Democratic Northwest. [volume] (Napoleon, Ohio) 1869-1894, 1886-08-12
THE NORTHWEST.
SPEECH OF
HON. GEORGE E. SENEY
In the House of Representatives,
Wednesday, July IA, 1885.

which several amendments wert
offered.
Mr.. Seney said:
Mr.. Chairman: Official reports, veal
after year, show that there is a large
sum of money in the Treasury which
plays no part In the financial transac-
tions of the Government. This money
is In underground vaults, behind bart
and bolts and locks, and is carefully
guarded day and night at no incon.
siderable expense to the people. This
vast sum of money we are accustomed
to call the surplus in the Treasury. II
Is called the surplus, suppose, because
it is not needed to meet the demands
ordinary or extraordinary, of the Gov.
ernment. Why, then, should it be in
the United States Treasury rather than
in the pockets of the people? In the
Treasury it is idle and useless, and can
not possibly benefit the Government OF
tie people. Outside of these vaults II
is never seen, and inside it is seldom
touched.
What good can come to the people,
or the Government. by keeping money,
bag upon bag, piled in the dark and
dingy vaults of the Treasury? When,
ifnot now, will 1t come forth from its
dreary abode? AS long as it remains
where 1t is it Is of no more value, prac-
tically, than so many chips and whet-
stones.
As well might the vast pile be dump
ed into the Potomac. Sink it at
some fathomless point in the ocean
and the world will be as much benefit
ed as 1t is by keeping it under constant
lock and key in the vaults of the United
States Treasury. The surplus out of the
Treasury would in due time work its
way into the channels of trade, and
thus help, in some degree, to relieve
the depression under which the busi-
ness and labor interests of the country
now suffer.
The Government is deeply in debt.
We pay large sums of money each year
as interest upon what we owe. Com
plants reach us from all parts of the
country that taxation is burdensome.
We can give our people some relief by
applying this surplus in the reduction
of the nterest-bearing debt. RAppro-
pirate OF the surplus what is proposed
by the resolution we are considering
and we all make a year saving of ST.
100000 in interest.
In addition to this debt itself will
be reduced $70,000,0t,, The question
before us ought to be solved upon sound
business principles. Others may con-
slider 1t from a political standpoint; but
for my part it shall have no thought
not suggested by what Iconceive to be
the best interests of the people. If we
can, by the use of this surplus, pay
$40, 200, 900 of our interest bearing bebt,
and thereby save the people from the
payment of $2,100,000 yearly interest,
why, sir, ought not this measure to
pass?
/ am sure, sir, that no one of us would
advise a friend to hold on to his money
when i could use it in paying an in
terest-bearing debt. In a mere matter
of business our advice to the Govern
ment ought not to be different from
that which we give to our friends. IfI
we do not apply this surplus upon the
public debt there is great danger, sir,
that 1t will be legislated out of the
Treasury for purposes in which the pee |,
pie have little or no concern. AS long
as it remains unappropriated, IL is a |
strong temptation for extravaganza In |
public expenditures. Scheme after i
scheme has been devised to get this |
money out of the Treasury.
Not great while ago it was propos-
ed, if not by the Republican party
certainly by its late candidate for the |
Presil.sncy. to divide the Treasury sur
plus between the States.
We all know that those who say, and |
possibly, believe, that the peace and |
perpetuity of our Government is in
great peril because few of our popula-
tion are unable to read and write, have
been after this surplus for years. They
tell us that they want it to build school
houses, establish schools, and to edu-
cate for school-teachers the young men
and women of the country. Thisscheme
for getting rid ofall surplus money now
in the Treasury, and all which may be
accumulated for years, it will be re-
membered, passed the Senate in the
last Congress and also in this; and it is
among the possibilities that before the
close of the present Congress it may
pass the House.
1t may be, sir, that before winter sets
in, or the coming spring opens. that
under the pretense of aiding commerce
between a few States, the Government
will be spending this money in digging
canals and the construction of other
water ways. These are some of the
schemes for relieving the
Treasury of the money now idle in its
vaults.
View this matter as we may, it is
very doubtful whether or not the peo-
pie will get any substantial benefit from
this surplus unless 1t is applied, and
that soon, upon, the public debt.
But we are told that if this surplus is
taken from the Treasury it will waken
the credit Of the Government. The
public will have less confidence in the
ability of the Government to pay its
debts, says the distinguished gentle
man from New York Mr.. HEwITTl if
this money gets out of the Treasury and
into the pockets of the people,
Mr.. Chairman, it can not be possible
that the public credit would be affected |
in the reTnotest degree by the absence
or presence In the Treasury of $40, ,O00,-
900. Why, sir, If the Treasury should
be burglarized and the entire surplus
be stolen, without hope of recovery,
the Government credit at home and
abroad would be then, asit is now,
high and without limit. The payment
of $70,000,O00 of our interest-bearing
debt will strengthen instead of weaken
public confidence.
The opposition discuss this measure
as If the Government had no resources
except those now In the Treasury, and
no ability to get more should more 1