The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1892-02-12

70 Use The SURPLUS.
rns xsssr.s sss.sl 10 shs Buiiea-Deiias
Coagrsss-
Among che bills that have recently
been introduced in the house ~ WASH
ington i one to repeal the law =
ing the sinking fund and another 70
cover into the treasury the one huE-
dred million-dollar gold reserve held
for the redemption Of grcenbackS
These are natural seqnels TO the acts
Of the Fifty-frst congress. by aboi-
ishiug some taxes on imports and in
~creasing Others 80 as 70 make them
prohibitory. aud by largely increasing
the permanent appropriations. that
congress put an end to the excess Of re-
ceipts over expenditures and therefore
put an end q the reduction Of the pub
lie debt for some years 70 come. By
stopping the redemption Of four aud
one-half per cent bonds before the
end Of the last fiscal year Secretary
Foster threw . part Of Last years sur
Plus over into the present year aud so
managed TO meet in part the require
ments Of the sinking fund for the cur
rent fiscal year. But in his annual re-
port the secretary admits that the
total amount 70 be applied to the fund
for the year will fall nearly eleven
million dollars short Of the require
ment. while for next year he estimates
that there will be only about fourteen
million dollars To be so applied out OF
about fifty million dollars required
Inasmuch IS il will be impossible to
meet the requirements Of the fund
without additional taxation. il is natur-
~ enough that representatives should
propose to abolish . statutory require
ment which cannot be met
The last congress- covered into the
treasury all the money which had been
deposited by the national banks for the
redemption Of their notes. amounting
to more than fifty -four million dollars
Ii treated the money which had been
80 deposited and all that might be
deposited thereafter not as . trust
fund TO be applied TO the specific pur-
pose for which the fund was created,
but As evenue applicable to any gov
ornamental use. 1t was. in fact ap-
Piled to the purchase Of bonds at .
premium
Since the fund for the redemption Of
bank notes has been 50 treated. why
not treat the one hundred million dol
lars held for the redemption Of green
backs in the same way? This is the
question that arises in the mind Of Mr..
Watson. OF Georgia, who has intro
duccd the bill TO cover this money into
the treasury. Secretary Foster has
| said that he would not hesitate TO
| break into this fund II he should find
Il necessary 70 do 50 in order to meet
current ex Expenditures He will prob
ABLY feel grateful to the democratic
gentleman from Georgia for proposing
70 remove AL doubt as to the legality
Of this proceeding and TO place the en-
tire fund At his disposal
Mr.. Watson seems to be n OF thoce
philosophers who think hat green
backs are not promises to pay. which
the is bound in honor to
redeem and for the redemption Of
which ON demand il IS under obligation
70 provide, but absolute" money. or
fat money. which is not redeemable
any more thar gold coin is redeemable.
Rational men do not accept this theory.
We have about three hundred and'ffty-
six million dollars Of greenbacks out
standing. These green backs are notes
promises &C. pay-and the government
stands pledged BY the act Of January
Is. 1875. to redeem them and TO make
adequate provision Tor their redemption
in coin on demand hundred millions
is not an extravagnnt reserve TO hold
for this purpose In addition to the
greenbacks the government has issued
over seventy-eight million dollars OF
treasury notes in payment for silver
bullion. and Il has declared its purpose
to hold these notes NJ par with gold. II
is adding over fifty million a year to the
volume Of these notes and il IS bound
to make suitable provision for main.
tanning them at par. In addition 70 all
this the government has outstanding
over three hundred and twenty million
dollars Of silver certificates which con
gress has promised to keep at par with
gold There Is, therefore. about seven
hundred and ffty-four million dollars
OF paper afoat. with more coming atths
rate Of over fifty million dollars q year
all Of which congress has engaged Il
keep Il par with gold The hundred
million dollars reserve is certainly none
too large for the purpose Of keeping
this growing mass Of paper At par
And yet IL is proposed 70 cover ever
doll ar Of IL into the treasury and leave
al this paper without support Il
would be more rational 70 provide foI
an increase Of the gold reserve. Chi