Western cyclone. [volume] (Nicodemus, Kan.) 1886-1887, 1886-08-12
CONGRESSIO MA /
SENATE.

In the senate July 18th, the consideration
of the house joint resolution to apply the
surplus in the treasury to the payment OF
the public debt was taken up. Mr.. Allison,
who had reported back the resolution from
the committee on finance, opened the de-
bate. He asserted his belief that by
the statutes of 1865 and 1882. there had
been a devotion or dedication of $780,
100000 to be held in the treasury for
the purpose of maintaining at par in coin all
the paper mOpey issued by the government.
The house joint resolution known as the
Morrison resolution, proposed in absolute
terms to set apart and devote 500, OOO, OOOfOr
the specific purpose of redeeming United
States notes and for no other purpose what
ever. If that Joint resolution should pass
without the dotting of an "I'' or the cross
ing of ''T'' it would stand in the pathway
of the secretary of the treasury IN managing
the current business. If the secretary
should undertake to use any portion
of that S100,000000 for current obligations,
it would violate distinct and clear provis-
ion of law Therefore it was that the COM
mittee on finance had thought it wise to re-
serve further working fund of $2O,OOO,OOO.
Mr. Plumb advocated the resolution as it
came from the house. He believed reserve
of $50,000,O00 amply sufficient. He was in
favor of taking away from the secretary OF
the treasury that discretion which he now
|
should be left with him. He was infavOr of
lettingthe people, who elect their represen-
tatives to ~ongress, say, from time to time,
what the interests of the country require.
| Adjourned.
In the senate July 30 the consideration of
| the house Joint resolution directing the
payment of the public debt was resumed.
| Mr.. Edmunds moved to amend the amend
ment to the Surplus" resolution by substl-
tuting the president for the secretary of the
treasury so that it will read: when in the
opinion of the president the public Interests
shall require ii, he may direct the secretary
of the treasury to suspend the further call,
ETC. Agreed to. Mr.. Plumb moved to
strike out the clause to give the president
the right, in case of emergency, to suspend
the call. The motion was relected-yeas y,
nays 81. Mr.. Ingalls, moved to strike out
all after the enacting clause and insert that
the secretary of the treasury shall. beginning
September 6, 1886, until thirty days after the
meeting of the second session of the forty
ninth congress, apply the surplus in excess
of f100,C00,CC0 in the treasury in sums not
| less than 100000 per month, TO the pay
ment of the interest bearing Indebtedness OF
| the United States payable at the option OF
the government. Rejected-yeas %, nays
IS. The joint resolution. as passed, Is as
follows: Be it enacted, ETC., That whenever
| the surplus or DAlaQCo III lne treasury. III
Guiding the amount held for the redemption
of United States notes, shall exceed the sum
of 800, 600. 900 it shall be, and Is hereby made
| the duty of the secretary of the treasury to
apply such excess in sums of not less than
| S10,000,C00 per month during the existence
of any such surplus on excess, 10 the pay
ment of the interest bearing Indebtedness OF
the United States, payable at the option OF
the gov eminent. The surplus or balance
herein referred to shall be the available sur
plus ascertained according to the form Of
statement of the United States treasurer OF
| the assets and liabilities of the treasury OF
the United States, employed on June 30
1886: provided, that no call shall be made
under the provisions of this resolution until
a sum eoaal to the call is in the treasury
over and above the reserve herein men
toned; and provided further, that the score
tary of the treasury, in his discretion, may
have in the treasury, over and above the
| foregoing sums, working balance not eX-
ceeding $20,G00,000, and whenever, IN the
case of any extraordinary emergency not
now existing, and when because thereoft L
the opinion of the president, the public IN
terests shall require it, he may by executive
order direct the secretary of the treasury &c
suspend the further call for the payment OF
such Indebtedness for such period of time
as shall be necessary to maintain the public
credit unimpaired, and that such suspension
and the reasons therefor shall be re-
ported to congress within ten day:
after the next meeting, or Immediately, Il