New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-05-17
HE DOES NOT WANT TO EMBARK ON THE
WIDE SEA OF THE FREE COINAGE
OF SILVER"
An AMENDMENT TO THE SILVER BILL by THE
OHIO sEYAToR-MR- PLUMB's AMAZING
FINANCIAL IDEAS DISCUSSED
IN TIE SENATE.
ynr TELEGRAPH TO THE TRIBUNE,

desultOrv discussion sprang up, consequently y" Wv
amendments left pending at adjournment on Nay =
Tho. main one that OF Mr. sherman providing lot Uno
covering into the Treasury for general use of the fuS
held IN redeem National bank notes, had been chaseu
somewhat i'm form In the interval at the Suggestion VI
| the Treasury Department. The chef points Vi ".
new draft were given in yesterdays dispatches w"
| # Is important perhaps, that the amendments sIou"
| be printed again in full. 1t is intended 70 lor'
| an additional section Of the Jones BILL ana reau'
| as follows ~
Section That upon the passage Of this act the
standing with the Treasurer Of the United states 70 inc
respective credits National Banks for deposits maze 70
redeem. the circulating Of such banks ana a"
thereafter received FOR Ike purpose SHAH DE- colci'U ~
the Treasury miscellaneous receipt ana the IrSS"'V
NJ the United shall redeem from ID" general ca'
In tho Treasury the circulating notes Oh saiu b'hN9 WIN"
may come into hi, possession subject to redempton ana
upon the certificate u the Controller OF the currency INA.
.tch notes have been received by hi" ana tha1 hel
have been destroyed and that new notes VIII De issued
In their Mace: reimbursement Of their amount shan De
ado 10 the Treasury such regulations - the Score
tary Of the Treasury prescribe fio" ah APPROPRIATION
hereby created to be known n " National hthA No',9
Redemption account" but the provision OF ms a'I 7'
not apply tho deposits received undri section "i inc
At ~ Juno 90 1874 requiring c;cr National Hank 70
keep in lawful money with the Treasurer 81 tne lhu
states sum equal Ave per cent u II circuaoh 70
bo held and for redemption of is circulating
notes and the balance remaining Of the deposits so covered
shall a, the close " each MONTH be reported in tho
monthly public debt statement as debt OF inc Chcu
! states bearing no interest
Tho purpose of the amendment ia simply 10 put the
banlonote redemption fund among the available assets
If the Treasury for general use, thereby increasing III
some measure the circulating medium in the country.
The bauknotcs. Of course 10 be redeemed out OF
anv funds the secretary may have at hand.
Mr. Plumb Is not satisfied with this moderate and
conservative method II increasing the volume of cir
cuatlng money lie is anxious 10 have all the treas
| ury reserves cxrcit sllOooo,ooo PIT to current
| uscs As slOOO0Ot0O I'm coin j, now held for the
r.rpt,p ~ nitc states notes, this would be pric
| ticalv limiting the secretary Of the Treasury 10 "a
balance Of SIO.OOOOoO with which To- carry on bu,l
| moss If some 500. 100000 year Mr.. PLUMB,
amendment has been changed since last week and
| still reads a follows;
Ana hereafter uo iund, aahle tog the payment q
the rub,ic deb, uncldug -ech arc hp; foT the re-
! dempton of Treasury notes -hal be retained III tLe
| Treasury 20 t4c extent Ok tilo.oo3O''
| The whole afternoons discussion for tho Kelley
cr,ogic. were POSTPONED and the running debate lasted
un,u nearly , O'Clock was devoted 10 the Kansas
so,,.or,s ptopo,ltlon and The talk tr.icd away mUc
AID more ~ tho general subject II Treasury book
lcepiug and n.e actual available balance Which ti'
secretary u the Treasury may be properly '"id 10
! have Al his disposal Mr. FlImh whose 'd'i" on
finance are nothing II not radical ana startling NAN"
tanned i'm emphatic tom, that 'hc secretary u the
r,,..,rv should be .horu Il AL Do. discretionary
no,,c- 10 expand or contract the currcn" Nf p'r
,.,.os ~ t.ud, or the stoipl-c u such purchases.
| lie would tthc tie N,a>'ry ont 'i uu'iN'"' W
! limiting 20 the uaIovc,t margin the SIAM ~ money
which nigh: be retained a. "oThhe biIah'e ''
| ....,c tro did not himself believe tnt u was
| ...v ar dce,t,lle ~ hold an 81 the $ioc.oo0ooo
,r,., -,,,. ,ote. and nj, c1llcl-ur. Nj. lu.lll-,
| 49,, .,. t,rot- ,n , picture luc *
,.r..,n i,,o tho vcNcI region ~ financial csl 'h''n
wont 20 even creator lengths and announced ul''' Ut
bi, ouaiou. NOT a single dollar II tic flooo"""'o
! Dol" &c., ,. ,c.rv 1ecl.G IN tho vaults #
!
uo I''''''' ,,.., ,ho,,lt tli,, uerhaps
"I' '"''"'
sl''''' W ,,,.., ,..,i,c1 al. oar a. A
ecrii"t7 9"'i"'" ~" ''''' ..... .,,
sc-on, reply se'",' ,''''.'' w. w. ,,,,-0, oar
Il IN" Kansas ANU 49, ,.,..,-,t d..
that the 'c'It'hF "' "" N''' ...t,
cN.-'.ut ia" t. Keep 'H' N'''""' '''' 49,,
which ''iil.i"' "'' "''"' 49,. ,...,.
| neither .ouud ih'lt." N'i t''' ~