Crawford avalanche. (Grayling, Mich.) 1879-19??, 1888-03-08
TO REDUCE THE SURPLUS
A Lively Discussion of the Cues
ton in the House of Rep
resentatives.
Gen. Weaver Insists That the Country
Is In the Hands or Gigantic
Money Trust.
Washington speciaLl

lively debate. Mr.. Mckinley contended
that under existing laws the President
might purchase or redeem bonds, and
charged that his failure to do 80 was due
to desire to pile up the surplus in order
to scare the country and break down the
protective tariff. The President had based
his refusal 10 apply the surplus To the re-
demption of bonds on the fact that the law
was an independent section of an appro-
priation bill. On the same grounds the
President could characterize as suspicious
at least one half the public statutes. Every
body knew that there would be surplus
revenue, but the President had declined to
call an extra session of Congress, and
thereby assumed the responsibility Of man
aging the surplus revenue 80 as to do the
least harm to the country.
He (Mr. Mckinley thought some friend
OF the administration should explain why
it had not paid out the surplus upon the
debts of the Government and thus stop
the interest charge which rested so heavily
on the people. Instead of doing that the
administration preferred to use the banks
as a means of putting the money in circu-
lation, and fully $59, ,000, 900 that ought to
be in the Treasury to-day was out among
the banks without drawing interest. He
charged here to-day that the President and
his administration were solely responsible
for whatever copgested condition was
found in the Treasury and the finances Of
the Government. Applause on the Re-
publican side. The President might lee
ture the Democratic side as much as he de-
-, .h---~ ssas soma little RESPONSE
Dllty resting upon him.
MIR. Weaver said the country was in the
hands of gigantic, cold blood money
trust There were score of banks in the
country that had been literally stuffed with
government money for the last quarter of a
century. The Hamilton bank of Fort
Wayne was presided over by Secretary
McCulloch, and he had to-day the use of
$1,OOO,O00 of the peoples money. The
Chase National Bank of New York, presid-
ed over by Mr.. Cannon, late Comptroller of
the Currency, had $I,100,000 of govern
ment funds. The same was true of the
First National Bank of New York, the
National Bank of the Republic of New
York, presided over by Mr.. Knox, and the
National Bank of the Republic of WASH
ington, presided over by MIR. Cresswell.
The Western National Bank of New York.
organized by three prominent treasury
officials, was using $1,100,000 Of govern
ment funds without interest, and the Third
National Bank of Buffalo-the Standard
oil bank-had $165, 900. Granted that this
money had been placed in the banks to avoid
panic ana u nnuuUiHl 5tTiuBouCy, IL this
bill should have the effect to recall that
money it would bring far greater strinRency
than had existed in October last.
MIR. Breckenridge (Ky.) said the differ
ence between the ~ or 3 per cent at which
the Government could borrow its money,
and the Al or per cent. it was paying on
its bonds was the precise sum that the
American people we're annually paying for
the glorious privilege of having had Mr..
John Sherman as Secretary of the Treas
ury. Applause on the Democratic side. ]
The President had delivered q message
which had by its very uniqueness been
taken out OF the mere dull sequence of
official documents and caused discussion
from one end of America to the other which
would not cease until this protective in
iquity had been reformed. Applause on
the Democratic side.l Now, the lesson of
the President and the labors OF the Demo-
cratic members of the Ways and Means
Committee were united for the purpose of
giving manufacturers their fair protection,
but doing it with just and equal law to the
taxpayer who was 10 use the manufac-
tured article. While the majority of the
committee might not be very wise,
while gentlemen might laugh at them
for not taking their Republican col
leagues into consideration, he as
sured the gentleman that if he
would Just wait he would have rs much of
q tariff bill as he was able to consider, and
far more than he would be able to defeat.
Applause on Democratic side. A tariff
bill that would gather to lis support every
Democrat on the floor of this House, and
every Representative who was not given
over 10 strong delusion, q tariff bill that
would gather TO its support all fair minded
manufacturers who only wanted what was
Just, and which, when il came into the
House-nxodified il might be by the wise
suggestions of the Republican members of
the committee, and by Democrats who did
not agree with all of its rovisions-framed,
not by dickers and barter, but with strong
desire to make the public good the first OBJ
iect of its legislation-when that bill came
into the House it would be passed, and it
would relieve the President, whether he
was Mr.. Cleveland or some one else, of the
necessity of finding disposition for the
surplus by leaving the surplus in the pock-
ct of the man who made the money. lAp-
plause on the Democratic side.l
MIR. Reed of Maine, after saying that the
Secretary should have expended the sur
plus in the purchase of bonds, continued:
"Why has not this been done2 Because
men have pursued the empty vision OF q
free-t trade policy, to be accomplished, not
by virtue of its merits, but by virtue Of out
side pressure, by fear Of panic, and by
means to mislead the reason, to control
the feelings, and not to affect the judgment.
/ believe the present financial condition Of
the country is a part OF the conspiracy
against projection. believe that this sur
plus in the Treasury has been accumu-
lated with reference TO its effect upon the
people of the United States, so that they
might, without investigating, without quite
understanding, clamor for something to be
done, they cared not what, which would
lead to the impracticable condition into
which Chairman after Chairman OF the
Committee on Ways and Means had
endeavored in vain to lead the House.
When we came here what spectacle
met us? The President with n message
which neglected every interest of the vast
empire, which placed to one side every
question except that Of q tariff bill that
was pressing upon us-that and the sur
plus-and we must act act instantly. And
what have we done2 Three months have
rolled by, and the subject has never been
mentioned in the committee room OF the
Committee of Ways and Means In full
committee assembled. Applause on tho
Republican side. A special message de-