New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-09-19
TIE MONEY MARKET UNDER DISCUSSION.

SENATOR PLUMB CRITICISES SECRETARY WIN
Cn\EAcrI E.zE> THE FINANCIAL
S'AEE rs MANrFACTCEED ONE.
Wa-hinctnn sept. l. ,>prran.-A resolution ef IN.
qur, offered in the senate by Mr. Plumb lch IN
a lively and interesting discussion Of some featurss
/ " tha recent alleged inalcial crisis Mr. Plunb
wanted tu know something about the SORT Of d>bursc-
mems mad,. In payment of the silver bullion bought
each month under the new silver Law. and after e1-
,l,iniuc the purpose Of the resolution. the Kansas
senator started in upon his avore hobby Of taking
the Treasury ont Of business. lie criticised the
recent operations Of the Secretary Of the Treasury for
the relief nf the money market hut failed entirely to
>uct A better scheme Of hi, own for meeting similar
situations.
Mr. sherman made brief reply to Mr.. Plumb and
tool, o.c,>ion in the Of his remarks TO say
plainly that the recent money scare was. In his
opinion. a wholly u>"ry and manufactured on"
Mr. Plumb offered Il resolution directing the Soc
rc,ary Of thu Treasury To inform the senate whether
fine tul. or policy hi Department. which requires
the payment of checks for silver bullion over the
countcr Of the sub Treasury. instead Of thrugh the
proper clearing hni>r. does not result In paying ont
note, Of the larger denominations instead Of those
suited for circulation and use in ordinary business
tlTu>attlons and whether such method Of pay mcns
docs not result in the payment Of gold instead OF
Treasury noc>.
A. reason for offering the resolution. Mr. Plumb
sent the clerks desk and had read letter from .
member ,f a New York banking firm stating facts a.
10 the payment Of such checks. and venturng the pre-
dron that the silver question not finally settled
and that New York speculation and accumuatiOns NJ
silver threatened 10 arousc il. =" Bank Withdrawals
u Treasury gold" the writer says. will be seized
upon 10y certain influential Journals here unscripu'
lousy
tl,o nf a Al ~pi> ipp on ~
Plumb spoke Of the r>pcnous illustration that he'd
taken place within the last few weeks Of the impolcy
Of alowin. the Treasury department to obstruct or
accelerate the business of the country. For years the
Treasury Department. he SAID had boarded money ana
during all that time the volume Of currency had been
constantly dccrcl>ng account VI the withdrawal of
National bank notes The secretary Of the Treasury
had the business Of the country hanpcred on &C.
count Of that lack of money. but he had waited uMu
a panic was impending a stock brokers' panic.
but A ,trngency Of money that affected the banks Of
all the cities aud seriously mterfcred with ths
,prations OF ordinary business. And tlcn what
had the secretary done lie had given out the
money to the holders OF Government bonds
under such circumstances As to enable them land not
bim to control the supply of the country during
ther nlea, SIRE The money which few days ago had
he,n in the Treasury and which could have been put
ou nj the will of secretary to-day in the hands
~ the men who owned bonds. to the amount OF
so 100000 Aud II was perfectly safe to say that
these men having that money. would use 1t to benefit
themselves, and not In the interest OF the people.
Nothing but an overwhelming calamity would ever
divorce the Treasury from such malicious interference
with the business Of the country
Mr. stewart said that he could not conceive any
reason why checks given for the purchase OF silver
bullion shoud not 90 through the ordinary channels
of trade in the same wsy'as other checks did.
Mr. Allison said that ss he understood the Law for
the purchase Of silver Rq9p it REQUIRED tae sessars