Democratic Sentinel, Volume 14, Number 14, Rensselaer, Jasper County, 25 April 1890 — TO GIVE US MORE CASH. [ARTICLE]

TO GIVE US MORE CASH.

SENATOR PLUMB’S PLAN TO INCREASE THE CIRCULATION. C aiming that the Money of the Country Only Averages 810 per Head or the Pop* illation. He Proposes to Add to the Amount of Circulating Medium. Washington dispatch: Mr. Plumb has introduced a bill In tho Senate for the dispisitlon of certain funds in the treasury, and asked that it be read in full, as ho desired to call the attention of the finance committee to it. It provides that the money required to be deposited for the redemption of the National bank circulation shall be carried into the treasury and treated as funds available for the reduction of tho public debt and for thocurrent expenses of tho government; that ail funds held for the payment of tlio matured debt and interest, due and unpaid, shall be similarly treated, and that hereafter no fundfe available above the sutn of $lO,000,000 shall be retained in tho treasury; this not to be coustrued, however, as permanently diminishing tlio fund of $100,000,000 now hold for the redemption of treasury notes. Mr. Plumb said that there was loss than $700,000,000 of circulation for the use of the 05,000,000 of people of tho United States, probably not more than $lO per capita. The system of finance that had been built up ami maintained had brought about tho result. It had been stated in tho public prints that in pursuance of his policy of controllng the finances of the country, tho Secretary of the Treasurer had contracted tho currency during tho month of February oyer $10,000,000. Mr. Plumb said ho believed that that retention of money in the treasury and tho assumption on tho part of the- Secretary to do what might have been once proper, but which now constituted a menace to tho business of the country, ought to be prohibited by law. From every quarter there was abundant evidence that tho public needed for tho transaction of Its business that this money in tlio treasury should lie disbursed. For all useful purposes it might as well be in the bottom of tlio sea as in tho treasury. During last year nearly $40,000,000 of national bank circulation had been withdrawn. To meet that reduction there was of course the coinage of silver—s2,ooo,ooo a month—and tho coinage of gold, but experience showed that not only wero these two agencies needed, hut there was also needed paper money to the maximum amount outstanding at any lime. The business of tho country was languishing. Now enterprises were withheld. Old enterprises wore struggling to keep on their feet. And thero was dread, and terror, and apprehension where there ought to bo hopefulness, helpfulness and enterprise That condition of tilings would continue until tlio remedy was attained, and that remedy could only come by legislation, because legislation, combined with executive action, had brought tho country to wliero it now was. Congress would legislate some of them days on tlio silver question; but no one knew when and no ono knew how. Whatever was done would result in a great addition to the money of tho country. But this method of his. or something like ft, would give an addition at once, and the money could bo disbursed within sixty da vs. The bill was reforred to tho finance committee. •> The treasurer of tho United States has asked tho House committee on appropriations to put through tho House a special appropriation to enable him to strengthen the old treasury vaults In which are deposited aggregating $(500,000,000. He had experiments made recently, his suspicions having been aroused as to tlio security of the vaults, which are of a stylo twenty-five years old. His expert bored a hole through the vault wall in seventeen seconds and made the hole large enough to crawl through in seventeen minutes. Practically the contents of tlio vaults were at ills disposal, including $250,000 in greenbacks, in a corner six foot square. The committee, on receiving this startling information, told Treasurer Huston to go ahead and prepare estimates, promising to put through tho House Immediately any appropriation deemed necessary. The treasurer (a now preparing estimates which wilt probably be ready so that the bill can be presented to-morrow. Meanwhile the treasury guards have been doubled. The total amount of tho funds for which Treasurer Huston is responsible is about $760,000,000, Of this amount about $170,000,000, chiefly in silver, Is In the new steel silver vault, the remainder being in the old treasury vault, which It Is now proposed to repair and strengthen. The Treasury watchmen have always been noted for their integrity and fidelity, but If by political influence (their positions not being protected by the civil service law) two or three expert cracksman could get on the force, or If a cracksman could get into the treasury at night on an employes’ pass or in any other way, less than an hour’s work on the old treasury vault would give them the biggest fortune in the world if they got away with nothing but greenbacks. The treasurer’s examination olthe vault and his recommendation to the commit* tee on appropriations have been kept entirely secret from all but the five members of the committee who would have especial charge of the matter under the committee’s division of labor.