, 1890-09-19

WAsHINGroN. Sept. lS.-The resolu-
ton offered Yesterday by Plumb to recon-
init the bankruptcy bill went over till to-
morrow.
Plumb offered a resolution directing the
secretary of the treasury to inform the
senate whether tho ruiz or policy of his
department which requires the payment
of checks for silver bullion over the coun
ter of the sub-treasury. instead Of through
the proper clearing house, does not result
In paying out notes OF larger denomina-
lions instead of those suited for %circula-
tion and use in ordinary business trans
actions, and whether such method of pay
ment does not result in the payment OF
gold Instead Of treasury notes. As a
reason for offering the resolution Plumb
sent to the clerk $ desk aud had read a
letter from a member Of a New York
banking house, stating the facts as to the
payment L sucii checks, and yenturIng
the prediction that the silver question
was not finally settled, aud that New
York speculation and nccumulluons OF
silver threaten to arouse 1t. The bank
Withdrawals of treasury gold, the writer
says, will he seized upon
by certain Influential Journals
here 10 u~nscrupulously break the
market price oi silver, and that the
threats, at such a time, will equal the
proof of holy writ ia support OF the bears.
Plumb spoke If the conspicuous illus
tration that had taken place within the
last few days of the impolicy of allowing
the treasury department to obs,ruet or
accelerate the business of the country.
For yeats the treasury department has
boarded money, and during all that time
the volume OF the currency has been con-
stantly decreasing on account Of with
drawal OF national bank notes. The
secretary of the treasury had seen the
business of the country hampered on
account OF that lack Of money, but he
waited until a panic was impendiug-not
a stock brokers panic, but a stringepcy
of monry that affected the banks
OF all cities and seriously interior ed
with the operations Of ordinary business,
and then the secretary had gwen
money to the holders Of government
bonds under such circumstances as to co
able them (aud not him) to control the
money supply of the country during their
pleasure. The 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 today IN the hands OF men
who owned bonds to the amount of 500
100000. 1t was perfectly safe to say
That thee men, having that money,
would use it TO benefit themselves and
not In the interest OF the people. Moth
ing but an overwhelming calamity would
ever divorce the treasury from such
malicious interference with the business
of the country.
Sherman said that while he had no OBJ
lection TO the resolution, that which had
been done had been done in the strict
execution of the law. The secretary of
the treasury had no right to pay Tor silver
bullion in anything but treasury notes.
Those treasury notes had been issued 10
large denominations. There had been
only a short time to prepare for the exc
cutlon OF the law, ard a sufficient amount
OF treasury notes of small denominations
could not be prepared Those large notes
necessarily did not enter into the general
circulation of the country. He (~Sherman)
doubted the policy OF paying a years in
terest on bonds in advance. The financial
scare was a manufactured scare IL had
peen gotten up by the brokers, by the
E anu oears ana the various
klnds of animals who practiced their
ssade In the exchanges of New York.
ehere was, he admitted, a great demand
Tor money now for moving the cotton and
grain crops and perhaps to pay for the in
creased quantity of foreign goods imported
10 order to evade higher duties under the
sariff law. All these things. Sherman
saia' would settle themselves in a little
snile. There was no real cause for a
financial disturbance OF the country. 1t
nas confined to the city OF New York.
4 thought the secretary of the treasury
'uIuld be permitted to use his discretion.
lr,nilter further discussion Plumb's reso-
'utIon was agreed to.
s;an ns wee president announced having
''F Te the river and barbor bill.
IN me calendar was then taken mn and
Hons 'SlpTlng bills, among others, passed:
in rI oil to amend the articles Of war
| by conon to punishment on conviction
! for hurts sba martial; senate bill TO provide
the inspection of live cattle, hogs and
Are MASSES and products thereof which
''ects OF interstate commerce sen.