The advocate., 1891-10-14

waited until panic was impending, not merely
a speculator's panic, but Stringency In the
money market which affected the banks OF AL
the cities and seriously inteEfered with all the
business operations Of the country; and then he
did whit? He gave out the money to the hold
ers OF government bonds, under such circum'
stances as to enable them, and not him, q
control tho money supply OF this country al
their pleasure. The money which the day be
fore yesterday was in the treasury and liable to
be put out by the viii OF the secretary, to-day Is
In the hands Of the men who own the bonds &c
the amount Of $16 OOO, 900, and more than that
about $4,000, ,OOO-because the bonds were
bought at about 25 per cent. premium or some
thing over, and it is perfectly safe to say thai
these men having this money, and thereby thii
great control over the money market, viii use II
TO better themselves and their interests, ant
not the interests of the people Of the United
States.
Now, If this money, in place OF being dumped
into the pockets Of favored few, had been put
into the channels Of trade as fast as lt came ntC
the treasury, last year and the year before, ant
last month and the month before, It could mo-
have been subject to the control Of anybody
because, ike blood in the human system, Il
would have been dispersed through the entire
frame, performing its legitimate functions.
want to say now, as have before, not will
the expectation Of It's having any effect, tha
nothing In the world but an overwhelming ca
lamity will ever divorce the treasury frOm thi!
malicious interference with the business Of the
country, and that calamity win not come thil
year, and hope it win never come; but we shal
never have the treasury occupying the prOpel
relations to the business Of this country unit
there has been q calamity which enfOrCes th'
WlckednesS Of the present system, which o
course Is not the misfortune or fault OF the per
son who may be for the time being administer
ing the treasury department, but the faul
OF the law and the fault OF the system; bu
still, whoever administers that system ought II
consider himself obligated by as solemn an obi
CATION as anybody ever operated under to pu
every single dollar Of the money which he col
lects from the people Of the United States bacl
into the channels OF trade at the earliest possible
moment In order that the withdrawal Of none.
the business interests Of the country.
Mr.. Stewart-Mr. President, 1t is difficult t,
conceive any reason why checks that are give
In the purchase of silver bullion should not &
through the ordinary channels Of trade In th
same manner as other checks 60.
Mr.. Allis0n-I do not quite understand wha
the Senator means by checks" AS under
stand the law, the secretary Of the treasury
required to pay out treasury notes; but no
checks at all. The law explicitly states that 70
so many ounces of silver so many treasury note
shall be paid. do not see how under tina
provision checks can be paid out.
Mr.. Plumb--AllOw me to read from the clrcu
lar Of the treasury department on this subject:
Checks on the assistant treasurer Of tn
United States, in payment Of silver bullion, pur
chased at the United States mintS, being pay
able only In the new Issue Of treasury notes
should be presented at the counter Of the sub
treasury and not through the exchanges.
That Is to say, the silver bullion is paid 70
by checks and the checks paid by notes o
gold.
Submitting the foregoing matteI
we leave Mr.. Plumb to get himsel
together and settle his little differ
ences when he has leisure. 1t vii
undoubtedly occur to the enlightened
reader that our senior Senator il
making a record that will be mighty
inconvenient about the time his pres
ent term expires.