The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1886-07-14

additional $50 for each person en-
ployed in making eigars, the amount
Of the bond to be given by any manu-
facturers Of cigars.
The House then went into the Com
mittee OF the Whole, Mr.. Crisp [Ga ],
in the chair, on the joint resolution
directing payment Of the surplus in
the Treasury on the public debt.
The following is the text OF the res
olutions: "That whenever the surplus
or balance in the Treasury, including
the amount had for redemption Of
United States notes. shall exceed the
sum OF 500, 900, 900, il shall be and is
h sreby made the duty OF the S cretsry
fthe Treasury to apply such excess
in sums not less than 100000 per
month during the existerc CO OF such
surplus or excess, to the payment OF
the interest bearing indebtedness OF
the United States, payable at the OPP
ton OF the government"
Mr.. Morrison sa d counting the re-
serve at 800, 10000 there was still a
surplus in the Treasury Of 100000
900. OF this amount $28,000,000 was
unavailable, being made up Of frsc
tionsl coin. So that all this money
that would be reached under the reso-
luton would be about $70,000,000. 1t
would make productive that which
was now unproductive, and unless it
would do something toward making
money little cheaper, it would fave
the government something in inter.
est, and more than that, il would take
away fome Of that temptation which
led men TO vote large appropriations
and make improvident expenditures.
He criticised the report OF the mi
nority, snd denied the statement
therein made, that the effect OF the
resolution would be ID shake public
confidence. Mr.. Morrison admitted
that he Conld conceive that it might
he that FIR a very eboit time the $780,
100000 might possibly be trenchtd
upon. Suppose a call was ma lie today
when there WIS fll00J0,0(0 in the
Treasury, aud tom rrow The 100000
0U0 of receipts WAS not enough to
meet tomCr owls obligations the $780,
600 600 redemption fund might have
to be henched upon only to very
small amount and for a very short
time. He argued that Sl00,0C0,0O0
was sufficient redemption iuCd, and
pointed out the fact that only SlO,-
0O0000 was held in the Treasury TO
enable the government to redeem
national bank notes in case Of failure
Of the banks; and, ia concluailD, he
denied that the purpose or the effect
Of the resolu ion was 10 place the
country on a oliver basis.
Mr.. Hisc)Ck N. Y. offered an
Hm niment provid ng that nothing 10
the resolution shall authorize the re-
duction r pas ment of any part of the
Fl % Geo 600 reserve sat apr for the
taynNutoi Uniied States notes or the
inte ct b;arlng indebtedness of the
United States He thgn pr-c eied 10
submit an Argument in opposition 70
he resolution, declaring that it had
b sen rough before the House by the
action Of a Democratic Speaker, a
chairman Of the WAYS
and Means Committee and q Demo.
era ic chairman OF the Appropriation
NbAAilAb w fs VI. ~ Nllu lilANb Nllll llttlE
Ir1le.t of Democratic administration.
Mr.. McMillin [renn.l favored the
resolution, and SAID that ttdsy there
were hundreds Of thousands of men
out Of employment, tho wheels OF in
dustry had stopped, man were striking
and clamoring for higher wagss, and
yet the government YVES paying inte,-
eet on a debt when there was money
in the Treasury to ray the principal
MIR Mckinley, [Ohlol offer d as an
the following proviso:
ThFt the sum Of 800 100000 herein
excepted aud reserved, which amount
was purchased by the sue Of hobds o
the extent Of SO 100000 ard tho b j.
anco by reservation from the revenue,
under authority of the set of January
II, 1879, entitled an act 10 prov do FOR
Iheresumpion OF specie pay ments,
5tal be maintained as provided by said |
act and set apart for thepurpose OF re-
ieeming legal tender notes of the |
United rtates when presented for pay
ment and 50 d fund shall not be- used |
Tor any other purpose.
Mr.. Warner, Iowa offered an
amendment reducing the greenback |
reserve to S50.000,000.
Pending further discussion the COM
nittee rose and the House adjourned.