The advocate and Topeka tribune., 1893-04-05


URY IS TO REDEEM THESE NOTES IN GOLD, In
POINT OF FACT, DO NOT SUPPOSE THE NOTES
EVER PASS OVER THE COUNTER, BECAUSE THE
Person PRESENTING THE DRAFT WOULD SAY,
81 AM ENTITLED TO A MILLION DOLLARS OF
NOTES, BUT INSTEAD oF-GIvING NE THE NOTES
AND PUTTING ME TO THE INCONVENIENCE oE
PRESENTING THEM BACK AGAIN FOR THE PUR-
POSE OF GETTING GOLD FOR THEM, WILL
SIMPLY TAKE THE GOLD DIRECT :" AND WHILE
BANK woUED NOT IN THE ORDINARY COURSE
OF BUSINESS, UNLESS IT HAD SOME MALICIOUS
INTENT, GATHER UP FROM ITS OWN VAULTS
TREASURY AND GREENBACK NOTES AND TAKE
THEM TO THE TREASURY FOR REDEMPTION
IN GOLD, HERE IS THE VERY OPPORTUNITY
TO DO 1T WITHOUT GOING OUT OF THE WAY
AT ALL; and have no doubt that some evil
result will flow from it whether it is con-
spicuously so ornot. AS stated in the letter
which has been read at the desk, that which
is of no good is always evil.
Mr.. Cockrell: / should like to call the at
tention of the senator from Kansas to an
editorial in the Philadelphia Press of the
18th of last July, from which, if he will per-
NIT me, will read few extracts:
GOLD, PRICE AND CROPS
Good crops at home, poor orops abroad,
gold exports and the passage of the silver
bill were the price making facts of the week.
In the large and in the long, these work
for prosperity, but not for higher prices.
The silver bill is leap in the dark. because
no one knows what effect adding yearly 81
in thirty to our aggregate currency will
have. AS the increased purchases Of silver
will absorb about the same proportion of the
worlds silver output now as the original
purchase under the act of 1877 did then, and
with the old purchases the price of silver
steadily fell, it is hard to see why silver
should advance now. Furthermore, the Rd-
ministration of the act will depend upon it's
construction, and no two persons cOnstrue
| it alike, so that under il secretary will
have wide liberty, and it is safe to say that
for years to come all these powers will be
used TO maintain gold payments. In fact,
in changing speculative conditions the effect
Of the silver bill will be nil, and the street
is likely to find it out.
Mr.. Plumb: Mr.. President, l observed
that editorial at the time it appeared with a
great deal of concern. The paper in which
il appeared is not only very able paper,
but one which is properly very close Co the
administration. It has been given out that
it more nearly represented the treasury de-
partment than any other newspaper in Che
country. Il was also conspicuous and vir-
ulant opponent of the silver bill, and for
that reason, as we'll as for others l have
spoken of, its utterances are, of course, en-
titled TO great consideration. But the fear
which I had, growing out of that article and
other grounds, that the bill, which was
passed with such great unanimity on this
side of the chamber, would not be properly
carried out, disappeared on account of the
first step taken by the administration, by
the more or less public announcement chat
it was to be, as far as possible, carried out
according to it's intent as understood by ite
friends and promoters, and not according
to preconceived notion Of the importance
or lack of Importance of the question, or OF
the personal views of the secretary in regard
to the propriety of the enactment.
It seems to me that the sooner the treas
ury department is oonformed in it's oper-
ations to ordinary business principles, the
better it is going to be. There never has
been IN all the history of this government
80 conspicuous an illustration Of the impol-
icy of allowing the treasury department tc
have anything to do which obstructs oil
aocelerstes business. as has occurred in the
last few weeks. For months-for years
the treasury department boarded money
rvb;Oh vvaa naadad for thA kPanaackion of khe