Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1891-10-07
PLUMB'S WORDS.

stands solid for gold as the money
standard and is the money sharks
best friend:
The senator from Ohio said, in q
brief speech which he made the other
day on minor clause of this bill, in a
spirit of caudOr that did not character
ize his speech of yesterday, that gold
and silver had been created by the AL
mighty as money, and had been such
from the beginning of time. What
God hath Joined let no man put asun-
DER If gold is money, then silver is
money. If either is money by the de-
signation Of the Almighty, boJn are
money; and If gold to-day is any more
money than silver it is because the LAW
has made 1t 80, giving to gold the ex-
elusive money function and degrading
silver.
The American people are logical.
Whenever it is settled that it is the
law and not the designation of the AL
mighty, the FIAT Of legislation and not
intrinsic value or a long course OF busl-
ness or concensuS of public opinion
which constitutes money, they will not
long halt on gold, or silver either for
that matter, but 90 at once to paper as
the only logical and proper representa-
tive OF value-as the medium of ex-
change"
In April, 1883, Senator Plumb dis
cussed this contraction subject as fol-
lows:
But this contraction of the curren-
cy, by means of the retirement of ma
tional bank circulation, has been going
on for more than ten years, and all the
committee has to say now is that it has
considered some bill, but it is not yet
completed. If the committee will not
complete some measure the senate
must. If the senate Will not, and the
other house will not, then the country
is going upon the breakers of financial
disturbance. AS a senator says In nv
hearing. 1T is there now think it is
now. We are dealing with a question
which has more to do with the welfare
of the people. which is of more concern
to them than any other thing that is
pending in either house of congress, or
which can be pendlng-the volume of
the circulating medium of the country,
the value OF it's property, the difference
between debt and bankruptcy, on the
one hand, and freedom from debt and
prosperity on the other.
1t is estimated that there are in cir.
culation, including that which is locked
up in the treasury and held in the banks
as a reserve fund, about sixteen hun
dred million dollars Of all kinds OF cur
rency of the United States, gold and
silver certificates, greenback notes and
national bank notes all told; and there
are more than sixty billions of property
which must finally be measured by this
volume of currency. 1t has been con-
tracted during the last year more than
5 per cent. In addition to all that has
occurred by reason of abrasion and
loss. No man can tell the volume oil
greenbacks outstanding. Nominally II
is $346, 600 600 and fraction, but that
volume has been subject to all the acct
dents which have occurred during the
past Is years, whereby money has beer
consumed. worn out, lost, and it IL
doubtful II the amount Is really ovel
$500 .OOO, 600 to-day.
But saying nothing about that, the
retirement Of the national banking cir
culation during the past twelve months
has been per cent. of the total amount
or the currency outstanding. There hal
been during tina t period a phenomena
depreciation of the prices of property
There has been the greatest deprecia
ton OF the price of agricultural pro
ducts the country has ever known.
The contraction of the currency by
per cent. of its volume means the depre
citation Of the property Of the country tire
billions of dollars. Debts haze not ont!
increased bat the means to pay them hdU
diminished jn proportion as the cGLTTenc!
has been contracted. Events based upoI
non-legislation have proved of advan
tage to lenders but disastrous to Dor
rowerS.
n
The senator fromD MI. Sauls
bury) the other day spoke with grea
feeling about the mortgaging of farm
in this country. So far as that com
plant relates to general condition, tt
the lack and to the short comings of leg
islsiin j, is more nearly related to thu
diminished volume of currency than t.
any other one thing"
In June, 1890, Senator Plumb con
tinued the discussion on this subject al
follows:
Let US see, therefore, how mucl
money is available for actual usl
among the people. From the total o
81, $50 ,OOO, 600, arrived at as above. mus
be deducted an average of $3.50, 600 ,OO
| winch the treasury always keeps or
hand, aud about which something ha.
heretofore been said in the debate OF
his bill, and that leaves as the maxi
mum which can by any possibility b,
used 81 800, 600 900.
There ought. in fairness, to be deduct
ed from this 10000 600, error in esti
mate of gold in the country, which
would reduce the money outside tn,
treasury to 81, l50, 900, 600. From this i
to be subtracted the 600.0OO,0OO KEEP
as reserve. as before computed, leaving
balance of $3.50, 600 900 which is avail
able Tor delivery or use in the transac
ton OF the business of the people. or
tritle over So per capita. But the fore
of my argument is not materially weak
ened by conceding the gold coin to b
as estimated by the treasury depart
ment, which would leave in actual cir
lation 500, 900 600. In order to max,
up this amount all doubt must be re
solved in favor of the treasury an,
against the people, both the doubt a
to the amount of lost and destroye,
notes and that as to the gold supply
If were deciding this case upon wha
[ consider the best evidence. I wonI
be bound to say that / believed tn
money In actual circulation. did no
much, if at all, exceed $500 0OO. 900.
Upon this narrow foundation j
built the enormous structure of credi
Of which have spoken. It is the great
est of the kind that was ever built. be
cause it was built by the best peopl
that ever built anything. Over TWEEN
tv thousand million dollars OF debts
the enormous and widely extended bus
mess of IS million OF people. all res
upon and must be served by q volum
of currency which must seem to th
most veteran financier as absoluteI
0nN 1an0nRniraiv araau -