Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-05-17

idea.
WASHINGTON, May 16.-When the
Senate took up the silver bill to-day MIR.
Sherman offered a substitute for the amend
nnent heretofore offered by him (as to cover
ing into the Treasury the funds now held for
the redemption of national bank notes),
stating that the substitute was to the same
effect, but in better form, having been pre-
pared in the Treasury Department. Mr.
Piumb's amendment to Mr.. Sherman's
amendment was then read. 1t is to insert
the following:
And hereafter no funds available for the
payment of the public debt (ncluding such as
are kept for the redemption of Treasury notes)
shall be retained in the Treasury IN excess Of
tllOOOO,OOO.
IDEAS OF A FINANCIER.
Mr.. Sherman opposed Mr.. Plumb's
amendment as putting restraint upon the
Treasury Department and preventing it
from paying Government obligations as they
became due. As SlOO, 600 600 had to be re-
served for the redemption of Treasury notes,
It would leave only $4,000 900 for current
business. The interest on the public debt
required the quarterly payment Of 4O.OOO,-
OOO and that amount had to be on hand. 1t
was utterly impossible to have the hands of
the Secretary Of the Treasury tied up in
such manner. No bank would be allowed
10 DO business that did not have a reserve Of
from 10 to 20 per cent to meet current liza
hllilics
Mr.. Plumb defended and advocated the
ntnendnent offered by him. He argued that
The Treasury Department should have
Ibthing whatever 10 do with the currency
1lpply OF the country. The Secretary seemed
h think himself the keystone-the lynch
tin-oi the financial situation Of the coun-
krv, and that he had to take into account
fthe barometrical condition OF things in New
A York.
NOT NEW YORK ONLY.
He wished that the Secretary would take
into account the barometrical condition of
other places than New York. The holding
of meney in the Treasury Except for the
needs of the Government itselO which had
been before that time in circulation was an
economic crime. He compared every Sec
retary of the Treasury to hen sitting on a
nest of eggs and regarding the subtraction
of any Of them as a mortal offense.
They wished large sum of money in the
Treasury for the purpose of feeling that it
WAS there, and not as an element OF personal
consequence. He never would believe until
he believed in the incoming of the mil
lennium that any Secretary ofthe Treasury
Republican or Demoerat-would do aught
except keep in the Treasury every simple
fraction OF a cent that he got in there so
long as ne had decent way to keep it
there. He (NIr. Plumb wanted, so far as
he could by his vote and influence, to dis
sociate the Treasury Department from the
business of the people of the United States.
ALooF FROM WALL STREET.
He did not want the Secretary of the
Treasury to be the instrument of speculation
in Wall street or elsewhere. He did not
want the bulls and bears OF New York to be
speeulating on what the Government was
going to do about retaining or putting out
money. He did not want to have the Treas
ury points" peddIed on Wall street as
coming from persons near TO the throne He
did not want to see the Treasury Depart
tnent made the football OF speculation.
As matter affecting the Secretary's Off
cial good name, as matter affecting the in
teresr of the American people, Congress
ought to put limit on the amount of money
to be kept on hand in the Treasury, so that,
whatever the result might be, it could never
be imputed to the Secretary that he had
used his great discretionary power either un-
wisely or wickedly.
The sum should be fixed at an amount
that would be perfectly safe, and an equivs-
lent sum should be added to the currency,
and thus the Treasury Department would
be taken out OF the currents and tracks of
business out of connection with the affairs
of men, out of suspicious or other relations
with speculation. Until that was done
there would be scandal upon scandal, COM
plant upon complaint, wrong upon wrong.
THE LATTER OF THE LAW.
The discussion was further continued by |
Senators HiscOck and Sherman-the latter 4
quoting the law setting apart a S1OO. .OOO 600 |
OF gold for the redemption of preenbacks |
and declaring that any Secretary of the |
Treasury who would disregard it would be |
impeachable for a high crime and mis-
demeanor. Mr.. Sherman went on to arpue |
against the violation of the sacred pledre |
given to the world that S1oO,O00 600 in gold |
would be held in the Treasury for the re-
demption OF Treasury notes. 1t would be, |
he said, a shock to the public credit
Coming to the discussion OF the silver bill |
itself Mr.. Sherman said:
don't like some of the features Of the bill. |
may he driven to support It. Some of the |
friends Of the bill seem TO have abandoned 1t |
already. Tho gentleman who introduced IL
seems to have abandoned the principle OF It.
But will debate that further on. There are
Eome good features in It which like very well.
il we eau agree upon some measure that will
furnish 10 the people of the United States more
money (fOr think We want it) and will also
tend to advance silver bullion nearer and
nearer and up to
THE STANDARD OF GOLD,
! am willing to vote for such measure. But |
do not want to embark upon the wide sea Of |
Tree coinage Of silver. drawing from y body of |
S3,OOlOOO.OOO OF silver, and do not want Con- |
gress TO pledge itself 20 buy all of that silver |
which laay be offered, silver melted from the |
lots OF India, China and all the world. do |
not want 10 vote for any such bill. Let those
who would take the risk OF such a speculation,
take it-not J. But anything whatever that |
can be done by this bill or bY any other bill TO
give US moro good paper money. based on ac.
tual deposits of sold and silver bullion
or that will raf the value OF silver,
] will favor. / would buy every ounce
of silver produced in this couptry Keen
IL III the Treasury vaults and issue
certificates uDon il based on its market value
20 any extent that may be desired. And