Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1891-10-07
MORE PLUMBs.

Tie following IS an extract from a
speech by Senator Plumb. 1t tells what
he thinks Of the national banks and the
circulation. The speech was published
last year in the Cresset, which
probably endorsed it then:
1.-THE treasury department is in &C
tive partnership with the national
banks. The secretary of the treasury
has loaned to these banks over $6l 600, :
600 OF the public funds instead of buy
ing bonds and saving interest. =
The great question of the volume of
the currency of this country is left to
take care itself. The administration
recommends nothing, and the finance
committee does nothing.
mi. President il there is urgency for
anything, it is wise legislation upon the
currency question.
But the finance committee, as here
tOfOre and always, does not mean that
any legislation adding to the volume OF
the currency, or any measure which re-
places the currency which has been tax
en- from the people, shall ever De
IT say that that committee, with all
the determination of its able and deter
mined chairman, with all the determl-
nation of the former secretary or the
treasury, now a member or the commit
tee, with all the determination OF that
influence which has controlled the imam
ciGL policy of the country for the last thirty
years, and controls 1t yet, the control Of
bond holders and money lenders, has re-
solved that nothing shall be done which
shall operate to make the burden of the
people tighter by increasing the volume
of the currency or even by preventing
further contraction"
1.-The country has made up its mind
that the national banks are not to furn-
ish it with currency. They are no long
er factors in that great question. The
issue of currency is an act OF sovereignty
which the people do not mean to have
delegated to any further extent than 1t
is now, and as the national bank cur
rency now outstanding is retired, some
thing else must take its place. The
question of the volume of currency is
not to be settled by private corpora
tions upon the basis of their own desire
for gain as against public interests.
THAT is question to be settled by
congress, and the senator from Ono
will wait long time before his remedy
for more currency. to be issued by the
banks, will be adopted. He will soon
see what he probably prefers, still
further reduction in the volume of the
currency.
ITO this complexion it has come at
last. The secretary of the treasury,
working on the same line as the finance
committee, breaches the issue of more
national bank currency, and, in effect.
threatens the country-that is, that or
nothing.
"And thus as we approach nearer and
nearer to the financial brink, and as the
danger becomes greater, we are admon-
ished that the only remedy is more ma
Cional bank circulation.
mo one expects relief from the secre-
tary of the treasury. 1t has got to come
from congress. The secretary OF the
treasury has power to issue 2,OO0. 600
month more of silver certificates or to
coin So, 600 600 more of silver dollars,
which would result in that amount ad-
ded to silver certificates, but he will not
do that. We may be sure that the ad-
ministration of the treasury depart
ment is inspired with the same motive
the finance committee is, and that is.
that there shall be no currency which
is to come direct from the government
and no relief of any kind, whatever,
unless it comes from the national banks
by some enlargement of their power
and of their profits. That is to be held
before US. That is the rod which is
constantly held over US.
1.-THE senators from Vermont and
Ohio (Morril and Sherman) belong to
the school financiers who believe that a
small and diminishing volume Of cur
rency is blessing, and that large
volume of money is curse"