The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1890-04-15
IN THE SENATE.
Plumb Introduces . Bill TO Increase the
Circulating Medium Of the Country.

Circulating Medium of the Country.
WASHINGTON, April l4.-In the senate
to-day Plumb introduced bill for the dis
position Of certain funds in the treasury.
and asked that Il bc read. as he desired TO
call the attention Of the finance commit
tee to IL. II tprovides that the money re-
quired TO he deposited for the redemption
OF national bank circulation he carried
into the treasury and treated rs funds
available for the reduction OF the public
debt and for current expenses Of the gov
ernmcnt. That all funds held for the pay
ment of matured debt aud interest due
and unpaid, he similarly treated.
and hereafter no funds available above
the sum of ten millions he retained in the
treasury. This In not to bc construed,
however, as permanent, as n diminishing
fund OF SlOO.mO,u0 Is now held for the ne
demption OF treasury notes. He said
there was less than S70O,OOO.OOO in circula-
tion for the use OF 65,OO,0O0 OF people In
the United States, probably not more than
that had been built up and maintained
had brought about that result. II had its
merits and its great defects. One OF the
greatest defects was the compulsory
holding in the treasury of very
large sum OF money, ON the theory
another theory that the secretary OF the
treasury was Ia be the arbiter of the
financial questions Of the people. Ii had
been stated In public prints in pursuance
Of this policy collecting the finances Of
country that the secretary of the treasury
had contracted the currency during
February over ten millions. He Plumbl
believed that the retention of money in
the treasury and the assumption ON the
parts OF the secretary do what might have
been at one time proper, but which now
constitutes menace to the business of the
country and ought To he prohibited by
law. A senator sitting near him
had asked him for what nominal purpose
$50. .0O, QUO was held in the treasury. He
would tell him: One hundred millions
was held In assumed obedience to the
law OF lss2, Ia provide for the redemption
OF legal tenders and treasury notes; sixty
odd millions were held for the redemption
OF national hank notes, Of banks that had
gone out OF business, or that were retiring
a portion of their circulation; between
five and six millions were held for the re-
ticmption OF such notes Of national banks
as from time Ia time come into the treas
ury and were found To he unfit for
further circulation: about seven
millions were held for the purpose of the
payment of coupons due and not pre-
sentcd and Of the prcscntmcnt of those
which had maturcd from time To time,
but evidence Of which had not been pre-
sfHttS, anu some OF WHICH never
would bc presented. As to the remainder.
IL was impossible to tell where il was held.
There was such n confusion Of subjects
aud Of amounts that il was impossible for
any one Ia tell about L.; but the whole
sum retained was about S3dO,UD,0O.
During the last year nearly Si0,UD,-
90 of national hank circulation had
been withdrawn. To meet that reduction
there was "A coinage of silver OF s2,uD,OD
monthly, and the coinage OF gold: but cx-
pcricnce showed that not only were these
two agencies needed, hut there were also
needed paper money Ia the maximum
amount OF the standing debt at any time.
new enterprises were withheld and old
enterprises were struggling to keep on
their feet. That things would continue
81 until remedy was attained, and that
a remedy could only come 10y legislation.
because legislation, combined with cxccu-
tive action, had brought the coun-
try To where IL now was. Con-
grcss would lcgislatc some OF
these days on the iron and silver question,
but no one knew when, aud no one knew
how. Whatever done would result In a
/ great addition To the money Of the coun.
try. but this measure Of his would give an
addition at once and the money could be
disb,irscd within 40 days. He had ven.
tured thus publicly aud briefly 10 call the
matter To the attention of the finance
| committee and he hoped II would report
"a bill, or something like IL, after its mex
meeting. The hill was referred to th,
| finance committee.
A message from the house announce,
the death of Randall and the appointment
of committee to attend his funeral La,
| been presented and read.
Cameron moved "a concurrence iu tlI,
resolution which was agreed Ia and Quay
Allison, Dawes. Voorhees, and Eustis wcr,
appointed. As further mark of rcspcc
Ia Randalfs memory the senate AL
| ioilrued.