Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1890-09-19
senate.

WASHINGTON, Sept. ls.-In the
Senate the resolution offered yester-
DAY by Plumb 10 recommit the
bankruptcy bill went over till to-
morrow.
PlunIb offered n resolution direct
ing the Secretary Of the Treasury
10 inform the Senate whether the
rule or policy Ct bis department,
which requires the payment Of
checks for silver bullion over the
counter Of the Sub Treasury instead
Of through the proper clearing
houses, does not result in paying
out notes Of larger denominations
instead Of those suited fur circula-
ton and use ia ordinary business
transactions. and whether such
method u payment do not result
In the paymeu. OF gold instead OF
Treasury notes.
Asa reason for Offering his resO-
luton, Plumb sent TO the Clerks
desk and hai read a letter from a
member OF n New York banking
house. stating the facts as to pay
ment Of such checks, and venturing
tn prediction that the silver ques-
ton was not finally settled, and that
the New York speculation AMI ac-
cumulatiOns Of silver threaten TO
arouse il. .The bank Withdrawals
Of IRE sury gold, +" the writer says,
''will lie seized upon by all the in
fiuentlal journals here unscrupu-
lousy. The break In the market
price Of silver that threatens at such
a time will equal proof Of holy writ
in support OF the fear"
PLUNB STOKE
Of the conspicuous illustration that
had taken placeWithin the last few
DAYS, Of the impolicy Of allowing
the Treasury Department TO ohstruct
or accelerate the business Of the
country. For years the Treasury
Department boarded money, and
during all that time the volume Of
currency was constantly decreasing
ON account Ct the withdrawal Of
National bank notes The Secretary
OF the Treasury had seen the bust
ness Of the country bampered on
account Of that lack Of money, but
ne waited until n panic was impend-
ing. not a stockbrOkers' panic, but n
stringency Of money that affected
the tanks Of all the cities and
seriously inierfeTed with the opera
lions Of ordinary business, and then
the Secretary had given money to
the holders OF Government bonds
under such circumstances as TO
enable them TO control the money
supply Of the country during their
pleasure.
Money which n few days ago had
been In the Treasury, and which
could have been put out at the will
Of the Secretary, was To-Day in the
hands Of men who owned bonds to
the amount Of S2,O00,O00. Ii was
perfectly safe 10 say that these men
having that money would use IL e
the benefit Of themselves and not In
the interest Of the people. Nothing
but an overwhelming panic would
ever divorce the Treasury from such
malicious interference with the
business Of the country.
| SikhMAN oAAAf
while he had no objections to the
resolution, that which had beer
lone had been done in strict execu
ton OF the law. The Secretary hac
no right 10 pay for silver bullion Ia
anything but Treasury notes. Thes,
Treasury notes had been issued Ia
large denominations. There hat
been only n short time to prepare fol
the execution Of the law, and suf
ficient amount Of Treasury notes o
small denomination could not b
prepared. Those large notes neces
sarily did not enter into the genera
1 circulation OF the country. HI
i fShermAnl doubted the policy o
rpayIng a years interest on bonds II
advance. The financial scare wa
a manufactured scare. II had beer
gotten up by the brokers. or tn
bulls and the bars, and the variou
kinds OF animals who rlanipulate'
, the trade exchange for New York
There was, he admitted, great De
mand for money now for movinl
the cotton and grain crops, perhap
to pay for the croTs and perhaps {
nav for the increased quantity {
foreign goods imported In order
evnde the higher duties under IN
Tariff law. All Of these things