The advocate., 1890-10-01

bers of this body will specially remember
the contention there WAS in this body over
the question OF the issue Of treasury notes Of
large denominations in the redemption of
treasury notes OF small denominations and
ID was finally Axed in an appropriation bill
by a provision requiring the treasury, when
II printed new notes in place Of old notes
which were retired for any purpose what
ever, TO have the new notes printed OF
the denominations Of those retired, in order
TO prevent the consolidation Of the currency
Of the country into a handful Of large notes.
More than that, Mr.. President the oppor-
tunity is presented with fatal facility to the
bank or person who presents this draft TO
get gold for IL, because, as stated by my
correspondent, the policy OF the treasury Is
TO redeem these notes in gold. In point OF
fact, do not suppose the notes ever pass
over the counter, because the person pre-
sentng the draft would say, 81 am entitled
TO a million dollars Of notes, but instead Of
giving me the notes and putting me TO the
Inconvenience Of presenting them back
again for the purpose Of getting gold for
them, will simply take the gold directs"
and while bank would not in the ordinary
course of business, unless ii had some mali
cious intent, gather up from lis own vaults
treasury and greenback notes and take
them to the treasury for redemption in gold,
here is the very opportunity TO do it without
going out Of the way at all; and / have no
doubt that some evil result will flow from
it whether IL is conspiCuously 80 or not. AS
stated in the letter which has been read at
{ desk, that which is OF no good is always
evil.
Mr.. Cockrell. should like TO call the
attention Of the Senator from Kansas to an
editorial in the Philadelphia Press Of the
10Th Of last July, from which, il he will per-
NIT me, will read few extracts;
GOLD, PRICE AND CROPS.
Good crops Mt home, poor crops abroad,
gold exports and the passage of the silver
bill were the price-making facts OF the
week.
In the large and in the long, these work
for prosperity, but not for higher prices.
The silver bill is a leap in the dark, because
no one knows what effect adding yearly one
dollar in thirty TO our aggregate currency
will have. AS the increased purchases of
silver will absorb about the same proportion
of the worlds silver output now as the
original purchase under the act OF 1878 did
then, and with tho old purchases the price
| % stiyav stnoItlU fall H. Ia hnrd IN nan uhv
silver should advance now. Furthermore,
the administration of the act will depend
upon It's construction, and no two persons
construct IL alike, 80 that under il a secre-
tary will have wide liberty, and IL is safe TO
say that for years to come all these powers
will be used TO maintain gold payments. In
fact, in changing speculative conditions the
effect of the silver bill will be nil, and the
''street" is likely to find 1t out.
Mr.. Plumb. Mr.. President, l observed
that editorial at tho time IL ap-
peared with great deal Of concern.
The paper in which it appeared is not only
very able paper, but one which is properly
very close to the administration. II has
been given out that il more nearly repre-
sented the treasury department than any
other newspaper in the country. II was also
conspicuous and virulent opponent Of the
silver bill, and for that reason, as we'll as
for others have spoken Of, its utterances
are, of course, entitled to great Considera-
ton. But the fear which had, growing
out Of that article and on other grounds,
that the bill, which was passed with such
great unanimity on thisside of the chamber,
would not be properly carried out disap-
peared ON account Of the first step taken by
theadministration, by the more or less pub
lilo announcement chat it was TO be, as far
as possible, carried out according to its in