The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1886-07-15
FORTY.NINTH CONGRESS-.
THE TREASURY SURPLUS RES0-
LUTON PASSED BY THE
House by the Decisive Vote Of 2O9 to
65-The River and Har.
Dor Bill.

limit OF cost Of the public building at
Galveston aud appropIisting 100000
for a public building at Oshkosh, WIS.
The House then went into Commit
tee # the Whole for this consideration
OF the surplus resolution.
Mr.. Morrison I'LL. offered the fol-
lowing amendment: The surplus or
balance herein referred to shall be the
available surplus, ascer;ained accord
ing to the form OF the statement of the
United States Treasurer, OF the assets
and liabilities OF the Treasury of the
United States employed June 80, 1886"
Mr.. Hewitt New York then took
the floor in opposition to the res lu-
ton. The resolutio he said, pro-
vided that wherever ae surplus ex-
ceeded Sl0O,0O0,O00 calls for bonds
should be made. The result would be
that if there was Sl01 100000 surplus,
a call must be made and thus the re-
serve would be reduced 10 $9l 900 900.
Ii the gentleman from Illinois did not
intend 10 do that, he had better modi-
fly the language of the resolution 80
as to provide that when the surplus
reached S1l0,000,000 there should be
a call. The gentleman from Illinois
based his advocacy of the resolution
on the saving of interest. Assum-
ing that $75,000,000 was the amount
which would have to BIZ paid
out, the saving in interest would
be about 80 250U00 The gentleman
said it wou d release from the
Treasury SlUO,000,000, which would
90 into the clsnnels of trade, give
employment to 100000 mel and sup
port 100000 people. Toe gentleman
was too familiar with the principles
which governed business not to know
that il this act should impair public
confidence the saving OF S2,250,O00
would be a csse OF saving at the spigot
and wasting it at the bun9hole. In
stead of giving employment to 100000
men 100000 men would be dismis sed
from employment on the very first day
that the public realized that under the
action OF this 7; s1lution the stability
of the Treasury was impaired and its
ability to meet its obligations was
undermined. Such consideration as
the saving of $2,250,000 was tri-
fling in comparison with the
danger and dis urbance which
would result if the financial
transactions CT the government were
seriously impaired by the operations
of the reso ution. The gentlemen
were mistaken in supposlng that
the relesss of the money from the
Treasury would put a single man to
work. There was today idle ia New
Yo,k more than S75,000,000 unem-
ployed capital. If that capital could
be made profitable it won be en-
ployed. If this SIS, 900 600 came from
the Treasury it would not be given TO
men who we're short of means. 1t
would be paid 10 the bond holders
who would simply pocket the proceeds
GA market already Astounding with
capital, and not a single human being
wou d be employed by reason of the
release. He old not consider that the
action OF the Committee on Ways and
Means and the Committee on Rules was
a declaration OF war against the ad-
minis ration. 1.-THE resolution should
be adopted, however, he should
regard it as vots OF
WANT Vi COuuucuCo III Luc
policy OF the administration. The
Democratic party believed in honest
money, and the President OF the
United States, when he accepted the
nomination of his party, planted him
eelf fqusrely on the dec aration OF the
plat orm. He went into no detail. He
acct pied it in a broad and generous
declaration, and the President re-
gnded his promise to observe the
declaration of the platform to be as
binding upon his conscience and &C.
ton as was bis oath to support the
GOES tuition and maintain the laws Of
his country. The President had never
lef; the country in any doubt as to how
he construed that platform. The
masters OF finance had begun to pre-.
pare fer the hour of danger and the
collapse which they thought would be
inevitable. He knew three of the
greatest institutions in the city OF New
Bork (he would not name them lest
he should bring down upon them the
condemnation of less enlightened
mem that had accumulated more than
S25,O000 600 in G Id as a preparation fol
the change they thought was coming
Mr.. WaIner-Did the change come
Mr.. HeWitt-It did not, thanks to
Grover Cleveland ard the magnificent
admin 'stration of the Treasury De.
partment, which has carried its fame
all over the world. In conclu,i0n he
thus summed up his objections to the
resolution: Four months after its
passage the country would be brought
back to the condition in which it had
been on the 4th of March, 1885, and
gold would be withdrawn from circu.
la,ion. The moment that occurred
millions Of men would lose their daily
employment. Then demand would
come for greenbscks, and the long
struggle for sound currency would
end in fat money. OF course, when
the country had passed through
the valley OF death which once
it had travelled with tears and
lamen alton, made wiser by suffering
taught by bitter experience, it would
steadily retrace its steps to basis Of
honest money-the money which the
Democratic party, from the time oil
Jefferson to the present day, had in.
sisted was the only money for the
people the best money; the money
which measures all other money.
Gold was not too good for the work
iDgmen; not too good for the orphans
and widows; not too good fJr the citi.
zen who wished that justice should be
e. tablished and maintained in this
land forever. The policy of the ad.
ministration was to keep gold and sill.
yer married for better, for wore, one
as good as ths other, neither the bet
ter half of the other, but when the
time came that the choice must be
made between them the President oil
the United States would adhere to, as
he had promised and sworn to do, tc
that standard of value which paid
debts in the value intended at tbs
time the debts were contracted.
Mr.. Weaver la. said the only
trouble with the resolution wst
that it did not go far enough. i
simply said ia effect: "Come, let III
keep 100000 900 for any emergency
that may arise and pay the balance or