The Globe-republican., 1891-04-08
VITAL ISSUES.
Senator Plumb Discusses Silver,
Tariff and Politics.
He Praises the Silver Legislation Of the Last
Congress and Predicts Free Coinage
Shortly-Still Republican and
Believer in Protection.


the st. Louis Globe Democrat, gave his
views upon several of the vital ques-
tons now before the American public.
'.Do you think the Fifty-frst congress
was extravaganza" he was asked.
swell. not especially So" he replied
''You see there were several things that
came over to US from other congresses
which had to be appropriated for. This
operated to increase appropriations, but
rot unnecessarily or improperly. For
instance, there were the French spoll-
alton claims
''Do you think the pension legislation
was wIse?"
"Yes; and that accounts for con-
siderable proportion of the increase in
appropriations over the last congress"
Il do not mean to say" continued the
senator, after pause, that there is no
room for reform and retrenchment in
the public service. There are ways in
which the appropriations could be and
should b. reduced. But it is in the di-
rection of limiting the ordinary running
expenses of the government. There
might be a reduction of officers and
simplifying of methods which
would save much money, but
reform in that direction must neces-
sarily be slow, and it will certainly be a
thankless job for whoever undertakes
it. The senator or representative who
goes into this field may find his term
over before his work is finished Heads
of departments do not like to undertake
this cutting down and reorganization
because they know they have only four
years to serve and they may not be able
to complete the reform before they go
out The opportunity for much saving
in the direction indicated, and with ad-
vantage to the public service, exists.
but it will probably have to wait until
the necessity grows greater. l have
often thought of tackling this subject
myself in a practical way, but pressure
of other and more important matters
has prevented. 1t involves extensive
inquiry and minute attention to the de-
tails of administration-the overhauling
of all the business of the government"
Senator, what do you consider the
best thing done by the Fifty-first con-
gress?"
The passage of the silver bill during
the first session. 1t lacked much OF
coming up to fair measure of respon-
sib;lity and reasonable recognition of
the currency needs of the country, but
it was long step in the right direction.
1t was valuable, because it provided
for considerable annual addition to
the currency, and at a time when that
addition was greatly needed. But there
90 1ofi xx-hi ish
was 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 dis
turbances in the Argentine republic be-
came 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 one hun
dred million of our securities-railroad
bonds, stocks and so on. They had
taken them from our people for invest
ment when there was no trouble and
money in London was in ample supply.
We could not have bought them back
money that was released from the treas
ury and put in circulation by the silver
act of last July. You will remember
the late Secretary Window touched upon
this in the speech he 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 prevent panic.
Those circumstances We're the provis-
ions of the silver bill of which have
spoken"
do you think we are coming to free
coinage, senator?"
''EeS, and in a comparatively short
time. 1t might be wise, although not
necessarily, to take one intermediate
step. in order to prevent the alarm
which the idea of sudden free coinage
apparently creates in certain circles by
at first providing that the secretary of
the treasury might impose mint
seignorage upon foreign silver present
ed for coinage. This would prevent
even the suggestion of unsafety, and
likely produce the same result in both
the price of silver and the volume of
currency as absolute free coinage.
There are evidences of growing friend
illness to silver in other countries. 1
am inclined to believe that if the other
countries really thought the United
States was in earnest in wanting free
coinage they would meet us in an inter
national agreement at once. The con-
viction against monometalism, how
ever, has become so strong that the po-
sition of this country is not likely to be
in doubt much longer"
You think the volume of currency
ought to be increased, senator? What
per capita ought we to have?'
THAT is something to be determined
by experience. We need more money
than we have now with which to do the
business of the country easily and cheap
ly and to preserve the equities between
debtor and creditor, and we need to
have full bimetalism in order to widen
the base for business and to prevent
panics. But how far can we go in the
WOW of ;ncraoSiuo the volume of money