The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1890-06-07
Senator Plumb in Advocacy OF Silver.

WASHINGTON, June 6.-Mitchell moved t.
reconsider the vote by which the Senate
passed yesterday the bill authorizing the
construction of railway bridge across the
Columbia river, near Vancouver. The mo
ton was entered
The silver bill was taken up and Plumb
addressed the Senate.
Plumb believed it was the all but unani-
nous opinion of the people that
very considerable increase in
the volume of currency was neces
sary. The circulation to-day was $40, 600, OOC
less than the trainers of the financial leg
lslatlon Of 1875 anticipated, although the
commercial business of the country had
doubled within that time The total
amount OF money which the people of the
United States had for the transaction OF
their daily business should not exceed
5000. 100000. He believed it was less than
S5OO,OOO,0O0, and upon that narrow foun.
datlon has been built an enormous struct-
ure OF credit propped here and there by
devices OF various kinds, and it kept
swelling and growing while the base on
which 1t rested did not grow in proper
ton TO the structure The Senator
from New York (Hiscock) had
yesterday discussed the great wealth and
prosperity of the country, but if the
picture is true, why was it the Senator
and his committee (the finance committed
were plllng up protective duties2 His
(Plumbs) idea was that not only should
the vacancy of the national bank circula-
ton be 10 ade up but there ought to be
added to that at least as much as would
result from the free coinage of silver. He
was willing to abandon his idea in favor of
nat money and to widen the base
CT the credit structure by adding
to it all the silver that the
United States minis could turn out.
According to the best data that there was
there was less than sixty million dollars
worth OF silver mined every year in the
United States. OF that sum $50, 900, 900
was coined, $4,000 was used in the arts.
and only Sl1,000000 could be used in free
coinage. 1t was to be remembered that the
national bank circulation was being every
year retired, the amount to be retired this
year being S15,0OO,OOO.
Plumb went on to speak of the silver bill
IN connection with the question of protec-
ton. The Senate was appealed to yester-
day by the Senator from New York His
cock) against the bill in the sacred name
OF protection. Silver was an American
product, a much larger product
tected by duties of 200 or 300 per cent.
under the tariff bill. He would like to ask
the Senator from New York who was so
anxious about foreign commerce what he
intended to do with the tariff bill, which
would prevent the United States from
having any foreign commercea He hoped
he might interpret the Senator's remarks
on that point as hopeful augury Of the
action of that Senator~in putting his knife
into the bill now before the finance com
mittee, bill which would raise the price of
nearly everything used by the masses of
the people. The silver bill was then laid
aside, and the Senate took up the bill to
authorize Maricopa county, Arizona, to is
sue bonds III aid of railroad construction.
The bill passed, yeas, SO; nays, is. 1t is
the House bill and was passed without
any amendment.
A message from the President relating
to the landing of an armed force from the
revenue cutter Mclean, at Cedar Keys.
Fla, was read and referred to the com.
mittee on judiciary. Adjourned.