Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-08-05

dali, and Buttsrworsh vsrs appointed
conferrees.
Mr.. Morrison called up the confer.
once report on the surplus joint rsso-
luton. Mr.. Morrison thought tho reso-
luton Is II passed the House had
been . wise and conservative measure
Of public interest. Thseesolution -
agreed upon by the committee OF con-
ference Was, Il seemed to him, not 80
good . measure yet, in the present
condition Of the Treasury and the bond.
I'd debt, 1t would accomplish all that
would have been done under the reso-
luton as it passed the House.
The resolution made provision FOR Che
call Of such bonds ss were subject 10 .
call. There were sl32,000,0o0 3.per'
cent. bonds remaining uncalled. ~
the 10000, 900 calls they would all be
taken up in thirteen months, and the
resolution would have executed itself.
There would be no public debt until
1891 to which it could apply. In those
thirteen months s50,C00,000 OF the
sI32,O0O, 900 would be taken up by the
sinking fund. In those thirteen months
the surplus receipts Of the Government
would exceed s30,000,000; 80 that
only $50, 600, 900 Of the present sur
plus fund would be required to be
taken out Of the Treasury in the tbir-
teen months to extinguish the debt.
Consequently, at the end of thirteen
months all the debt that could DO paid
would have been paid, and there would
still be s30,000,000 surplus in the
Treasury; therefore the effect would
DO the same whether the resolution
was passed with the 500, 000, 900 amend
ineDt or not. Another amendment sub.
stituted the Secretary Of the Treasury
for the President in the exercise
OF discretion in regard to post
poniDg calls, because the Treasury
Department was one department which
was required TO do what the two
branches of Congress directed it to do.
lie would not have left so large discre-
ton in the hands Of the Secretary; but
the discretion WAS only to be exercised
in an extraordinary emergency. lie
confessed that he did not know, and
had not met any one who did know,
Just what would amount to such an ex-
traordinsry emergency. If the United
States had a cut-throat with Mexico or
a fishery war in Canada, and this money
was paid ont, it would not be q surplus
in the Treasury; but the Senate had
assumed there might be contingency
in which it might be necessary to post
pone call.
Mr.. Weaver, Of Iowa, agreed that The
original House resolution was wise
and conservative measure, but the con-
ference report lacked in wisdom what
be supposed it made up in conserva-
tism. There was nothing on the earth
left Of the original resolution but an
accfetion Of power to the Treasury De-
psrtment. Nothing could be gained By
the passage Of the resolution as nov
reported. 1t was o complete k-down
ard abnegation on the part of the
House, and an insult to public senti-
ment, which had compelled the passage
of The original resolution by magniii'
cent two-thirds vote.
The report was then adopted-yeas,
100; nays, GO.
Mr.. Belmont, Of Now York (from
the Committee on Foreign Affairs, re.
ported the Cutting resolutions, which
were published this morning, and re-
ceived unanimous consent to have them
Immediately considered.
Tho remainder Of the day was con-
sumed discussing the resolutions, pend
irg which Mr.. Morrison moved that the
House take recess until 10 O'Clock to-
morrow; and the hour Of 5 O'Clock
having arrived, the House adjourned