The advocate., 1891-10-14


per capita in this country is to-day
larger than it ever was before?"
Take Mr.. Plumbs statement in
June, 1890, that the money in circu-
lstion did not exceed $5OO,OOOOOO,
and admit that all the additions have
been made to it that he claims have
been made, and it would still fall far
short of reaching the per capita In
circulation in 1866, or even that
claimed to be in circulation at the
present time. But as a matter Of fact,
have there been the additions that
Mr.. Plumb names?
Has the money hitherto held in the
treasury for the redemption Of green
backs, and which he says Congress
deemed to be unnecessarily so held,
actually been disbursed, as he would
have us believe? Not by any means.
Have the silver certificates provided
for by the much glorifed silver bill
of the last Congress really gone into
circulation, as he would now have us
believe? Let Plumb himself answer.
In order to fully and fairly present
this subject to our readers we repro
duce from the Congressional Record
proceedings of the United States
Senate on the 18th of September,
1890, which, though somewhat
lengthy, will serve to show the insin-
cerity of Mr.. Plumbs present posi-
tion. It must be borne in mind that
the transactions here spoken of were
taking place under the present, and
not under a Democratic administra-
tion:
PURCHASE OF SILVER BULLION. 2.''|
Mr.. Plumb submitted the following resolution,
which was read:
ReSOlUed, That the secretary Of the treasury
be directed to inform the Senate whether the
rule or policy OF his department which requires
the payment Of checks Issued In payment for sill
yer bullion purchased under the recent act II
Congress over the counter Of the SubtreaSury,
instead OF through the proper clearing house,
does not result In putting out notes Of the larger
denominations instead OF those suited for circu-
lati0n and In use In the ordinary business trans
actions Of the people, and whether such method
OF payment does or does not practically result In
the payment OF such checks In gold coin instead
Of treasury notes.
Mr.. Plumb. II there is no objection, 1 will ask
the Senate to consider the resolution now.
Mr.. Sherman. Let 1t be read again.
The resolution was again read.
The Vice President. Is there any ObjectlOnto to
the present consideration Of the resOlutlOnP The
chair hears none, and the question is on agree
ing to the same.
Mr.. Plumb. Before the question Is put wish
to have read an extract from a letter which
have received from prominent gentleman In
New York, who Is very well posted on this sub
ject, and whose opinion, 1 think, Is entitled to
very great consideration, on account of the state
ment In which, in connection with some state
ments made In the newspapers, l have offered
the resolution.
The Vice President. The extract from the
letter will be read.
The chief clerk read as follows:
Answering your favor Of the 10th, beg to say
that the bulk OF the checks issued In payment
for silver bullion, and calling for the new treasury
notes, are payable at the New York sub-treasury.
These checks are In large amounts, and the col
lecttng banks do not as rule want small notes
for large sums. The check being collectable only
at the sub-treasury counter (and not as other
checks, through the clearing house exchangeO
the runner collecting ordinarily and almost OBJ
vi0uslY asks redemption Of the notes, and the
present administration Is committed to redeem
ing In gold. furnished you evidence OF redemp-
tlOns and now lnclOse later print confirming
that aYidanca with larger figures Our New Work