The Kinsley graphic. [volume] (Kinsley, Kan.) 1890-1940, 1892-09-30

shall
port the amendment OF tine Senator from
Kentucky. as DC has been amended by his
suggestion and that of the Senator from
Iowa
If there we're anything necessary beside
what has been offered to show how very
important this amendment Is would ask
Senators 90 turn TO Senate bin 1863 Jaleu-
d8E NO. T86, reported from the Finance
COMMITTEES, and which that committee has
been talking about taking up to-day.
believe sugEastious have been made shat
If anybody wanted TO amend anything
which came from shat committee he could
amend shat bill Section Of that BILL as
reported reads as follows
That ~ Then any national banking 9s5osilii1u shall
Tie manner provided 1y law me y per cent l9al7
f5- ft- dirrg74Tire u5tes the a-soeiati5u maEiuE
notes. IN mauuerr forrl aud deuomluatioua author
Of ne bonds 5 deposited, etc.
If that should become a law, national
bonds OF all denomination and rates OF
interest would be enormously appreciated
in value. The Senator from New Jersey
who sits facing me, will remember che
debate We had on a similar proposition in
this body think two years agCs IN which
I said them in regard TO proposition
which he introduced aud which the Sen
ate finally on his motion, passed, that If
Is became law yhs result of it would be
to add at least o per cent. TO the value of
every dollar of United States bonds out
standing.
Mr.. SHERMAN. What is the number
of the billy
Mr.. PLUMB. Senate bill 1853. Tt might
fairly be entitled ga bill to increase the
premium on national bonds outstanding
But while that is true, uo one could tel
what other effect might follow. OF course
the primary design is not TO increase the
premium upon the bonds, but 10 is to iu-
duce ths national banks TO take out more
circulation and thereby increase the vol
ume or uatIoual-bauk notes outstanding.
But it might have-it would undoubtedly
have in some cases -- precisely that effect
for the very moment that the bonds began
TO appreciate in value as they would a= f
soon as they began to be purchased for F..
this purpose there would be the tempta- F.
tIOu on the part of the banks TO realize .
the excess of premium created 10y this .
very act and throw them upon the market .
AS I said no one can tell what the effect .
OF that might be upon the volume of the cur .
reuCyr Lt might lmm6 useiy reduce IT, Lt .
undoubtedly would in some cases. There .
would be periods when the currency would .
go down, and other periods perhaps when 10 I.
would go up. Tt would induce a huCtua-
tiou of amount beyond anything that hiss
been known under existing law. For the .
purpose OF that stability which ought TO Z
be the principal object in all legislation .
concerning currency such a proposition /
a8 the Senator from Kentucky has now
-AA-aAeH OF inc one eNlAAlAErt TO Do WANAHA
made the other day, and which the Senate .
voted into the bill, ought undoubtedly TO .
be the accompaniment of this legislation .
or at all events of some legislation.
There has been another gain too by .
reason of this discussion. The Senator /.
from Ohio is not now so EollcltOus that
there shall not be silver certihCato5. BE
is willing to admit that there could be
more without improperly and that lt is a
great gain. But he wants 20 have them
based, not upon coin but upon bullion, and
there he has made no progress. He is
willing that there shall be an unlimited
amount of gold coin and that certificates
shall be based upon gold coin alone not
upon gold bulliouf but he insists that there
shall be "a distinction between gold and
silver applicable whenever aud wherever
this question of the relative merit comes
upr whereby one shall be stigmarized, one
that of the otheri and that take Its viii
be the only outcome of his suggestion
that the amendment shall be- so modified
as 10 require the issuance of certificates
upon bullion and not upon coin.
Tt ls true, Mr. President. as true az gold
as it lis of silver that the people of the
United States luuut neither for actual use
as currency for manual delivery i'm amy of
the processes of trade which require the
use of money. i have before me the last
report of tine Secretary OF the Treasury
showing that el2lr4s6-slI of gold csrtih-
Gates are outstanding and S1#5-5A.l15 of
excess of silver certificates is not great.
This statement shows that the people of
the United States do not want coin as a
circulating medium. that for the purpose
for which they use money they want paper.
Whether DO be the actual representative of
coin or not, at alLsvents, SIC 10 to be paper.
As applied TO the uses made OF gold and
silver certificates 30 is plain that the peo-
Pile of the United States do not want
either gold OF silver, but they want the
paper representative of both, and in about
equal amounts.
1t is a little bit singular, If there is such
great danger iu the issue of silver cartih- .
Gates. and III they are for all practical pur- .
poses worth so much less than gold that
they are not used for this payment of Gus .
toms dues fra New York. Why does not .
the New York importer, who IS generally
credited with being pretty smart take tine
cheaper money 20 pay his customs dues
within Why does he pay 81 per r"-.r- OF ali
ported ia gold cartIhcates and not in ell .
yer csEtidcateat
Here is something conservative simply
providing that Whatever the volume of
paper money outstanding now. DO shall be .
main tanned at, following precisely the sL- .
ample set i'm 1875 when we enacted that
the greeubFcEs which were paid at the
Treasury should De paid again out, and
that the volume should not be diminished
believe chat we should not only have
legislation of this kind, but T believe that
all the money 5u the Treasury which is not .
needed for current purpose and which
may not be needed for the E--lmp t11u OF .
the green backs ought 20 be put into cir
culltiou- 4 believe that thereby Che inter
ests of the people of the United states
would be greatly enhanced believe DC