The advocate., 1892-01-06

supply or THIS country AZ GnelF pleasure. Inc
money which the day before yesterday was In the
treasury and liable to be put out by the win OF
the secretary, to-day 10 In the hands Of the men
who own the bonds to the amount Of $l6O00,0O0,
and more than that-abOut $40 1000, ,OOO-beCause
the bonds were bought at about 25 per cent.
premium or something over, and it Is perfectly
safe to say that these men having this money,
and thereby this great control over the money
market, will use it to better themselves and their
interests, and not the interests Of the people Of
! the United States.
Now, II this money, instead Of being dumped
into the pockets Of favored few, had been put
into the channels Of trade as fast as it came into
the treasury last year and the year before and
last month and the month before, it could not
have been subject TO the control of anybody, be-
cause, like blood In the human system, 1t would
have been dispersed through the entire frame,
performing It's legitimate functions
want to say now, as have said befo
with the expectation of its having any
that nothing In the world but an OVerwhe.
calamity win ever divorce the treasury from
malicious interference with the business Of
country, and that calamity viii not come
year, and hope 1t viii never come, but we shA
never have the treasury occupying the proper re-
latlons to the business Of this country until
there has been a calamity which ensOreeS the
wickednesS Of the present system, which Of
course is not the misfortune or fault Of the per-
son who may be for the time being administering
the treasury department, but the fault Of the law
and the fault of the system; but still. whoever
administers that system ought to consider him
self obligated by as solemn an obligation aS any
body ever operated under to put every single
dollar of the money which he collects from the
people of the United States back into the chan
nels Of trade at the earliest possible moment In
order that the withdrawal Of money by the col
lection Of taxes may not be hurtful to the bust
ness interests Of the country.
Mr. Stewart. Mr.. President, 1t is difficult to
conceive any reason why checks that are given
in the purchase Of silver bullion should not 60
through the ordinary channels Of trade In the
manner as other checks 60.
Mr.. Allison. 1 do not quite understand what
the Senator means by checks" AS under
stand the law, the secretary'Of the treasury Is
required to pay out treasury notes, but no
checks at all The law explicitly states that for
so many ounces Of silver 80 many treasury notes
shall be paid. l do not zee how under that pro-
vision checks can be paid out
Mr.. Plumb. Allow me to read from the
circular Of the treasury department on this sub
ject:
Checks on the assistant treasurer OF the United
States, In payment OF silver bullion purchased at
the United States m'ntS, being payable only In
the new Issue OF treasury notes, should be pre-
Sented at the counter OF the sub-treasury, and
not through the exchanges.
That Is to say, the silver bullion is paid for by
checks and the checks paid by notes or gold.
It will be seen from the foregoing
that the writer of the article in the
Chensngo Union is not far out of the
way. Senator Sherman has not
gained that renown as q great "fnan-
cier" which has caused his portrait to
be deemed worthy to sdorn the walls
of the Bank of England by the ad-
vocacy of measures designed to in
crease the currency in circulation,
and thus benefit the masses of the
people. That reputation has been
gained by his promotion of measures
by which the peculstions and robber-
les of Wall street gamblers have been
facilitated, and in which Senators
themselves and the Bank Of England
are interested.
The following m,whlch appeared
shortly after the passage of this
silver bill, will serve to explain the
deep interest of certain United States