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

-HgHfls - tuaA 0soA- nave Not Duig AN-
creased, but the Means to Pay them Have
Diminished.
The Senate a. in Committee Of the Whole, re-
579Hs t r 9 he Of az sac 5o 9 70
the Secretary Of the Treasury
Mr.. PLUMB. move to add as a sePa-
rate section what send to the desk.
The SECRETARY. It is proposed TO
add as an additional section the following:
SIC. 2. That whenever the circulation Of any ma
ttonal bank, any portion thereof, shall be
Ts9q a Rq me t name Ros tSeen pP q oe[
rotary Of the Treasury shall thereupon issue an
Nominations nov provided By law for natiouaI-bank
1ofsg said Frgasurv notes shall be deposited IN
f7e ressrrv and Maid ont a. other rnoueyg kent FOR
the discharge Of the obligations Of the Government
They shall be receivable for salaries aud for all dues
TO the Government including duties on Imports
sls-l - - - - ,St ~ ~ 80 80 - 49, -
der notes Of the United States now arei and when
and when mutilated worn they shall be replaced,
IN the same manner a. now provided by law for said
legal-tendsr notes. The coin held in the Treasury
at the date Of the passage Of this act forthe redemp
shall also be applicable TO The redemption OF the
Treasury notes herein provided for ana s4eh coin
reserve may from time 20 time be increased by add
ing thereto other sums from payments made into
the Treasury: Pr9uidsd That the total amount OF
said coin reserve shall never be less than % per
Of legal-tsndsr and Treasury notes outstanding.
The true Intent and meaning OF this section being
that the volume Of paper money outstanding lex
as nov existing.
The PRESIDENT pro ts5HpOre. The
question is on the amendment proposed
by the Senator from Kansas Mr.. PLUME
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,
ia one that would be likely to require a
week or 10 days OF time for Its considers
ton. 1 sure that there is no present
necessity for any action in the direction
proposed by the Senator from Kansas.
In order that VS. may get the bill through
without taking much time this morning
from the consideration Of the Calendar,
I 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 mRnifssting 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, I'M
agine the Finance Committee would have
urged it's passage long ago. 1t is not go
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 bil-Iust as
gsrmane es tine punctuation that rs IN ~.
This bill is for the purpose of relieving
the Treasury from its surplus funds and
adding to the circulation Of the country
the last object being the main one, take
It. The country to-day Is IA distress JOF
tack Of gsOHsy which the Treasury has
locked ups and this is an effort on the
part Of Congress to induce the Secretary
Of the Treasury to do what he has hereto
fore refused to do, and that Is 60 pay out
the public money in discharge of the
public debt.
But, Mr.. President this will only &C
eOmplish a partial purpose. No one can
tell how many bonds viii be bought under
the authority of the bill If the Secretary
shall choose to act under it, as he has here
t0JOFe refused to act under similar duth0T-
ttai now on the statute book. No one can
tell how much IL viii add to the volume or
money outstanding, because nobody can
tell how many Of the bonds VIII come from
national banks now holding them IS
basis for circulation. According to the
Treasury view of it, there is only about
8IOO.OOO.0OO which can be pazd out tH dis
charge OF the public debt under th9 terms
OF che hin which ia nov pending think
there are gE50, coo, eco there 1Vaisa.1Ls Tor
such purpose beyond any reserve required
by lau or By the practice Of the depart
msut to- As kept. Bat suppose thsEe be
only G1G0 O03, COO, and suppose the Score
tary OF She Treasury buys sluulQJOs9UO OF
8utstlndfug bouds OF the United States
with shat money it must be $IGg0Oo,OCO of
course minus She premium OF plus as You
may use the tenn That is TO says that u
he baya 4 per cent bonds at the market
pfica to-day, he aouid be able TO take up
the principal Of only about S9Gs00Ci0OO
Of bonds. II those bonds should be Of
tered for sale b. banks holding them
already as d basis for their currency, there
would only be 10 per cent OK that amount
added to the volume o. tbs currency out
staudi-gs notwithstanding the disbUTss-
msnt by the Treasury OF S1uos0O0,O0Q.
The gain, therefore would be fractional
and srnparssptibles HHd she purpose which
I supP-lse the Finance Gem nittes hes IN
vie@ would be lost il oue-aslf the bonds
shuusd BE- rendered ny national banks and
cns-kaiE oy outssd1 parties, of course the
gain 60 chs ouesG-si 81 c-1culltion would
be greater, while she ais f5aG Is proper
at the same time as ir staGdss and by it
self it is tri6ing With q very great cues
ton.
Epr years sas nai-Sss-l-5assla eiresiidtioH1
-lis1r rs rolszlIse ~ s-oEs outstanding "a
fzs E5lltat5 -ss-zissa 5Es oaEa ciscliHf1lG- Tie
creased. tzs ssS eaEEsslelt trits esllief- laqt
tzs5ss1.l Z 70 = -Fdlllz-1t1s las Gi11-gllsaea
casa sz=sr caring lla last Tee gcarsi and
~ ~ sssssgcs C0l7-z1sfszo " tlss Senate and
~ siHssislr ceEsrsiii-l Is ths other Holssls
ElE a. saaae ls-l1sc glseilf lFl0stsgs 8 las
.--1-s re7g|7sll e q . lllas Gn7g 81 E-zE5a