Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1890-04-15

TREASURY MONEY.
Senator Plumb Introduces a Bill
For the Disposition Of Treas
ury Funds.
"REvIysIIsTs" OUT OF THEIR
RECKONING.
Text OF the Report OF Government
Director spaulding Of
the Z. p.
ARRANGEMENT or THE MIME
AeoLIs eoooLEHs.
A Corpse shipped From Copenhagen
10 America In q Barrel
OF Lime. -
"REvIvsusTs" OUT OF THEIR
RECKONING.
ARRANGEMENT or THE MIME
APolis eoopLEHs.
By Telegraph 70 the Skws.l
TREASURY FUNDS.
Senator PIumbp BfIl for the Dis
position Thereof.

position Thereof.
WASHINGTON, April 1s.-In the
Senate Plumb introduced bill for
disposition of certain funds in the
treasury, and asked that It be read,
as he desired TO call the attention Of
the finance committee TO 1t. II pro-
viGes that the money required TO
be Deposited for the redemption Of
the national bank circulation be
carried into the treasury and treated
as funds available for the reduction
Of the public debt and for the current
expenses Of the government; that
all funds held for the payment Of
matured debt and interest, due and
unpaid, he similarly treated, and
that hereafter no funds available
above the sum Of ten millions be re-
tanned in the treasury. This 10 not
20 be considered, however, as per-
manently diminishing the fund Of
500, 600, 900 now held for the re-
demption Of treasury notes Plumb |
said there was less than 500, 900, 600 |
Of circulation for the use of 65,OOO,-
900 people Of the United States,
probably not more than ten dollars |
per capita The system of finance |
that had been built up aud main
tanned had brought about that result.
II had It's merits and great defects.
One Of the greatest defects was the |
compulsory holding in the treasury
Of n very large sum Of money on the |
theory that II was needed and on
the further theory that the Secretary
Of the Treasury was 10 be the arbietr
Of the financial questions Of the peu-
pie. IL had been stated in the pub
lie prints that in pursuance Of his
Foley OF CONTROLLING
the finance Of the country, the Secre-
tary Of the Treasury had contracted
the currency Of the country during
February, over ten millions. He
iPlumbj believed the retention Of
msDey in the treasury an assump-
ton on the part Of the Secretary TO
do what might have been at one
time propef, but which now consti-
tutes a menace 10 the business or the
country, and ought TO be prohibited
by law.
"A AlNAaA0A rlAAAhE
asked him for what nominal pur-
pose the $50, O00, 900 were held in
the treasury. He would tell him:
A hundred millions were held in
assumed obedience TO tho Law Of
1852, TO provide for the redemption
Of the legal tender treasury notes.
Sixty odd millions were held for the
redemption of the National bank
notes Of the banks that had gone out
Of business, or that were retiring a
portion Of their circulation. Be
tween five and six millions were
held for the redemption Of such notes
of the national banks rs, from time
70 time, came into the treasury and
were found TO be unfit for further
About seven millions
were held for the purpose Of pay
ment Of coupons due and not pre-
sented, and Of bonds which hed
matured from time TO time, out
which had not been pre-
sented, and some Of which pro-
hably never would be presented.
AS TO the remainder, 1t wns i'm
possible TO tell for what 1t was held.
The
CONFUSION or SUBJECTS
and Of amounts was such that Il
was impossible for any one 10 tell
about IL, but the whole sum retained
was about $3.50, 900, 900. During last
year nearly $40, 900, 900 of National
bank circulation had been with
drawn. To meet that reduction there
was the coinage of silver, $1,000
300 monthly, and the coinage Of
gold, but experience ehowed that not ..
only were these two agencies needed,
but there was also needed paper
money TO the maximum amount .
at any time The bust
ness Of the country was languiAhing.
New enterprises were withheld and
Did enterprises were struggling 10 !
keep on their feet. These things
would continue until a remedy was
stained; and that remedy could
only come by Legislation; because {
combined with executive :
lction, had brought the country to s
where II now was Congress would {
eEislate some Of these days on the
liver question, but no one knew {
Then,and no oneknew how. What @
ever was done would result in a great 1
iddition TO the money Of the coun- Z
~, but this measure OF his would n
yive an addition at once, and money L
,ould be disbursed within sixty {
lays. He had vcntured thus pub c
icly and briefly TO call the matter 10 {
he attention Of the finance commit a
ee, and he hoped Il would report the U
ill or something Ike II after its
iext meeting. The bill was referred a
o the finance committee.