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

PAOPOoisiOA HniOn ID Pus AOAeh 10 SN-S
thing which is to relieve the existing strin-
gency, which is to diminish the surplus in
the Treasury, which is to add to the vol
ums of the circulating medium, of which
it cannot be said with knowledge that it
will perform one single thing of that which
it is assumed on its face it will do.
Mr.. President, I should like to know
from the chairman of that committee
what the committee propose as a substi-
tute for the national-bank circulation,
which has shrunk during the last year
over $3O,0OO,OOO, and which, in all human
probability, during the coming year will
shrink more than S3O,OOO,OOO more, and
which under the operation of this bill will
probably shrink at least $5O,OOO,OO0.
Does that committee have in view any
remedy for this extraordinary state of
affairs?
Mr.. MORRILL,. 1 will say to the Sena-
tor that we have several bills in the COM
mittee which have been considered, but not
yet fully completed, and we propose to
report upon them at the earliest practica-
BILE day.
Mr.. PLUMB. But this contraction Of
the currency by means of the retirement
of nstional-bank circulation, has been 60
ing on for more than ten years, and all the
committee has to say now is that it has
considered some bill, but it is not yet
completed. If the committee will not
complete some measure, the Senate must.
If the Senate will not, and if the other
House will not, then the country is going
upon the breakers of financial disturbance.
As Senator says in my hearing, it is there
now l think it is there now. We are
dealing with question which has more to
do with the welfare of the people of the
United States, which is of more concern
to them than any other thing that is
pending in either House of Congress, or
which can be pending uolume of the
circulating medium Of the country, the ualue
Of its property, the difference betlCeen debt
and bankruptcy, on the one hand, and free
dom from debt and prosperity on the other.
1t is estimated that there are in circu-
lation, including that which is locked up
in the Treasury and held in banks as a
reserve fund, about 1900 million dollars
of all kinds of currency of the United
States, gold and silver, the overplus of
gold and silver certificates, greenback
notes, and national-bank notes, all told,
and there are more than 60 billion dollars
of property which must finally be meas
ured by this volume of currency. 1t has
been contracted during the last year more
than per cent in addition to all that has
occurred by reason of abrasion and loss.
No man can tell the volume of greenbacks
outstanding. Nominally it is BAG million
dollars and fraction, but that volume
has been subject to all the accidents which
have occurred during the past 25 years,
whereby money has been consumed, worn
out, lost, and it is doubtful if the amount
is really over 300 million dollars to-day.
~ But saying nothing about that, the re-
tirement of the nstional-banking circula-
ton during the past IL months has been
8 per cent. of the total amount of currency
outstanding. There has been during that
period phenomenal depreciation of the
prices Of property. There has been the great
est depreciation Of the price Of agricultural
products the country has eusr knoUn.
The contraction Of the currency by per
cent Of its uolume means the depreciation
Of the property Of the country three billion
dollars. Debts hare not only increased, but
the means to pay them hare diminished IN
proportion as the currency has been con-
tracted. Events based upon non-legiSlatior
hare proved Of advantage to lenders, bu
disastrous to borrowers.
The proposition which I have made hert
is simply that we shall do with reference
to the volume of the national banking
circulation substantially what we did il
regard to the volume of the greenbacl
circulation. We arrested the policy of the
Treasury whereby the greenback circula
ton was being diminished, and we sale
that after the date of the law which W,
passed in 1873, known as the Ford bill
that from and after that date the volume
of currency should remain exactly as i
was then; that whatever dollars of green
backs the Treasury took in it should pa
out, and not destroy as it had been doing
In 1884 l moved this amendment il
J substance to then pending measure re
ported by the Finance Committee, pro
viding that whatever the volume of pape
money then Has it should be maintained
at by giving to the Secretary of the Treas
ury authority to issue greenbacks to tax
up, to fill the void then impending, ant
which we have since seen would have me
| the subsistence of the national bankinl
circulation. That amendment received 1
votes in this body. Since that time tn
national banking circulation has shrunl
more than 60 million dollars. If such al
amendment as this had been adopted a
that time, the paper money in circulation
in the United States would now be 60 mil
lion dollars greater than it is, and larg
portion of the shrinkage in the value O
r the property of this country, of the paral
ysis which rests upon its business, woul
: have been obyiated, as l believe.
} 1t is late to propose it again, perhap:
but better late than never, and l propos
| it in view of the fact, as stated by tn
) chairman of the committee, that nothinI
of this kind is practically pending in tina
j committee, and that committee has no d,
sign phdterer to propose any measure ,uhic
t shall arrest this contraction of the cur
, rency and let the country 90 on and o
with Increasing needs and yet trith dimir
: ished quantity Of money for the transactio
/ of business until the worst shall come I
9 the worst. And that hour may not be Ion
t delayed, Mr.. President. 1t may arriy
: at any time. We have deluded ourselve
: with the belief that because we have ha
J. an abundance of currency in the banks {
i New York there was an abundance &
money everywhere, which is an entirel
q misleading state of fact. The abundanc
= of monav in Nauv YORK taetif;as 20 po4k;.