The advocate., 1892-01-06

silver question 10 not finally settled. The New
York speculation and accumulation Of gllveI
threaten to arouse IL. East India exchanges are
would have diminished Importantly.
But VIII not weary you with humorous moro
scope. Do not despise 1t, however, beg Of you
Things no good are evil. There ls no good anC
no real convenience to the sub-treasury In eX
acting q different collection Of checks for the
| new notes from checks for all other moneys. n
the result Of diminishing hoard Of treasury
gold, aS compared with treasury other moneys
shall prove an Indictment to q popular boarding
OF gold, and our press Will instgate that on
slight occasion, regret will come too late. Now
when without controversy this matter can bF
corrected Is the time to insist upon the c0rrec
| ton. No bank boarding OF gold Is In my mind
Stocking and chimney-pot boarding Is the hoard
Ing that has realizing sense In It, and 1t Is thai
which means dimlnishment In the volume Ol
circulating medium. But bank Withdrawals Of
treasury gold In redemptiODs Of unlimited tender
notes, which result In treasury showing loss
OF gold and gain Of silver and paper, Will Be
seized upon by certain influential journals here
unscrupulOusly. A break In the market price Ol
silver (and that thFeatenS) at such q time will
equal ''prOOf Of holy writ" in support OF such
| fears.
The Vice President. The question Is on agree.
Ing to the resolution.
Mr. Plumb. wish to put In the following
statement here from the financial article Of a
New York paper of the 9Th day Of the present
month.
Persons who have made up calculation from
the monthly statement OF the United States
treasury claim that 1t shows that OF Che SO 6O0,-
600 OF new treasury notes Issued In payment for
silver bullion. 90 233, 100 have already been pre-
Eented for redemption In gold, thus leaving only
81, ,376.9 800 In circulation 1hlS statement cannot
be fully authenticated at the sUb-treasury here,
but the treasury officials say great part OF the
new notes have come In for redemption.
II that Is correct, Mr.. President, and the state
ment contained In the letter which has been
read at the desk is also correct, the nOdtGs Oper
andi Is very simple The checks are issued In
the payment Of the silver bullion that Is pur'
chased, and as they cannot be used at the clear.
Ing house as ordinary government drafts and
checks and bank drafts and individual checks
are, they 90 at once to the sub-treasury.
Mr.. Teller. should like to ask the Senator
II he can state why they cannot be thus used?
Mr.. Plumb. 1 do not know the reason why
they cannot be so used. On the contrary, have
no doubt the entire mercantile community and
everybody interested would be glad to have 1t
done. They 60 to the subtreasury. Manifestly
the person who goes there with draft to get 1t
paid win take large bills as matter of cOnven-
lence, IL he takes bills at all. Therefore the
| bills which go are not OF denomination which
would naturally be made use of In the ordinary
transactions of the people, and that Of itself
would result In very considerable contraction
OF the currency.
The Senator from Iowa and other members Of
this body win specially remember the c0nten-
ton there was in this body over the question OF
the issue Of treasury notes Of large denOmlna-
tlons In the redemption Of treasury notes Of
small denominations, and 1t was finally fixed 10
an appropriation bill by provision requiring
the treasury when 1t printed new notes In place
Of old notes which were retired for any purpose
whatever, to have the new notes printed Of the
denominations Of those retired. In order to pre-
vent the cOnSOlldaflOn Of the currency of the
country into handful Of large notes.
More than that, Mr.. President, the Opportun-
lty is presented with fatal facility to the bank or
person who presents this draft to get gold for It,
because, as stated by my correspondent, the
policy Of the treasury Is to redeem these notes
In gold. In point of fact, do not suppose the
notes ever pass over the counter, because the
person presenting the draft would say, II am En-
titled to million dollars Of notes. but instead Of
giving me the notes and putting me to the incOn-
venlence of presenting them back again for the
purpose Of getting gold for them, viii simply
take the gold direct" and while bank would
not In the ordinary course Of business, unless 1t
had some malicious intent, gather up from It's
own vaults treasury and greenback notes and
take them to the treasury for redemption In
gold, here Is the very opportunity to do it with.
out going out Of the way at all; and have no
doubt that some evil result viii flow from It
whether It Is consplcuOusly so or not, AS stated
In the letter which has been read at the desk,
that which Is of no good Is always evil
Mr.. Cockrell should like to call the atten-
hon NJ fha 9annkOr from Kanaaa In an aditnriaI