Los Angeles daily herald., 1886-02-16
NEWS OF THE WORLD.
Manning Pays His Re-
spects to the Senate.
HE OFFERS A LITTLE ADVICE
BANDS Silver Bill Fails in Com
mittee, but he will Present a
Minority Report.

Special 10 the Herald bu the hssoefdted Press.
WAsmSeroN. February l5.--The SEQ
rosary Of the Treasury to day sent Col
Morrison, Chairman Of the Conmitte,
on Ways and Means, communication il
reply TO letter from that COMMITTEES
asking his opinion on the proposed joint
resolution declaring the payment Of the
surplus in the Treasury in excess oil
500, 900, 900 on the public debt. In hii
reply the Secretary quotes the language
of the resolution which provides that
when the over surplus or balance in the
Treasury. including the amount held for
the redemption Of United States notes,
shall exceed the sum Of 500. coo. 900 II
shall be the duty of the Secretary Of
the Treasury to apply such ex-
cess, In sums Of not less than
SIC, 900, 900 per month during the
existence of such surplus 10 the pay.
ment Of the interest bearing indebted
ness Of the United States, payable at
the option Of the government and says:
s'The language Of this resolution is such
a. includes in the surplus or balance in
treasury the amount held for the re-
demrtion Of the United States notes.
This Is In no sense surplus but is set
apart and appropriated as minimum
security and reserve for the redemption
and payment of S346, ,6Sl ,0l6 Of United
States notes which have been issued,
both Of which are specifically
promised in the act OF March
is, 1853. (R.. s. $685. This reserve,
amounting to 500, ,O00, 600. should Of
course be held above all possibility Of
an encroachment like that which my
distinguished predecessor. Mr.. McCul-
lough, in his last annual report (page
32) recommended. deplore that the
resolution now before me requires that
there be at no time q surplus in the
treasury available for the general needs
Of the goyernmcnt to exceed SI00, ,000,-
900. and that when this sum is reached
1t should be immediately paid upon the
months experience in the conduct of the
department and forecasting as well a. l
am able the future requirements
Of the treasury as now defined
by the existing laws and a. they
may be affected by legislation
yet to come. and considering the course
Of future reports which are liable to in
fuence, from many causes, such as huc-
tuation of imports. prolonged depres-
sion Of trade and marketing Of more or
less of our agricultural products abroad.
cannot now foresae the state Of things
which viii make it prudent to limit the
surplus in the treasury to . sum ranging
from nothing to maximum Of $780,
900, 900. The legislation now before
Congress relating to pensions will, If
perfected, increase the demands upon
the treasury toan smeont which It is i'm
possible to estimate. and al
late decision Of the Supreme
Court subjects the government to
the repayment Of duties collected the
aggregate of which Is large, but Alto
gether indefinite. These things are
mentioned to remind the committee that
neither tbs calls upon the Treasury nor
the exact time that such demands must
be met can be precisely foreseen. It
would seem to follow ~ business pro.
position that II the government is to
maintain its credit In the sense Of being
prepared to meet all just demands
which are impossible OF ascertainment
in advance there should be reasonable
sum laid by and kept on hand for that
purpose. Respectfully yours,
DANIEL NAMING. Secretary.