Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1886-07-16
The Surplus.

lut EtsOIutiOu Oi MI. MOEriSou III Ic-
gard to the surplus in the Treasury. max.
ing it obligatory upon the Secretary of the
Treasury to employ any excess above
800, 900. 900 in paying off the public
debt, though it has passed the House will
be thoroughly examined and discussed
when it comes up for passage in the Sen.
ate
MIR. Morrison, who introduced the meas
ure, effectually disposed of the campaign
falsehood of 1884 that the surplus amounted
to s4OO. 900. 900. When Mr.. Dingley asked
him what had become of that "S400, 000.-
900 surplus, Mr.. Morrison replied: THAT
is an insincere question, and the gentle
man knows it, Mr. Reed at once said !:
"Oh we understand. That was surplus for
campaign purposes only" Mr.. Reeds
remark placed the matter exactly in its
true light and Mr.. Morrison had nothing
more to say upon that point.
The surplus now, according to Mr..
Morrison, is about 100000 900. being
$3.50, 100000, after year and half OF
democratic rule, below What it was said
to be by the democrats in the campaign
OF 1884. A wonderful shrinkage truly if
the campaign estimate of the democrats
was correct, affordIng the best OF reasons
why an inquiry should be made as to
what has become OF the $400, 000,000
But there are other questions connected
with Mr.. Morrison's resolution than the
amount OF the surplus. Previous to this
the amount of the surplus has been left dis
cretionary with the Secretary of the Treas
ury. He could reduce it at any time he
C )nsidered it advisable to do so by ap-
plying such port IN as he chose to paying
off the debt. 1t was discretionary with
him what sum he should keep in the
Treasury. This trust was never abused.
Now the Morrison resolution establishes
a rigid rule. The surplus over certain
amount must be paid out, no matter what
exigency may arise unfavorable to such a
course.
1t is contended by some of the soundest
and best financiers that the effect of Mr..
Morrison's resolution will be to force
holders of the public debt to accept silver
in payment for bonds, thus repudiatiDg
the obligation of the government, as they
understand it. to its creditors. Against
such a possibility as this there will be the
strongest opposition. 1t has already
cropped out in the democratic ranks in
the speech of Mr.. Hewitt of New York.
Should it pass the Senate the President
will be obliged to veto it or break every
promise which he has made and upon
which he was elected in regard to the
preservation of the public credit.
Mr.. Hiscock of New York said this was
an attempt on the part of the leaders of
the House, to force the payment of the
National debt and obligation in silver-to
force the government in its financial tran
actions to the silver basis, which the Ad-
ministration earnestly and determinedly
resisted. There was no compromise, nor
could there be one between the opposing
forces upon this great question. This was
declaration that United States bonds
should be paid in silver dollars and
the world would so understand It, 1t was
practically impossible to execute the
,a,, hn all
dollars. all of them possibly because all
the surplus was in silver. He did not
hesitate to say that it was reputation
1t was violation of the spirit of the law
to pay the bonds in silver. At the time
when they were issued the only coin known
in the country was gold. Gold had beer
exacted for the bond and the agents of the
government had pledged the payment OF
gold in return. 1t was now proposed to
force a cheapened coin upon unwilling
creditors. The resolution was unpatriotic
and an act of reputation. and ii was
pressed as it seemed to him from single
desire to repudiate without any benefit &c
follow either to the government or the
people.
When the resolution reaches the Senate
the contest upon it will begin in earnest
Mr. BOutelle's Letter to Secretary
BHyard.
The following is the full text of the letter
of Representative Boutelle to the Secretary
of State:
Sir IL have received your letter of the
10th inst, in reply to my telegram from the
House calling your attention to the arbitrary
proceedings of the dominion cruiser Middle.
ton In driving American citizens. with their
N. B., where they were prosecuting a law flu
commerce in the purchase of herring from
| the Canadian weir fishermen for canning pur
poses, and announcing that no American
boats will be permitted to purchase in thai
port for any purpose, to which violation OF
| commercial rights earnestly invoked the i'm.
mediate attention of the State Department.
| am pleased to learn by your letter that in
response to the representations made BY me
same date, drew the attention Of the British
| Minister to the alleged threats of such inter
ference hv Dominion officials with the pur.
| chase of herring for American sardine
| factories, and that you were in hopes that
further interference with recognized aud
| legitimate trade between British subjects in