The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1896-12-08
time no deficit that has occurred or may
occur need excite or disturb US.
A SURPLUS IN THE TpD,c1,nv


A SURPLUS IN THE TREASURY.
10 meet any such deficit we have I'm the
| treasury, In addition to q gold reeervn
OF one hundred millions, a surDlus If
more than one hundred and twenty
eight millions of dollars applicable To Tho
payment OF the expenses OF the govern
ment, and which must unless cynendea
LOT mat purpose remain IL useless honrd
Or IL not eXtravagantly wasted. must il,
uhy event be perverted from the pur-
pose oil IT'S exaction from our people
7 me payment therefore. of any def
cheney in the revenue from this fund is
nothing more than its proper and Iorit
innate use The government tbus nm
plying surplus fortunately in It's treus
ury 10 the payment of expenses not met
~ ~ current revenues. is not at ali
10 pe nkened to man living beyond his
income and thus mourning debt or on
croaching on his principal. Ii is not ono
OF the functions of our government TO
accuf'uiate and make additions to q
iuhd not needed for Immediate oynendI
ture With individuals ii is tho chiaf
oD1ect OF struggle and effort. Tho an
picatlon of an accumulated fund nv tho
government to the payment of its run
nlnS expenses is n duty An indi,;1rnl
living beyond his income and 4mb,rrao
SING himself with debt, or drawinr. unon
MS accu'nu!ated fund of principal is
eitner unfortunate or inlnrovident Tbn
instruction is between government
90 N'Ni tiIt uulN OF pNnpndin,r fnI
the benefit of the people and for nro,o,
purposes all the money 1t receives frnn
any source. ard the individual who is
expected TO manifest a natural desire
10 avoid debt or to accumulate nc ,,,uct,
as possible and TO live yitbin,,h. in'',,,i
oeriNcd from such Accommodations I'm rho
emu mat they may be increased ~. al
remain unimpaired for the future
use ana enjoyment of himself OF the OH
Jects OF his love and affection who ,no,,
survive him "H' may
~ Is UNNECESSARILY better to anpro
pt iiatr oui surplus 10 the payment of ius-
unable expenses than to a low IL to he
come an invitation to reckless ammo
"a a..oii ana eNtraVagant expenditures
suppose 1t will not be denied mai
unaer the present law our people OH
tain the necessaries OF a comfortable OK
1Stence at cheaper rate than formerly.
in!s is matter of supreme Importance
since II is the palpable dutv of n,,nr,,
JUST Government to make the burdens
Vi taNation as light as possible The
pe'lIe should not be required to relin-
puiSh this privilege of cheaper living cy-
cept under the stress of their Cavern
ment necessity made plainly manifest
MS reference TO the condition and
prospects OF our revenue naturally sur
seS'S an aliusion TO the weakness and
vices of our financial methods Tbnv
nave been frequently pressed unon tho
attention of Congress in previous eyecu
1--WE communications and the iucvi,obla
danger of their continued toleration
pointed out. Without now repeat ting the
uetallS cannot refrain from again ear
hestiy presenting the necessity of the
prompt reform Of Il system opposed to
every rule of sound finance and shown
by experience To be fraught with the
S?aFeat peril and perpleXity The terri
bic civil war, which shook The foundo
lions of our Government more than
thlrty years ago. brought in its train
the destruction of property, the vast
ing OF our country's substance and the
estranGcment of brethren. These are
now past and forgotten. Even the dis
tressing loss of life the conflict cntailnd
Is but a sacred memory, which fosters
patriotic sentiment and keeps alive a
tender regard for those who nobIy died
ana yet there remains with us to-day.
| In iull strength and activity as an in
| cident of that tremendous struggle n
| feature of its financial necessities no;
only unsuited to our present circum-
stances, but manifestly disturbing
| menace to business security and nm cver
present agent of monetary distress.
| Because we may be enjoying n tempo-
| rary relief from Its depressing Influence
this should not lull us into IA Sc Sc
curity. nor lead us TO forget the sudden
ness OF past visitations.
CANCELLATION OF GREENBACKs
am more convinced than ever tha,
we can have no assured financial peace
| 800 sdIStS uHiii VIC NitNtlHmpEt T.
rency obligations upon which gold may
be demanded from the Treasury are
Withdrawn from circulation and can
| celied. This might be DONE as has been
| heretofore recommended, by their eX-
change for long term bonds bearing a
| low rate OF interest or by their redcmD-
| ton with the proceeds of such bonds
| Even If only the United States notes
known as greenbacks. were thus retired
| II Is probable that the Treasury notes
| issued in payment of silver purchases
under the act of July il, 1890. now paid
! In gold when demanded. would not
create much disturbance as they might.
| from time to time. when received in the
| Treasury redemption In gold or other
wise, be gradually and prudently re-
placed by silver coin.
| This plan of Issuing bonds for the
purpose OF redemption certainly appears
To be the most effective and direct path
| to the needed reform. In default of
| this, however. 1t would be a step In the
right direction If currency obligations
redeemable in gold, whenever so re-
deemed, should be cancelled instead Of
being reissued This operation wound
be slow remedy, but II would Improve
| present conditions.
National banks should redeem their |
own notes They should be allowed n |
! issue circulation 10 the par value of |
bonds deposited as security for it's re- |
demption, and the tax on their circula
| ton should be reduced to one-fourth of |
per cent. In considering projects for