The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1891-04-04
SENATOR PLUMB'S VIEWS.

SENATOR PLUMB'S VIEWS.
ST. LOUIS, April 3.-The Globe-Demo-
crat this morning, under Washington
date, publishes long interview with Sen
ator Plumb. Speaking Of the farmers
movement, the senator said:
"It has probably reached its full strength
in Kansas What it will develop in other
states remains to be seen. The only ef-
fective strength it can have in 1892 is TO
hurt the Republican party in the northern
states. 1t will not hurt the Democratic
party, in the south at least. On the con-
trary, it is likely to strengthen that organ
ization there. No political organization
can have continued potentiality unless
upon the basis of actual or hoped for ma
tional success. The next president of the
United States will either be Republican
or q Democrat To what extent the plat
forms and candidates of either party will
be modified on account OF the Alliance
movement cannot now be told. But the
Alliance failed to make the greatest i'm
preston by demanding things which are,
according to the present permanent condi-
tions of public sentiment wholly beyond
reach, and incurred hostility where more
moderate course would have secured good
will and cooperation.
''There is no reason to suppose that with
the radical and essential differences be-
tween the Alliance demanding highest
prices for food products, the lowest rates
Tor railroad transportation and the lowest
taxes, and the other labor organizations
interested in the lowest prices OF food,
comparatively high rates Of transportation
and the high taxes which result in higher
wages and general extravaganza in public
expenditure, an effective union will ever
materialize. There will be sympathy TO
degree but no cooperation except between
e{-.,,a q. lf1tf ha M (f
the Alliance members are in earnest, and
all earnest men are entitled to respect.
The western portion have radical ideas
about the currency and tariff, but these
are not likely TO find ready response in
the east. At all events, no considerable
number of the members of either OF the
old parties will accept them, though If
moderated they would find currency"
The passage Of the silver bill during the
first session was. in the opinion of the SEN
Rtor, the best thing done by the Fifty-frst
congress. 'Tt lacked" said Mr.. Plumb,
much of coming up TO fair measure OF re-
sponsibility and reasonable recognition of
the currency needs of the country; but 1t
was a long step in the right direction. Itwas
valuable, because it provided for a consid
erable annual addition to the currency
and at a time when this addition was
greatly needed. Our national bank note
currency was being rapidly retired. and
practically nothing was being put in its
place The volume of money was being
dangerously contracted. The issue of
currency based on purchases of silver,
which the law provided for, helped to re-
leve the stringency. But there was a
feature in this legislation which as more
valuable than all others in its immediate
effects. The passage of that act saved the
United States, and probably the world,
from the worst financial panic ever known.
''At the time when the full effect of the
disturbances in the Argentine Republic
became known in London, and were fully
appreciated the only resource which was
left to the Bank of England and to the
financial institutions of London was to
send to America 800, 900, coo of our securi-
ties-railroad bonds, stocks and so on.
They had taken them from our people for
investment when there was no trouble and
money in London was in ample supply.
We could not have bought them back at
that time if it had not been for the money
that was released from the treasury and
put in circulation by the silver act of last
July. A large amount of special funds
held in supposed obedience to laws passed
years ago was being kept in the United
States treasury, and without any actual
necessity for its retention. The silver act
released these special funds and made
hundred millions Of dollars available for
use at the discretion of the secretary ofthe
treasury This money the secretary dis
bursed in the payment of an equivalent
amount of the national debt during the
panic of last fall, whereby it became avail
able for the purchase of the securities
which the London market sent here, but
for which a collapse would have occurred
there, which would have preciptated
destructive panic in New York, with the
most injurious results to the entire busi-
ness of the country.
You will remember the late Secretary
Window touched upon this in the speech
be delivered in New York just before he
died He said that certain circumstances
enabled him TO pay out OF the treasury
this large sum OF money, and thereby pre-
vented a panic. Those circumstances
were the provisions of the silver bill of
which have spoken. Whatever may be
said about the defects and shortcomings of
that bill, its effect upon the immediate
situation was of a most beneficent charac-
ter. The legislation turned out TO be the
very thing which averted the evils which
those who opposed II, when pending, were
fearing and predicting AS consequence of
its enactment. But the bill has impor-
tant features of permanent character. 1t
has increased the price of silver and thus
helped an important industry, and by the
same token increased the price of Ameri-
can wheat in foreign markets And it
provides for n permanent addition TO the
of the country of over $50, 10000 /
per annum.
1t was the exercise, also, for the first |
time by congress of its power established |
by the decision of the supreme court in the |
legal tender case TO provide for the issue !
Of legal tender money in time of peace, the !
notes issued in payment of silver pur-
chased being a legal tender for all debts, /
public or private. THIS is an important I
step towards supplying the country with u |
proper volume of money, all bearing the \
government stamp and all possessing the ]
egal tender function. There are seven 4
lltferent kinds of currency IN circulation. /
The financial System-if il may called 4
,uch-is thing of 'shreds and patches +
partial and unsatisfactory. Is /
5 safe to the note holder and depositor.
)ut lacking IN elasticity and general use 4
ulness. The silver bill Is the beginning
If uniicstion. elasticity, permsnence ana /
Liberalism. In It's essential features it /
Will be the pattern of all future le.isla- /
.ion.r
The senator expressed the opinion /
hat we are coming 10 free coinage /
n comparatively short time. 1T /
night be wise, though not nee
,ssary," said he, ''to take one I'M ,
mediate step, in order 10 prevent the /
alarm which the idea of sudden free coin
age apparently creates IN certain circles by .
1t first providing that the secretary OF the /
,reSsury might impose a mint seignorage
lpon foreign silver presented for coinage \
This would prevent even the suggestion of /
and likely produce the same re-
ult In both the price Of silver and tine !
'olume OF currency rs absolute FREE coin /
lge. There are evidences of growing 1
TO silver in other countries. |
The Bank OF England, you know, has re
emily made an issue of e silver notes. 4
This was u concession to the farmers aud 4
working classes OF Great Britain, but .
qually confession that solely gold 4
tandard was no longer desirable or safe. /
There Is not nearly 80 much unfrienuli- 7
less IN England and on the continent
nxvs ri free rasn2pe uf silver 80 i .~apar-