The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1890-09-19
The ANlNALs oN'cHANcE.
Mr., Sherman Accuses Them OF
Manufacturing a Little Panic.

Manufacturing Little Panic.
WASHINGTON, September 1S.-In the SEN
ate today Mr.. Voorhees, introduced a bill to
retire the circulation of the national banks,
to issue legal tender notes in lieu thereof and
reduce the interest bearing debt 1t was re.
ferred to the committee on finance.
Mr.. Plumb offered resolution directing
the Secretary of the Treasury to inform the
Senate whether the rule of his department
which requires the payment of checks for
silver bullion over counter OF the SUBJ
treasury instead of through the proper clear
ing house does not result in paying out notes
Of large denomination instead of those
suited for use in ordinary business trans
actions and whether such method of pay
ment does not result in the payment of gold
Instead of treasury notes. Mr.. Plumb spoke
of conspicuous illustration within the last
Treasury Department to obstruct or accel-
crate the business of the country. For
years the Treasury Department had boarded
money and during all that time the volume
of the currency had been constantly de-
national bank notes. The Secretary Of the He
Treasury had seen the business of the
country hampered on account of that lack of
money but had waited until panic was
impending, not stock brokers' panic bat
obEIug6uCy Oh money, LIldL 8l6CC6u The Dd0kS
of all the cities and seriously interfered with
the operations of ordinary business. Then
the secretary had given out money to the
holders of government bonds under such cir
cumstances as to enable them, and not him,
sna tG eGnTG the money sqRpy ay of the SIy
few days ago, had been in the Treasury and
which could have been put out at the will of
the secretary, was today in the hands of the
men who owned bonds to the amout of $780,
100000. 1t was perfectly safe to say that
these men would use that money to benefit
themselves and not in the interest of the
people. Nothing but an overwhelming
calamity would ever divorce the Treasury
from such malicious interference with the
business of the country.
Mr.. Sherman said that that which had
3een done was done in the strict execution
of law. The Secretary of the Treasury had
no right to pay for silver bullion in anything
but treasury notes. Those treasury notes
had been issued in large denominations.
There had been only a very short time to
prepare for the execution of the law, and a
sufficient amount of treasury notes of. small
denomination could not be prepared. Those
large notes necessarily did not enter into the
general circulation of the country. He
years interest on the bonds in advance. The
financial scare was a manufactured scare.
gotten up by the brokers, bulls, bears and
various kinds of animals who practiced
trade on tne exchanges In New YORK. There
was, he admitted, great demand for money
now for moving the cotton and grain crops
and, perhaps, to pay for the increased quantity
of foreign goods imported in order to evade
the higher duties under the new tariff law.
All these things would settle themselves in
little while. There was no real serious f.
nancial disturbance in the country. 1t was
confined to the city of New York. He
thought things should be left to go on as
they were. and that the Secretary of the
Treasury should be permitted to use his dis
cretion.
The Vice President announced that he had
signed the river and harbor bill. The SEN
ate bill to revive the grade of lieutenant-gen
eral in the army, and the Senate bill for
the relief of women enrolled as army nurses,
We're passed. After remarks in memory Of
the late Representative Laird of Nebraska by
Messrs Manderson and Paddock, the Senate
adjourned