The Houma courier. (Houma, La.) 1878-1939, 1892-02-13

shs Naturas sequel to ths suiion-DolIai
Congress.

tao &1turos Sequel 70 tn4 eitlenr DOLLAR
Congress
Among the bills that have recently
been introduced in the house 1t WASH
lngton is one to repeal the law Great
ing the sinking fund and another 70
cover into the treasury the one hum
dred million-dollar gold reserve held
for the redemption Of greenbacka
These are natural sequels to the sets
Of the Fifty-first congress. BY kbol-
ishing some taxes on imports and IN
creasing others so as to make them
prohibitory, and by largely increasing
the permanent appropriations, that
congress put an end to the excess ofre-
ceipts over expenditures and therefore
put an end to the reduction of the pub
lie debt for some years to come BY
stopping the redemption Of four and
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, and 50
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 TO 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 as it will be impossible to
meet the requirements of the fund
without additional taxation, it is natur-
al 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 moro than fifty.four million dollars.
1t treated the money which had been
so depositeA and all that might be
deposited thereafter not as a trust
fund to be applied to the specific pur-
pose for which the fund was created,
bat as revenue applicable to any gov
ernmental use. 1t was, in fact, ap-
piled to the purchase of bonds at a
premium.
Since the fund for the redemption of
bank notes has been so treated, why
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