The Iola register., 1891-10-09
THE lola REGISTER.
FRIDAY. OCTOBER 9. 1891.
WHAT PLUMB SAYS.

ton, and there have Deen very 10"
which did not quote Senator Plumb
as saving that the amount of money
in circulation was not over IS or $40
per capita. II the reports Of the Sec
retary of the Treasury are pointed to,
showing that the aggregate and per
eapita circulation has been steadily
increasing since 1860, and that the
money now in circulation is S23.45 per
capita. the Alliance orator will tell
vou fatty that the Secretary of the
Treasury doesn't tell the truth. II
Won ask him how he knows, he in
variably replies that Senator Plumb
said in Senate speech that the circu-
lation was only s.. 1t is of some In
terest in this connection to hear from
Senator Plumb himself an explanation
of the statement attributed to him,
and we have itlin recent letter to
the Manhattan Nationalist. Mr.
Plumb says:
al did say in q speech made in the
Senate, and for the purpose OF secur-
ing favorable action upon the PROPOSE
fion to increase the am cunt of circula-
ting medium outstanding, that the
quantity of currency subject to man.
nal delivery at a given time was or
might be very small, probably as
small as the sum which he named,
s.y eight to ten dollars per capita.
Al the time I spoke / did not have
access to the proper data showing the
amount of money held by banks in re-
serve. AS you perhaps know, the
government has no control over the
Operations of State banks, and no way
is open to the general public, of as
certaining what amount OF money
they do keep in reserve. Private
hanks do not publish statements OF
their business. In some States incor-
porated banks do not, and therefore
the amount of money which they keep
on hand as reserve against deposits
can only be conjectured.
There is of course large amount OF
money constantly in transit from place
10 place. Considerable sums are kept
in treasures of cities, counties, and
other municipalities, and of course
people keep money on hand from time
10 time because they have no present
use for IT. or desire to save it for con-
tingency. Any money thus locked up
for the time being may be said not to
be available for actual circulation at
the present time. But these are the
conditions that exist everywhere; and, !,
after all, the question is not whether q
certain amount of money, large or
small, is in circulation, but whether
the amount is enough to properly
transact the business of the people.
At the time / made the speech un.
der consideration, the currency had
been contracted by the Cleveland ad-
ministration to the extent of five per-
cent OF its volume by the unnecessary
withholding in the treasury of money
which had been collected from the
people in the shape of taxes, and
which the law intended should be
paid out in the discharge of public
debt; first, in order that interest
might be saved, and second, that
the money should be returned as
quickly s. possible to the channels OF
frade. 1t would be egotistical for me
C say that nay speech had anything
70 do with subsequent results in the
way of legislation, but the last Con-
gress passed bill which not only pro
Yided for a continued permanent add
ition to the volume of money outstand-
ing of about 5000, 900, per month,
but it also provides for the disburse-
ment out of the treasury of near
ly S6O, 10000 before that time
held there for a purpose which
Congress deemed unnecessary. And
in addition thereto, Mr.. Window, as
one of the very first things he did af-
ter coming into Office, paid out So, 600
600, which the Democratic admins
tration had unnecessarily boarded,
and by reason of his action and the
}eeislation spoken Of, more than 9
hu1dred million dollars was almost
immediately soded TO the volume OF
money IN the country and the perma'
nent monthly increase which I have
referred to, is very considerably in ex-
cess of the increase of population
The amount of money per capita in
this country is today larger than il
ever was before, and it is constantly
being added to at the rate of S. ,000, ,00(
per month by the issue of legal tender
notes based upon the purchase of sill
yer, and in addition, to the extent oi
about $50, 0,000,0 900 Ter annum by ths
free coinage of gold, and these sums
will undoub btedly be considerably add
ed to in the near future by the pay
ment to our people of gold and silver
for the surplus crops which they will
sell to foreigners.
It is we'll to bear i'm mind in this
connection that with a single excep-
ton the last Congress was the only
Republican Congress which has as
sembied in this country since 1874. So
long as the House was Democratic
and the Senate Republican, there was
little or no opportunity for the enact
ment of important legislation, but.the
moment the Republicans came into
full power they made use of that pow
er to legislate upon q great number of
Important questions, which had be-
fore received little or no attention, to
an extent which warrants the state
ment that the last Congress was the
most fruitful of measures of public inn
portance directly beneficial to the
great mass Of the people, of any Con-
gress since the war.
With time permitting would like
TO mention in detail the various meas
ufes passed by the last Congress which
entitled it to commendation, and the
Republican party to new lease of
power. The next Congress will not
legislate, nor viii it attempt to do so
upon any matters ofimportance. Those
who oppose the Republican party gen.
erSlIy abuse il without attempting
TO suggest any thing better. Truly
yours, p. B. PLUMB
Pronounced Hopeless, yet Saved.
From lettel written by Mrs. Ada
e. Hurd. of Groton. 6. D.. We quote: