Butte semi-weekly miner. [volume] (Butte, Mont.) 1886-1890, 1886-07-17
House.

In the House bills were passed Increasing
to $3.50, 900 the limit of the cost of the
public building at Galveston and appro
priating 100000 for a public building at
Oshkosh. The House then went into Com
mittee of the Whole for the consideration
OF the Surplus Resolution. Mr. Morrison,
OF Illinois, offered the following amendment:
THE surplus OF balance herein referred to
shall be the available surplus ascertained
according to the statement of the United
States Treasurer of the assets and liabili.
ties of the Treasury OF the United States
employed June so, 1885," Mr.. Hewett,
OF New York, then took the floor in opposi.
tion to the resolution. The resolution, he
said, provided that whenever the surplus
exceed $1OO,OOO,OOO calls for bonds
should be made. The result would
be that if there was $1O1 100000
surplus a call must be made and
$91 100000. If the gentleman from Illi-
nois did not intend to do that he had bet
ter modify the language OF the resolution
SO as to provide that when the surplus
reached $4,000, 900 there should be a
call. The gentleman from Illinois based
his advocacy OF the resolution on the saw
ing OF interest. Assuming that SIG, 900, 900
WAS the amount which would have to be
paid out, the savingt in interest would be
about $2,25O,OOO. The gentleman said it
would release from the Treasury $780,
600, 900, which would 60 into the channels
OF trade, give employment to 100, 900 men
and support $4,000. The gentleman was
too familiar with the principles which gov
erned business not to know that if
the act should impair public conf
dence the. saving of 81, ,250, 900
would be case of saving at the spigot and
wasting at the bung hole. Instead Of CIV
ing employment to, 1OO. 900, men would be
dismissed from employment on the first
day that the public realized that under the
action OF this resolution the stability of
the Treasury wes impaired and its abilities
to meet it's obligations was undermined.
Such consideration as the saving OF mil
lions was trifing in comparison with the
danger ard disturbance which would result
if the financial transactions OF the Govern
ment were seriously impaired by the oper-
ations of the resolution. The gentleman
was mistaken in supposing that the release
of this money from the Treasury would
put q single man to work. There was to-
day idle in New York more than $75,OOO,-
900 capital. If that capital could bring
profit it would be employed. II this $751;
OVO,VVO ChLuC lIOu luV 41CdSuTy ~ wOulu
not be given to men who are short OF
means, it would be paid to bond holders
who would simply pocket the proceeds in a
market already abounding with capital
and not single human being would be en-
plOyed by reason of the release.
If these bonds were held by individuals
capital would not hear of this complaint
against the resolution (applause). 1t was
because it bore upon the National Banks
to the extent of $1,000, 900 of the per
cents. That he thought was the main
spring of hostility to the measure. He
knew OF no better way Of maintaining the
government credit and strengthening it
than by paying it's interest bearing bonds.
He did nor object to the reservation OF
500, 900, 900 to secure the greenback cir
culation. The money was in the Treasury
and all that was asked was that certain
amounts should be paid out in liquidation
Of the public Indebtedness. That was what
business men would do; that was
what the Government had done, and
why he asked was there all of this scare
at this time. Why when there was
a suggestion OF the propriety of
paying $5O,OOO,OOO or $75.OOO,OOO OF
the public debt. There was nothing IN it.
The Government could pay it with less
than the amount OF greenbacks than there
we're to-day in the Treasury. Hefelt assured
that in the next thirty days, after the first
payment, the receipts from customs and
other sources would put enough money in
The Treasury to handle another $1O,-
OOO, 900 of gold just as they had handled
the first S1O,OO0,OOO. Mr.. Payson, OF
Illinois, said there was in the United States
Treasury balance of $7O,OOO,OOO for
which there was confessedly no use to-day.
Every dollar OF it represented the acqusi-
tion of the toll and labor OF the country.
Standing against it was the debt subject
10 interest that might pay and yet because
We were fearful OF what might perhaps come
about if portion of this money
8 used. The house was asked to simply
stand still and burn the candle at both
,nd.. Mr.. Breckenridge, OF Kentucky, ex-
pressed the opinion that the Government
lad the option of paying bonds in gold or
silver. All that would be necessary il the
oint resolution should be passed would be
20 change the security OF the National
Banks. OF course there would be some
OF currency. How much. he
lid not know. He believed that gold and
silver should be kept together if possible.
Silver should not be driven out as one OF
10 part in his desire that the joint resolu-
Jon should be enacted into a law, because
t was not true that single dollar OF silver
would be erequired to carry its provision into
Effect. This Government had no power
20 hold any more money than was required
20 meet it's obligations. Let Congress pay
his debt. Let it separate the question OF
taxation from the National debt. Let it
,ry to get rid OF all arguments that grow
,ut Of the public debt, so that taxes may
De redu led to point where they would
meet only the expenses OF the Government,
md strive to defend the country from the
INVASION of a foreign foe forever.
The general debate then closed and five
minute debate began and ran without in
,erest for half an hour. The amendment
offered by Mr.. Morrison this morning was
adopted without division. An amend
nent offered by Mr.. Mckinter yesterday
was rejected, 1O4 to 1872. A number OF
,ther amendments were offered and re-
ected. The joint resolution was then
passed by 1O7 to 81,
The Joint resolution now goes to the
Senate. Adjourned.
All Quiet At Frisco.
SAN Francisco, July 14.-There is no in
tention of the telegraph operators here 60
inc out ON strike. Nothing is known OF
nv such movement. All the men here, as
~ "a known, seem perfectly contented.