The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1890-04-15
SENATOR Plumb,s Fiuancial pr, n

WASHINGTON, April 14.-In the Senate, Plumb
introduced bill for the disposition of certain
funds in the treasury and asked that it be read
as he desired TO call the attention OF the finance
committee to it. 1t provides that the money
required be deposited for the redemption of the
national bank circulation. 10 be carried into the
treasury and treated as funds available for the
reduction OF the public debt and for current ex-
penses OF the government: that all funds be
held for the payment of the matured debt and
interest, due and unpaid, to be similarly
treated, anc hereafter 10 funds available above
the sum Of slC,OOO0OO shall be retained in the
treasury. This is not to be construed how
ever. as permanently diminishing the fund of
Sl0O-OOOOOo now held for the redemption of
treasury notes. He said there was less than
S7U0,000O00 Of circulation for the use of The
$4,000 OF people in the United States proba-
bly, not more than SO per capita. The system
OF nnance that had been built up and main
tanned had brought about that result. It had its
merits and Its great defects. One of the great
est defects was the compulsory holding in the
treasury OF very large sum Of money on the
theory that 1t was needed, and on the further
theory that the secretary of the treasury was to
be the arbitor of the financial questions of the
people. 1t had been stated in the public prints
that. IN pursuance Of his policy of con-
trolling the finances of the country
the secretary of the treasury had con-
tracted the currency, during February, over ten
millions. He Plumb believed the retention
OF the money in the treasury was an assump-
tion on the part of the recretary to do what
might have been at one time proper but which
now constituted menace to the business of the
country and ought TO be prohibited by law A
Senator sitting near him had asked him for
what nominal purpose $3.50. 0O00O0 was held in
the treasury. He would tell him. hundred
million was held in assumed obedience to the
law OF 1882, to provide for the redemption of
legal tenders and treasury notes Sixty odd
millions were held for the redemption OF ma
tional bank notes. OF the banks that had gone
out of business or that were retiring a Dor3ion
OF their circulation, between five and six nil
lions. was held for the redemption of such notes
OF national banks from time to time came into
the treasury and were found 10 be unfit for
further circulation. About SevVen mill; n was
held for the payment of coupons due and not
presented, and OF the debt which had matured
from time to time, but evidently which had not
been presented. and some which PROBABLY never
would be presented. AS to The remainder II
was impossible to tell for what it was held
The confusion of The subjects ana of the
amounts was such that 1t was impos-
sible for any one to tell about it; but
the whole sum retained was about two hundred
ana nifty million dollars. During the last wear
nearly forty million dollars of the national bank
circulation had been withdrawn. TO meet that
reduction there was coinage OF silver of
SSO09.0OO monthly and the coinage Of gold: but
experience showed that not only were IN sc two
agencies welded, but there was also needed
paper money 10 the maximum amour of the
standing debt at any time The business Of
the country was languishing; new enter
prises were withheld, old enterprises
struggling TO keep on their feet that things
Woulu commune so until remedy was attained,
and that remedy could only come by legisla-
ton; because legislation. combined with eXecu-
tive action, had brought the country TO where it
now was. Congress would legislate some of
lnose Gays on the lron-silver question, but no
no ono knew where and no one knew how.
Whatever was done would result in a great ad-
d1tiiion to the money of the country. But this
measure OF his would give the addition
at once, and the money could be dis
bursed within Sixty days. He had yentured
thus publicly and briefly TO call the matter
TO the attention of the finance committee and
he hoped II would report the bill or something
like il after Its next meeting. The bill was re.
ferred 10 the finance committed
message from the House announo d the
death of Randall, and after a resolution for the
appointment OF committee to attend his IN
neral had been presented and read Cameron
moved concurrence. The resolution was AGREED
70 and Quay, Allison. Dawes Voorhees, and
Eustis were appointed. As further mark of
respect to Randall's memory The Senate ad-
journed.