Western Kansas world. [volume] (WaKeeney, Kan.) 1885-current, 1890-04-19
PLUMB'S PLAN,
Says it Would Distribute the Hoarded
Money in Sixty Days.

Says it Would Distribute the Hoarded
Money in Sixty Days.
WASHINGTON, d. c., April 16.-Mr. Plumb
introduced bill for the disposition of certain
funds in the treasury, and asked that it be
read in full, as he desired to call the atten-
ticn of the finance committee to it. 1t pro-
vldes that the money required to be deposited
for the redemption of the national bank cir
culation shall be covered into the treasury
and treated as funds available for the pay
ment of the public debt, and for the current
expenses of the government; that all funds
held for the payment of the matured debt,
and interest due and unpaid, shall be SINH
larry treated, and that hereafter no funds
available, above the sum of $40, 000, 900, shall
be retained in the treasury-this not to be
construed, however, as permanently dimin-
ishing the fund of 500, 100000 now held for
the redemption of treasury notes. He said
that there was less than 500, 900, 600 in circu-
lation for the use of the IS, 100000 people of
the United States, probably not more than
SO per capita. The system of finance that
had been built up and maintained had
brought about that result. 1t had its merits
and its great defects. One of the greatest of
those defects was the compulsory holding in
the treasury of that very large sum of money
on the theory that it was needed "a theory
Their theory that the secretary of the treasury
was to be the arbitrator of the financial ques-
tons 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 contracted
the currency during the month of February
over S10,000,000 He, Mr.. Plumb, believed
that that retention of money in the treasury
and that assumption on the part of the secre-
tary to do what might have once been proper,
but which now constitutes a menace to the
business of the country, ought to be prohib-
tied by law. A senator sitting near him had
asked him for what nominal purpose the
$3.50, 600, 600 was held in the treasury.
The senator then named the amounts
boarded in the treasury and the alleged pur-
poses for it; and added:
As to the remainder of it, it was impossible
to tell why it was held. He had given all
possible scrutiny TO the statement of the
treasury and he could not tell. The confu-
sion of subjects and amounts was such that
it was impossible for any one to tell about it.
1t was enough to know that it was not held
there for any useful purpose. He did not
think that the law required any of it to be
held there except such portion as IN the dis
cretion of the secretary was necessary to
meet the obligations of the government. He
(Mr. Plumb) admitted that the secretary
might even, under that theory, hold as large
a sum as was now in the treasury, although
he (Mr. Plumb) should think it an extraor-
binary use of the secretary's discretion.
From every quarter there was abundant evil
dence that the public need for the transac-
ton of its business, that this money in the
treasury should be discussed. For all useful
purposes it might as well be in the bottom of
the sea as In the treasury. During last year
nearly $40, co., 600 of national bank circula-
ton had been Withdrawn; to meet that re-
duction there was, of course, the coinage of
silver-$2,00 0, 600 month-and the coinage
of gold; but experience showed that not only
were these two agencies needed; but there
was also needed paper money to the maxi
mum amount outstanding at any time. The
business of the country was languishinq.
New enterprises were withheld, old enter
prises were struggling to keep on their feet,
and there was dread and terror and appre-
hension, where there ought to be hopeful
ness, helpfulneSS and enterprise. That con-
dition of things would continue until the
remedy was attained: and that remedy could
only come by legislation; because legislation
combined with executive action had brought
the country to where it was now. Congress
would legislate some of these days on the
silver question; but no one knew when. and
no one knew how. Whatever was done would
result in great addition to the money of the
country; but this measure of his (or some
think like it, would give an addition at once.
and the money could be disbursed within |
sixty days. He had ventured thus publicly
and thus briefly to call the matter to the at |
tention of the finance committee; and he |
hoped that it would report this bill or some |
thing like it after its next meeting. He did !
not care whether the committee reported IL |
favorably or adversely so long as the senate |
would have chance to vote on the retention |
OF that large sum of money in the treasury |
for no useful purpose.
The biz was referred to the finance COM
mittee.