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

Diminished.
The Senate, as In Committee Of the Whole, re-
sumed the consideration of the bill H. R. 5O34) to
provide for the purchase Of United States bonds by
the Secretary Of the Treasury.
Mr.. PLUMB. l move to add as a sepa-
rate section what send to the desk.
The SECRETARY. 1t is proposed to
add as an additional section the following:
SEC. 2. That whenever the circulation Of any ma
tional bank, or any portion thereof shall be sur
rendered, and the same is not taken up by other
national banks within 30 days thereafter, the Sec
rotary Of the Treasury shall thereupOn issue an
equivalent amount Of Treasury notes Of the de-
nominations now provided by law for natiOnal-bank
notes. Said Treasury notes shall be deposited in
the Treasury and paid out as other moneys kept for
the discharge Of the obligations Of the Government.
They shall be receivable for salaries and for all dues
to the Government, including duties on imports
shall be legal tender for all debts, public and pr-
vate; shall be redeemabe in coin, as the legaten-
der notes Of the United States now are; and when
received into the Treasury they shall be reissued
and when mutilated or worn they shall be replaced
in the same manner as now provided by law for said
legal-tender notes. The coin held in the Treasury
at the date Of the passage of this act for the redemp
ton OF the legal-tender notes of the Government
shall also be applicable to the redemption of the
Treasury notes herein provided for; and such coin
reserve may, from time to time be increased by add
ing thereto other sums from payments made into
the Treasury in the discretion Of the Secretary Of
the Treasury: Provided, That the total amount Of
said coin reserve shall never be less than % per
cent nor more than 30 per cent of the total amount
OF legal-tender and Treasury notes outstanding.
The true intent and meaning of this section being
that the volume Of paper money outstanding lex
elusive Of gold and silver certifcates) shall remain
Is now existing
The PRESIDENT pro tempore. The
question is on the amendment proposed
by the Senator from Kansas Mr.. PLUMB
Mr.. MORRILL,. The amendment of the
Senator from Kansas is entirely alien to
the topic that is considered by the House
bill. There is supposed to be an urgent
necessity for the passage of the House
bill with the amendments which have been
made by the Committee on Finance, and
agreed to by the Senate this morning.
trust that the Senator from Kansas will
not press his amendment, which, if it was
to be seriously discussed and considered,
Is one that would be likely to require a
week or 10 days of time for \ lnsideFa-
ton. am sure that there Is no present
necessity for any action in the direction
proposed by the Senator from Kansas.
In order that we may get the bill through
without taking much time this morning
from the consideration of the Calendar,
/ hope that all amendments which have
been proposed will be withdrawn and the
bill allowed to pass.
Mr.. PLUMB. Different people have
different ways of manifesting haste. The
bill under consideration has been upon
the Calendar Just 20 days to-day. If
there had been any great hurry about its
passage, any very great emergency, l i'm
agine the Finance Committee would have
urged its passage long ago. 1t is not 60
ing to take 10 days to dispose of this
amendment, although it had better take
30 days than not have it or some such
proposition adopted. 1t is entirely ger
name to the subject of the bill-just a;
germane as the punctuation that is in it.
This bill is for the purpose of relieving
the Treasury from its surplus funds anC
adding to the circulation Of the country
the last object being the main one, l TAKE
it. The country to-day is in distress tol
lack of money! which the Treasury hal
locked up; and this is an effort on thu
part of Congress to induce the Secretar!
of the Treasury to do what he has hereto
fore refused to do, and that is to pay ou
the public money in discharge of tn,
public debt.
But, Mr.. President, this will only 40
complish partial purpose. No one can
tell how many bonds will be bought unde
the authority of the bill if the Secretar!
shall choose to act under it, as he has here
toIore refused 10 act under similar author
ity now on the statute book. No one cal
tell how much it will add to the volume o
money outstanding, because nobody cal
tell how many of the bonds will come from
national banks now holding them as
basis for circulation. According to th'
Treasury view of it, there is only abou
$lO0,0O0,0O0 which can be paid out in dis
charge of the public debt under the term
of the bill which is now pending. l thin
there are $3.50, 100000 there available TO
such purpose beyond any reserve requires
by law or by the practice of the depart
ment to be kept. But suppose there b
only $1OO,OOO,OOO, and suppose the Score
tary of the Treasury buys 500, 100000 o
outstanding bonds of the United State
with that money, it must be Sl00,0OO,0OO o
course minus the premium, or plus, as 20
may use the term. That is to say, that j
he buys per cent. bonds at the marke
price to-day, he would be able TO take u
the principal of only about 100000
of bonds. If those bonds should be OF
fered for sale by banks holding ther
already as basis for their currency, ther
would only be 10 per cent of that amour
added to the volume of the currency out
standing, Notwithstanding the disburse
ment by the Treasury of $100,000,00C
The gain, therefore, would be fractions
and imperceptible, and the purpose whic
Isuppose the Finance Committee has j
view would be lost. If one-half the bond
should be rendered by national banks, an
one-hslf by outside parties, of course tn
gain to the outstanding circulation woul
be greater. While the bill itself is prope
at the same time as it stands, and by i
self, it is triAing with very great que'
ton.
For years the ndtional-bdnk circulate,
and so the polums Of money outstanding l
the United States, has been declining. n
population has increased, business has IN
creased, but the currency Nth which tho
business is to be transacted has diminishe
each year during the last fire years; an
vet the Finance Committee Of the Senate an
the similar committee in the other Hous'
and all those whose special privilege Il ho
heretofore seemed to be to take care Of the