Savannah morning news. [volume] (Savannah) 1868-1887, 1886-08-05
USING THE SURPLUS.
The House After Debate Adopts
the Report of Its Conferees.

To-Day MIR. Morrison called up the con-
ference report on the surplus joint reso-
luton. Mr.. Morrison thought the resolu-
ton as it passed the House had been a
wise and conservative measure of public
interest. The resolution as agreed upon
by the committee on conference was, it
seemed to him, not so good a measure,
yet in the present condition of the Treas
ury and bonded debt it would accomplish
all that would have been done under the
resolution as passed by the House.
The resolution made provision for the
call of such bonds as were subject to call.
There were $l32 100000 3 per cent. bonds
remaining uncalied. BY $l0,000.0Q0 calls
| they would all be taken up IN thirteen
months, and the resolution would have
executed itself. There would be no pub
lie debt until 1891 10 which it
could apply. In those thirteen months
10000, 900 OF the $l32, 100000 would be
taken up by the sinking fund. In those
thirteen months the surplus receipts OF
the government would exceed $50, 100000,
so that only $4,000. 900 of the present sur
plus fund would be required to be taken
out of the Treasury in the thirteen months
to eXtlnguish the debt. Consequently, at
the end of thirteen months all the debt
that could be paid would have been paid,
and there would still be $30,000,000 sur
piuS III JD0 treasury.
THE EFFECT THE SAME.
Therefore the effect would be the same
whether the resolution were passed with
the $40, 100000 amendment or not.
Another amendment substituted the
Secretary of the treasury for the Presi-
dent in the exercise of discretion in re-
gard to postponing calls, because the
Treasury Department was the one de-
partment which was required to do what
the two branches of Congress directed IL
to do. He would not have left so large a
discretion in the hands OF the Secretary.
But the discretion was only to be eX3r-
cised in an extraordinary emergency. Re
confessed that he did not know, and had
not met any one who did know, just what
would amount to such an extraordinary
emergency.
WAR POSSIBILITIES.
If the United States had cut throat
fight with Mexico or fishery
war in Canada, and this
money was paid out, it would
not be surplus in the Treasury. But
the Senate had assumed that there might
be a contingency IN which it might be
necessary to postpone the call.
Mr.. Weaver, of Iowa, agreed that the
original House resolution was a wise and
conservative measure, but the conference
posed it made up in conservatism. There
was nothing on earth left of the original
resolution but an accreti0n of power to
the Treasury Department. Nothing could
be gained by the passage of the resolution
as now reported.
COMPLETE BACK DOWN.
1t was a complete bacKdown and abne-
cation on the part of the House, and au
insult to the public sentiment which had
impelled the passage OF the original resO-
luton by magnificent twO-thirds vote.
Mr.. Hewitt, OF New York. said those
who voted for this measure were voting
for a measure which would bring the
country TO a silver basis as surely as the
sun would rise tomorrow.
The discussion was continued by
Messrs. Bland, Breckenridge of Ken
lucky, HiscOck, Cannon, Browne OF lndi-
ana, ButterWOrth, Evans, SOwden and
others.
Mr.. Randall closed the debate in sup
port of the conference action, and IN the
course of his speech he presented a tabu-
lar statement showing the appropriations
made by Congress at the present session.
The report was then adopted by vote
of 12O yeas to 63 nays.
SUBMITTED TO THE SENATE.
In the Senate to-day Mr.. Allison, from
the conference committee on the surplus
resolution, submitted the report. He called
attention to the fact that the only change
made in the resolution as 1t passed the
Senate was the substitution OF the Secre-
tary of the Treasury for the President Of
the United States as the person who shall
have the right to postpone (not 'sus-
peud' calls, and also the omission of the
trade dollar clause. tie presented sum-
mary of the effects OF the resolution if it
should become law. Assuming that the
revenues are the same as last year and
that the expenditures are kept within the
| appropriations. which are $50, 600, 900 more
than last year, there will be paid during
the current fiscal year $107 800, 600 on the
public debt. or within $29,000,000 of all
the debt that can be paid until 1891.
NO DETRrMENT FEARED.
Judging from the past no detriment is
likely to occur il this joint resolution
shall become law. By this JOINT resOlu-
tion 500, ,000, 900 in gold has been absO-
lutely devoted and dedicated to the pay
ment OF United States notes and for no
other purpose whatever, so that keeping
in mind that we are TO have a law in this
joint resolution which will put 1t out OF
the power of the Secretary Of the Treasury
to touch one dollar OF that one hundred
millions save for the purpose OF redeem
| ing United States notes, and considering
Tue IdCJ JDhJ we ndu on aug. L surplus
over and above that amount in gold,
money and bullion of about $50, 900, 600, we
can apply $l07, 100000 in this fiscal year
to the payment OF the public debt.
TWO DIssENTERS.
Messrs. Beck and Edmunds dissented
altogether from Mr.. Alllson's assumption
that by the joint resolution there was any
dedication of $l00,000,000 or any chang e
of the law whatever IN relation to the re.
serve for United States notes. What the
law in that respect was before it still re-
mained.
Mr.. Call declared that If be had sup
posed that the effect OF the joint resolution
would be to dedicate this 100000, 900 aO-
solutely 70 that purpose he would have
voted against it.
The conference report was agreed TO
without division, and the Senate, rejecting
a motion to 20 into executive tesslOD, adj
iourned until tomorrow at II O'Clock.
The Pension Bill Corrected.
WASHINGTON, Aug. An the Senate
to-day message was received from the
President refusing, IN compliance with
the request of the Senate, tue bill grant