The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1882-04-13
The ResumptIon-Fund Question.

The following Is portion Of q recent
speech delivered in the United States
Senate by Mr.. Beck ON the proposed
amendment to Mr.. Sherman's Refund
ing bill limiting the resumption fund to
e160, ,000. 900.
Surely, with the power to make
Grcenbacks receivable for customs dues, as
Congress ought to do, aud do speedily, and
take II out Of Executive control, with $780,
100000 Of customs dues collectible yearly,
with s135, ,0OO, 900 OF internal revenue col
lectible, with more money collected by the
Government for taxes this year than there
arc Greenbacks In existence, It is absurd to
contend that the Government, collecting tax
es to that extent, enough to absorb all the
payment OF taxes alone annually land they
are good for all taxes), with the right to issue
bonds TO any extent, occupies the same rela-
that banker Of doubtful credit does. One
hundred million dollars is not only ample, but
more than ample, to meet any possible con-
tingency. Certainly with the power that the
enough. especially II we % made ] Greenbscks ks good @
We are losing 1900, 900 or $4,000, 900 year
by letting this Large amount OF money lie idle
In the Treasury. There never has been q
doubt and the country understands it now
that the Greenbacks would have been as good
as gold eight years ago, II they had not been
persistently refused at the custom-houses;
and Il was the fact that they were received at
the custom-houses, although received in v.o-
lation Of law, that did more to prevent any
run on the Treasury than all other acts the
Secretary OF the Treasury, now Senator from
Ohio, ever did never blamed him for re-
ceiving them. What blame Congress for is
that 1t does not make them receivable for Gus
toms by law, and not let them stand merely
on Executive ORDERS IL they had been re-
eeived in 1915, before you passed your Re
were received in 1879, they would have been
as good as gold then, and there would have
been no necessity for selling a dollar of the
SOC, 900 Of bonds, for which the Secretary
paid four and half per cent, in order to lay
away gold TO ray them with; and the very
moment we got the silver dollar again re-
stored as a full legal-tender, and put 1t in
the hands OF the Secretary Of the Treasury,
that moment the Greenback was safe,
and the bondholders could not make 1t
bad Their struggle has been to get clear
of silver ever since, because IL did make
the Greenback good the very moment 1t could
be rendered as payment In full when redemp-
tlon Of the Greenback was demanded. Hence
the effort 10 stop the coinage or circulation Of
silver; hence the effort to get clear of 1t in
every form. The country has been made to
believe that such was the redundancy of the
silver dollar, now that the Secretary could not
into the circulation Of the country, and they
tried TO frightsn us by demanding houses to
be built TO hold it. When the facts came to
be .scertained, there were less than s., o0o, 900
of silver in the Treasury which belonged to us;
indeed, less than 81 ,000, 900 is there to-day
that is not represented by silver certificates,
and yet every Senator here, and every man in
the country, has had It ing-donged into his
ears, for months and years, that there was so
much Of II, and II was so useless, that the
country was sick OF It and did not want It,
that We ought to stop the coinage OF It, and
the present Secretary Of the Ire asury repeats
ha rks skovn -
than s1, 100000 OF IL is In the Ire sury which
belongs to the United States, and is not rep
resented by certificates
The people want these silver certificates;
that 10 issued is backed By = silver dollar; and
yet, when our oftc ais come to state the
amount In the debt statement, they put in the
gold and silver cartincstes together as $73 900,
us believe there - an immsnse accumulation
Of silver lying idle IL ID only when the facts
are developed that it 10 found there is not any
considerable amount In circulation
hi. s and q Rs one one TSs sSs W. Is p.
interest, and by no possibflity can do any
harm, Is TO take tho Secretary of the Treasury
and this busincss of Speculation out of the
discretion he has had, but limit him to given
amount. Let the people Of the country man
age their own business without his being
either bull or bear In the markets of New
IOfk OF ciscWucrc. TAsb laws tuaL No snail
and must obey. This would be far better than
relying on Executive discretion; the present
reserve was fixed by Executive discretion; 1t is
sought 10 be maintained by Executive discre-
ton Il ought to have been established by
legislative order, and the proper amount should
be maintained by legislative order, and the
power to put IL up or down, or gamble or ef-
feet the business of the country should be
taken away from the Secretary OF the Treas
ury, and he ought not to be allowed to inter-
fere either one way or the other with the busi-
ness Of the people, which he always win do
AZ long as he has the power. He is simply
our servant, not our master. Think of itl
What tremendous power you are giving to
the Secretary Of the Treasury, to allow him to
say whether he win receive fegal-tender notes
at the custom-bouses or not The law will
not allow him to take them, but he has done
It for three year, He may stop taking them
tomorrow, and he can almost bankrupt the
country, or create panic at least, by revcrs-
ing his own order. Ought not that power to
stop the receipt'of Greenbacks at the custom
house be ordered BY law, and be taken away
from himf Ought We not to have q law to de-
dne his duty, and not leave IL to Executive
discretioni We ought TO fix the limit of the
reserve now at 500, 900, 900, a. maximum, 90
that he shall know that he has TO come to us,
and not resort 70 his own caprice to deter
mine his action. Let him know that he is our
agent, and nothing more.