, 1890-04-15
MORE MONEY NEEDED.
Senator Plumb's Bill to Increase
the Circulation.
Amount Now in Use Only $40
Per Capita.
Window Gets a Hot One From
the Shoulder.

WASHINGTON, April l4-Plumb in
troduced a bill for the disposition of GER
tain funds in the treasury and asked that
it be read as he desired to call the atten
ton of the finance committee to it. 1t
provides that money required to be de
posted for the redemption of national
bank circulation be carried into the treas
ury and treated as funds available for the
reduction OF debt and for current ex-
penses of the government; that all funds
held for the payment of matured debt
and interest, due and unpaid. lie similar
" treated and hereafter no funds availa-
BILE above the sum OF $4,000. 900 be re-
tanned in the treasury. This will not be
construed, however, as permanently di-
minishing the fund Of 800, 000,-
600 now held for the redemp.
ton OF treasury notes. He said
there was less than 500, 600, 900 OF circu
lation for the use OF IS. 000,0 900 people Of
the United States. probably not more
than $40 per capita. The system of f.
nance that had been built up and main
tanned had brought about that result. 1t
had its merits and its great defects. One
OF the greatest defects was the compulso-
ry holding in the treasury OF a very large
sum of money on the theory that it was
needed. aud on the further theory that
the secretary of the treasury was to be
the arhiter OF the financial questions Of
the people. 1t had been stated in the
public prints that in pursuance of his
policy of controlling the finances of the
country the secretary of the treasury had
II tkn n,.raH.V A,.n.. E.L-,--,
over $40, 900, 900.
He Plumb believed the retention Of
money In the treasury an assumption on
the part of the secretary to do what
might have been at one time proper. but
which now constitutes a menace to the
business OF the country and ought to be
prohibited by law. A senator sitting
near him had asked him for what nom
inal purpose $3.50. 600, 600 we're held in
the treasury. He would tell him that
800, 000, 900 was held IN assumed obedi-
ence 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 national bank notes of
banks that mad gone out OF business or
that were refining a portion OF their circu-
l%atiou; between five and six mil
lions we're held for the redemp-
tion of such notes of national banks
as from time to time had come
into the treasury and were found unfit for
further circulation; about 81 900, 900 were
held for the purpose Of payment of
coupons due and not presented which bad
matured from time to time, but the evil
dence of which had not been presented
and some of which probably never would
be presented. AS to the remainder it
-....Il.. =. Ill F. -. - -
held. The confusion OF subjects and OF
mounts was such that it was Impossible
for any one to tell about it, but the whole
sum retained was about $3.50. 900. 900.
During last year nearly 5000, 900 OF
national bank circulation had been with
drawn. To meet that reduction there
was a coinage of 1000, 600 IN silver
monthly and a coinage in gold, but ex
perience shows that not only were these
TWO agencies needed, bnt there was also
needed paper money.
Business OF the country was languish
ing. New enterprises were withheld, old
enterprises were struggling TO keep on
their feet, and that these things would
continue until n remedy was attained,
and that remedy could only come By legis-
lation. because legislation combined with
executive action had brought the country
to where it now was. Congress would
l~eeislate some of these days on the silver
question, but no one knew when and
how. Whatever was done would result
in a great addition to the money OF
the country, but this measure of
his would give an addition at once
and the money could be disbursed
within sixty days. He had veutured
thus publicly and briefly to call the mat
ter to the attention of the finance COM
mittee, and he hoped it would report a
bill or something like it after its next
meeting. The bill was referred to the
finance committee.
A message from the house announcing
the death OF Randall and the appoint
ment of a committee to attend the fun
eral was presented and read. Cameron
moved concurrence The resolution was
read and Quay, Allison, Davis, Voor
hees and Eustis appointed. As a fur
Their mark Of respect to Randall's mem.
DRY the senate adjourned.