Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1885-01-16

uiscusseu until TWO o CLOCK without reaching
any action.
into executive session.
When the doors were re-opened the Senate
adjourned.
HOUSE.
The House, under special order, consid-
cred the Mcpherson funding bill.
MIR. Henley gave notice that on Saturday
he would press the Northern Pacific land
grant bill.
Mr.. wilkins of Ohio, gave a brief state
ment of the features OF the Mcpherson bill
| and the causes which necessitated the passage
of some such measure. The simple provis
ion of the bill was to increasa the circulation
of national bank notes from 30 per cent of
the bonds deposited to secure such circula-
ton to 100 per cent.
Mr.. Yaple of Michigan opposed the meas
ure. Every man who claimed to be demo-
crat should oppose this bill and not act as
attorney for private corporations. He main
tanned that as a matter of good faith, no
member who was stockholder in any
national bank should speak or vote on this
measure. He gave notice of an amendment
excluding from the provisions of the bill any
bank which refused to receive the standard
counter on the same terms as gold.
Mr.. Cook ofIowa, in opposing the bill,
attributed the present business depression to
the uncertain condition of the currency. The
currency was too elastic. 1t should be fixed
and should maintain every element IN
strength.
Mr.. BrHmm of Pennsylvania thought the
measure should be entitled bill to offer a
premium to present bondholders and to per-
petuate the national debt.
Mr.. Henderson of Iowa supported the bill
the sole purpose of which was to increase the
amount of money as circulating medium
in the hands of the people and not in the
interest of banks.
MIR. Ermentrout of Pennsylvania main
tanned that if the democrats would take the
Chicago platform as a guide on this question,
they must favor the pending measure.
Mr.. Potter of New York opposed the bill.
He entertained the opinion that instead OF
strengthening the credit of the country it
would be the first step which would inevitably
overthrow the system of banking in this
country.
Mr.. Potter gave notice of a motion to re-
commit the bill with instructions to report
back a bill providing that the secretary of the
treasury be authorized to receive at the treas
ury any bonds of the United States bearing in
terest of four per cent. or four and one-half
per centum per annum, and issue in exchange
therefor an equal amount of registered bonds
of the United States bearing interest at the
rate of two and one-half per centum per
annum, said two and one-half per centum
bonds to be issued in exchange for four per
centum bonds, shall be payable at the pleas
ure of the United States after the first day
of July 1907; said two and one-half per
centum bonds to be issued in exchange for
four and one-half per centum bonds shall be
payable at the pleasure of the United States
after the first day of Sept. 1891.
Mr.. wilkins demanded the previous ques-
ton on the bill and amendments. pending
which Mr.. Mills of Texas moved that the
House adjourn, stating that the democrats
wished to hold a caucus. The motion was
carried-l30 to ll2.
While this was in no sense test vote on
the Mcpherson bill, many members voting in
the affirmative in order that a caucus might
be held, it operates as virtual defeat of that
measure, as a special order is not continu.
ing order.
Mr.. Buckner. chairman of the banking and
currency committee, said to an associated
press reporter: "That settles the bill. We
will never again be able TO get it before the
House p"
Pending the announcement of the vote. on
motion of MIR. Randall of Pennsylvania the
House non-concurred in the Senate amend
ments to the six months naval appropriation
bill, and Messrs Randall Holman and Long
were appointed conferees.