Los Angeles herald., 1890-06-07
IN THE SENATE.

Plumb GiAes His Views on the Silver
Question.
WASHINGTON, June 6.-In the senate
today Mitchell moved to reconsider the
vote by which the senate passed yester-
day the bill authorizing the construction
of railway bridge across the Columbia
river near Vancouver. The motion was
entered.
The silver bill was taken up, and
Plumb addressed the senate.
Plumb believed it was all but the
unanimous opinion of the people that a
very considerable increase in the volume
of the currency was necessary. The
circulation today was $240,000, 900 less
than the trainers of the financial legisla-
ton of 1875 anticipated, although the
commercial business of the country has
doubled within that time. The total
amount of money which the people of
the United States had for the transac-
ton OF daily business could not exceed
$500, 100000. He believed it was less
than $500, 100000, and upon that narrow
foundation had been built an
enormous structure of credit, propped
up here and there by devises
of various kinds, and it kept swelling
and growing, while the base on which it
rested did not grow in proportion to the
structure. The senator from New York
(Hiscock) had yesterday described the
great wealth and prosperity of the
country, but if the picture was true,
why is it that the senator and his COM
mittee (the finance committee) were
''pi1ing up protective duties ?" His
(Plumb's) idea was that not only should
the vacancy of the national bank circula-
ton be made up, but there ought to be
added to that as much as would result
from the free coinage of silver. Accord
ing to the best data there was less than
$6O, ,0OO, 900 worth of silver mined every
year in the United States. OF that some
$50, 100000 was coined, $S,000,000 used
in the arts, and only $17 100000 could
be used in free coinage. 1t was to be
remembered that the national bank cir
culation was being every day retired,
the amount to be retired this year being
$15, 100000.
Plumb went on to speak of the silver
bill in connection with the question OF
protection. The senate had been ap-
pealed to yesterday by the senator from
New York (Hiscock> against the bill, in
the sacred name of protection. Silver
was an American product-a much
larger product than many others which
were to be protected by duties of200 or 400
per cent. under the coinage tariff bill.
He would like to ask the senator from
New York who was so anxious about for
eign commerce, what he intended to do
with the tariff bill which would prevent
the United States from having any for
eign commerce. He hoped he might in
terpret the senator's remarks on that
point as hopeful augury of the action
of that senator in putting his knife into
the bill now before the finance commit
tea bill which would raise the price of
nearly everything used by the masses of
the people.
The silver bill was then laid aside.
The senate took up the bill to author
ize Maricopa county, Arizona, to issue
bonds in the aid of railroad construc-
ton. The bill was passed-yeas 36,
nays IS. 1t is the house bill and was
passed without amendment.
A message from the president relating
to the landing of an armed force from a
revenue cutter at Cedar Keys, Florida,
was read and referred to the committee
on judiciary.
Adjourned