The morning news. [volume] (Savannah, Ga.) 1887-1900, 1888-03-01


surplus. Why had they not been met! No
man dared stand up and defend the quibble
that power was lacking because it was
given in an appropriation bill. That was a
strange attitude for the Democratic party
to assume. He could recollect when it was
absolutely necessary to suit that party that
every law should be upon an appropriation
bill. 1t had been the duty of the Secretary
to get the surplus out of the Treasury.
There had been one simple way, and that
was to purchase bonds.
WHAT WAS DONE.
Instead of doing that he had adopted an
expedient of loaning the money of the gov
ernment to national banks. He believed
that the present financial condition of the
country was part of conspiracy against
protection. He believed that the surplus
had been accumulated with regard to its
effect upon the people, so that they might
clamor for something to be done, they
cared not what, which would lead in the
impracticable direction in which
chairman after chairman of the
Ways and Means Committee had
endeavored to lead the House. When
the Fiftieth Congress came here what a
spectacle had met it--a President with q
message-a message which neg lected every
interest of this vast empire, which placed to
one side every question, except that of the
try, The President had said that on the
tariff and surplus Congress must act
instantly What had been done?
Three months had rolled by and the Com
mittee on Ways and Means had never spent
one day on the tariff That subject had
never been mentioned in the committee
room of the Committee on Ways and Means
in full public meeting [Applause and
laughter on the Republican side.
Mr.. Breckenridge, of kentucky, said that
the condition of the Treasury in October
last was condition for which the present
administration was not responsible The
criticisms of the gentlemen from Iowa and
Maine did not apply to the problem which
the administration had to solve at that
time. This House and Congress must take
its due share of the responsibility. When
the Forty y-ninth Congress met there had
been a certain number of 3 per cent. bonds
payable at the option of the government,
and there had been system of tariff and
internal revenue taxation which by ready
circulation would pay that debt before the
Fiftieth Congress could possibly assemble
1t had been, therefore, a perfectly plain
proposition that if the Forty ninth Con-
gress adjourned without any change of the
law imposing taxation that the bonds out
standing at the option of the govern
ment could all be called in before the meet
ing of the Fiftieth Congress. -
HITTING THE NAIL ON THE HEAD.
Really the excuse of the Forty-nipth
Congress for failing to pass any measure
which would reduce the public revenue was
revenue of constituents, at whose
will the gentlemen who refused
to reduce the revenue held their
commissions in that Congress. Applause on
the Democratic sidel Let Congress there
fore not evade any share of responsibility.
The Forty ninth Congress deliberately de-
cided that the question of taxation was one
not worthy of its consideration, not that
any particular mode was not worthy of it,
but that the motion to go into
committee of the whole with
bill capable of amendment was not such
a motion as ought to be carried ..apd the
gentlemen from Maine and Ohio, who had
spoken this morning in censure of the Ad-
ministration, had been responsible, not
only to the extent of their own votes, but
of the commanding influence which their
large experience had given them for pro-
ducing the necessity they had to meet in
October [ApplauSe on the Democratic sidel.
Whether the Democratic party, which
had had majority in the Forty eighth and
Forty-ninth Congresses, was equally respon-
sible was question which the conscience of
each Democrat and the tribunal of which
be was responsible, could alone answer.
Applause on the Democratic side.l
WORK OF THE REPUBLICANS.
Under the act of 1870 Az and per cent
bonds were issued, so payable as to tie the
hands of the administration and prevent the
| use of the public revenues for the payment
of those bonds at their face value. 1t was
Republican House that passed that act
1t was a Republican Secretary
of the Treasury who issued those bonds.
| Whether wise or unwise at that time, ex-
perience had demonstrated that to-day the
| American people were paying an excessive
rate of interest on the Al and per
cents. and were incapable of relieving
themselves from that burden by the legIsla-
ton of a Republican Congress, and
can Secretary of the Treasury. The
difference between the 2JS or per cent. at
which the government could borrow its
money and the AZ or 4 per cent. it was
paying on those bonds was the precise sum
that the American people were annually
paying for the glorious privilege of having
had John Sherman as Secretary Of the
Treasury. [Applause on Democratic side J
NO OUTLET.
Therefore, with superabundant income
coming in under taxation laws, which Con-
gress had refused even to consider, there
was not an outlet for this revenue save by
the purchase of bonds at large premium,
or by the deposit of this money in National
Banks The President had not been respon-
| sible for this condition of affairs The men
who had servedi Congress were responsible
| for it, Whatever was the measure of respon-
sibility 10 be divided between the parties or
the individual members of the parties, it
was for them to take, and not with at
tempted logic and mean spirit of cowardice
to throw it off on any body else. Applause
on the Democratic side Let the gentle
tlemen assume the responsible
ity in the relative proportion
in which it was proper and brave for them
| to assume it. After the payment Of the 3
per cent. bonds money still accumulated
and there was widespread alarm among
the business interests of the country. The
Secretary of the Treasury found that
needed circulation was being withdrawn and
locked up in the Treasury and that there
was danger Of a panic and IN this
| emergency two remedies had dIbeen, proposed,
one was the purchase of bonds at large
premium, and the other deposit of the ac-
cumulate1 money in National banks. Tho
Secretary had decided on the latter course,
and whether the decision was a wise
or unwise one IL had this
effect. Money withdrawn from all
localities scattered in every part OF
the country was, as to a certain part OF IT.
deposited in the localities from whichit had
been withdrawn. IL returned into the