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

AQBW6fluK your IhVOE VI bu0 lODAlg 4
to say that the bulk Of the checks issued in
payment for silver bullion, and calling for
the new treasury notes, are payable at the
New York sub treasury. These checks are
for large amounts, and the collecting banks
do not, as q rule, want small notes for large
sums. The checks being colleotable only
at the sub-treasury counter (and not as
other checks, through the clearing house
exchanges), the runner collecting ordinarily
and almost obviously asks redemption Of
the notes, and the present administration is
committed to redeeming in gold | fur
nished you evidence of redemptions, and
now inclose a later print confirming that
evidence with large figures. Our New York
press, at every opportunity, continues it's
notes of alarm and bugabOo predictions,
and in consequence, the ultra conservatives
are induced to procure gold while they can.
The silver question is not finally settled.
The New York speculation and accumula-
tion Of silver threaten to arouse it. East
India exchanges are but partially respOn-
sive, or these accumulstions would have
diminished Importantly.
But | will not weary you with timOrous
horoscope. Do not despise it, however,
beg of you Things no good are evil. There
is no good and no real convenience OF the
sub-treasuIy in eXaCting different C0lleo-
tion Of checks for the new notes from checks
for all other moneys. II the result Of a
diminishing hoard of treasury gold, as COM
pared with treasury other moneys, shall
prove an Indictment to q popular boarding
Of gold, and our press will instigate that. on
slight occasion, regret will come too late.
Now, when without controversy this matter
can be corrected is the time to insist upon
the correction. No bank boarding Of gold
Is in my mind. Stocking and chimney-pot
boarding is the boarding that has a realizing
sense in it; and il is that which means dim
inishment in the volume of circulating
medium. But bank Withdrawals of treasury
gold in redemptions of unlimited tender
notes. which result in treasury showing a
loss of gold and gain Of silver and paper,
will be seized upon by certain influential
journals here unscrupulously. A break in
the market price of silver land that threat
ens) at such time will equal "proof Of holy
writ" in support of such fears.
The Vice President: The question is on
agreeing to the resolution.
Mr.. Plumb l wish to put in the follow
ing statement here from the financial arti-
Gle Of a new York paper of the 5th day Of
the present month:
Persons who have made up a. calculation
from the monthly statement of the United
States treasury claim that il shows that of
the $3,600,000 Of new treasury notes issued
in payment for silver bullion, 81, 2S3, 100
have already been presented for redemption
in gold, thus leaving only 81, ,375 900 in cir
CulatlOn. This statement cannot be fully
authenticated at the sub.tressury here, but
the treasury officials say great part of the
new notes have come in for redemption.
If that is correct, Mr.. President, and Che
statement contained in the letter which has
been read at the desk ia also correct, the
modus oparandi is very simple. The checks
are issued In the payment Of the silver
bullion that is purchased, and as they can.
not be used at the clearing house as ordi
nary government drafts, and checks, and
bank drafts, and individual checks are
they 60 at once to the sub-treasury.
Mr.. Teller: / should like to ask the sena
tor if he can state why they cannot be thus
used?
Mr.. Plumb: l do not know the reason
why they cannot be so used. On the CON
trary, have no doubt the entire mercantile
community, and everybody interested
would be glad to have it done. They go &
the sub-treasury. Msnifestly the person
who goes there with draft TO get it paiC
will take large bills as a matter Of convent
ence, if hs takes bills at all. Therefore tn,
bills which go out are not of denomination
which would naturally be made use Of il
the ordinary transactions Of the people, ant
that of itself would result in very consid
erable contraction of the currency.
The senator from Iowa and other mem
bers Of this body will specially remembe
the contention there was in this body owe
II "A -.aA- nd "a