The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-07-28
FINANCIAL MEASURES.
The Senate CofhAnittee Deprives the Morri-
son Resolution Of Its Potency.

The Senate Coninittee Deprives the Morri-
son Resolution of Its Potency.
: WASHINGTON, July 27.-The Senate committee
on finance agreed. by majority vote. this morn
ing, to report the Morrison surplus resolution
with an amendment. The text of the resolution
remains as it came from the House, but the fol-
lowing proviso is attached:
Providing that no call shall be made under the pro-
visions of this resolution until equal to the call
is in the Treasury over and above the reserve herein
nentoned and provided, further, that the Secretary
OF the Treasury In his discretion may have in the
treasury and above the foregoing sum- working
balance not exceeding twenty millions and in the
thereof in the opinion of the Secretary of the Treas
ury the public interests shall require It, he may, by
written ORDER snspepd the further can for the pay
ment Of such indebtedness for such period Of time
shall be necessary to maintain the public credit unim
paired
The division was upon party lines, with the
exception Of Senator Mcpherson, who voted
with the majority, and Senator Jones. of Ne
vada, who voted with the minority. The
minority favored the unamended House resolu-
ton.
One of the topics considered in ts-day's Cabinet
meeting was the Morrison surplus resolution.
The sentiment Of the members who expressed
themselves on the question was in entire accord
with the views recently expressed by acting
Secretary Fairchild before the Senate finance
committee. It is said that while the President
would prefer a continuance OF the present policy
of the administration in regard to the redemption
of bonds, he would interpose no objection to the
resolution as amended by the Senate committee.
practically increasing the reserve and also au
thorizing the Secretary of the Treasury to sus-
pend the calls when he deems it necessary TO
preserve the credit of the government
The appropriations committee of the House
has acted upon the amendments of the Senate to
the sundry civil appropriation bill, non-concur-
ring in nearly all those of importance. 1t
recommends concurrence in the clause relating
to silver certificates. with an amendment reading
as follows:
And the Secretary of the Treasury hereby author
lied and required to issue silver certificates in de-
nominations of one, two and five dollars and the sill
certificates herein authorized shall be receivable
redeemable and payable in like manner and for like
purposes provided for silver certificates by the sct
of Feb 49, 1878 entitled IAN act to authorize the
coinage of the standard silver dollar and TO restore
its legaltender character and denopinatons of one
two and five dollars may be issued In lieu of silver
certificates of larger denominations in the Treasury
in exchange thereof, upon presentation by the
holders, and to that extent said certificates Of
larger denomination shall be cancelled and destroyed.
The object of the amendment to the amend
ment made by the committee is to make clear
the purposes of the clause, that certificates of
large denominations may be exchanged for
smaller denominations.