Savannah morning news. [volume] (Savannah) 1868-1887, 1886-07-14
VAULT-L0CKED MILLIONS
THE DISPOSITION OF THE SUR
PLUS UNDER DEBATE.

/ 81 I,OOO,Ou 900 the sum IOtAl OF the
MONEY in the COuntry-over One third
of the Amount Lying Idle in the Gov
ernment VauIts-Hiscock Tackles a
Whirlwind.
| WASHINGTON July 13.-The House to
! day went into committee of the whole on
the joint resolution directing the payment
of the surplus in the Treasury on the
/ public debt.
THE RESOLUTION.
! Following is the text OF the resolution:
/ That whenever the surplus or balance in
the Treasury, including the amount held for
the redemption Of United states notes. shall
exceed the sum IF 5 100000, 1t shall lie and
/ Is hereby made the duty of the Secretary of
the Treasury 10 apply such excess, Ia sums
not less than Sl0,0O0,000 per month during the
! existence of such surplus or excess, to the
( payment of the interest bearing indebtedness
of the United States, payable at the option of
! the government.
Mr.. Morrison said that all the money in
| the country amounted TO 1856, 900, 900.
! OF this S525, 000, 900, or more than One-thiFd
of all the money in the country, was in the
Treasury at the time the joint resolution
had been introduced.
5000, 900 LEFT.
| Deducting ali the sums which were in
! the Treasury for specific purposes and
! kept for current or necessary running eX-
/ penses, there remained in the Treasury
about 5000, 900 900, including that which
was held there for the purpose OF redeem
| ing United States notes. The amount to
| be held for redeeming United States notes
was not fixed by law. 1t was a sort OF
discretionary reserve. AS the reserve
was not fixed, the surplus could rot be
! exactly stated. Under fOrmer Secre-
taries OF the Treasury the custom
/ had been to estimate the reserve
as $l0O,000,000, and 1t was the practice
of the present Secretary to designate that
sum as one of the liabilities OF the gov
| ernment. Counting the reserve at $l0,-
( 100000 there was still a surplus Of $780,
900 000 OF this about $2S,000, ,006 was un-
| available, being made up of fractional
/ coin, and that all the money that would
! be reached under this resolution would
| De about $10,00O,000.
THE GOOD EFFECTS.
! 1t would make productive that which
/ was now unprOductiVe and useless. 1t
/ would do something towards making
! money little cheaper. 1t would save
! the government something in interest, and
/ 1t would take away some of that tempta-
| tiOn which led men to vote large appro-
! priatons. He criticised the report of the
| minority, and denied the statement there
! in made that the effect of the resolution
would be TO shake public confidence. In
conclusion, ne denied that the purpose or
effect OF the resolution was to place the
country on silver basis.
HIsCOCK'S OPPOSITION.
Mr.. Hscock, of New York, offered an
amendment providing that nothing in the
resolution shall authorize the reduction
or payment of any part of the $4,000, COO
reserve set apart for the payment of
! United States notes or the interest bearing
| Indebtedness of the United States. He
| then proceeded to submit an argument in
| opposition, declaring that it mad been
| brought before the House by the action OF
! the Democratic Speaker, the Democratic
! Chairman of the Ways and Means Com
mIttee and the Democratic Chairman of
! the Appropriations Committee, against
! the most emphatic protest of the Demo.
! cratic administration.
AIMING AT A SILVER BASIS.
This was no disagreement on IA matter
! of mere detail. The difference was as
| wide as that between the two great DO
! lItical parties, and this was an attempt
on the part OF the leaders of the House tO
force the payment OF the national debt
and other obligations in silver-to force
the government in its financial transac-
tiOns to silver basis, which the admins
! tratiOn earnestly and determiuedly re-
sisted. There was no compromise nor
could there be one between the opposing
forces on this great question. This was
declaration that United States bonds
should be paid in silver dollars
and the world would so I'M
derstand it. 1t was practically
/ impossible to execute the joint resolution
| without using silver dollars, all of them
! pOsslb bly,, because all the surplus was in
silver. He did not hesitate TO say that it
| was reputation what had induced the
! Democratic party here to antagonlze the
administration which it mad placed in
| power.
| NONE OF HIS BUSINESS.
Mr.. Morrison suggested that it was
! none of his Mr.. Hiscock's business.
Mr.. HiscOck-ls that your only an
swer? Is that the only answer the DEM
Ocratic leaders advertise. That why they
! have departed from their administration
! is none of our busness"i That is quot
! ing an expression which was used most
| UNANIMOUSLY once in the city Of New York
! Mr.. Mcmillan, of Tennessee, favored the
resolution, cOntending that the payment
| OF the money would have the effect OF in-
creasing the circulation among the peo-
! pie nearly 10 per cent. That meant the
! giving OF employment TO 100 GOO men. IL
! meant tGe subsistence of 100000 people
were always dependent on 100000 men.
MILLIONS WASTED FOR INTEREST.
What excuse was there for the iutelli-
gent aud patriotic representatives. OF the
! people 30 pay interest on $7j, ,000, 900 when
! there was money to pay the principal?
/ What excuse could the members give to
/ those who had placed high trust in their
hands tor refusal TO pay the money out
/ and let il 90 into the channels Of trade to
/ quicken commerce? To-day there were
/ hundreds of thousands OF men out of EN-
| ployment. The wheels of industry had
stopped. Men were striking aud clamor-
ing for higher wages, and yet the govern
ment was paying interest on debt when
there was money IN the Treasury 10 pay
| the principal. The gentleman from New
York MIR. HiscocE) had said that this
resolution meant Reputation. From
what fountain Of wisdom had the gentle
man obtained the draught which led him
to the conclusion that the keeping of $780,
900. 900 to redeem greenbacks was repudi-
! alton.
THE SILVER SCARE.
The gentleman had seen another ghost,
and had said that the resolution meant
the payment OF the bonds IN silver. The
resolution meant no such thing, but, II IL
| did, where did the gentleman find any law
| on any statute book enacted under any
administration prohibiting their payment
in silver. The resolution did not seek 10
interfere with "A single vested right ofany
| oraditOr of tho IIuitad Statpa IL did not