The weekly Thibodaux sentinel and journal of the 8th Senatorial District. [volume] (Thibodaux, Lna. [i.e. La.]) 1875-1898, 1886-07-17

iHS 1901 .UUU,UVO Is not uu0 Vii 1oU|.
OF course the people who hold these
bonds can no none be required t, take
our money, no matter how anXioi> We
ma, be I" pay it out, than l can be re
Ynir q To TAX even donble price for
my horse if | d" not al to.se!l Kim.
OF think That | can get more for him as
the ierd ;"f the bidder for The horse
becomes greater.
The fict mast not he overlooked
that We can not compel them TO take
the money. Do not forget that, HAY
ing. is | >nid, only GOO. 900 If Gebt
tn Il We eau pay of before 1891. The Of
llcia! '"lofi shows that "" have first
about S!90dU.UOO IN cash on hand to
meet called bonds. Then We heav
S|o,O D,o0O, which Is q net balance af-
ter accounting tor everything. Then
500 900 900, which We no d under the
silly p%Iet-n>e that it i, necessary to
keep that much idle god 10 guard
gieenbacks which need no guard. Our
credit is good to make that pretcu>r
nece>>aly any longer. Thin W. have
S29.bUO, 600, or, in round numbers. $50
OOJ 600 OF fractional silver coin. In
other words. while Slll, 600, 900 is ali
that we ca pay until September, 1891,
We have of absolutely idle cash living
in the Treasury 1924 900 0O). There
tore We could to day pIy off every
dollar Of the Sl44,000, 900 of.3 per cent
bonds and have $50, COS, 900 idle money
lett. ct We are collecting by the
most OnelOa> aud Xpensive form of
taxation beyond what we can decertly
or h"ne>tiv spend 500. 900. 600 Il year.
Perhaps the worst of it is of those Sl44-
O0),0O0 nearly Sl30, 90 900 are held
to-day by the national banks as seculi
ty for their calculation very dollar Of
which circu,ation is needed TO carry on
the business OF this country. The mo-
ment we pay those bonds there is acon
traction OF at least 800, 00O, coo more
81 bank calculation, because tie pre-
MUM on the 4 and AZ per cent. bonds
Is, or . I" will be, 80 high that 10 ma
tional bank can afford o buy them in
order to base its c EQUATION npon them.
Indeed, the chances are they will sell
what they now ho!a aud still further
contract the currency.
Therefore | again repeat we are
worse cff by having a plethora OF mon
ey t:an if we had collected fiom the
people barely enough 10 ordinary an
muul expenses. | DO Tot care If this
bill doe appropriate fifteen Dr. twenty
mi'ilons II 1t Is spent property III i'm
proving our important water ways.
They are the only competitors with
the great railway corporation. Any
thing Is better than locking up the
money in the Treasury. Better spend
500 ,UUO. 900 on rivers and harbors than
to pa, 1t as premiums on bonds, which
We will oOn have to do if We continue
to tax the people as We have been do
ing and it does not seem as if We were
going to give any relief by reduction
Of axes. W. have profitable work Oh
which we a spend u great deal OF
money and benefit the county, such
lis the river and harbor of Savannah or
the harbOr Of New York or Of Calves
ton Or of Norfolk Or of Wilmington or
any other important liver OF harbor.
| do not seek to encourage extravaganza
appropriations, but l sec in the near
future greater evils growing out of the
surplus revenues we are collecting thas
oven large appropriations for public
works ; the morey collected must be
again put i'll circulation, Do not lock
it up in the Treasury, for it that is
done it will bankrupt the cou ntry.
There is more real danger and injury
done by having the peoples money ~
ing there than in spending it for any
laudable public work. Therefore l am
not troubled at this time about the
money or about the size of the bill. I
do object either to locking up the rev
enue or to buying bonds at exorbitant
premiums to get lid Of it.