The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1890-09-19
CONGRESS -.
THE SENATE.
Plumb Wants Information Regarding the
Manner nY pauinn fo- Silunr Rnilinn

Manner Of Paying for Silver Bullion.
WASHINGTON, Sept. 1S.-In the Senate to-
day, the resolution offered yesterday by
Plumb to recommit the Bankruptcy Bill
went over till tomorrow.
Plumb offered resolution directing the
Secretary OF the Treasury to inform the Sen
ate whether the rule or policy OF his de-
partment which requires the payIelt of
checks for silver bullion over the counter of
the Sub-Treasury, instead Of through the
proper clearing house, does not res Ill in
paying out notes of larger donom nations,
instead Of those suited for cilcu i
use in ordinary business transactions, and
whether such method of payment does not
result in the payment of gold instead Of
Treasury notes.
As reason for Offering the resolution,
Plumb sent to the Clerks desk and had
read letter from member of New York
clearinghouse stating the facts as to the
payment of such checks and venturing the
prediction that the silver question has not
been finally settled, and that New York
speculation and the accumulation Of silver
threaten to arouse it. Bank Withdrawals
be used by certain influential journals here
unscrupulously to cause break in the mar
ket price of silver"
Plumb spokeGof the conspicuous illustra-
ton that had taken place within the last
few days Of the impoicy OF allowing the
Treasury Department to obstruct or accel-
crate the business of the country' For
years the Treasury Department has
bearded money, and during all that
time the volume OF currency has constantly
been decreasing on account of the with
drawal of national bank notes. The Sccre-
tary of the Treasury had seen the business
of the country hampercd on account of that
lack of money, but waited until panic was
impending; not a brokers' panic, bat a
strinsency of money that affected the banks
of all the cities, and seriously interfered
with the operations of ordinary business,
and then the Secretary had given money to
the holders of Government bonds under such
circumstances as to enable them and not him
TO CONTROL the money supply of the country
during their pleasure. The money which
few days ago had been in the treasury, and
which could have been put out at the will of
the Secretary, was to-day in the hands Of the
men who owned bonds TO the amount of
$40, 0,C00, 600. 1t was perfectly safe to say
that these men having that money would
use ii to benefit themselves and not in the
interest Of the people. Nothing but an over
whelmins calamity would ever divorce the
treasury from such q malicious interference
with the business OF the country.
Sherman said that while he had no OBJ
lection 10 the resolution, that which had
been done had been done in the strict eyecu-
ton Of the law. The Secretary of the Treas
ury had no right to pay for silver bullion in
anything but Treasury notes. Those Treas
ury notes had been issued in large dencmi-
nations. 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, necessarily, did not enter
into the general circulation oil the country.
He (Sherman) doubted the policy of paying
a years interest on bonds in advance. The
financial scare was manufactured scare.
1t mad been gotten up brokers, by buHS and
bears and various kinds of animals who
practiced their trade in the exchanges of
New York. There was, he admitted, great
demand for money now for moving the cot
ton and grain crops, and perhaps to pay tor
the increased quantity of foreign goods i'm
ported in order to evade tho higher duties
under the tariff law. All these things, Sher-
man sad, would settle themselves IN little
while. There was no real serious financial
disturbance in the country. 1t was confined
to the city Of New York. He thought the
Secretary of the Treasury should be permit.
ted to use his discretion.
Alter further discussion Piumb's resolu-
tion was agreed to.
The Vice-Pfesident announced having
signed the River and Harbor bill.
The calendar was then taken up and the
following bills, among Others, were passed:
House bill to amend the articles of war rel
atiye to punishment on conviction by courts
martial; Senate bill to provide for the in
Spection of live cattle, hogs and carcaSses
and the products thereof, which are subject
to the interstate commerce law; Senate bill
to revive the grade of Lieutenant General in
the army of the United States; Senate bill
for the relief of women enrolled as army
purses, allowing S12 month to women who
have for six months rendered actual service
in any resimental camp or general hospital
and who are unable 10 earn their support,
such pension to commence from the date OF
filing the application alter the passage of the
act.
The bill to establish a land court went
over until tomorrow. The Senate then
adjourned.