New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-02-16
MANNING on THETREASURYSU YSURPLUS
OBJECTIONS TO A PROPOSED RESOLUTION
WHY HE THINKS 1T NOT PRUDENT TO LIMIT THE
AVAILABLE SURPLUS To 500, 900 600 OR LESS

WHY UF THINKS 1T NOT PRUDENT TO LIMIT THE
AVAILABLE SURPLUS To 500, 600 600 OR LESS.
WAsUINGToN, Feb. 15.-The Secretary of
the Treasury to-day sent to Colonel Morrison Chairman
of the Committee on Ways and Means communication
in reply TO letter that committee asking his opin
ion on proposed joint resolution directing the payment
OF the surplus Treasury In OF SlOo00OOOO
OH the public deOt In his reply tho Secretary quotes
the language OF the resolution which provides that
whenever the surplus balance in the Treasury
including the amount held for redemption OF
United states notes. shall exceed tho OF
500 900 900 it shall be the duty Of Secretary
OF the treasury apply such In sums Of not less
such surpns 10 the payment OF the lnterestbcarng
debtedness Of tie United States, payable at The option
OF the Government, and says:
The language this resolution is such to include In
the surplus or balance In the Treasury the amount
held for redemption OF United states notes. I'M,
IL surplus, but Is set apart ana
appropriated, minimum security and reserve Tor
the redemption ANA payment oi T3ioo5Iol oI ,e
Unit cd notes which have been Issued both OF
which are specifically promised Id ne act Oh aIen
1869 (R = 5000. Ihis reserve, amounting W
l00000000 should. OF course, be held ab0se Az pos
sbility OF encroachment like that which my dlstn,
gushed predecessor. Mr. McCulloch, in his last annual
port page 32 constrained to exhibit ana dcpOre
The resolution now before me requires that t%here mere
should he at no time a surplus in the Treasury available
for tho general needs OF the Government 20 exceed
OOOO 0OO and that when this sum Is reached IL should
lie Immediately paid up on the pnblic deDt Ai~r
nearly twelve months experience in the conduct
am able future requirements OF the Treasury, as now
defined by existing laws and as they may be anected ny
legislation to como; and considering the course OF
receipts, which arc liable 10 influence IRON many
causes-such az the huctuatOn OF imports, The pro-
longed depression OF trade and the marketing or more
or less OF our agricultural products abroad
| cannot fOrcsee state or thlhgs
which will make it prudent 20 limit the surplus reserve
in the Treasury TO sum ransng from nothing TO T..
maXium OF %IOOOOOuO. Ths legislation now before
Congress relating pensions WILL II perfected, Increase
the demand, upon the Treasury to an amount Whcn u
impossible TO exactly estimate, and late decision
OF the supreme Court subjects the Government to
the REPAYMENT OF duties collected. the aggregate OF
which large but altogether indefinite These things
mentioned to remind the committee that neither he
calls upon the Treasury nor the exact time that such
demands must be let can be precisely fOresecn.
Ii would seem to follow, - business proposition
that If the Government IL 10 maintain Its credit IN the
sense OF being prepared TO meet all Just demands when
are impossible OF ascertainmcut I'm advance, there
should hc a reasonable Laid by OF kept on hand Tor
that purpose.