The advocate., 1890-10-01

dumped into the pockets of a favored few,
had been put into the channels Of trade as
fast as II came into the treasury last year
and the year before and last month and the
month before, il could not have been sub
iect TO the control of anybody, because, like
blood In The human system, il would have
been dispersed through the entire frame,
performing It's Legitimate functions
want TO say now, az / have said before,
not with the expectation Of its having any
effect, that nothing in the world but an
overwhelming calamity will ever divorce
the treasury from this malicious interfer-
ence with the business Of the country, and
that calamity will not come this year, and
hope il will never come; but we shall never
have the treasury occupying the proper re-
lations TO the business of this country until
there has been calamity which enforces
the wickedness Of the present system, which
Of course is not tho misfortune or fault Of
the person who may DO for the time being
administering the treasury department. but
the fault Of the law and the fault Of the sys-
tenn but still, whoever administers that
system ought TO consider himself obligated
by as solemn an obligation az anybody ever
operated under TO put every single dollar of
the money which he collects from the people
Of the United States back into the channels
of trade at the earliest possible moment In
order that the withdrawal Of money by the
collection Of taxes may not be hurtful TO the
business interests Of the country.
Mr.. Stewart. Mr.. President, IL is difficult
to conceive any reason why checks that are
given in the purchase of silver bullion
should not go through the ordinary chan
nels Of trade in the same manner as other
checks go.
Mr.. Allison. do not quite understand
what the Senator means by "checlls." As
understand the law, the secretary Of the
treasury is required to pay out treasury
notes; but not checks at all. The law ex-
plicitly states that for 80 many ounces of
silver 80 many treasury notes shall be paid.
| do not sec how under that provision checks
can be paid out.
Mr.. Plumb. Allow me TO read from the
circular Of the treasury department on this
subject:
Checks on the assistant treasurer of the
United States, in payment Of silver bullion
purchased at the United States mints, being
payable only in the new issue Of treasury
notes, should be presented at the counter of
the subtreasury and not through the ex-
changes.
That is to say, the silver bullion is paid
for by checks and the checks paid by notes
or gold
Mr.. Stewart. Under this circular they
purchase silver bullion at the different
mints and are authorized TO draw drafts on
the subtreasury at New York. But the sub
treasurer at New York makes rule that
they must be presented directly to the sub
treasury and they do not go through the
clearinghouse. There is no reason why
they are not just as good as any other
checks, because they are payable in these
notes, which are a legal tender, and these
notes are redeemable in gold if the holders
want gold, and they are as good as any 9th |
or checks, and why they should not go
through the clearinghouse is a matter that
has not been explained.
Mr.. Sherman. have always a sympathy |
with an executive officer who cannot answer
here for himself. What has been done has
been done in strict pursuance of the law we
passed only few weeks ago, and for mani
fest reasons the law itself provides--I sent
and got a copy of the law and have il before
me-that it shall be done, and the secretary
Of the treasury has done precisely what is
required of him In the first santinn OF the