The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-07-30

majority in Congress upon the surplus question.
He opposed the House resolntion, and said it
was with many misgIvings tnat ne would vote Tor
the Senate amendment
Mr. Plumb advocated the resolution as il came
from the House. He believed a reserve OF 500
000. 600 amply sufficient He was in favor OF
taking away from the Secretary OF the treasury
that discretion which he now had, and which he
the Secretary insisted should be left with him.
He was in favor of letting the people who
elected the representatives to Congress say,
from time to time, what the interests OF the
country require, and not leave 1t TO the Secre-
tary of the Treasury, who believed in that which
was fundamentally opposed to what the people
regarded as their interests, and which policy he
1.-THE Secretary proposed to carry out merci-
lessy and remorselessly.
Mr.. Vest addressed the Senate in favor OF the
joint resolution as it came from the House. lie
said the fight was one between gold and silver,
between gold and greenbacks, between the men
who wanted to make money dear, and scarce,
and high, and between the men VINO borrowed
money. And unless this trouble was terminated
on equitable and fair grounds, il would result in
sectional struggle between the East and the
West That was the plain meaning of the
whole thing
Mr. Sherman addressed the Senate in favor Of
the joint resolution as amended by the commit
tee on finance. He considered it not as Dolit-
zeal but as a business proposition. 1t undertook
to regulate the redemption fund of the Treas
ury. Hitherto this had been left to the dis
certain limits defined by law. He related the
circumstances attending the passage of the law
for the resumption of specie payment, when he
was Secretary of the Treasury. 1t had been
assumed theE by the House committee on bank
ing and currency. that from 40 to so per cent.
was the minimum amount to be retained as
redemption fund. No pretend
ed. then, that the amount of that
reserve should be less than 500, 600. 600;
while, on the other hand, the chairman of the
Mr. Rupk 0f | M
other member of the committee Mr.. Ewing, of
Ohlo, insisted that that was not sufficient re-
serve. He (Mr. Shermanl had commended, how
ever, that it was sufficient, because the govern
ment had not to provide, as banks had to do.
against deposits, but only against currency. On
his statement the committee banking and
currency had, either tacitlv or by resolution,
declared that it would not interfere with the
plan proposed by the Secretary OF the Treasury,
and that $780, 000 600 should be established as the
basis of resumption. The whole of the financial
system of the government, he said, rested on the
fulcrum of solid coin. and would be affected by
any tampering with It. Coin was the basis or
all banking, and no government ought to enter
on the business of banking without adopting all
the conservative principles of banks. If it did,
some BLACK Friday" or some unforeseen event
would dissipate the whole financial system and
make it sink in ruins. He would give to the
Democratic administration of the Treas
ury such reasonable working bal
ance as would cradle it to meet
all possible NEUTRALITY-SUSPICIOUS. more nor
less He would let that fund of $l0G 600 600
stand as long as the pyramids stand as the basis
for the redemption of $343, 900 greenbacks.
The effect of the resolution it passed the
House would be, though not so intended, to con-
tract the national bank circulation to the amount
of 800, 000,0 900. Nothing will disturb the seren
ity of our financial system unless it be the set
tied conviction and belief on the part of the peo
pie that Congress is determined to change the
standard money of the country and bring us
down to single standard-silver. But it will be
Congress that will do it, not the bankers. The
bankers will take advantage of their opportuni
ties and protect themselves, and the burden of
the loss will fall on the people.
Mr.. Teller advocated the resolution as it came
from the House.
Mr.. Jones' of Nevada, made long speech in
which he laid down his theories as to political
economy. and after speaking nearly two hours,
yielded for secret session.
After agreeing to a conference on the North
ern Pacific land-forfeiture BILL the Senate went
into executive session and soon adjourned.