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


thing which is to relieve the existing strIu-
gency, which is to diminish the surplus in
the Treasury, which is 60 add TO the vol
ums of the circulating medium of which
it cannot be said With knowledge that it
viii perform one single thing OF that which
it is assumed on its face it viii do.
Mr.. President I should like to know
from the chairman Of that committee
what the committee propose as substl-
tute for the uatiOnal-banE circulation
which hes shrunk during the last year
over $8O,OOG,OOO, and which, in ell human
pEobab iiity, during the coming year VIII
shrink more than $50, 100000 more and
which under the operation of this bill VIII
Does that committee have in view any
remedy for this extraordinary state of
ahair5f
Mr.. MORRILL,. viii say to the Sena-
tor that We have several bills IN the com
mittse which have been considered but not
yet FULLY completed, and We propose to
report upon them at the earliest PraCttea-
bic day.
Mr.. PLUMB. But this contraction Of
the currency, by means Of the retirement
OF national bank circulation, has been GO
ing en- for more than ten years, and all the
committee has to say now is that II has
considered some bill, but 1t Is not yet
com pleted. If the committee will NOT
omplete 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 a Senator says in my hearing 1t is there
now. / think it is there now. We are
dealing with a 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 - the U0ttrHe Of The
circulating medium Of the country the UdtUe
Of its property, the difference bst10eeyl debt
and bankruptcy, on the one hand, and free
dom from debt and prosperity on the other.
It is estimated that there are in circu-
Iation, including that which Is locked up
in the Treasury and held in banks as a
reserve fund about $500 million dollars
of all kinds of currency of the United
States, gold and silver, the Ovsrplus of
gold and silver certificates, greeuback
notes, and natiOual-5auk notes, all told
and there are more than so 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 5 per cent. in addition to all that has
occurred by reason of abrasion and loss.
No man can tell the volume of greenbaCks
outstanding. NORMALLY it is 346 million
dollars and a fraction, but that volume
has been subject to all the accidents which
have occurred during the past % 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 noEu4uZ about ludl5 the
tiFemsnt OF the national thanking clrCuLa-
ton during the past u months has been
3 per cent. of the total amount of currency
outstanding. There has been during that
period a phenomenal depreciation Of the
prices Of property. There has been the great
est depreciation Of the price Of agricultural
products the country has eUeT k7lotOH.
The contraction Of the currency by 8 per
cent. Of its UOlltHIe means the depreciation
of the property Of the country three billion
rrr#
the means to pay them hare diminished in
proportion as the currency has been con-
tracted. Events based upon IJOH-isgisi0tt0H
hare proceed Of advantage to lenders, but
disastrous to borrowers.
The proposition which have made here
is simply that We shall do with reference
to the volume of the national banking
circulation substantially what We did in
regard to the volume of the greenback
circulation. We arrested the policy of the
Treasury whereby the greeuback circula-
tion was being diminished, and we said
that after the date of the law which we
passed in 1873, known as the Ford bill
that from and after that date the volume
of currency should remain exactly as it
was them that whatever dollars of green
backs the Treasury took IN it should pay
out, and not destroy as it had been doing
In 1884 I moved this amendment in
substance TO then pending measure re
ported by the Finance Committee, pro-
viding that whatever the volume OF paper
money then was it should be maintained
at, by giving to the Secretary OF the Treas
ury authority to issue gresnbacks to take
up, to hu the void then impending and
which We have since seen would have met
the subsideECe OF the national banking
circulation ThasGmei Ee1t received II
votes in this body.~St4 that time the
national banking circulation has ahrunk
more than 60 million dollars. If such an
smsndment as this mad been adopted al
that time the paper money ia circulation
IN she United States would GOV be 90 mii-
lion dollars greater than it H.. au5 large
portion OF the ahrinkags "a she value of
ti1a ueuuzrty of this couDtrys 49, 1arai-
yaiz Uhieh rests upon its business 'lsl-id
have been obgiated, as I believe.
Is IL late to propose it again, perhaps
tsut better late than never and i propose
&c IN view OF the fact, as stated by the
chairman OF the committee. that nothing
of this kind is practically pending in that
committee, and that committee has no de-
sign tghGteue- to propose any measure l5ticE
TsRGB and let the country go on and on
with illoreasfag needs asld Bst lDith O diplfa-
5sAsd quantity Of money for the transactiou
OF business until the worst shall come 20
the worst. And that hour may not be long
delayed, Nj. President It may arrive
at any time We have deluded ourselves
with the belief that because We have had
an abundance of currency in the banks OF
NsW York there was an abundance Of
money every where, which is an entirely
misleading state OF fact The abundance
OF money in New York SestiEes to nothing
except the subsidsncs OF stock HpeCulariuu-
There is great shr5ukage in the West
Ls al lle producing regions q The country
there IS great lack Of the money necessary
70 carry on business and We have a right
to look to the Finanus Committee of this
body 70 propose some measure which shall
9 Nm~r O. a.HH q