded in the Treasury
vaults should be allowed TO find its way
in,o the channels Of trade II the Nor
rison resolution can bring this about,
les 10 be passed. IL Il oannot, lie,
Congress take such action as will cam
xsl Secretary Manning To condunt his