Lancaster daily intelligencer. [volume] (Lancaster, Pa.) 1864-1928, 1886-07-15
The Weekly Intelligencer
Gte fat,faster 1ntelli9enter.
LANCAsTER. JULY 10, 1856.
Reducing the Surplus.

hcOucIDk tue Surpluss
A very remarkable situation is presented
in the discussion and determination of the
surplus question by the House of Repre-
sentatives. That such question should
have been brought into the House at so
late day, and have been pressed so
vigorously to conclusion was only one of
the peculiar features of the case. The ad-
ministration of the treasury department,
and presumably the president himself, were
decidedly against Mr.. Morrison's PROPOSE
tion. In common with the heavy banking
interests of the East they feel apprehen-
sive for the results of such course they
believe it will weaken public conf
dence, derange business stability and
ensue in the payment of government OBJ
legations with silver that ought to be met
with gold and it is apprehended that the
national banks will be pressed hard by the
too rapid calls of bonds for redemption.
Mr.. Hewitt voiced the opposition to the
measure he was supported by Mr.. His
cock, of his own state of New York, the
Republican leader in the House and by
Mr. McRin,sy, of Ohio, who used the oc-
-o.ss6f to make all the party capital he
could, out of the division in the ranks of
the Democracy and the attitude of the
party in the House against its president.
This consideration did not seem to deter
the Democratic leaders in the House from
ranging themselves almost as body for
the proposition. Mr.. Randall vigorously
supported Mr.. Morrison and with the ex.
ception of Mr.. Hewitt, Mr.. Belmont and
Mr.. Findlay there were no conspicuous
Democrats in the opposition and Butter
worth, Reed and Hiscock, of the Republi-
can leadership, were able to rally compara-
lively few of their followers to their side.
Upon general principle, there seems to be
reason in the resolution, though it is a new
state of things for the House to interfere
SO directly in matters of executive admin
istration and department discretion and
If the bill should pass the Senate, and be
vetoed by the president, as is anticipated
novel political situation will ensue. II
the money is in the treasury far in excess
of the needs of safe reserve, and the gov
tions, it seems to be safe and simple busi-
ness proposition that the surplus be applied
to the redemption of the bonds. We have
never sympathized with the rapid extrac-
tion of the national debt, nor taken it
as sure sign of national prosperity. The
present generation has quite paid its share
OF this burden, and the requirements of the
sinking fund are all that are needed to be
met by solid financial system. Taxation
should be reduced to prevent the accumu-
latiOn OF surplus that requires its applica-
ton to such purposes. An ample reserve
for the payment of the greenbacks, for the
stability of our financial system and to
meet any sudden emergency arising from
shrinkage of receipts or increase of expen-
ses, is unquestionably the part of wisdom
but 1t is difficult to convince the public
mind that there is any just excuse for the
accumulation Of an enormous surplus in
the treasury vaults, simply. to have it there.
There is prevailing prejudice against
TINS and We do not wonder at the popular
ity OF the proposition in the popular branch
of the federal Congress.
Upon the other hand some of the argyll
ments adduced for the measure were ride
ulous; notably that OF Mr.. Morrison, that
the diffusion of this money would work
business relief and secure better times
There is nothing in his idea that the ex.
change of bonds by their holders for the
money in the treasury will promote its cir
culation among the people and unlock the
wheels of trade or set them going faster.
That is a slip-shod and superficial view. In
TACT the country has learned to take with
great discount the predictions of congress
sional alarmists upon financial questions.
1t was threatened when specie payment
was to be resumed that great business dis
tress would follow. 1t did not. The con.
tinuance of silver coinage was to result in
untold evils that have not come ; and if if
were stopped no such ills would result as
It's friends insist. The protective tariff is
charged with all manner of wrongs that
really do not attach to it, and all sorts of
benefits are claimed for it with which it has
no relation. To the delay of its revision
are ascribed consequences that do not be-
long 70 1t; and from radical revision of it
no such injuries would result as are con-
s'snsly toretoid. In fact, more and more,
~ nave come to see how little part legis-
iation really plays in affecting the material
ANA nscai interests Of the country and that
congressional flats neither make nor nm
make values. We doubt whether n ia ns
much real consequence whether the 60,
ernment has its cleo, 600 900 in one form ~.
another; except possibly to the people who
arc now getting three per cent. interest ON
their bonds and who will have to find
another investment when they are called.
2e Easily lind arsfnad