Savannah morning news. [volume] (Savannah) 1868-1887, 1886-02-16
NEED FOR THE MILLIONS.
MIR. MANNING OPPOSED TO DE.
PLETING THE VAULTS.

Drains Which Cannot be FOrstOId too
apt TO Occur to Make it Advisable to
create a Possibility of Penniless COf-
fers-Heavy Liabilities to be Met.
WASHINGTON, Feb. 15.-The Secretary
OF the Treasury to-day sent to Col
Morrison, Chairman of the Committee on
Ways and Means, a communication in
reply to letter from that committee, ask
ing his opinion on the proposed Joint
resolution directing the payment of the
surplus In the Treasury in excess OF
$lOO,OOO.000 on the public debt. In
his reply the Secretary quotes the lang
uage of the resolution which provides
that whenever the surplus or balance in
the Treasury, including the amount held
for the redemption of United States notes,
shall exceed the sum OF $100,000,00O It
shall be the duty of the Secretary of the
Treasury to apply such excess in sums OF
not less than $l0,000,000 per month during
the existence OF such surplus, TO the pay
ment of the interest-bearing Indebtedness
OF the United States payable at the option
OF the government. He then says;
TOO SWEEPING.
The language OF this resolution is such as to
include In the surplus or balance IN the
Treasury the amount held for the redemption
surplus, but ls set apart and Appropriated as
minimum security and reserve for the re-
aemptlon and payment OF SBad, ,6Sl ,0l0 OF y nlted
states notes which have been issued, both OF
which are specifically promised in the act OF
March lS, 1863 trevlsed statutes Sde8l. This
reserve, amounting to 100000, 900, should OF
course be held above all possibility OF an en-.
croachment like that which my distinguished
predecessor, Secretary hoCulooh, IN his last
annual report page ~, was constrained to
exhibit aud deplore.
EMPTIES THE CoFFERs.
The resolution now before me requires that
there should be at no time a surplus in the
Treasury available for the general needs OF
the government TO exceed $40, 0,U000e0. and that
when this sum is reached It should be imme-
diately paid upon the public debt. After
nearly u months experience IN the conduct
OF this department, and forecastinR as well
AS am able, the future requirements Of the
Treasury as now defined by existing laws,
abd AZ they may be Affected by legislation yet
TO CONF, and considering the course Of
future receipts, which are liable to
influence from many causes, sucn as fuctua-
tion of imports, prolonged depression OF trade
and the marketing Of more or less OF Our
agricultural products abroad, cannot now
foresee a state Of tbings which will make IL
prudent TO limit the Surplus reserve in the
Treasury to a sum ranging from nothing TO a
maximum OF SlO,000,o00.
HEAVY DRAINS AHEAD.
The legislation now before Congress re-
latng to pensions will, IL perfected. increase
the demands npon the Treasury to an amount
which 1t is impossible to exactly estimate, and
the late decision of the Supreme Court sub
jects the government 10 the repayment OF
duties collected, the aggregate OF which is
large but altogether indefinite. These things
are mentioned to remind the committee that
neither the calls upon the Treasury nor the
exact time that such demands must be met
can be precisely foreseen. It wonld seem to
follow as a business proposition that II the
government is TO maintain its credit in the
sense OF being prepared TO meet all just de-
mRnds which are impossible Of ascertainment
in advance, there should be q reasonable sum
laid by or kept on hand for that purpose.