Savannah morning news. [volume] (Savannah) 1868-1887, 1886-07-21
L00SING THE SURPLUS.
FAIRCHILD AND JORDAN or,
POSE THE RESOLUTION,

Both Appear Before the Senate Commit
tee on Finance and Give Vent to Their
OpposftiOn-A Possibility that Sher-
man will Introduce IA Resolution to
Open the Vaults.
WASHINGTON, July 20.-Acting Secre-
tary FairchIld and Treasurer Jordan were
before the Senate Committee on Finance
this morning to oppose the adoption OF the
Morrison surplus resolution" They
were examined at considerable length,
but in the absence of formal action by the
committee no official statement or the
proceedings can be given out for publica-
ton in the press. The following is gath,
cred from various but entirely trust,
worthy sources as to the substance of the
proceedings: Mr.. Fairchild said thereso-
luton was an effort on the partof the leg
islative branch of the government to inn
pose new restriction upon the executive
branch not heretofore thought necessary,
and in this view the representatives ol
the administration were hardly at liberty
TO discuss the merits of the proposition.
ATTITUDE OF THE ADMINISTRATION.
He spoke on the assumption that the
administration was fully committed Co
and in sympathy with the policy of APP
plying the surplus TO the redemption Of
the interest bearing debt, and retiring
such debt as rapidly as a prudent admin
istratiOn and sound policy permitted
This being assumed the Treasury Departl
ment could not see single argumentin
favor OF the resolution, while 1t could seq
numerous and serious objections and ii
effects and embarrassments which ara
likely to arise from such arbitrary legis-
lation. was, IN his opinion, imposslbl
for any human being to look 80 far into
hsa nFt F,.trr
what amounts aud at what intervals
bonds should be called and redeemed dur.
Ing the next year, Mr.. Fairchild re,
spOnded to number of questions by mems
DeTs of the committee as to the effects oil
the resolution. bis statements indicating
the belief of the Treasury that the depart
mont would be greatly embarrassed and
It's obligations violated.
TABULATED STATEMENTS.
Treasurer Jordan submitted a series OF
tabuated statements and written replies
to questions previously propounded by
members OF the committee, mainly of a
statistical ana technical nature. 1t is
not probable that the committee wfiLin.
vite any other persons TO appear before 1t,
The committee took q recess at nOOnl
reassembled in afternoon session and adj
journed at 80 O'clock without action,
IL ia unders ood that Senator lIisou has
not fully made upahis mind to support the
resolution, and that its fate in the com,
mittee depends upon his determination.
On motion Of Mr.. sherman, it was de-
cided not to give the press the statements
OF Messrs. FalrChild and Jordan. Anothed
meeting will be held tomorrow.
No amendments were formally proposed
but Alr. Sherman said he was unwilling
TO bring the reserve down to $l00,0 900
II the committee would assent to an
amendment splitting the difference be-
tween the present reserve and that pro.
posed in the Morrison resolution, which
he thought would Drlng it to about $l30,a
100000, he would vote fOTsthe resolution.
IL the unamended resolution does NOT
command the support OF the mojOrity tO>
morrow, Mr.. Sherman will propose an
amendment as abJYe indicated.