Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1886-02-24

the Government eosId veil afford the
oatlay rsqairsd 20 keep is finances in
the strongest possible coudi.iea. Aod
should certainly never approach r-cins
1here arder the iAg il nav b~corns
oeoessary 20 sell Cnise< States bonds
IA order TO preserve specie Payments.
>1ch contIns-ncy xoalo Res De sn
edityinR spectacle 81 a people whose
proud boat Is tha; within tSeRty years
from the close of a var. il hss pssd oS
more thar one half 20 shs pzblis debt.
and red1csd the burden n interest to
one third Of its original srnOa7t Ger
tasnly policy 50 hunilisiire would be
condemned by the peopis ~heu It's effect
becsme apparent.
TIE Creates; care must be taken not
20 interfere vito the a-Iioility Of the
currency, and the only flexible agency
rests Ia the Treasury: and the power
nos exercised By the Secretary TO make
calls for the redemption of the public
debt II Is a great question whether
such a power should ever be entrusted
to the Governmsut OF to the discretion
Of an Official. 10 other conservative
commercial countries 10 has been con-
ferred on intermediate agencies in d.
rect communication With the business
interests Of she people. We have no
such system, and bence the Treasury
hss been forced TO become q member Of
the New York clearing house, which Is
tue financial center of the exchange Of
the country. Ths treasury - thus
practically engaged in Q bank ng bust
ness, not only IN issuing currency, bot
IN adapting Its operations 10 the general
requirements OF trade. Dangerous So
t0Is System IS, 10 was the oatsrovth of
Necessity, and until sone other security
beside the bonded debt of the United
States IS devised for toe issue OF bank
currency, the power to come TO the re-
lief OF the money market in times Of
strIneency must rest With the Treas
urer.
Another consideration may be pre-
sented a. a fatal argument against any
reduction of the Treasury balance. IL
IL necessary at all times to keep $780,
100000 in coin for the redemption Of
she legal tender notes. The ability Of
spectators to reduce this balance BE-
low $l0o, 100000 by presenting demand
nstes for payment, - obvious, and I'm
less the expsdient OF replacing the
amount by the sale of bonds be re-
sorted to, the money market can be so
manipulated ~ to impair confidence
and bring about a general disaster, by
which operators for a fall would reap
an abundant profit as the expense of
the legitimate business of the country.
The undersigned being clearly of the
opinion that the proposed reduction
Will neither be economical so far as the
Government is concerned, nor advan-
taesous TO the interests of the country,
but IN fact extremely dangerous 10
times of recurring strinRencies in the
money market, recommend that il be
laid upon the table,"
The report is signed by Mr.. Hewitt.
Msssrs. Heed, Hisoeck, Brown and Nc
kinley, while agreeing with Mr.. Hewitt
tnat the resolution should not pass, diff
fer as to some of his argument and at
tach the following TO his report:
The undersigned desm that $780,
100000 at least are nseded as suitable
security fer the redemption Of legal
tender nstes, and think that securities
ought not to be impaired. They think
tnst snffisient working reserve for the
business of the Government ought to be
retained in the Treasury IN addition to
the legal tender redemption fund. The
DILL proposed by the committee in our
opinion ignores these conditions, and In
our Judgment will shake public conf
denoe in the stability of our currency in
suoh way that the saving of interest
which the bill will cause will be bat a
trifie compared with toe injury threst-
saed."
Applicants for Washington Territory
Onices.
Cabell Breckenridge, son of Gen
eral John Q. Breckenridge and a
brother of John W. Breckenridge
of California, and Clifton j. Brecksn-
ridge. member of Congress from ATksn.
sas, is the applicant for the position of
Surveyor General of Washington Ferry,
with heavy backing from different
parts of the country. He is from
Kentucky but has been residing in Texas
for several years. Col. 5. M. Tourney.
of Louisville, Ky, 10 also here and wants
to be Register of Deeds for Washington
Territory,