The advocate and Topeka tribune., 1892-09-21


mo tbI9 DeriOd. III was, therefore, the cQntFac-
tion and increased want OF currency ana noS z
gunerabundancG, which produced Gne necessary
FOR running In debt, Of which there Is 80 mucn
said on this floor WY E, Cs p9CpbS totba mSI ha
ness done than In 1883. az 6ne close OF Gne WAEs
Wheu Mr. Mccullough began his system q con-
traction, and at the very ume eieVen milhOhS
more people were TO be supplied.
Was II 70 be supposed that the activity &nG
energy which the adequate supply OF fm0ney nad
put into operation, and which was giving pEOs'
periEy and happiness TO the country, W0uId gl3-
denly dwarf ITSELF TO suit financial nO6l0nS WlGn-
ont d severe struggle? The Inevitable result
wac an expedlent to meet the consequent want
and credit was expanded. At the very moment.
above all others, when adequate supply was
needed, the opposite course was adOpte0i &n0
right here lies the true cause OF tne ls1e gancs me-
which resulted from money famlnes @nu hOS
from an excessive supply.
On page 1873 of the same document,
Cen. Logan says:
Sir, turn this matter as we VIII, and look az IL
from auV side whatever, ana It does preSens tn0
appearance Of being stupend0uS ScheMe OF Lne
mOney.hOlders TO seize this opportunity OF giac-
Inc nYider thelr control the vast industries OF the
nation. Therefore warn senators against push
ing TOO far the great conflict now gong 0n De-
tween capital and labor. It Is not our duCy 10
leglsate exclusively for either DuG, az LST az ~
the two. Capital rests upon labor; pug WnSn y
attempts to press too heavily upon Gn2E Wntcn
supports It In free republic, the SlnmDSElng WOE
cano, whose mutterlngs are beginning aaeSqy 10 70
be heard win burst forth with q fury tn&G no
LEGISLATION win quel Both should be equally IOs-
tered and both equally protected.
Nv. Secretary, you say you are unable
to account for the strange statement at
tributed to Gen. Spinner, that "the 7-SO
notes were intended, prepared, Issued
and used as money"
With all due Difference, Mr.. Secretary,
l would suggest that you read the laws
authorizing their Issue. Let US take as
an example the law Of June 80, 1864
Section 2 reads as follows:
SEC. Q. And be It further enacted, That the
secretary OF the treasury may issue on sne cEealS
| of the United States, and In lieu OF an equal
| am unit of bonds authorized by the precedlng
section. and 90 part Of said hOan, NOT exeee1lDg
| 1900 700. In treasury notes OF any QenOml-
nation not less than $40. payable az any Illo not
exceeding three years rom 0aCos OF y sHOusns NV
more expedient, redeemable at any time alCet
three years from dat. and bearing MteEesg hOl
exceeding the rate OF 7.3 per certttEe payable ln
lawful money at maturity, or at the dlscLeClOn "
the secretary Semi-annually. Ana tne sal1 tE6hs
ury notes may be disposed OF Dy the secretary ~
ina treasury, on the best terms that can Do oD
| rained for lawful money; and Sucn ot tnem ~
shall be made payable, principal and interest q
maturity, shall be legal tender 10 Gne same Ok
tent as United States notes tor tnelr IcS Va.us
excluding interest, and may be paid TO any cFea
Tor OF the United States az their lace value. OK
cludlng interest, or to any creditor Wiling 70 70
II celve them at par including interest; anu anl
treasury notes issued under tue auGnoElty OI IhIi
All may be made convertible at the discretion
} the secretary OF the treasury into any Don1s -
sued under the authority OF this act. ana Gn'
secretary of the treasury may redeem ana ctsQs'
to be cancelled and destroyed any treasury nOGe
or United States notes heretofore lssueo 1GS E,,
authority Of previous acts OF congress, ana slO
stltute In lieu thereof, an equal amount OF lreta
urY notes such 80 are auGhOrEed Dy Inns SSGI y
OF other United States notes: Pr0o4deQ' liza InA
: the total amount Of bonds ana treasury nOVo
authorized by the frst and second sec90ns ..S y
this act ghRl not exceed $500 900 COO, In aadltO
4 70 the amounts heretofore Issued; nor SnAA tn
! tOtal amounts OF United States notes. issued Q
Co be issued, ever exceed S4OOO ,OOO ana sucl
additional sum not exceeaing ~ 10
4 temporary loans; nor shall any treasury I hOs
hearing interest," issued under this act, Do legS
! tender In payment or redemption OF any noe
issued by any bank, Danklng Sss9clat,lVan ss9c,Naa =
> banker, calculated or intended 10 elrculate .
T money.
t In Treasury Department Document
. No. 949, Loans and Currency" 1886, pag
9 20l, l find the following:
!. SEC. $500. Treasury notes Issued under %
authority Of the acts Of March B. 1853 cnapter q
and June 80 1854, chapter 172 shall De logal tel
4 der To the same extent as United states nOCe
r for their face value, excluding Interest.
Then follows the usual provision th'
!. the said notes shall not be used TO n
= deem bank circulation.
. GDThis fixes the status Of $2OO,OOO,OOO
q the 1905, as stated by Gen. Spinner, th'
y they were "lntended, prepared, issue
!; and used as money"
n The act of March 8, 1865, authorize
5000 100000 additional 1905, preciSel
like the above, except as to the legal tel