Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-06-04
A SENATOR'S SCHEME
TO Provide a National Currency That
Will Always be Elastic.
TIE SILVER BILL In THE SENATE.
Beer Can No Longer be Lawfully Bottled in
the BreWeries.
AN INCREASE OF INTERNAL REVENUE

WASHINGTON, June SIN the Senate
to-day the silver bill was again under con-
sideration and Mr.. Pugh made the first
speech, his remarks being largely devoted
to the tariff. He concluded with the state
ment that he would join his vote to the
votes of those who were in favor of free,
unlimited and compulsory coinage of gold
and silver bullion.
Mr.. FarweII was the next speaker upon
the subject. He declared himself in full &C.
cord with the purposes of the bill, but said
that he was in favor of going still further.
He would use for money all the silver offered
and not g stipulated sum, as provided for
in the bill, and be would coin it at its mar
ket value. II the price of silver should ad-
vance to par with gold Gas the friends of the
bill claimed it WOULD, then free coinage
would come as matter of course.
VALUE OF DOLLAR.
What objection could there be, ne asked,
to putting in the silver dollar 100 cents
worth of silver? What difference would it
make to anybody if a dollar were made in
trinsically worth 100 cents? The people
could not have too much money. No peo-
meut the bill would not accomplish its
object. Two other things were necessary
The national bank system should be pre-
served and the sub-Treasury system abol-
ished. When these measures were adopted
the people could get all the money they
needed.
The association BY the Government, un-
der the pending bill, of Treasury notes with
silver bullion behind them as security, fur
nished a circulation that was absolutely
safe and could not be redundant, and would
still supply the monthly retirement of the
national bank currency. The national
bank system should be perpetuated by SUBJ
stituting other bonds than United States
bonds to secure circulation. This would go
very far-farther than any other measure
that he could conceive of-to increase the
volume OF currency.
AN ELASTIC CIRCULATION.
The people would then utilize all the best
bonds of the country and would procure
such circulation as the business of the coun-
try demanded. The Treasury notes to be
issued under the bill would add largely 10
the circulating medium; but should any
great foreign demand be made for silver
after it reached par with gold, that circu-
lation was liable TO be reduced; SO that the
pending bill alone could not be depended
upon to furnish the requisite circulation.
The issues OF the Government, if the rev.
enue continued at the present figure, would
soon be retired. The bonds would be paid
first and then the green backs. He did not
think that the circulating medium of the
country should be governed by the needs or
the debt of the Government. He did not
think that it was within the province of
Congress to determine the amount of the
circulating medium.
But some law like the national banking
law should be the means by which the peo-
pie could determine that matter for them
selves. II the present admirable banking
system could be permitted to live, there
would be no demand (such as was now made
by Senators) for an increase of money.
Under it the people would get all they
wanted.