San Marcos free press. [volume] (San Marcos, Tex.) 1877-1892, 1888-08-30
THE SURPLUS II TIE L. s. TREASURY.
Now sl3e 200, 900 - What Shall be
Done With II!

Henry Fisk & Sons, bankers, 2S
Nassau street, New York. have just
issued q circular, tho most of which
we copy below, feeling assured it will
DO both interesting and instructive to
our readers:
Tho last statement issued by James
w. Hyatt, Treasurercr of the United
States, under date Of July 81, 1888,
gives the Surplus" then in his hands
MS Treasurer, including the fractional
silver coin. as Sl32,5l7,75l.55.
In addition to this amount, by the
same statement, ac held:
S0,0Gi, $50, SO TO cover accrued inter
est on bonds,
S43, COG, 1850 to meet "Disbursing
Officers balances" &c, &c.
SOC, 740,s39.3S "for redemption OF
notes of National Blnks failed, etc.
800, 100000 'Teservo for redemp
ton of United States Notes"
In short, tho Treasurer Of the Uni
ted States had in his custody on
that date, in money; 1882, 775,5277G.
against which Ind been issued gold,
silver and legal tender certificates to
tho amount of S350,S4i,70l 90, leay-
ing 1881, $3.50, 1860 in his hands, OF
which 132,5O0,O00. is clear "Sur-
plus" This does not soem right, es-
pocially as the United States Gov
ernment had outstanding on that
date S1,O1i.13S.142.00 intorost-bear-
ing debt on over a thousand millions
of which it is paying interest at four
to six per cent. per annum.
The Secretary of the Treasury hls
full authority in his hands, under
Acts of Congress, to purchase OF
these interest bearing bonds-and
stop the interest running longer on
all go purchased-up to the extent
of the "Sarplus."
Plenty OF bonds can be had to
save the Government two per cent.
per annum for tho years they may
have to run.
Since the Secretary of the Troas-
ury commenced to purchase with the
surplus money in April last, he has,
by official statements from the De-
partment at Washington, purchased,
up to August 81, S33,601, $50 Fours
and Fours-and- halls, on which he
has mado saving to the people in
in future interest payments upwards
of $12,O00,000, and this after allow
ing for all premiums paid; and with
the surplus money now in the Treas
ury, he could save the people, in ad-
dition, forty millions more of future
interest payments and take this
Great Peril and menace to every
interest in the country out OF the
calculation of business.
The enormous crops OF the land
Just now beginning to move, the cot
ton crop of the South on which we de-
pend so much to pay the balance OF
foreign trade-all these interests de-
mand that they shall not be imperil-
cd by lack of action on the part OF
the Administration.
The spirit of the law authorizing
the Secretary to purchase bonds, is
clear and unmistakablo, that, when
ever Surplus" accumulates ovor the
$1OO,O00,000 reserve to be held a.
gainst the greenbacks, it shall be
used, above fair working balance,
to decrease the debt by purchasing
bonds at the market price; that Sur
plus" now, is 32,5O0,0O0 over the
greenback reserve. The Secretary
has saved the people, as stated above,
about $12,000,000 on his purchases
80 far; therefore there is every good
reason why, as long as he can get
bonds, he should increase this saving,
decrease the interest bearing debt,
comply with the spirit of the law and
take this ''Groat Peril of large
"Snrplus" from the business of the
country.
The evils of n Surplus" are best
corrected by not having any. The
present Surplus" and it's OWLS can,
in very few months, be all done
away with by using it to reduce-at
tho best price the bonds en- be pur-
chased-the interest bearing debt
much to the saving and comfort of the
people