Idaho County free press. [volume] (Grangeville, Idaho Territory) 1886-current, 1890-10-10
yecrerry window. Polio, Criticised.

>ecretry WINDOWS Policy Criticised.
WAsHiSGroN, Sept. 19.-In the sem
ate yesterday Mr.. Plumb offered res
oltion directing the secretary OF the
treasury to inform the senate whether
the rule or policy which requires the
payment of checks for silver bullion
over the counter OF the sub-treasury
instead OF through the proper clearing
house does not result in paying out
notes OF larger denomination instead of
those suited for circulation and use in
ordinary business transactions and
whether such payment does not result
in the payment of gold instead of treas
ury notes. As a reason for Offering
the resolution Mr.. Plumb sent to the
clerks desk and had read a letter from
a member of New York banking
house stating the facts as to the pay
ment OF such checks and venturing the
prediction that the silver question was
not finally settled and that New York
speculation and Accommodations of sill
Yer threatened to GUST it. Bank
Withdrawals of treasury gold" the
writer says, will be seized upon by
certain influential journals here un-
scrupulously. A break in the matter
OF the price of silver (and that threat
ens) at such time will equal the proof
OF the holy writ in support of fears"
MIR. Plumb spoke of the conspicuous
Illustration that had taken place with
IN the last few days of the i'm
policy Of allowing the treasury de-
partment to obstruct or accelerate the
business OF the country. For years the
treasury department boarded money
and during that time the volume Of
currency was constantly decreasing on
account OF the withdrawal 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 n
panic was impending not stock
brokers panic, but u stringencv of
money that affected the banks of all
cities and seriously interfered with the
operations of ordinary business. And
then the secretary had given out money
to holders of government bonds under
(and not him) to control the money
supply OF the country during their
pleasure. Money which few DAYS
ago had been in the treasury and which
could have been paid out at the will of
the secretary was today in the hands
OF men who owned bonds to the amount
OF W., 900, 900. 1t was perfectly safe
TO say that the men having that money
would use it 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.. Sherman said that while he had
no objection TO the resolution. that
which had been done had been done in
street execution of the law. The secrc-
taty OF the treasury had no right to
pay for silver bullion in anything but
treasury notes. These treasury notes
had been issued in large denominations.
There had been only short time to
prepare for the execution of the law
and sufficient amount of treasury
notes OF small denominations could not
be prepared. Those large notes neces.
sarlly did not enter into the general
circulation of the country He (Sher-
MANI doubted the policy of paying
year y interest on bonds in advance. A
financial scare was a manufactured
scare. 1t had been gotten up by brok-
ers, by bulls and bears and various
kinds of animals who practiced their
trade in the exchanges of New York.
There was, he admitted, great de-
mand for money now for moving the
cotton and grain crops and perhaps to
pay for an increased quantity of foreign
goods imported in order to evade the
higher duties under the tariff law. All
of these things, Mr.. Sherman said.
would settle themselves in little
while. There was no real serious
financial disturbance in the country.
1t was confined to the city of New
DIRK. He thought the secretary of
The treasury should be permitted to use
his discretion.