Speech of Hon. William W. Morrow, of California
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| Stand: | 2015-08-04 03:50:33 |
Produktbeschreibung
Excerpt from Speech of Hon. William W. Morrow, of California: In the House of Representatives, May 8 and 9, 1888 That we should continue in this course and discharge every farthing of our indebtedness requires no argument; but we are told that we have reached a point where the funded debt of the Government is not subject to payment on call, and that if the surplus continues to flow into the Treasury, it can not now flow out. I do not think we are confronted with any such condition of affairs. In the debate had not long ago on the bill providing for the purchase of United States bonds by the Secretary of the Treasury, I thought it was very clearly shown by the gentleman from Ohio Mr. McKinley that the Secretary of the Treasury has had, and now has, full power and authority under the provisions of section 2 of the act of March 3, 1881, making appropriations for the sundry civil expenses of the Government, to apply the surplus money in the Treasury to the purchase and redemption of United States bonds, and the recent action of both Houses of Congress on a similar measure amounts to a legislative declaration that this view of the Secretary´s authority is correct. It may not be wise, however, that the Secretary should be restricted to this course only. But Congress should not be driven into any hasty or ill-considered legislation respecting the tariff while the Secretary has this authority to dispose of the surplus in a legitimate and proper way. We are not going far wrong when we are paying our debts. Many business men have anticipated their notes at bank and paid their debts before they came due. The only difficulty in the matter is that the Government of the United States has become so good a creditor under twenty-four years of Republican administration that its bonds drawing 4 and 4 1/2 percent, interest per annum are at a considerable premium. If our credit were not so good and these bonds were down to par, there would be no difficulty whatever in the situation. When the Democratic party went out of power in 1861, leaving an empty Treasury, and 6 percent. Government bonds at 12 percent, below par, there was no such problem as this presented for solution. The question now is, what better course can be pursued with reference to this surplus than applying it to the purch use of United States bonds? I am in favor of an economical administration of the affairs of the Government. I do not think we should indulge in any extravagant expenditures simply because we have the money, but I do think that Congress should observe the requirements of the Constitution, and "provide," as directed, "for the common defense and general welfare of the United States." I hope we may never have another war. I look forward to the time when national differences may be settled by arbitration; but that time has not yet come, and a defenseless condition will not hasten it. The coast-line of the United States is absolutely unprotected against foreign assault, and nearly all our large cities are so exposed as to be at the mercy of the first invader. The city of San Francisco alone has two hundred and fifty millions of property exposed to destruction if, unhappily, we should have trouble with any foreign power. I think the part of wisdom requires that we should provide for the proper defense of our large cities on the seaboard, and a small part of the surplus might with propriety be applied in this direction. An economical administration of public affairs requires also that we should provide suitable accommodations for the convenient transaction of public business. What economy, I would like to know, is there in refusing appropriations for the construction of proper building
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