Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1888-05-18
rency

League to Contract the Cur
rency.
Extracts from Speech By Senator Plumb.
The treasury department Is in act
i've partnership with the national
banks The secretary Of the treasury
has loaned to these banks over s6I.
000000 Of the public funds instead of
buying bonds and saving interest.
He has chosen to do this, and up to
date the banks have been willing to
receive the money. It cost them
nothing, and they could loan it to the
people for current. rates of interest
But now the banks have got to a
point where they are declining. I I'M
derstand, to receive any more public
money liable to be called in at any
time, suddenly and in bulk, and those
q them who have read history know
that in the only other period of his
tory when such a partnership was en-
tered upon it proved disastrous to the
banks, disastrous to the government,
and disastrous to the pee
pie. Meanwhile the secretary has
given to the banks the use of the
funds which has yielded them not
less than S5,OOO,OOO which the people
have paid, and has failed to save to
the treasury at least half that sum,
which he should have done by pur-
chasing bonds
The great question of the volume
Of the currency of this country is left
t. take care of itself. The admins
tsaton recommends nothing, and the
/ finance committee does nothing.
Mr. President if there is urgency
for anything, it is wise legislation up
on the currency question.
But the finance committee, as here
tofore and always, does not meau
that any legislation adding to the
volume of the currency, or any mea-
sure which replaces the currency
which has been taken from the peo-
/ pie, shall never be adopted That
committee intends to obstruct and
prevent everything Of this kind.
That committee is moved by impulse,
by determinations, by theories, which
are opposed to any increase in the
Y=elume Of the currency, and equally
+ opposed to anything that stops its
contraction.
1 appeal from the word of the SEN
ator from Vermont Morrill,, to the
record Of his committee; I appeal to
the action of that committee upon
this floor whenever this question has
! been up. I say that that committee,
with all the determination of its able
and determined chairman, with all
the determination of the former sec
rotary of the treasury, now member
of the committee, with all the deter
mination of that influence which has
controlled the financial policy of the
country for the last thirty years, and
controls it yet, the control of bond
/ holders and money lenders, has re
solved that nothing shall be done
which shall operate to make the bur
I dens of the people lighter by increas-
! ing the volume of the currency or
even by preventing further cOntrac-
ton
So far as I am concerned, I intend,
as I said before, to move this amend
ment, or one similar to it, to every
bill which that committee proposes.
/ I do not expect to make any impress
sion on the indurated hide of the f.
nance committee, but [ do hope to
arouse the senate; I hope to arouse
the country to the nOn-action which
has characterized congress for the
last fifteen years upon this very i'm
portant subject We have sat here
for the last fourteen years and seen
the volume Of the currency contract
by reason Of the shrinkage Of the ma
tiOnal bank currency, and the motive
for such nOn-action is found in the
remark Of the senator from Ohio
Sherman a moment ago to the effect
that If more currency was wanted In
ducements should be offered to the
national banks to supply It.
I tell that Senator, as I have often
before said in my place here, that
congress viii never offer national
banks any inducement to take out Oh
to issue any more currency than they
have cot now. 1T IS after the feasi