Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-06-07
SCENES In THE, SENATE.
PLUMB JUMPS CLEAR OVER THE REPUB
LIchN TRACES.

The Western Statesman Makes m Attack
Upon Both the Silver and Tariff Bills
He is a Determined Advocate Of Free
Coinage.
WASHINGTON, June 6.-Senator Plumb
had the floor upon the silver bill to-day. He
believed that it was the all but unanimous
opinion of the people OF the United States
that a very considerable increase in the vol
ume of the currency was necessary, and be
was reinforced in that belief by the investi-
cation which he had given to the subject.
He declared that the circulation to-day was
S240, ,000, 900 less than the trainers of the
financial legislation of 1875 anticipated,
although the commercial business of the
country had doubled within that time.
The total amount OF money which the
people of the United States had got for the
transaction of their daily business could not
exceed $500, 600, 600. He believed that it
was less than $500, 600, 600. And upon that
narrow foundation had been built an enor-
nous structure of credit-propped up, here
and there, by devices of various kinds and
kept swelling and growing, while the base
on which it rested did not grow in propor-
ton to the structure.
AHIT AT HIsCoCK.
The Senator from New York (Mr. His
cock) had yesterday described the great
wealth and prosperity of the country, but.
if the picture were true, why was it, Mr..
Plumb asked, that that Senator and his
committee (the Finance Committee) were
"piling up protective duties?" If there was
such financial health and soundness and
prosperity, why not let the tariff alone. and
let the financial system of the country alone?
His idea was that not only should the va
cancy of the national bank circulation be
made up, but there ought to be added to
that at least as much as would result from
the free coinage of silver. He was willing
to abandon his idea in favor of fiat money
and to widen the base OF the credit structure
BY adding to it all the silver that the United
States mints could turn out.
According to the best data there was less
than 500, 600, 900 worth of silver mined
every year in the United States. OF that
some $50, 900, 900 was coined, $4,000, 900 used
in the arts and only ST., 900 900 could be
used in free coinage. 1t was to be remem-
bered that the national bank circulation
was being every day retired, the amount
to be retired this year being SIS, ,00O. 900.
Mr.. Farwell-Double as much as that
Mr.. Plumb-We lost $41 600, 600 last year;
out the reason why we Will not lose SO much
this year is because the banks cannot retire
their circulation below a certain proportion
without losing their charters. We shall
therefore lose this year by the withdrawal of
national bank circulation all that could be
got by free coinage.
SILVER AND PROTECTION.
Mr.. Plumb went on to speak of the silver
bill in connection with the question of pro.
lection. The Senate had been appealed to
yesterday by the Senator from New York
(Mr. Hiscock), against the bill in the sacred
name of protection. He would not call it
fetch, although he did not know what he
would call it before he got through, but in
its name the Senate was asked 10 keep silver
dethroned. Silver was an American product
a much larger product than many Others
which were to be protected by duties of 200
or 300 per cent under the coming tariff bill.
He would like to ask the Senator from New
York who was SO anxious about foreign
commerce what he intended to do with the
tariff bill which would prevent the United
States from having any foreign commerce
He hoped that he might interpret the Sem
ator's remarks on that point as hopeful
augury of the action of that Senator in put
ting his knile into the bill now before the
Finance COMMITTEES bill which would
raise the price Of nearly everything used By