Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1886-07-22

Ii Is rumored in Washington that il
the surplus resolution should become
a law the President will call on Mr..
Morrison to become Secretary of the
Treasury. The ground assigned for
this Is that the measure having been
passed by very large majority of Con-
gress, 1t is only proper that its execu-
ton should be intrusted to the party
who is responsible for its introduction.
This is so closely in accordance with
the principle which governs in the con-
duct OF private business that the idea is
a plausible one, but we do not believe
it is seriously advanced
1t is probably meant to intimidate
Morrison by threatening to impose upon
him personal responsibility for the
results of his measure. Col Morrison
will not easily be frightened, and if the
President does not wish to have the
Wall Street money-shark policy discon-
tinued he would better not tempt Col.
Morrison with so flattering an invita-
tiop.
Of course if Morrison by some I'M
expected good luck were to become
Secretary of the Treasury we might OK
pect to see the Democratic policy as an
nounced during the Presidential canvass
fully carried out. The action of Con-
gress would be accepted as a deserved
rebuke of the temporizing policy of the
Administration up to date and a de-
mand by the people that the pledges of
two years ago be redeemed. The sell
fish interests of Wall Street would no
longer be allowed to rule paramount.
Not only would the extra load in the
Treasury be applied to its legitimate
use of lessening the burden of the Ma
tional debt, but the act would remove a
strong temptation to lavish expenditure
for jobs. 1t is too early to Judge how
the measure would be construed in re-
gard to the silver question, but not inn
probable that the fears of the gold bugs
would prove to be unfounded. If only
the S75. 100000 which appeared as sur
plus in the last statement, after deduct
ing the small coin in the Treasury, be
treated as available, the worst conse-
guence would be lessening of the cir
culation of National-bank notes by a
part of that amount, which would be
more than made up by the additional
specie put into The hands OF the people.
The total addition to the amount of
money in circulation, may be roughly
estimated to be about per cent, which
is not sufficiently large to seriously de-
range the current of business, and if it
did would affect it in the right way.
According TO the best estimates we
have seen the total surplus available for
reduction of the public debt is in round
numbers S75 ,000,000 of which S57, O00,-
900 is in gold coin and $1S,000.0 in
silver coin. If the gold coin should
first be paid out at the rate of S10,-
900, 900 per month for the redemption
of bonds it would not be exhausted in
much less than six months, even if
there were no addition made to the gold
surplus during that period. But it is
not reasonable TO believe that there
would be no flow of gold into the Treas
ury. Before the present excess of gold
over the fictitious redemption" fund
of 800, 100000 had been paid out
enough new gold would come IN to pro-
vide for the continuance of the paw
ments during the fiscal year.
We believe the Morrison resolution is
fiscally sound. 1t ought to pass the
Senate and if the Wall Street Admins
tration vetoes it, it ought to be passed
over the veto. Even if it should result
in forcing S1S.000,0 900 of silver out of
the Treasury, or in the substitution of
that amount of silver for an equal
amount of gold now held in the ficti-
tious fund for the redemption of green
backs. the resolution would be of sub
stantial benefit TO the country Chicago
Tribune