The advocate., 1892-01-06


Please explain In THE ADVOCATE.
d. ROSE,
Secretary Jappa Alliance No. SSS.
Yes, we will explain. Although
the same matter has before been pub
hshed in The ADVOCATE, our readers
are somewhat forgetful, and it will
bear repeating. 1t is interesting
reading.
The marked item above referred
to occurs in italics in the following
paragraph. We quote enough Of the
context to make its meaning intelli-
gible:
The present silver law makes the United States
an extensive purchaser of silver bullion. Under
It's provisions there lS daily piled up In govern
ment store houses seven hundred tons OF silver
bullion, which the government purchases from
the mine owners. This constant drain On the
treasury is causing NnedstRess, and unless the
lao Is repealed the time must come Uhen the
bond selling must be TesOrted TO, 10 pay the nfne
OUners for their bullion. When this time comes,
II not before, the people win make up their
minds to the dangers of the presnt silver bill.
The writer of the above evidently
had in mind the facts brought out in
the United States Senate in a discus
sion upon the practical operation Of
the silver law That the government
purchases the bullion of the mine
owners, however, we seriously doubt
1t is generally purchased in large
quantities by spectators and by
them presented for sale to the treas
ury department.
On the 18th of September, 1890,
Senator Plumb offered the following
resolution in the United States Sem
ate:
Resolved, That the secretary OF the treasury
be directed to inform the Senate whether the
rule or policy Of his department which requires
the payment OF checks issued In payment for
silver bullion purchased under the recent act Of
Congress over the counter OF the sub-treasury,
instead Of through the proper clearing house.
does not result in putting out notes OF the larger
denomination instead OF those suited for clrcula-
ton and In use in the ordinary business traDSac-
tlOnS Of the people, and whether such method Of
payment does or does not practically result In
the payment Of such checks In gold coin instead
OF treasury notes.
The following is the record of the
discussion OF the resolution:
Mr.. Plumb. II there Is no objection, win ask
the Senate to consider the resolution now.
MIR. Sherman. Let 1t be read again.
The resolution was again read.
The Vice President. Is there any objection to
the present consideration OF the resolution? The
chair hears none, and the question is on agree
ing TO the same.
Mr.. Plrmb. Before the question Is put wish
to have read an extract from letter which
have received from prominent gentleman 10
New York who Is very we'll posted on this snb-
ject, and whose opinion, think, Is entitled to
very great consideration on account OF the
statement which, In connection with some
statements made In the newspapers, have Of
fered the resolution.
The Vice President. The extract from the
letter will be read.
The chief clerk read as follows:
Answering your favor OF the i6th beg to say
that the bulk OF the checks Issued In payment
for silver bullion, and calling for the new treas
ury notes, are payable at the New YORK sub.
treasury. TIese checks are for large amounts,
and the collecting banks do not as rule want
small notes for large sums. The checks being
cOllectable only At the sub-treasury counter land
not as other checks, through the clearing house
exchangeS), the runner collecting ordinarily and
almost obviously asks redemption OF the notes,
and the present administration Is committed 70
redeemlng In gold furnished you evidence OF
redemptlOnS, and now inclose later print con-
hrming that evidence with large figures. Our
New York press, at every 0pporlnnlty, continues