The Emporia weekly news. [volume] (Emporia, Kan.) 1881-1889, 1884-02-21
senator Plumb on Currency.

Tie senate then resumed The consid-
Grafton vi the bill to provide for the IS /
sue of circulating noes 10 national
banks.
Plumb addressed the senate at some |
length He wanted to see the national
debt disappear because iis disappearance
@ould be practical resolvent OF many
disturbing questions. We could not
consider the Iariff question as il ought
TO be considered either as an abstract or
prac zeal question without being met
by the necessity of providing large sum
OF money in some way for the payment
of interest and principal On the public
debt, and if We had no national debt
now we would not be discussing these
bills, nor be concerned about the pTemi-
UNI on bonds, noE.the effect on the eur
| rency or the desire of banks 70 realize
thai premium, the debt was the only
thing which to-day ttood ia the way OF
some definite national settIemento! this
question of currency. He was himself
| willing 10 go as far as any one in CON-
mending the national bank system for
all that was good in it, It was wise At
the time OF ITS inception II had per-
| Termed the usual function not only IN
supplying bonds for sale, but also in
supplying a currency which took the
place of the state b9Dk currency, and
tnok that place at a time when the cOun-
try was perhaps not ready for more
radical measure. II hsd also given the
country a useful system of banks for
discount purposes. It had served
wise and beneficent purposes. He
hoped that banks would continue, but
If they were to continue It must be alb
eolutely without reference to any func-
ton OF providing currency for the coun-
try. That function had not been attend
ed with any great profit TO the bank, and
il was the most useful function which
the banks could exercise. Referring To
the question OF contraction of currt n
cy, Plumb said q system Of currency
which should rise and tall with the de-
mards of business, which would give
plenty of money in the tall months when
crops are TO be moved, and would con-
tract in the summer months when 1t
was not needed, which would from
line to time and ear TO year respond
properly to the Legitimate interests of
the country with reference to value,
: would be a very desirable thing to have,
, but it was somerh ng which the rational
, banking system could never accomplish
TOR reasons inherent in the system, and
which would inhere in it go long is il
was based on United States bonds,
3 What was wanted, in Plumb's opinion.
was something TO take the place OF the
bank circulation as it was wi hdrawn
from time To time. We could provide
q that for every dollar of circu att N
: which should be surrendered an equal
, | amount of treasury notes should be Is
sued, and thus maintain the currency al
= its present standard Why wait uoti
Q trouble comes before giving the govern
ment authority TO do this? Make sucl
q provisions now that hereafter there will
be no diminution of the circulating me
: dunn of the country. Plumb then of
J. tered an amendment providing tina
o when the circulation OF any nationa
bank shall be surrendered the secretary
of the treasury shall issue an equivalen
y amount of treasury notes, of denomina
tions now provided by law tor the ma
d tiOnal bank not S, such treasury notes t
, be deposited in the treasury and pail
out as other moneys kept for the dis
y charge of the obligations OF the gov
If eminent, including duties On imports
a They shall be legal tender between tn
national banks and for all debts due any
national bank; shall be redeemable il
q coin as legal tender notes of the Unite'
20 States now are, and when received In tn
e. treasury shall be relssued, and whe
mut,lated or worn shall be replaced q
now provided by law for legal tende
u notes. The coin in the treasury O
D. the passage of this act fo
d the redemption OF legal notes TO be ais
applicable for the redemption of tbes
treasury notes, and such coin in reserv
IL may from time to time be increased 6
d the discretion of the secretary of th
10 ire isury. but the total amount of sue
o coin shall never be less than % per cen
nor more than 80 per cent. of the tot'
u amount of legal tender and treseur
is notes outstanding.