The advocate., 1890-10-01
Mr.. Sherman. Let IL bo read again.
Tho rasoIution una ao,aiy, reod

Mr. Sherman. Let II DO read again.
The resolution was again read.
The Vice President. Is there objection
10 the present consideration Of the resolu
tionp The chair hears none, and the ques
tion is on agreeing 10 the same.
Mr.. Plumb. Before the question is put
wish TO have read an extract from lettel
which have received from a prominent
gentleman in New York, who is very vel
posted on this subject, and whose opinion
think, is entitled to very great considera.
tion, on account Of the statement in which,
in connection with some statements made
in the newspapers, have offered the resolu.
tion.
The Vice President. The extract from
the letter will be read.
The chief clerk read as follows;
Answering your favor Of the 10th, beg 10
say that the bulk OF the checks issued in
| payment for silver bullion, and calling for
the new treasury notes, are payable no the
| New York sub-treaHry These checks are
in large amounts, and the collecting banks
do not A. a rule want small notes for large
sums. rhe checks being colIectable only at
the sub-treasury counter (and not as other
checks, through the clearinghouse ex-
changes) tho runner collecting ordinarily
and almost obviously asks redemption OF
the notes, and the present administration ia
committed TO redeeming in gold. fur
nished you evidence Of redemptions, and
now inclOse n later print confirming that
evidence with larger figures. Our New
York press, nj every opportunity, continues
IT'S notes OF alarm and bugabOo predictions,
and in consequence the ultra conservatives
are induced to procure gold while they can.
The silver question is not finally settled.
The Now York speculation and accumula-
tions OF silver threaten 10 arouse IL. East
India exchanges are but partially responsive,
or these aCCumulatiOns would have dimin-
ished importantly.
But / will not weary you with timorOus
horoscope. Do not despise IL, however,
beg Of yOu Things no good are evil. There
IL no good and no real convenience TO the
sub-treasury in exacting different cOllec-
tiOn OF checks for the new notes from checks
for all other moneys. II the result of a
diminishing hoard Of treasury gold, NJ COM
pared with treasury other moneys, shall
prove m Indictment TO popular boarding
of gold, and our press will instigate that
on slight occasion, regret will come too late.
Now, when without controversy this matter
Gun be corrected is the time TO insist upon
the correction. No bank boarding OF gold
is in my mind. Stocking and chimney pot
boarding Is the boarding that has realizing
sense in 10; and IL is that which means
diminshment in the volume of circulating
money. But bank Withdrawals of treasury
gold in redemptions of unlimited tender
notes, which result i'm treasury showing a
loss Of gold and gain of silver and paper
will be siezed upon by certain influential
journals here unscrupulOusly. A break in
the market price of silver land that threat.
ens) at such time will equal "proof of holy
writ" in support Of fears.
The Vice President. The question is OF
agreeing to the resolution.
Mr., Plumb. wish to put in the follow.
ing statement here from the financial article
Of New York paper Of the 9th day Of che
present month.
Persons who have made up a calculation
from the monthly statement OF the United
States treasury claim that ii shows that OF
the S3,G090 600 Of new treasury notes issued
in payment for silver bullion 81, 233, 100 have
already been presented for redemption In
gold, thus leaving only Sl,65, 800 in circula.
tion. This statement cannot be fully
authenticated at the sub-treasury here but
the treasury officials say great part Of the
new notes have come in for redemption.
If that is correct, Mr.. President, and The
statement contained in the letter which hai
been read at the desk is also correct, The
modus operandi is very simple. The checks
are issued in the payment Of the silver bull
lion that is purchased, and as they can moi
be used at the clearinghouse as ordinary
Government drafts and checks and banl
drafts and individual checks are, they 30 a
once TO the sub-treasury.