Omaha daily bee., 1889-04-15
THEEXTRETSSION QUESTION
Senator Allison Presents Some
Arguments on the Subject.
NOT ALARMED AT THE SURPLUS.
He Thinks the Expenditures OF the
Government With Judicious Pur-
chases or Bonds win Take
CaIe of IL.
An Extra 2session-whenq

number OF the North American Re-
view.
An extra session of congress in the
beginning Of new administration is
not desirable in the public interest, un-
less a great necessity for it appears.
The chief reason now urged for an ex-
ira session of congress lies in the fact
that we have large revenue coming
into the treasury monthly, and each
month considerably in excess of the
payments authorized by existing appro-
priations. Is this surplus such us would
justify an admin istration in calling an
extra session of congress at the begin
ming of term, when pressing admin
istrative affairs must be considered.
1t is we'll known that the appropria-
tions for the current fiscal year were
very large. and the appropriations for
the fiscal year beginning on the first of
July next are also large. If these are ex-
pended-and it is reasonable to suppose
that most Of them will be, with proba-
BILE deficiencies in pensions, at least
the apprehended surplus, as shown by
various treasury reports, and by public
statements made from time to time in
both houses of congress-, will be very
much diminished. The appropriations
for the current fiscal year are, In round
numbers, say, only $40, 100000 less than
the estimated revenues for the present
fiscal year, and it is not probable that
the actual revenues will exceed the es-
timated revenues. The appropriations
made by the session of congress just
closed are, in round numbers, $25, 900, 900
less than the appropriations for tho cur
rent year; so that it may be stated that
on the 1st day of July, 1890, the
excess of revenues over the ex-
penditures for the next fiscal year
will be, in round numbers, S45, ,000,000t
or against $2S, 100000 for the curren,
fiscal year. 1t is not probable that the
revenues for the next fiscal year will be
in excess of the estimates.
Now, of this $45, 900 900 surplus, nearly
one-half will have accumulated by jan
| uary l, 1890, so that the problem for the
secretary of the treasury to solve, in
case congress should not be called in
extra session, will be how he can dis
pose of this S23, 900, 900 of excess. 1t
can easily be done either by the pur-
chase of four-and-a halls, in anticipa-
tion of their early maturity in 1891, or
by the purchase of fours, maturing in
1907; so that it may be stated that, so
far as the current revenues are con-
cerned, from this time up to and includ-
ing the fiscal year 1SS9-90. it will not be
difficult thing to purchase bonds cov-
ering this entire surplus.
The existing surplus, which has
been accommodating for some years,
IN the national banks, would
not be affected by legislation, whether
now or at any future time, as any read
justment of taxation must take place
with reference to current revenues and
current expenditures, without consider
ing these accumulations. So, in any
event, the overlapping surplus of prior
years should be, and doubtless will be,
used in the purchase of bonds, as there
are no pressing extraordinary expendi-
lures provided for Tor likely to be) tha4
would absorb it.
If an extra session should be called in
the near future, it would be impossible
to mature and perfect tariff measure
during such extra session, and the only
thing possible would be, by a joint reso-
luton, to repeal, for example, the to-
bacco tax,which would relieve the treas
ury of, say, So. .0O0, 900 per aunum. This
however, could only be done with the
consent OF both political parties, as any
FeNeHuc IuedSuTS luUTOuuCcu llIO UuC
house would be subject, under its rules,
to amendment without limitation; and
| when such measure would reach the
| senate, it would, in that body, also be
subject to amendment without limita-
tion. Hence q small portion of either
house, in either party, could, if they
| were disposed, compel a full considera-
tion Of the whole question of the tariff
and internal revenue; and 1T is not
IL
| divided, and the republican party now
having only small majority. could pass
| a revenue measure at an extra session
without prolonged debate upon the
general question, and without the free
| exercise of the power OF amendment.
In this view, it would seem to be
wiser and better that the extra
session of congress should be postponed
| until the middle or last of October, when
| congress could convene and remain in
| continuous session and take up seriously
| and earnestly the whole question of the
| reduction OF taxation by means of a re-
| duction of internal revenue and revi-
| sion of the tariff.
An extra session in October would
| give time for the organization of the
| house and the committees of the house,
and thus put in course OF early prepara-
| tion these revenue measures, which
| could be considered and completed, un-
der these conditions, by April Of next
year. 1t seems very doubtful whether
any progress could be made by calling
an extra session during the present
| spring, and taking the risi of long
session during the summer, without any
practical result. This debate may be
fairly anticipated from the fact that, not
withstanding the general verdict of the
| people at the last election, the demo-
cratic party still adheres with firmness
to its original proclamation that the
tariff should be revised upon revenue
basis, and not upon the idea that
| American industries shall be cared for
in the preparation and revision of the
schedules. The business interests need
not be alarmed ats this postponement,
as it may be taken for granted that the
| policy OF President Harrison will be,
not to hoard money in the treasury, but
to utilize the surpld4 as far as it can be
utilized. in the purchase OF the inter-
est-bearing debt of the United States,
first for the bonds presently maturing,
and, secondly, for the bonds due in
1907; so that the situation, as respects
our revenue and the money in the
treasury, under this policy, will not be