The morning news. [volume] (Savannah, Ga.) 1887-1900, 1890-06-07
SPEECHES ON SILVER.
House and Senate Again Talk on
Same Subject.

House and Senate Again Talk on the
Same Subject.
WASHINGTON, June Gin the Senate
this morning Senator Platt presented a
petition from the tobacco growers and
dealers of the Housatonic valley In Connec-
ticut, in favor of specific duty of not less
than 50 on imported wrappers. The petit
ton was referred to the finance committee.
A new conference was ordered on the de-
pendent pension bill, and Messrs. Davis and
Blodgett were appointed conferees on the
part of the Senate.
The silver bill was taken up, and Mr..
Plumb addressed the Senate.
He confessed that his hope for the passage
of the bill at the present session had not
grown by the performance of the last two
or three weeks. There were two questions
involved-one as TO the volume of the cur
rency and the other as to what the currency
should consist of. There seemed to be
general consensus of opinion that the
volume of the currency should be increased.
He declared that the circulation of to-day
was $240, 100000 less than the trainers of
the financial legislation of 1875 anticipated,
although the commercial business of the
country had doubled within that time.
There were varying estimates of the out
standing circulation; his own estimate was
that, deducting the amounts held in the
treasury and in the national banks for
reserve purposes, the total amount which
the people of the United States had for the
transaction of their daily business could not
exceed S600,000,000.
A NARROW FOUNDATION.
He believed that it was less than $780,
0O0,0OO, and upon that narrow foundation
has bpan hIIilf an fr.1O Of11ro Of
credit, propped up, here and there. by de-
vices OF various kinds, and kept swelling
and growing while the base on which it
rested did not grow in proportion to the
structure. The senator from New York (Mr.
Hlscock) had yesterday described the great
wealth and prosperity Of the country; but
Il the picture were true, why was it, Mr..
fIumb asked, that that senator and his COM
mltoee tthe finance committed were ''piling
up the protective dutiesw If there was
such financial health and soundness and
prosperity, why not let the tariff alone and
Iet the financial system Of the country
aloneE His idea was that not only
should the scarcity OF national bank
circulation be made up without charge; but
there ought to be added to that at least as
much as would result from the free coinage
Oh silver: He was willing to abandon his
ldea and to widen the bese of the credit
structure by adding to it all the silver that
'ne United States could turn out.
SILVER AND PROTECTION.
Mr. Plumb went on to speak of the silver
OH In connection with the question of pro-
Iecelon. The Senate had been appealed to
Yesterday by the senator from New York
lAr. Hlscock) against the bill in the sacred
lame lame OF protection. He would not call it
letlcn, although he did not know what he
;~ouId call 1t before he got through, but in
tvs name the Senate was asked to keep silver
uetnroned. Silver was an American
product--a much larger product than many
3rs G.ners which were to be protected by the
uuGies OK two or three hundred per cent.
unr Hnoer the coming tariff bill. He would
NWke Nke TO ask the senator from New
iorK' who was so anxious about foreign
e.ondnerce, what he intended to do with the
S. Sarin bill, which would prevent the United
1es 11.ates from having any foreign commerce.
ne noped that he might interpret the sena-
Oors remarks on that point as a hopeful
saugnry OF the action of that senator in put
s ssing MS knife into the bill now before the
nuahce ce committee, which would raise the
pilce OF nearly everything used by the
masses of the people.
HIsCoCK EXPLAINS.
Mr Hiscock explained that the point of
a aus argument was that, il imports were
diminished, it did not follow, as a matter of
SSourse, that the export trade would be
diminished. III the United States could
pace In the markets of the world what Il
n.S nau 10 sell, and could compete with the
s1.her - producers, the nations would buy
e. ana Just to the extent that the United
'''t'S ala not tske the foreign products in