The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1886-02-11

! tary OF the Treasury and Comptroller
| of the Currency TO the effect that
$4,000 900 OF the silver dollars were
all tina, had been possible to get into
circulation, when in the same message
and reports they had been compelled
! 10 admit that there were really $780,
000,00 OF the silver dollars in circu-
lation, because in addition to the S50,-
000.000 Of metallic silyer dollars out
there were 500, 000,000'of certificates.
So much stress rad been laid by the
President and his officers On the $780,
000,0 figures that the people largely
got the idea that that represented the
whole silver circulation.
Senator George insisted that the &C.
ton OF the Treasury officials in the
case under consideration was in every
respect sound and in compliance with
law.
Senator Eustis said he had tele-
graphed to Mr.. Reach at New Orleans
to ascertain the purpose Of the bank
shipment OF sil YER. His reply, to-day
received, was as follows:
"Shippers sought TO get rid OF ex-
cessive silver by shipping to Sub
Treasury and asking that silver certif-
Gates therefor should be turned over
to their New Orleans correspondents.
The Sub-Treasurer declined TO receive
from express company because, first,
he doubted the propriety OF the
Treasury becoming an Intermediary
between the country and city banks;
second, for lack of clerical force. /
feel assured that provision for suili.
Gent clerks would remedy everything.
"T. T. ROACH"
Senator Edmunds inquired why the
administration did not turn out this
Republican rascal and put in Demo-
crat who would understand his duties
under the law.
Senator Ooke-Is he Republican,
Senator Edmunds-I do not know.
| suppose If he Is as bad as tina! he
must be.
Senator Coke said he did not care
what the mans politics were.
Senator Edmunds repeated bis in
quiry as to the politics OF the assistant
treasurer at New Orleans-whether he
was an officer or some new man.
Senator Gibson replied that the Off
Ger referred TO had been appointed by
the present administration.
"Well," remarked Mr.. Edmunds, in
a regretful tone, cit is very bad state
OF things" lLaughter.l
The debate then closed and the mat
ter went over.
Senator Dolph submitted an amend
ment TO Senator Sherman's silver bill,
which was ordered printed. In the
original bill II is provided that the
amount Of coin certificates at any time
outstanding should not exceed the
cost Of the bullion purchased by such
certificates. Senator Dolph's amend
ment is TO strike out the words "the
cost OF the bullion purchased by such
certificates" and make the provision
read as follows; 1.-THE amount Of such
certificates at any time outstanding
shall not exceed the market value OF
the bullion In the Treasury purchased
under the provisions OF this act and
retained rs security for such certificates
and Whenever az the end OF any fiscal
year such outstanding certificates shall
be in excess In amount of the
market value Of such bullion, the Sec
rotary Of the Treasury shall retire and
withhold from circulation an amount
of such certificates received by the
United States for customs, taxed and
public dues equal to such excess until
such time 40 the same can be put in
circulation without increasing the
amount Of such certificates beyond
the market value OF such bulion.P
After an executive session the SEN
at adjourned.