The morning news. [volume] (Savannah, Ga.) 1887-1900, 1888-03-01
ESTABLISHED 1850.
{J Il. ESTILL, EDITOR AND PROPRIETOR,
GOLD MAY GO FOR BONDS
THE SURPLUS IN THE TREASURY
TO HAVE A NEW OUTLET.

Panublicans Take Advantage of the
Debate to Make ANY Little Party
Capital Possible-Mr. Breckinridge
does the Bulk of the Speech Making
fo,. the Democrats.
WASHINGTON, Feb. 29.-The House day
usnt into committee of the whole with Mr..
Burrows, of Michigan, in the Chair, for
consideration of the bill authorizing the
Secretary of the Treasury to purchase bonds
with the surplus revenue.
Mr.. Mills, of Texas, stated that the Sec
retav of the Treasury had been authorized
hv the law of March 3, 1881, to purchase or
redeem bonds with the surplus money in the
Treasury but this authority had never been
exercised The fact that the authority had
been given in an appropriation bill seemed
IN raise a doubt whether it extended bevond
the period covered by that bill. The Secre-
tary of the Treasury had, prior to last June
purchased bonds subject to call sufficient tc
employ the surplus money, and after that
time he could purchase bonds for the sink
ng fund.
As it was a doubtful question whether the
Secretary could use the large sum OF
money in the Treasury in the purchase or
redemption of bonds, that officer preferred
TO remit the question to the law-making
power If Congress intended that he should
use the surplus in the purchase or redemp-
ton. it should invest him with undoubted
authority to do so.
WILLING TO BE BLIND.
In the debate Mr.. Mckinley, of Ohio,
said that the exact purpose of the bill was
not altogether manifest upon its face. If it
proposed to give the Secretary of the Treas
ury authority to use the surplus money in
the Treasury for the purchase and redemp-
ton of government bonds, that authority
already existed full and ample, and had
existed since March 8, 1881. The bill did
not increase or diminish or qualify
under the existing law. Why
had not this law been invoked by the
administration during the past twelve
monthsG Because, as the Chairman of the
Committee on Ways and Means said, its
integrity had been questioned BY whom
had it been Questioned! 1t had never been
questioned until it was questioned by the
President of the United States.
The only reason it had never been
used under previous administrations
was because no conditions existed which
POWER OF THE SECRETARY.
The Secretaries had had ample power
under the sinking fund act TO use all the
surplus revenues in the Treasury, first by
providing for the sinking fund and second
by the redemption of bonds payable at the
cptiou cf tlIe government. The President
had characterized the law as suspicious, be-
cause forsooth it was part-an in
dependent section-of an appropriation
bill. That was the sole ground upon which
be based his refusal to apply the surplus
money to the redemption of bonds. Mr..
Mckinley gave history of the incorpora-
ton of the law upon an appropriation bill,
and thought that it was unfair, unfrank
and unjust to characterize that law as sus-
pcious. If the President felt called upon
| to characterize every law which had be-
Al come law through the medium of an ap.
popriation bill as suspicious he must thus
1 characterize at least one-half of the public
Statutes
DEMANDS AN EXPLANATION.
He (NIr. Mckinley thought that some
friend of the administration should explain
why 1t had not paid out the surplus in an
honest and logical way upon the limits OF
the government and stop the inter
est charge which rested so heavily
on the people Instead of doing that
as means of putting money in circulation,
and so he said to the banks of the country
you get boid. enough and bring them
down to the Ii "a ssry we will issue on your
per cents. 11@'S. for every dollar you
feposlt, and 100c. for every dollar of Al
per cent. bonds you deposit, and will thus
put money in circulation. He had done
that and fully $50, 900, ,00e that ought to be
IN the Treasury to-day was out among banks
without drawing interest.
BLAMING THE PRESIDENT.
If the government had used that $50, 900,
M in purchasing bonds, those bonds would
nave been cancelled and the interest would
nave been stopped, and he charged here to.
uay that the President of the United States
and his administration was solely responsible
iJr whatever congested condition was
mund IN the Treasury and finances of the
government. Applause on the Republican
SIDE He wondered if there was some
ggterlor motive IN piling up this surplus
ne wondered if it was not for the purpose
u creating condition of things i'll the
country Spaalt ys which would get up scare te
Ureak down the protection system OF
ule country. He wondered if that
was not just what was in the mind of the
resident to pile this money up in the Trea-
suly, and tell Congress that the country
@oui9 become bankrupt and that panic
%ouid come if it didn't reduce the tariff
duties.
PRoTECTIoNISTs ON THE ALERT.
II the President thought he was going to
set up scare and break down the protec-
1--WE i've system, and put free traders on top he
iiau probably discovered his blunder
Ihis time. Having failed in that, he
%Tlile mere, through his Secretary of the
tmbgaSury, and asked Congress to pass this
@ %a; why pass rl The President had got
STv1gHo'rity now, and whatever vote he (Mr.
c5ic.h1llley) might give, he gave with the
a. s''uncS understanding that authority just
syi.,o, iull and just as ample
pnt ulS law were put upon the statute books.
bor S"y ne was willing TO do anything in al
aSohorable and honest way even i'm aiding
Il g;tallnlnistration q to get out of its dilemmal
NJ would put into circulation $50, 10000
er,al money and pay Off that amount of gov
eon oT'neht n!,i bonds Applause on the Republi.
=. COLD FLOODED TRUST.
ao.. All. Weaver, Of Iowa, condemned the
mer, ~1n oi the Treasury in placing govern.
ta.v t4v money IN national banks and asserted
gias rs Vne country was within the grasp of a
santic, cold blooded money trust Ii
digo.,essu tne output of money, made the con
mooa ons upon which il deigned to accept
tbe from the government, prescribed
lssoa enamel through which il should
,n"a the people, and the terms
tRe"h tRpou winch It should be doled out: usurped
tho !, Sn,,ssVearelgnty of the nation; Knocked at