Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1890-05-17
NATIONS CAPITAL
The Senate Laheis With the
Silver Bill.
House in In Upfoaf oIsf Statements By
ualsuP Of nissolFi.


WAsHfSSfoN. Nay 10 -Edmonds, froT
the ldiciAry committee, reported hack th
House amendment 70 The anti trust bill vi,
an amendment thereto. striking out certai
sords, and inserting the words: 80 ths
rates Of such transportation may not b
raised above what 10 jsst and reasonable.
| Toe amendment Vas agreed 70 and q con
| ference ordered. The bill 70 permit Ii,
| manufacture and printing Of securities TO
foreign government wss reported back I'd
versels from the committee on foreign re
la,ions ard vas inds 6nitely postponed.
The silver bill =. 1880 P. NJ. was takel
up, and Sherman offered . substitute TO
the amendment heretofore offered by him
| (ss to covering into the treasury the fund
nov held for the redemption OF na,iona
bank uotes), stating thnt the substitute "a
to the same effect. but in . better form.
Piumb's amendment 70 Sherman's amend
me at was read. ~ follovs: ..And hereafter
no funds available for the payment Of the
public debt (including such - are kept fol
the REDEEM ption of treasury notes. shall b.
retained in the treasury TO the extent Of
Clio OOO. 600.
Sherman opposed Plunbs amendment ss
putting restraint upon the treasury de part.
ment. and preventing IL from paying gov.
ernment obligations ss they became due
As tl00, COO 600 had to be reserved for the
redemption of treasury notes, it would leave
only SIC, 200, 600 for current business. The
interest on the public debt, required quar-.
te.iy payment o. $40 O0O, eco, that amour,
had been on hand No bank would be al.
lowed to do business that did not have a
reserve of from 10 to 20 per cent TO NEE,
current liabilities.
Plumb argued that the treasury depart
mept should have nothing whatever to do
with the current supply of the country
The Secretary seemed 10 think himself the
keystone of financial institutions of this
country, and that he bad to take into &C.
count the bsrometricsl condition of other
places than New York, The holding of
money in tho ,re.surv fsxcent for tho naad
of soyerpmen. it,elf1 which had been. be-.
fore that time in circularion. was an econo.
mic crime. He did mot v.nt the huiis and
bears of New York to be speculatips on
vbat government was aoipg 10 do about re-
t.ininy nv nut,iny on. nancy Cono,e..
ouoht to rut a limit on the amount of
money 10 be kept on hand in the treasury.
so it could never be imputed TO the Secre
fnfV he 0A0 used mis- kTe&t uleCIettDQaft
sower. upvi.eiy or wickedly.
Vest said he was in sympathy with the
general purpose of Pluwb's amendment,
and suggested whether ten millions reserve
was not too small.
Sherman-ThAt 10 fixed By law at hun
dred millions. The Secretary has no dis
erection in the matter.
Sherman said do not like some of the
features Of the silver bill. five can agree
UPON some measure that will furnish the
people of the United States more money
flor think we want i'll and also tend to
advance silver bullion Eearer and nearer up
to the standard Of gold, sm willing to
vote for such measure. But l do not
wsut to embark upon the wide sea Of free
coinage of silver, dra wing from the body
Of ,hreo Billions Of siisss& apa do 90. want
Consrpss to pledge Itself 10 buy all the sill.
yer which may be ofered-silver melted
from the pots of India. China and all the
world. But anything that can be done to
give US more good paper money based on
actual deposits of gold ard silver bullion.
or that will raise the value Of silver. will
favor.
would buy every ounce Of silver pro
duced in thi, country, keep it in the treas
NY vaults, and issue certificates upon it,