The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1890-09-19

Sherman Says Stock Gamblers Manufac-
tured the Financial Scare.
WAsHINGToN CITY, Sept Is In the Senate
the resolution offered yesterday by Plumb, to
recommit the bankruptcy bill, went over till to-
morrow.
Plumb offered q resolution directing the Sec
rerary OF the treasury to inform the Senate
whether the rule of his department requiring
the payment OF checks for silver bullion over
the counter OF q sub-treasury instead OF through
the proper clearinghouse does not result IN the
paying out OF notes OF larger denominations in
stead OF those of larger circulation in use in or
dinary business transactions, ana whether such
method OF payment does not result in the pay-
ment of gold instead of treasury notes.
Plumo sent To the CLERKS desk and had read
letter from New York banking house, regard
ing the payment OF checks and venturing the
prediction that the silver question is It fiually
settled. For years the treasury department has
boarded money and durin all this time the
volume OF currency was constantly decreasing
on account OF national bank notes. The secre-
tary of the treasury had seen the business of the
country hampered on account of lack of money,
but he waited until panic was impending. not
stockholders panic, but stringency OF
money that affected the bankers of
all 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 cir.
cumstances as to enable them to control the
money supply of the country during their pleas
nre. The money which few days ago was in
She treasury was today in the hands of the men
VINO owned bonds, to the extent of $4,000, 600.
1t was perfectly safe 10 say that these men,
having that money, would use it to benefit
themselves, and not in the interest of the peo-
pie.
Sherman said that while he had no objection
OF the resolution. that which had been done
had been in exact xecution of the law The
secretary OF the treasury had no right to pay
for silver except in treasury notes. There had
been only short time to prepare for execution
OF e law. and a sufficient amount of notes of
small denominations could not be prepared,
Those large notes did not necessarily enter in
20 the large circulation of the country He
tSherman) doubted the policy If paying years
interest ON bonds in advance. The financial
scare was manufactured. 1t had been gotten
up by the bulls and bears, who practiced
their trade in the exchanges OF New York. There
was, he admitted, great demand for money
now for moving the cotton and grain crops All
these things. sherman said. would settle them
selves in short time. There was no real
financial disturbance in the country. He
thought the secretary of the treasury should be
permitted to use his discretion.
After further discussion Plumb's resolution
was agreed to.
The vice president announced having signed
the river and harbor bill
The calendar was then taken up and the fol-
lowing bills. among Others passed: The House
bill 10 amend the articles of war as to punish.
ment on conviction by courtmartai; the Sem
ate bill to provide for inspection of live cattle.
hogs and curcasses and products thereof which
are subjects of interstate commerce; the Senate
bill 10 revive the lieutenant generals grade in
the United States army; the bill providing a
pension OF So a month to women who have
rendered services in the army, in hospitals or
regiments the pension to commence from the
late of filing after passage of the act
The bill TO establish land court went over
TIL tomorrow. Adjourned.
Nominations: Colonel Edward P. vallum. to
be cniei medical examiner of the United States
army, with the rank OF colonel, vice Colonel
Baxter, resigned.