The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1886-09-19

o35 o6 For the year ending June
30, 1885, there was a reduction OF
500, 097, 766 25. OF the entire debt
bearing interest the sum Of $408, Sl4,-
OH will fall due by or before the close
OF this century. Senator Beck said in
late speech that only $l44, 000, 900 OF
the debt could be paid off before Sep
TENDER, 1891, and for that there is
$?44, 600, 900 lying idle in the Treasury.
About all the balance of the debt is
in the 4 per cents, and does not fall
due until the year 1907. Whatever
may be said for or against the present
banking system, il has furnished u, a
currency that is instantly convertible
into the precious metals at any bank in
the United States. These banks ara
operated upon a deposit OF United
States bonds as security to note
holders and deposltors. All the bonds
OF the government are payable at the
pleasure OF the government on day
certain, and OF all the bonds only $ll, !
772,S50 are held abroad. We have
seen that the surplus revenues accrued
for six years up 10 30th June, 1875,
amounted to the large sum OF $685.
1888, 104. Now, suppose this resolution
that all surplus revenues be 'ong to the
public creditors had passed six years
ago and in pursuance OF 1t the Secre-
tary of the Treasury had called in the
bonds to that amount, including ihose
deposited by
TIE NATIONAL BANKS,
what would have been its effect upon
the business OF the country? The cur
rency would have suffered conf rae
ton 10 the exteut OF the issues OF the
banks, amounting to between three
and four hundred millions, and it re.
quires no great finsncier to foretsll the
collapse that would have followed. l
am no friend of tina. Ubiquitous leRis-
lation by which the bulk of our pub
lie debt was metamorphosed into gold
interest bearing securities in positive
violation OF the original contract; but
we must take the situati as 1t is.
The public debt Is absolutely secure.
Special appropriations, sinking funds,
every necessary appliance is provided
for It's smooth and gradual extinction
without embarrassment to the govern
ment, the creditor or the currency Of
the country. The decadence
OF the national banks will
be gradual, and no financial
convulsion will follow If things go on
according to the ssgaci us programme
formulated by the best financial
minds of the country. So that in ar
irving at proper solution OF these
grestions:
"a little circumspection, my lord,
Is good, as we'll for empires as for men,"
Then, what should be done with
this enormous surplus from year TO
year. Well, | say, Fl st, If it can be
done consistently with the consldera-
tons l have pres snted, let it all 60 to
the public creditor. II only part of
it, under the plans Of The government,
can 90 that way, let that part 90. But
out Of the balance let us carve out in
some way not obnoxious to the or
ganic law an endowment TO the States
for the purposes OF free school educa-
ton for the poor, and thus 60 back to
the
FOUNTAINS OF DEMOCRACY,
the rock OF Meribah, first stricken by
Thomas Jefferson himself, who, in
December, 1906, recommended to
Congress, even when the country was
grooming with debt, 10 apply not only
the surplus in the Treasury, but all
surplus in The process OF sccumula-
ton, and went further than either OF
the bills now beiore Congress by
recommending that the constitution
be 80 amended as to make the educa-
ton Of the people a permanent care
OF the Federal Government. l. was
under the inspiration of this grand old
patriarch that a committee OF Con.
gress, on the 9th OF February,
1906, recommended national aid
to education as follows: Your
committee are CT opinion that
it ought 10 be a primary object
with the general government 10 en-
courage and promote education in
every part OF the Union, 50 far as the
same can lie done cons stent with the
general policy OF the nation, and 30
far a, not to infringe the municipal
regulations that ara or NAV be adopted
by the respective State authorizes on
tais subject. IL was in the light OF
these and scores OF other precedcnts
and examples that Chief Justice Waite
considered this question ia 1880, when
he put 1t thus: "Does Cor gress pos
sess the constitutional power not to
control, but to contribute to the edu-
cation OF citizans OF the States ?
If doubts were entertained as to the
existence of such power, in any uu-
qualified sense, it might be colt ended
that the case of
THE CoLoRED POPULATION
Is surrounded by peculiar circum-
stances that take ii out of the inhu-
ence OF the general rule" "But, for
tunately," he continues, "the ques-
ton, even in its general aspect, is not
new one, presented now for the first
time 10 be decided. The laws Of the
United States present innumerable
precedents in which Congress has
exercised the power TO contribute to-
ward the general education OF citi-
zens OF the new States, and in no in
stance has its constitutional right to
do 80 been questioned" My position
upon this question Is we'll understood.
AS q member Of the Legislature from
this county in early life, the first
speech l ever made in that body was
in favor Of national aid to education
in the Slater, and SAC, COO came to one
Of our colleges as the result OF
legislative action at that time. l fol-
lowed Jefferson then aud follow him
now. l am in favor Of 1t in the bis,
shape in which it can come, and in
favor OF just as much as the Treasury
can spare. II the Blair bill, 80 called,
is "a sentiment" since the Morrison
resolution, and not "a practical ques-
tion," now-as some politicians assert
then let it come from the proceeds
OF the public lands. | have no seri-
GUS objection TO that old Wing dog
trine. l only fear the annual sales
will not yield enough. 1t comes out
of the same surplus at les. The gov
eminent Classics its sourc OF rev.
enue, but dces not keep separate
pouches for its revenues as they come
In. They are ell mixed aud laid away
in the Treasury vaults together-and
ALL, t~a1,,ao, E.N,., Il. l. n