New-York tribune., 1890-06-07
SILVER IN BOTH HOUSES.
SENATOR PLUMB'S ECCENTRIC VIEWS ON
MONEY AND TARIFF.
HIS OUTBREAK AGAINST THE SENTIMENT of
HIS PARTY AssoUATEs-THE DEBATE khfI
UP IN THE HOUSE IN SPITE OF
THE HOT WEATHER
y,y TELEGRAPH TO THE rRIBUSE'
THE HOT WEATHER

Washington,
Ahmed TODAY in both the House and the oeHaVo' w
an ensrgv abated only by the trying conu''lo"s %
Temperature and humidity, at both ENDS Oh Vio Op,D
In the Senate Mr.. Plumb. whose Vleor d. I'm
,nows no limitations Of physlcai ha'ui0'
hod the field pretty much TO mmsei' anu ''i0
was a Enthusiastically emphatic outbreak dsd"sV
the two policies-that money and that on 'ari.
Iecislation-rnaintained by the almost uhcu so"V'
,nent NJ the Republicans in and out OF congress-
In the IIonse many experts on the silver qucSVoh
from both parties struggled against the u'iiaNoi"
surroundings to get their views before soai' A'u
perspiring audience. One of the orstors Mr. "aho
of Massachusetts, warming up to his speech poiai
rose above the oppressive oonVe'i'iohan"o, VI ~,
situation and took off his coat, whie ne thuhucie"
.oa,nst free coinage. As whole the debate scarcely
eouaed that of yesterday in point of interest or I'm
portance.
Mr. Plumbs rather eccentric views on tarift ana
money legislation have been somewhat conspicuous
for wears but on OCCASION perhaps has he comoed
them so openly as in his speech to-day. The senate
Finance Committee and its treatment OF the TWO
onestions before 1t proved text which the Kansas
sanator was even more persmmopistc than he was OH
Mr. Blair and his bill for itle education OF tie i'sso
Mr. Plumb, in opening the debate, said that his
hope for the passage Of the Jones bill al the Pi0soV
session had rot grown by the performance OF the S'
two or three weeks. There were two quesuohs III
yolved-one as to the volume of currency anu Uo
other a. TO what the currency shonld CONSIST oi'
Tbere seemed to be a general consensus OF OPINION
that the volume of the currency should De hiceSu'
How much of that was sincere he wouio con'"o' o0
fore he concluded The Secretary OF 'ie iio"'"''
had recommended q measure which, he saiu' WIS
p.ressarv because the currency should be increased
IIe believed that IL the all but unanimous opinion
o the people of the United states that considerable
Increase in the volume Of the currency was necessary
and he was reinforced in that belief by the lhVes-
CATION which he had given TO that subject. lie DC
rlared that the circulation to-day was S24oooOooo less
than the trainers Of the financial legislation OF 1878
ant,cipated although the commercial business ~
the country had doubled within that time.
There were varying estimates OF the outstanding crcu
laton His own estimate placed it at Sl,5oo'oooooo'
That included gold coin silver CON- greehoachs "i"
National hank notes; but did not include gold and
silver certificates as that would be counting the same
money twice. On the theory that there was Sl'ooo'-
600 900 of money actually provided for the circulation
~ Tho oountrv there should be deducted from that
sm an average Of 5000 900 900 always kept on hand
i, ~. rressrrv That left a maximum sum OF
81 900 600 900 that could, by any possolh'y 90
reached for use. Taking from that the S7ooOoo'oVo
REQUIRED 10 be held in National banks and that wac
kent for reserve purposes the total amount oil none!
which the people OF the United States had got for the
Transaction of their daily business could not eHcet
aeoo 600 600 He believed that it was less thsfs
100000 900 And upon that narrow founoauon ""',
been but an enormous structure OF crenlt-proppoa
nm here and there, by devices OF various hHus a"u
Kept swelling and growing. while the base on "h'cn
it rested did not grow In proportion 10 inc 80
The Senator from NewYork, Mr. Hlsoock' hao
rsuterdav described the great wealth and prosperity
of the country but II the picture were True VII!
was IT, Mr. Plumb asked, that that senator ana Ms
oomInttce (the Finance Committed were pih4s uP
protective duties. II there was such hnancia Heaih
ana prosperity why not let the tariff alone ana leu
the financial system Of the country alone1 HIS idet
WAS that not only should the vacancy OF the Natonal
hank circulation be made up without charge, but there
ought 10 be added to that at least as much as ~old
result from the free coinage OF silver lie wss "iine
10 abandon his idea In favor OF nat money anu 10
widen the Of tho credit structure by adding 10 IL
all the silver that the United States rnlnts cohin
turn out. The Senator from ONO. MI sherman, hah
said In brief speech which he made some time ago
on minor clause Of the silver bill. in burst OF
candor which had not characterized his speech Of
Yesterday, that gold and oliver had been created by
the Almighty as money and that such they had been
from the beginning Of time "whss God had Joined
together. let no man put ssundcr.n II gold was
money then silver money. II ono was money
by the designation Of the Aim glty, both
According to the best data there less than $50,
100000 worth Of silver mined every year in the
United States. OF that some $4,000, 900 was coined.
100000 used In the arts. and only sl7 100000
could be used in free coinage. II to be remen-
pered that the National bank circulation being
.very day rctired-the amount to be retired this year
Oelng Sl5oO0,o00.
Mr.. Farwell-Double as much as that.
Mr.. Plumb-We lost Sal 900 900 last year. but
she reason why will not lose much this year is
the banks cannot retire their circulation below
4 certain proportion without losing their charters.
We shall therefore lose this year by the withdrawal OF
National bank speculation all that could be got by
tree coinage.
Mr. Plumb went to speak of the Silver bill in
connection with the question Of projection The
Senate had been appealed to yesterday by Mr.. Hiscoc
against the bill in the sacred OF protection. lie
would not call ID fetch, although he did not know
what he would call it before he got through, but in
the Senate asked 10 keep silver dethrOned.
silver American product-a much larger prod
uct than many Others which were TO be protected
by duties of 200 300 per cent under the coming
Tariff bill. He would like to ask the Senator from
New York who anxious about foreign commerce
what he intended to do with the Tariff bill which
would prevent that United States from having any
foreign commerce. He hoped that he might interpret
the Senator'S remarks that point hopeful
augury of the action of that senator in putting his
knife into the bill before the Finance Committee
bill which would raise the price of nearly everything
used by the masses of the people.
Mr.. Hiscock explained that the point of his argu
ment that, If imports diminished, it did MOI
follow matter Of course that the export trade
would be diminished. II the United States could place
In the markets Of the world what it had TO sci
and could compete with other producers the nations
would buy IL ard Just 10 the extent that the Unte'
statcs did not take foreign products in exchange fo
what 1t expored would the balances Of trade in favo
of the United States be increased; and gold woulc
come in TO pay those balances
The bill was then lad aside.
The silver debate resumed in the House by Mr.
Lind Of Minnesota, who said that the depressed con
dton duo the low price Of agricultural products
lie believed that prices were affected by the amount
Of money in circulation. The increase OF circulation
advanced prices: and shrnksge Of circulation dimin
ished them Commenting upon the three measures be
fore the House. he said that the Treasury bill was th
most Objectionable Under a friendly Secretary i
might be made useful in increasing the volume o
currency /: but under unfriendly Secretary 1t nigh
he dangerous Personally. he believed that th'
III mt nnlv hest hnt th