New-York tribune., 1886-02-24
IHE SURPLUS ~ rHE TREASURY.
MoRRIsoYs RESOLUTION CONCERNING IT
TO DE APPLIED TO THE PAYMENT OF THE PUBLIC
pEBT-k MINORITY REPORT.

TO DE APPLIED TO THE PAYMENT OF THE PUBLIC
DEBT, MINORITY REPORT
WASHINGTON, Feb 23.-Mr. Morrison, OF
Illinois, from the Committee ways and Means. re-
por ed joint resolution in the House to day directing
the Of the surplus in the Treasury on the pnhc
dent It sent to the Committee of the Whole Mr..
Hewitt Of New York tlnrd leave to file the views OF
the minority. The resolution is ~ follows:
"RcsolU H. etc THAT whenever the snrpus Of balance
IN III, Treasury including nnount held for redempti"
800 600 600 It .hall he hereby made IN" duty of
The secretary of the Treasury 10 Apply Snrh rN"HS I'D
existence Of any surplus excess 10 re payment
Of IN" nd btrdnes- of the United ftit'S
payable ~ the optiOn of the Cover mrnt.'
Mr. Hewitt, rrprr,rnrng the minority. submitted hl-
report He IN substance: 1.-THE effect " the r"so-
lutinn II enacted will he reduce TIE balance
Treasury available for the payment OF lts current
ndeb' ednes and for the re- lenpton of egal-tender
notes 81 90 100000. Il makes provision for re-
peui-hng Treasury when The available balance shall
fall below 800 600 The question thus presented
Il whether OF tho oh igaon- and The functions
Of - Treasury defined by law, the proposed mita
ton the balances he'll for meeting the lbities
pa' able demand Is prudent aud safe In view of the
pledge OF the Unied states to redeem all
It's Indebtedness coin or its equivalent.
The ordinary Disbursements Of the Treasury may he
roughly stated to to 81 O0ooOo aday To meet
this disbursement IT. necessary that "a reas"nanle
working balance should be kept on hAnl O"cduse AZ
rNprudiiu largely exceed tue NY
r-cep, Careful business hrms usually c'rry balance
equal 10 one months disbur-encns Measured by this
stand tr working balance In Treasury should be
$50 900; that this amount not too large III
be apIarent from ia" fIci that IN the Pension Buriu
alone drIfts for Will be made the l-t of
March, aud that tGe OF the probable payment
cannot be- fixed Tor any specified
date But be-Iie the expenditures provided for
by law, the United states has totally d'"nct obhsa-
ton % pruvre fora debt PAYABLE on demand lD the
.hapc S3i663:.OIG OF lr-alteuder notes IL IA
absolutely Necessary. therefore. tnlt the ability o.
redeem these notes IN coin should b1 at
all times assured beyoui pcradventure Tho
Gully question -as tn OF cniu ch will
-tItu reasonable AT airqnate re'-rNe. A the
present tme uuicr tue practice of The Treasury claimed
SuoOOOOOJ ia sot coin IL set apart Tor tue rrdrmp ION
leg t-truicr not =, hring less than ~ per
cent TINS reserve would 'r'ed by prudent bank
IN ,,cy market. but u tno financial pros
Dee, should 10 threatening prudrnce would
require that lt should enlarged and strengtnrnrd
II tnr. ratio .houlI b. atop Ell tn- anount or
.erv, IN coin would >lJs0OOOoO. dug this amnnnt
10 The auOuut herrOorr -ti,~i rrA'onA 'iu w"rAlu
baI,uc~ nave th. sos UOO.OOO the mint
nalsucs when the Treasury -hodli cNry IN ord r.
t0 b' In "ndt"n ol "hs7 AMI 81" ~. oth-r 'oncin,
with tho IrssOus of experience AMI
IN" vrostaDlshed rules Tor The saie conduct OF ous
ur--
other consideration may be- presented M fatal
argument ru-f rcluctOn ~ the Treasury aaur"
SlOOOOOuOO Ia cou necessary It al times "" ne hrpt
for redemption Of the lrK -.rndrr hotr~ lno 'oit} M oi
.p'cAatOrs reduce thi- bthu'o below ~ loooooooo
demand notes "a hhl
uuir.. rNptlrnt Of replacing the amount by the
sale of bon rrsnrtnd To. money mart"t eau 10
80 minipnlard impair confidence aud hrins about
a general disaster. 10y when tho operators Tor
a ftl wOult abundant pront hl the rN-
peuse OF the legitimate buslne-s Of the country.
The ueiuE clearly OpbiOn that the pro-
% rr,o uton will neither economical he
Coy erunrnt concerned alyautageous q tue IN
arrsts country. act extremely dangerous
times nf recurring strugrnrc- In the money nArEst.
recomLlrn that t b- laid upon the table. th"J ahnoh
this report The letter OF The secretary OF The treasury
IN reply iuqu of tho nnttrn Ia the effect
of the resoutio which Will serve to show that the
prrirurr aud nf the Treasury Drphrtment IL
altogether OppnHed Ia the pr 'pos-d rrsOhtlun.'
The aOOvo rrpIr Il signed ny SIR Hewitt Mes,r4
Reed Hi-cOck. Brnwue aud Mckinley, while agreeing
Mr. Iewt IN that the resolution should not pass,
dlfrr points Oi hls argument and attach ne
following his report: " Ihe unirrsgued
deem tnat 500. .OOO.OJO at least needed
auitabIe security for the redemption OF legal
ten notes thuk securities ought not o. be-
impaired. They think also suficon. working rs"rve
for the Of the Government ought Ia bo re-
Treasury Ia addition to ths Log tonder ro
deptiol fund. Tho nil proposed Dy tho comm ttru. In
our OiOn, ign iitiDn, aIl Ia oar 1udg-
mcnt Will iake public conn louoe IN tho liability of
currency sIcn IN nu tbs saving OF Ia rreSs
which the Dill Will cause will Oo bat tribe cOmpdrei
with the Injury threatened