The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1886-07-15
HOUSE

Bills we're passed increasing to $3.50
90 the limit Of cost OF the public build
incs at Galveston, and appropriating
10000 or a public building at Osh-
kosh, Wis.
The House then went into committee
Of the whole for the consiperat;on OF
the surplus resolution.
Mr.. MORRISON. of Illinois, offered the
following amendment:
The surplus Of the balance herein referred
% shall be the available surplus aScertained
according 70 the form Of the statement and
OF the United States Treasury, OF the assets
and liabilities OF the treasury Of the United
States employed June 80, 1856
Mr.. Hewitt, of New York, then took
the floor, in opposition to the resOlu-
ton. The resolution, he said, provided
that whenever the surplus exceeded
300 900. COO, calls for bonds should be
made. The result would be that if
there was $1Ol, 900, 600 surplus, a call
must be made and thus the reserve
would be reduced to $191. 900, 900. If the
gentleman from Illinois did not intend
- DO that, he had better modify the
language of the resolution, so as to pro-
Vide that when the surplus reached
$4,000 900 there should be call.
The gentleman from Illinois based
his advocacy of the resolution on the
saving of the interest, assuming that
S75, 600, 900 was the amount which would
have 10 be paid out. The saving in
interest would be about 81, go, 900. The
gentleman said il would release from
the treasury $4,000, 600 which would
20 into the channels of trade, give en-
10000 people. The gentleman was too
familiar with the principles which gov
srned business not 10 know that if the
set should impair public confidence,
he saving OF s.. 250, 900 would be 8
case Of saving st the spigOt and
Fas;lng at the bunghole. Instead of
giving employment 10 10000 men,
10000 men would be dismissed from
employment on the first day that the
public realized that unda- the action OF
this resolution the ST. ,lity of the
Treasury was impaireS, q. d its abilities
20 meet its obligations was under
mined. Such a consideration as the
saving Of 81, 80, 600 was trifiing in COM
2arisOn with the danger and disturb
ance which would result if the financial
transactions Of the government were
seriously impaired by the operations of
The resolution. The gentle an was
mistaken in supposing that the release
Of this money from the Treasury would
put a single man 70 work. There
Eas, to-day, idle in New York. more
man SIS 600 900 unemployed capital. II.
that capital cOuld be made profitable.
. would be employed. If this S75, 900, 0o0
came from the treasury. it would not
be given 70 men who were short OF
means. It would be paid 70 the bond
holders, who would simply pocket the
proceeds IN market already abound
ng With capital. and not
single human being would be en-
p.oyec by reason of the release
Il these bonds were held by individual
capitalists, the House would not hear
this complaint against the resolution.
lApplause) il was because il bore
upon the national banks 10 the extent
o. fly0.O0J,000. That he thought. was
The handspring Of the hostility 10 the
measure. He knew of no better Eay OF
maintaining the government credit
ana strengthening il than by paving its
lnterest-bringlug bonds Indebtedness.
mat was the way il had been done. He
1tl lotoblect 70 the reservation Of $780,
gyJi1JJ 70 secure greenback circulation.
me money was II the Treasury. and
al nat was asked was that the amount
should E paid out in liquidation of the
public Indebtedness. That was what
business men would do; that was what
cove nment had done. And why, he
ASKED. was there sII OF this scare ct this
-ules Why, when there was a sugges-
s1On OF the prOpriety of paving $50 000.-
~ OF $4,000 coo OF the public
usot L was there, this danger
esl and signal. There was nothing
70 Il Government could pay II with
= Than the amount of greenkacks
Eat there were to-day IN the treasury.
Olaer sources would put enough money
-, me treasury to handle another
tlvVl9,OOo OF gold just IS they
LAD handled the first $lO,O00.000.
ne did consider that the action OF the
cJmmlitee OF ways and means and the
eGnmitsce on rules was a declaration
var against the administration. II
- resolution should be adopted. how
sT ne should regard IL as q vote OF
-ohaoenoe in the policy of the sd-
L.1-istranon. The Democratic party
Bsyed IN honest money, and the
.se.laent OF the United States. when he
ted the nomination of bis party.
1uted himself squarely on the declara-
Nl OF the u1asforua Ha want