The Republican. [volume] (Oakland, Md.) 1877-current, 1886-07-24

the treasury, 'ueIiVeTeu III tne House
of Representatives last Wednesday, is
at hand. A few extracts will more
thar repay the reading. After Mr..
Findlay had stated his objection to
the bill, he said: "What this House
ought to do is to reduce revenues. or.
better still. use the revenues of the
country for the purpose of strength
ening its position. Whatever surplus
can be safely spared should be appli-
ed to building up the navy and erect
ing new and strengthening old coast
defences. But if the House refuses
to enter upon this policy, then surely
it is wiser to stop the money coming
into the Treasury in other words,
leaving it in the peoples pockets,
than it is to be forced to invent the
means by which the surplus can be
got rid of. The debt redeemable at
the pleasure of the government is
about Sl44 .0D0,0 900, not taking into &C.
count outstanding calls. When this
sum is used up there will be no debt
to redeem until 1891, when the four
and "a halls will be Reasonable,
amounting to S200,000,000. round
numbers. Between September J., 1891
and 1907, when the tours fall due,
there will be none of the public debt
proper subject to redemption. Ought
we not now to determine upon some
fiscal policy by which the finances of
the country are to be managed, in
stead of resOrting to nitbling eXpe-
dient like this, which promises only
annoyance and vexation to the man.
agement of the Treasury, withoutany
corresponding relief to the people :?
1t is said, / know, that these millions
to be set fir, e from the Treasury are
to flow in an irrigating stream along
the arid plains of industry and COM
merce, and make them blossom again
as the rose.
"But who are the principal holders
of the bonds =" The banks, undOubt-
eddy. And if they were not. this de-
mand for their immediate redemp-
ton would not be so noisy. 1t is no.
torious that the banks now are load
ed up with idle money, and the only
effect, therefore, of this resolution
will be to increase the stock. Instead
of more money getting into circula-
tiCn by this means, you will only
add few more millions to the idle
sums now held by the banks in
other words, you will only change
of rest and stagnation of this fund
from the Treasury, where il serves a
useful purpose, to the banks, where
it will not only be idle, but function
less.
sit is great mistake, I think, to
suppose that specie reserve is USE
less simply because it happens to be
in state of rest instead of motion or
circulation. The idea underlying
this fallacy is the basis of all the pro.
jects for paper currencies which have
afflicted mankind. / will
never give my consent to any finan
csai theory which ignores fair specie
reserve as an absolutely essential to
the credit of paper currency, and as
l regard this resolution as step in
that direction it follows that the
measure cannot receive my vote.
"But, as have before intimated,
now is the time for settling the terms
OF some broad, comprehensive and
permanent fiscal policy, if for no
other reason, to get rid of these little
teasing expedients, which if they
were purely harmless accomplish
nothing. A farmer with bottom,
but fertile piece of ground, when he
wishes to reclaim it from the waters
that settle there, finds it more practi-
cal and economical to stop the flow
than to be all the time engaged in
draining the accumulations off, A
ship-owner with a leaky vessel finds
it much more sensible to stop up the
leaks than to expend his energies in
pumping the water out of the hold.
So, here, the United States ought to
stop the surplus getting into the
Treasury instead of resOrting to doubt
full expedients to get it out. Sooner
or later il will be forced to adopt this
policy. IF the present ratio of ex-
penditures and receipts is maintain
ed after 1891, the surplus will be
maintained. and there will be no debt
to which it can he applied. There is
said to be surplus of S76 goo 900 over
and above the specie reserve of $780,
600, 900, which, in my opinion. it IL a
misnOmer to call surplus"
Mr.. Findlay defended his resolution
for the repeal of the tobacco tax.
1.-The policy" he said, (which re-.
fuses to remove one tax because it
cannot get rid OF another, and at a
time, too. when it has been twice
dann ofrofo1 in tho loot fuyO vauro