The sun., 1890-05-17
THE FIFTY-FIRST CONGRESS.
SILVER AND THB CURRENOT 9BNER-
ALLY THE TOPIC IN The SENdTE

D1neHenc0 OF OninlOn AmOnE Senators AZ
TO whether tho Treasury is Required
by Law 20 Hold 011O. 900, 900 for tn,
HedenPtion OF Treasury Notes-SenntOi
sherman Says Ho Will Never Vote for
Free CoinaGe-The House AEitatsd Ovei
the Duty Lamp Chimneys and Rugs
WASHINGTON May 18.-ln the Senate to-
day Mr. Edmunds tRop., VT, from the Judi
oisry Committee. reported back the House
amendment to the Antitrust bill with an
amendment thereto striking out certain words
and inserting tho words so that the rates OF
such transportation may not be raised above
what 10 Just and reasonable" The amend
ment was agreed to- and then a conference
was ordered. MessrA Edmunds, Hoar. and
Vest were appointed conferees on the part Of
the Senate.
The Silver bill was thon taken up. and Mr..
Sherman tRep.. ohio) offered substitute for
the amendment heretofore offered by him, as
to covering into the Treasury the funds now
hold for the redemption OF national bank notes.
stating that the substitute was to the Same
effect but In better form having been prepared
In tho Treasury Department The amend
mont was read as follows:
srcToNe That upon the passage OF this act the bal
standing with the Treasurer Of the United States
to the respective credits OF national banks for deposits
made 10 redeem the circulating notes OF such banks
and all deposits thereafter received for like purpose
shall be covered into the Treasury as miscellaneous
redeem from the general cash in the Treasury tho
circulating notes of said banks which may come into
his possession subject to redemption; and upon
the certificate of the Comptroller of the Currency
that such notes have been received by him.
and that they have been destroyed, and that
new notes viii be issued In their
place reimbursement Of their amount shall bo made to
tho Treasurer under such regulations tho Secretary
Of the Treasury may prescribe from appropriation
hereby created to bo known "nAtionA bank notes;
redemption account but tho provisions OF this act
shall apply the deposits received under section
of the act Of June 20 1874 requiring every national
bank to keep In lawful money with the Treasurer Of
tho United States equal to per centum OF Its
circulation to bo held and used for tho redemption of
its circulating and the balance remaining OF tho
deposits covered shall at the close OF each month bo
reported the monthly public debt statement as debt
OF the United States bearing no interest
Mr.. Plumbs amendment to Mr.. shermsns
amendment was then read to insert the fol-
lowing:
And hereafter no funds available for the payment of
the public debt including Suoh kept for the re-
dompton of Treasury noea shall be retained In the
Treasury to the extent of Silooooooo
Mr.. Sherman opposed Mr.. Plumb's amend
ment as putting restraint upon the Treasury
Department and preventing 1t from paying
Government obligations as they became due.
As a hundred millions had to be reserved for
the redemption OF Treasury notes. it would
leave only ten MILLIONS for current business
The interest on the public debt required the
quarterly payment OF $i00000O0. and that
amount had to be on hand. 1t was utterly i'm
possible to have the hands OF the Secretary OF
the Treasury tied up in such manner. No |
bank would be allowed to do business that did |
not have a reserve OF from 10 to 20 per cent to |
meet current liabilities
Mr.. Plumb (Rep.. Ham, defended and advo-
Treasury Department should have nothing
whatever 70 do with the curreney supply ol the
self the keystone. the lnchpin OF the financial
institutions OF the country. and that he had TO
Sf things In New York lie wished that the
Secretary would take into account the ha-
Tho ons 9e9e5 fafSRs sRs
except for the needs OF tho Government itself,
was ' an % soonomo SD crime he read and
mented ppon statement made by the secre-
sy % he IL a lis oH in that
ment contained tho information that the Sec
had StS9Pa the Rs p1ssase
Mr.. Coekrell Dem. Mo- asked what was tho
Iii. Plumb replied that The Senator you'd
hSyS to ans%Sr that question IN himself He
Mor bsp M ~ fHxoanSd Hson t6at i
eonable price the Secretary would have bought
them: but when ombinations were made to
put up the price the Secretary Of course.
Mr. Plumb said that that would have been a
very good xplanation II the Secretary had Of
cies ahead. but he had not said anything OF
combination on the part Of the holders OF
Mr.. Morrill, said he knew the fact to be So
n, MT. Plumb compared every Secretary OF the
regarding tho subtraction Of any Of them as a {
mortal offence, They wished large sum Of :
Ing that 1t was there, and as an element Of per
sonHl conse9 he never would believe, {
m. that SACFatAFy TraaanFV-
Republican OF Democrat-would do aught ex- {
SpH,,o sept keep In TIE .S0 Treasury every simple
as he had decent way TO keep it there. He
SME Plumb % wanted "a as far as he &c could by his
Department from the business OF the people OF
the United Stntos. He did not want the Secre;
speculation In Wall street or elsewhere lie did
not want the bulls and bears ofNew York to, be
SRSs' rssS F"E out
near to the throne He did not want to see the
Treasury Department. made the football OF {
tary's official good name, as a matter affecting
tho interests OF the American reople, Congress {
be Kept ON band in the Treasury so {
that whatever, tho result might be 1t
hst he Of had RssS h are G
SEetionary power either 1nwlsely ni or Weiedhly
{ Ehoud be added to the currency and thus the J
Treasury Department would be taken out OF !
the currents and tracks Of business. out OF cou-
nection with the affairs OF men. out OF suspi-
cious or other relations with speculation. I'm I
iii that was done there would be scandal upon !
complaint upon complaint, wrong t
upon wrong.
Mr.. Vest Dem, Mo- said that no was In k
sympathy with the general purpose OF Mr.. \
plum9'S II; amendment. but he suggested M 1 whether
Mr.. Plumb replied that he did not think ten
millions was the sum fixed by his amendment. I
1t simply sad that the amount in tho Treas h
nry, including such amount a. may be retained Il
Tor the redemption OF Treasury notes. shall not
OXceed SllO.uO0.O00 n
j. Mr.. Sherman-That Is fixed by law at $780, y
o0O.OOO. The Secretary has no discretion in i
Mr.; Plumb-I do not think 20. The law Ia h
pot imperative. 1t Is permissive only. The Il
largest amount OF Treasury notes presented Fl
Tor redemption In any one year was S6 900 000 @
and the total amount presented in eleven years h
was only t2s0OO 900 b
6 The dises}Hsson was, further continued by n