People's voice. [volume] (Wellington, Sumner County, Kansas) 1890-1917, 1892-09-30

III auolner way, very cheerfully yielded;
and shall, therefore, most cheerfully sup
port the amendment of the Senator from
Kentucky, as it has been amended by his
suggestion and that of the Senator from
Iowa.
II there we're anything necessary beside
what has been offered to show how very
important this amendment is, / would ask
Senators to turn to Senate bill 1853, Calen-
dar No. 1876, reported from the Finance
Committee, and which that committee has
been talking about taking up to-day.
believe suggestions have been made that
If anybody wanted to amend anything
which came from that committee he could
amend that bill. Section 8 of that bill. as
reported, reads as follows:
Thatwhen any national banking association shall
deposit with the Treasurer Of the United States in
the manner provided by law the p per cent, bond,
authorized by this act, or any bonds of the United
states Tearing higher rate Of interest as security
Tor It's circulating notes, the association making
such deposit shall be entitled to receive circulating
notes In manner, form and denominations author.
lied BY law not exceeding in amount the par value
OF the OOnus 80 deposited, etc.
If that should become a law. national
bonds OF all denominations and rates OF
interest would be enormously appreciated
in value. The Senator from New Jersey
who sits facing me, will remember the
debate we had on similar proposition in
this body, think two years ago, in which
l said then, in regard to a proposition
which he introduced, and which the Sen.
ate finally, on his motion, passed, that il
1t became law the result of il would be
to add at least per cent. to the value Of
every dollar of United States bonds out.
standing.
Mr.. SHERMAN. What is the number
of the bill!
Mr.. PLUMB. Senate bill l6S. It might
fairly be entitled "a bill to increase the
premium on national bonds outstanding.
But while that is true, no one could tel.
what other effect might follow. OF course
the primary design is not to increase the
premium upon the bonds, but it is to in.
duce the national banks to take out more
circulation, and thereby increase the vol
ume OF national-bank notes outstanding
But it might have-it would undoubtedly
have in some precisely that effect
for the very moment that the bonds began
to appreciate in value, as they would al
soon as they began to be purchased for
this purpose, there would be the tempta.
ton on the part of the banks to realize
the excess of premium created by thi:
very act and throw them upon the market
As l said, no one can tell what the effect
of that might be upon the volume of the cur
rency. 1t might immensely reduce it. II
undoubtedly would in some cases. There
would be periods when the currency would
go down, and other periods perhaps when i
would 60 up. 1t would induce a huctua
ton of amount beyond anything that ha'
been known under existing law. For tn,
purpose of that stability which ought Il
be the principal object in all Legislation
concerning currency, such a proposition
as the Senator from Kentucky has nov
made or the one similar to il which
made the other day, and which the Senat
voted into the bill, ought undoubtedly I,
be the accompaniment of this legislation
or at all events Of some legislation.
There has been another gain, too, b
reason Of this discussion. The Senate
from Ohio is not now so SOLICITORS this
there shall not be silver certificates. q
} is willing to admit that there could
more without improperly, and that it is
great gain. But he wants to have ther
based, not upon coin but upon bullion, an
there be has made no progress. He
, willing that there shall be an unlimite
} amount of gold coin, and that certificate
shall be based upon gold coin alone, nc
upon gold bullion; but he insists that ther
shall be a distinction between gold an
silver, applicable whenever and whereye
, this question of the relative merit come
J up, whereby one shall be stigmstized, on
shall be placed in relation inferior
! that Of the other; and that, take il, wi
be the only outcome of his suggestio
that the amendment shall be so modife
, as to require the issuance Of certificate
upon bullion and not upon coin.
1t is true, Mr.. President, as true Of gol
, as 1t is of silver, that the people of th
United States rant neither for actual u'
as currency, for manual delivery in any c
the processes Of trade which require th
! use of money. have before me the la:
: report of the Secretary Of the Treasur,
showing that Sl2O, 4s6,S17 of gold certif
Gates are outstanding, and $l45,543,l50 {
3 silver certificates are outstanding. Til
3 excess of silver certificates is not grea
! This statement shows that the people {
, the United States do not want coin as
, circulating medium, that for the purpos,
for which they use money they want pape
D Whether it be the actual representative {
: coin or not, at all events, it is TO be pape
: As applied to the uses made of gold an
Q silver certificates, 1t Is plain that the pc,
t pie of the United States do not wal
D either gold or silver, but they want Il
D paper representative of both, and in abol
t equal amounts.
Q 1t is little bit singular, II there is sue
T great danger in the issue of silver certii
J. Gates, and il they are for all practical pu
poses worth so much less than gold, TIL
they are not used for the payment of Gu
D toms dues in New York. Why does n,
= the New York importer, who is general
Q credited with being pretty smart, take Il
g cheaper money to pay his customs du
k WITH Why does he pay II per cent. of q
s the dues upon the goods which he has in
Q ported in gold certificates and not in q
s yer certifcates?
d Here is something conservative, simp
s providing that whatever the volume
y paper money outstanding now, 1t shall
o maintained at, following precisely the e
It ample set in 1878, when we enacted tn
e the greenbacks which we're paid at Il
}: Treasury should be paid again out, al
d that the volume should not be diminishe
i | believe that we should not only ha
q Iac;olotiop 90 th;a Lid krt I kaI;a,o a.