New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-02-16
NATIONAL BANK QUESTIONS.
A SPEECH BY SENATOR PLUMB on THE PENDING
BILL.

A SPEECH BY SENATOR PLUMB on THE PENDING
BILL
WASHINGTON. Feb. 15.-The Senate to-day
resumed the consideration Of the bill TO provide for the
issue OF circulating notes National banks Mr. Plumb
addressed the Senate at length upon it. He re-
gared the sentiment of the people Of the United states
against the maintenance OF the public debt for any longer
perod than Is absolutely required by the terms OF the
bond as fixed and rreyOcable so far as he was con
ce1ed he had desire 10 appeal from that decision
He believed it be not only the fixed sentiment OF the
peope but also the highest wisdom, that the National
debt should, at the earliest practicable cay
become extinct. All the interests of the
Nation combine 10 make that end desirable.
He wanted TO see the National debt disappear because Its
dappearance would be the practical resolvent OF many
disturbing questions We could not consider the tarf
question to-day ought to be considered either as an
abstract or a practical question: without being met by
the necessity Of providing in large SUN OF money in
some way payment OF the interest and principal
f he pubc debt 1t would enable To settle this ques
tou OF the National currency unembaTascd by the eI-
isrence OF National debt. II had no National debt
now we would discussing these bills, Tor he con-
cerned the premium on bonds nor the enect on the
currency OF the Of banks TO realize that premium
The debt was the only thing which to-day stood IN the way
Of some definite rational settlement Of this question Of the
currency He himself willing to 20 as far rs any one
In commanding the National bank system Tor al that
vas rood In t. IL was wise at the tiIue OF lie inception
II had performed useful function, not only In supplying
bonds for sale, but also IN supplying currency "hcn
ook The place Of State bank currency ana TOOK that
place At tine the country was perhaps not ready
for more radical measure IL mad also
given the country uselul system
of banks for discount purposes. IL had served wise
and benz acent purpose He hoped the National badks
would continue. But II they were to coutiuue must ne
absolutely without reference 70 any function OF proVd-
Jag currency for the country. That function had not
Deen attended with great profit 10 the banks ana IL
Was not the useful function which banks could e1
ercise. " -, NJ,
The steady dninutOn Of the National debt, Mr.. Plumb
said had brought face with the grave cOnsid
GRAFTON what with the disappearance or the Dent
should do to prevent contraction OF the currency.
The Senator from New-Jeraey mr. McPher-
sou) had proposed remedy; but that
senator did not believe It would hold good
very long The Senator from Vermont (Mr Morrill,,
of the National banks too had proposed another
ard essentially different remedy, but neither did
Senator believe that his remedy would hold good
very long In body II provided sliding TO secure
the very reduction which egslstng pre-
so dd the proposition OF the gentlemen om OHIO
lMr. shermanl and the other propositions submitted
When doctors OF such eninence disagreed Mr. Plumb in
Quired what was to be done by aymen Ike himself.
further debate In which Senator and
Jones' OF Florida took part, the senxe took vote
amendment submitted by Mr. Sherman providing that II
any Of bonds deposited bore Interest than three
per cent additional should be issued equal 10 one
half the interest of the three per accrung
before maturity. This was voted down by vOte'Of
yeas 20 AZ nays.
The then went into executive session and the
doors beng reopcned adjourned TO Monday next