The advocate and Topeka tribune., 1892-10-05

II - AOE W1SS ISlaEICn uDOn the &
currency question. My amendment ought
to be put upon this bill specially. because
1t Is a House bill 1t, therefore, offers an
opportunity to have the House pass upon !
1t directly, which will not come if it were
put upon either of the other bills which
have been mentioned here, because they
are Senate bills.
But the Finance Committee, as hereto
fore and atwaIA does not mean that anv
legislation add'Sg to the volume of the
currency, or any measure which replaces
the currency which has been taken from
the people, shall ever be adopted. That
committee intend to Obstruct and prevent
everything of this kind. That committee
Is moved by impulses, by determinations,
by theories, which are opposed to any in
crease in the volume of the currency and
equally opposed to anything that stops its
contraction.
Mr.. MORRILL,. The Senator from Kan
sas, so far as L am concerned, speaks en-
tireiy out of the book. He does not know
anything about it, SO far as am concerned.
Mr.. PLUMB. appeal from the word of
the Senator from Vermont to the record
of his committee; 1 appeal to the action
of that committee on this floor whenever
| this question has come up. I say that
that committee, with all the determination
of its able and determined chairman, with
| all the determination of the former Sec
retary of the Treasury, now a member
of the committee, with all the determina-
tiOn of that influence which has controlled
the fuancial policy of this country for
/ the last 30 years, and controls it yet, the
control of bondhOlders and mOney-lenders,
! has resolved that nothing shall be done
which shall operate to make the burdens
of the people lighter by increasing the
volume of the currency or even by pre-
venting further contraction.
These facts are shown by the character
of the opposition offered to this amend
ment. It is not debated upon its merits.
! The Senate is asked to vote it down with
out debate-upOn the pretense that it does
not belong to a bill of this kind. Mr..
President, it is in order; it is germane; it
is highly important; and without it the
bill might just as well never be passed.
So far as 1 am concerned, intend, as l
said before, to move this amendment, or
one similar to it, to every bill which that
committee proposes. L do not expect to
make any impression on the indurated
hide of the Finance Committee, but I do
hope to arouse the Senate hope to
arouse the country to the non action which
has characterized Congress for the last
fifteen years upon this very important
subject. We have sat here during that
time and seen the volume of the currency
natiOnal-bank currency, and the motive
for such non-action is found in the remark
of the Senator from Ohio a moment ago,
to the effect that if more currency was
wanted inducements should be offered to
the national banks to supply it.
tell that Senator, as L have often be-
fore said in my place here, that Congress
will never offer to any national bank any
| inducement to take out or to issue any
more currency than they have got now.
It is after the feast entirely. The country
has made up its mind that the national
banks are not to furnish 1T qUith currency.
They are no longer factors in that great
question. The issue Of currency IS an act Of
sovereignty t0Iich the people do not mean to
hGue delegated to any further erte1lt than ii
IS TlotU, and as fast as the natiOnal-bank
currency now outstanding is retired some
thing else is to take its place. The ques-
ton Of the UoLunle Of the currency IS not TO
be settled by Private corporations upon the
basis of their ol0n desire for gain as against
the public interest
That is a question to be settled by Con
gress, and the Senator from Ohio will wait
a long time before his remedy of more
currency to be issued by the banks will be
adopted. He will soon see what he prob
ably prefers, a still further reduction in
the volume of the currency.
To this complexion it has come at last.
The Secretary of the Treasury, working
on the same line as the Finance Commit
tee, breaches the issue of more national
bank currency, and, in effect, threatens
the country - that it is that or nothing.
And thus, as We approach nearer and
nearer to the financial brink, and the dan
ger becomes greater, we are admonished
that the only remedy is more national
bank circulation.
No one expects relief from the Secre.
tary of the Treasury. It has got to come
from Congress. The Secretary of the
} Treasury has power to issue S2,OOO,00O a
month more of silver certificates or to
, coin $2,OOOOOO more of silver dollars,
which would result in that amount added
of silver certificates, but he IOilL not do
that. We may be sure that the admins
tration of the Treasury Department is in
spired with the same motive that the
Finance Committee is, and that is, that
there shall be no currency which is to
come direct from the Government, and no
relief of any kind whatever unless it
comes from the national banks by some
enlargement of their power and of their
profits. That is to be held before rs.
That is the rod which is constantly he 4
over as.
The Senators from Vermont and Ohio
belong to the school of fnanciers who be-
lieve that small and diminishing volume
of currency is a blessing, and that large
volume of money is a curse. They look
at the condition Of the vaults in the banks
of New York city and say that, because
, money can be had there by favored ones
: upon collateral security which can be sold
at moments notice. therefore there is
enough to supply the country, and they
k1lOt0 nothing and apparently care nothing
J about the condition of the country at
large, abort the tnspoUerishnent Of the
people ia tie interior, because of this hide
bound policy which has characterized
Congress under the leadership OF the FL
nance Committee and which controls the
! Treasury Department.
Mr.. PLUMB. Mr.. President, some prog
ress has been made since this matter was
under discussion week ago. The Sena-
tor from Ohio is not so certain now that