National Republican., 1888-03-27

ntnls 10 IL, anu ne therefore llONCu 10 lay
Mr. plumbs amendment ON the table. As
guagu of the law Of iSSl was stronger,
clearer and better. Still he was willing to
vote for II, because It would relieve the gov
eminent from the really distressing condi-
ton Of the finances.
The amendment was laid On the table
yeas %. nays ~ rs follows:
MessrS. Allison, bate, Beck, Black
burn, Cullom, Davis, Dawes, Farwell, Frye,
HAMPTON, Harris. ilistock, Hoar, Jones of
Arkansas. morrill,, Payne. platt, salisbury
Sherman; Sl,;; spoonsr' stanford Stockbridge'
NAYS Mcssrs. Berry, Bowen, Call, Cameron,
coke, Daniel, nolph; George, Jones of Nevada.
Mandcrson, Mitchell, Palmer, PLUMP, Ran
Vance, Vest, voorhees,, Walthall-3.
Mr.. Plumb renewed the amendment mod-
fed in rcgardtO TO the legal tender quality Of
the proposed treasury notes, and proceeded
10 argue in support of IL.
lie said that the paper currency OF the
country had diminished since 1873 by nearly
$780, COO. 600. The pending bill was proposed
on the theory that it was going TO increase
the volume of currency. No one, however,
could tell tu what amount. No member Of
the finance committee would even guess lat
least, rot guess aloud) as to the amount to
he added To- the circulating medium hy the
purchase Of bonds under this bill lie
about $50 1000, ,0O0 of bonds rs security for
currency beyond the amount they needed to
hold in order to maintain their charter II
the bill became Il law, the Secretary OF the
Treasury would not probably buy more
than 100000 of hOnds;and if he did not)
II was possible, not probable, that all those
bonds would come from national banks,
and there would he practically no increase
at all in the circulating medium.
Mr. Stewart said that he believed that this
was an exceedingly bad time for the govern
mcnt to speculate in bonds, while the cur
rency was so contracted. lie did not believe
in paying the debt IN any other mode than
that provided by law.
lie discussed the history as 10 the pay
ment Of United States bonds in gold while
by law they We're payable in silver, and
stated that that resulted in loss of $780,
GCO,0G0 to the people Of the United States.
lie would not vote TO buy dollar of bonds
unless there was provision made IN the law
for the Use of silver for that purpose. He
had prepared an amendment as an antidotc
TO the bill but would not offer II now he
cause there seemed 10 be u disposition to
pass il in hurry. His proposition was to
require the Secretary of the Treasury TO
purchase silver bullion, not less than four
millions u month nor more than eight mil
lions, and to coin IL in the denominations
and tncncss now provided by law, and to
use such coin in the purchase of bonds.
Mr. lliscuck. Il member Of the finance
committee. defended the action of that com
mitice in reporting the pending bill and in
opposing the amendment proposed by the
senator from Kansas. How, he asked,
would that amendment get any money ont
of the treasury How would il relieve the
surplus difficulty? The sources from which
the money was flowing into the treasury
would have to he cut oif-thc fountains to he
1ri, ~ I'm a.
into law. il would he utterly impracticable
to add Il dollar to the circulating medium.
Mr.. Morrill, moved to lay the amendment
on the table. Defeated--yeas -, nays ~
The amendment was then adopted yeas
2s, nays u, as follows:
YEA,-Messrs. Bate, Beck, Berry blackburn,
Blair Call. Cameron, Cockrel. Coke, Daniel.
Doiph, % Faulkner. George, ingalls,, Jones Of
New, Kenna, Mitchell, Palmer, Plumb, Ran.
som, Reagan, stewart, Teller, Turpie, Vance,
Vest, VOORHEES,, Walthall-sS
Davis, Dawes, Farwell, Gray, Hale, Hampton,
Harris, lliscock, lloar, Jones of Ark, Morrill,,
Platt. salisbury. Sherman. Spooner, stock
| bridge, Wilson of Iowa, Wilson of Md-2l.
The amendment, us agreed to, reads II,
| follows:
SECTION .. That whenever the circulation OF
| any national bank, or any portion thereof,
| shall be surrendered, and the same snot taken
| mp by other national banks within thirty DAYS
|
| thereupon issue an equivalent amount oi
| treasury notes of the denominations now pro
yided by law for national bank notes. said
| treasury notes shall be deposited in the treas
ury and paid ont as other moneys kept for the
| discharge OF the obligations of the govern
| ment. They shall he receivable for salaries
| duties ON imports: shall be a legal tender he
| tween national banks, and for all debts due ~
any national bank: shall be redeemabIe IN
| coin, as the legal tender notes o. we ,h'ts, yea
Of NOW utn
| treasury they shall be reissned, and when mi
tilated or worn they shall be replaced: in the
manner r. as ago noT Pr%yTISed P,%nTer note! s
| The coin held in the treasury at the
| date of the passage OF this act for the re
demption OF the legal tender notes Of the gov
| demption of the treasury notes herein pro-
| vided for, and such coin re'erve may, trom
time to time, be increased by adding therttt
1tnGE TS% asiRrs"n RyStS Of e s|s ssceiy S @
| the Treasury: Provided, That the tota
amount of said coin reserve shall never b,
less than y per centnm nor more than %tpel
centum of the total amount of legal tende
and treasury notes outstanding. The true IN
tent and meaning Of this section being thu
the Volume OF PAPER money onti;fsamalnS ,;sn. ,eT
| elusive of gold drd silver certlhcatesl silal
remain as now existing
Mr. Stewart offered NJ amendment allow
ing deposits Of gold and 'tlver bullion mo
less than five ounces of COLDER eighty ounce
of silver and the issue of coin certificate
therefor. lie made an argument in supper
of IL.
Mr.. Evars said that while adhei no tirml
TO the position that the two precious metal
should form the basis of circulation, he va
unable to see that any movement could b
made forward IN the absence OF some con
veDtion with Europe on the subject whic
should extend the opening of United State
mints ton any cOndiions) beyond the pre-
duet of this country He could not see an
wisdom in this prccipitous movement.
was not wise to 80 in advance of publ
judgment, when deliberately formed /
matters that concerned currency and valuc'
lie would therefore vote against the propC
sition because he believed II would not IL
complish (and might endangcr) what he dc
sired-a sound and sure movement toWal'
the rehabilitation of silver. He agreed wit
Mr.. Stewart in the opinion that the capt.;
error, the stupendous bunder of Europea
craftsmanship had been the demonetizatio
Of silver
Mr.. Platt said that the proposed amen,
ment seemed TO him to he launching of III
ship on an unknown sea. Nobody coul
tell whittier II would sail. There had bee
good deal said to-day about the contra
tiOn Of the circulating medium: but he In
been under the impression that the currenc
had not been contracted within the past fe
years He thought he was right in sayin
that the volume Of grecnbacks, nations
bank notes, and gold and silver coin had il
creased rather than diminished WhcthC
the currency was equal in volume 10 III
necessities and requirements of trade WI
another question. But, no matter how thi
might he, there was no doubt that under IL
proposed amendment there would be unin
tied imitation. Nobody could compute no
what that amount Of imitation would HI
Wha, did the amcndr cnt proposes 1t pr
posed that there should he no ovcrprOdu
; | linn nf AllNnr In lln MnIll