The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1886-12-21
HEWTTT'S BANK Bill
GENERALLY NDORsED AsASAPE
MEASURE.
Gen, Sherman on the Finding Of
Gold-PeculIar Communications
to congressman.

to congressman.
IuxauLIR eoRRIsroNDISoH OF THE APPEAL.
OyroK or THE MEMPHIS APPEAL,
No. 1906, + STREET, WARRINGTON,
December 18.-Oongresemen occa-
sionally receive come very peculiar
communications Not the least funny
was one which reached Representative
Ballentine, Of Tennessee, few days
AGO from one OF his constituents. The
letter set forth the iDipecunious con-
dition OF the sender through untoward
circumstances, and wound up with
the cool request that Mr.. Ballentine
should introduce bill to get Congress
to appropriate $500 for the purpose
of relieving the pressing necessities OF
the writer. No reason was assigned
why Congress should be thus gener-
GUS, bat the applicant evidently ls-
bored under the impression that the
National Legislature, being in guam
Diary ss to what to do with the few
hundred odd millions in the Treasury,
would be glad OF the opportunity Of
thus easily getting rid OF q
small portion oil the surplus,
and at the same time do
kind act. Mr. Ballentine wrote TO his
correspondent to inform him OF his
inability to assist him in the manner
suggested; aud was surprised to re-
ceive q second letter expressing the
sorrow Of the writer at the Btinginess
OF Congress In not being willing to
give the small sum asked and request
ing him 10 furnish the $500 himself.
Mr.. Ballentine has not SO yet, be-
lieye, brought himself to see the
necessity OF thus expanding a quarter
Of his yearly salary, and / have 1t on
reliable authority that he 10 not lying
awake Of nights considering the un-
blushing request.
REPRESENTATIVES, JONES,
oil Alabama, had rather peculiar ex-
perience also. Last fession he sent
to one OF his constituents large gov
eminent publication containing many
pages. The recipient Of this gift was
highly delighted, and placed the book
In a prominent position In the beet
room OF the house. When callers ar
rived no would take them to sea
this book and remarked: Gust see
what deal our Congressman
thinks OF me. He sent me this
large book as q token OF friendship
and appreciation OF what have done
for him." The awe struck visitore
would look at the precious volume
and, remarking it's sizs, would 20 away
with the impression that It's owner
was indeed considered a great man by
the member Of Congress who had 80
magniHciently remembered him. One
man in the village was, however, quite
Jealous at the distinction which the
other had gained, and as soon as Rep
resentative Jones was back in Wash
inRton this SESSION, sent him letter
recalling the incident to his mind, and
concluding: Now, don't want this
man TO imagine that you think 80
much more Of him than you do OF me,
and want you TO send me the biggest
book You can fipd and then can crow
over him." Mr.. Jones accordingly
sent round to all the departments and
at lRet discovered an immense publica-
ton, Of antique date, numbering many
pages and measuring several feet In
length hndibreadth, and sent IL to his
constituent, who is now, no doubt, the
biggest man In the village.
HRwTTT's BILL.
Mr. Hewitt on last Saturday intro.
duoe1 an ingenious financial PROPOSE
ton In the House, which provides q
means OF reducing the surplus In the
Treasury and Gives security Tor nation
al bank circulation in order to prevent
the contraction af the currency. 1.-THE
bill Is the result OF long and careful
study" says Mr.. Hewitt in explsna-
ton Of the measure. at is not a
hastily conceived plan. Its purpose
Is, hrst, to provide an outlet for the
Accumulating surplus in the Treasury
II the revenues of the government are
not reduced. II Is the part OF states
men, think, when there is, as now.
30 much division and uncertainty, to
provide against the contingency OF the
failure of legislation. II the revenues
are not reduced the surplus will con-
tinue to pile mp in the Treasury.
To correct this the bill author
iEee the Secretary TO uBa this sur
plus to prepay the interest ON the
government bonds in excess OF per
cent, reducing the interest Of all the
bonds to per cent. 1t is a mere bus
mess proposition. II business house
has out interest bearing securities and
wants to pay of all the interest ct
once IL arTsnges with iis creditors for a
discount. Now, | want to apply the
same business principles TO the govern
ment. ny paying at once the govern
ment will make the interest ON the in
terest, computed at 8 per cent. The
taxpayers will be relieved lust this
much, and the interest ON the public
deDt Will be reduced 3 per cent. The
TACT that the interest above this
amount has been paid will be stamped
across the face of the bonds, or II they
are coupons they shall be cut off and
coupons OF the lower rate substituted.
NOW, rs q second proposition, these
bonds may be deposited in the Treas.
nry TO secure national bank circula-
ton. The banks can buy these
bonds la the market to replace
the per cents that have been
called. Their interest being reduced
wan hNN HUUn
premium as they now do, 1t is
probable that three per cents having
ten years TO run would command a
small premium. To overcome this ]
propose to allow the national banks to
Issue par upon these bonds. This,
think, will about mske up the differ
ence OF the premiums. Nov, II may
only, properly be asked, "suppose the
Dondholders refuse 10 accept the pre-
payment Of the interest ~ This is
provided against In the bill by the
proposition that the Secretary Of the
Treasury deposit the surplus in banks
upon security OF an equal amount of
the bonded or other Indebtedness.
think 1t will be- found that the bill
meets oil the requirements Of the case.
AZ VIII prevent the contraction OF the
currency, and put the surplus into cir
cniation among the people. The bill
Is intended as an exnadiant n Iha