The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1890-09-19
NATIONAL FINANCES,
Plumb Assails the Treasury De-
partment for its Policy
TOWARDS THE SILVER QUESTION
In the Matter of Bullion Purchases and the
Payments Therefor = sherman De-
tends the Practice.

WASHINGTON, Sept. 1S.-The resolution
offered yesterday by Plumb to recommit
the bankruptcy bill, went over till tomor-
row.
Plumb offered a resolution directing the
| secretary OF the treasury to inform the
senate whether the rule or policy of his
department which requires the payment of
checks, for silver bullion, over the counter
OF the sub-treasury, instead of through the
proper clearing house, does not result in
paying out notes of the larger enomina
tlons, instead of those suited for circula-
ton and use in ordinary business transac-
lions, 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 had read letter from member
Oh a New York banking house, stating
Tue 1acts as to the payment of sucn cheeks
anu Venturlng the prediction that the
silver question is not finally settled. and
| that New York speculation and accommo
datlons of silver threaten to arouse it.
sank Withdrawals of treasury gold" the
writer says, twill be sliced upon bv
several influential journals here unscrupu-
lousy. A break in the market price of
SILVER land that threatens), at such time
VIII equal the proof of Holy Writ, in sup
port OF such fear''
PiumD spoke of conspicuous illustra-
lion tnat had taken place within the last
lew days of the impolicy of allowing the
treasury department to obstruct or &C
celerate the business of the country.
FOR years the treasury department
noarded money and during all that time
Inc volume of currency was constantly de-
creaslng on account of the withdrawal of
national bank notes. The secretary of the
treasury had seen the business of the
country hampered on account of the lack
OF money, but he waited until a panic was
impending, not stock brokers' panic but
d strlngency of money that affected the
Danks OF all the cities and seriously
lhterfered with the operations of
ordinary business, and then the secre-
Cary mad given money to the holders
Oh government bonds, under such circum-
stances as TO enable them to control the
money supply of the country during their
pleasure. The money which had been in
tne treasury, and which could have been
put out at the will of the secretary, was to-
day IN the hands of men who owned bonds
TO the amount of S20,000,000. tits perfectly
safe to say that these men, having that
money, would use it to benefit themselves
and not IN the interest of the people. Nota-
ing put an overwhelming public sentiment
Woulo ever divorce the treasury from such
malicious interference with the business of
the country -
sherman said that while he had no OBJ
lecuons TO the resolution, that which had
been done was in the strict ey-
ecutlon OF the law. The secretary
OF the treasury had no right to nav
~. sliVer bullion IN anything but treasury
notes, and these treasury notes had been
issued IN large denominations. There had
been only short time to prepare for the
execution OF the law and a sufficient
amount of treasury notes of small deno,n-
lnatlon could not be prepared Those LARGE
noteS necessarily did not enter into the
general circulation of the country.
he (Sherman) doubted the policy of paw
ing years interest on bonds in advance
Inc financial scare was manufactured
scare, IL mad been gotten by the brokers, or
the bulls and bears and the various kinds
OF animals who practised their trade in the
exchange, New York. There was. he adj
United, great demand for money now for
moving the cotton and grain crops. perhaps
TO pay for the crops and perhaps to nav for
tne increased quantity of foreign goods i'm
ported In order to evade the high duties
under the tariff law. All these things
sherman said, would settle themselves in a
H.
nancial disturbance in the country: il was
confined to the city of New York. He
thought the secretary of the treasury
should be permitted to use his discretion.
After further discussion, Plumb,s reso-
luton was agreed to.
The V1ce-President announce havinc |
signed the river aud harbor bill
The calendar was then taken up and the
following pills, among others, passed: The |
House bill to amend the articles of way
relative to punishment On conviction of |
court martial -
The Senate bill to provide for the insnec-
ton OF live cattle, hogs and carcasses. and |
the products thereof, which are subjects of
commerce.
The Senate bill to revive the grade of
lieutenant general of the army of the /
United States.
The Senate bill for the relief of women
enrolled as army nurses, allowing SO a
month to women who have fer six months
rendered actual service in any regimentaI
camp or general hospital and who are m
able to earn their support, the pension to
commence from the date of filing the annli- I
cation, after the passage of the act.
The bill to establish a land court want
over until to morrow.
The Senate then adjourned.