The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-01-16
THE HOUSE.
Virtual Defeat of Mr.. McPherson's Refunding
TRiil.


fore the House an estimate from the Commits
sioners of the District of Columbia for an ap-
preparation of 80 000to enable them to maintain
public order during the ceremonies attending the
dedication of the Washington monument and
the inauguration Of the next President Re-
ferred
The House then, under the special order, pro
ceeded to consideration Of the Mcpherson fund
ing bill. Mr.. Henly wished to antagonize it
with question of consideration, but the Speaker
against the special order, and Mr.. Henly gave
notice that he would, on Saturday, press the
Northern Pacific land grant bill for action
Mr.. Wilkins said the simple effect Of the bill
was to increase the circulation of national bank
notes from so per cent. Of the bonds deposited to
secure such circulation to 100 per sent.
Mr. Yaple said he would vote against any
measure which sought to perpetuate the national
bank currency. Every man who claimed to be
Democrat should oppose this bill, and not act
as an attorney for private corporations The
national bank currency should give way to some
other that would be cheap convenient, and safe.
There never had existed more dangerous cur
reilcy, not even the wildcat system of former
years 1t was a political currency. 1t con-
tracted with Democratic success, ard it expanded
after Republican victory: He advocated a
greenbaek currency, and pictured the services
which the greenback had rendered the Union
during the war. He eulogized tie ,ireee2 back
decision of the Supreme Court The tories Of
Wall street might rail at it, but the people looked
at 1t as protection against the power of in
corporated wealth. He maintained that as
matter of good faith, no member who was a
stakeholder 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 silver dollar on deposit or pay it over
its counter on the same terms as gold
Messrs. Cook and Brumm opposed the4bill.
Dir. Henderson, of Iowa, supported the meas
ure declaring it in the interest of the people and
not In the interest of banks.
Mr. Shiyely said the bill was p proposition to
make an appropriation of $50, 900, 900 to the
national banks without asking any compensa-
ton to the government in return.
MIR. Ermentrout maintained that if Democrats
would take the Chicago platform as their guide
on this question, they must favor the pending
measure. He favored the only measures which
he believed could become law. These were the
Mcpherson and the Dingley bills, which, in the
next two years. would relieve the currency to
the extent of 1927 600, 900.
Mr. Potter opposed the bill He gave notice
OF motion to recommit the BILL with instruc-
tions to the committee on banking and currency
to report back the following:
bin to refund the bonded debt of the United States
at zig per cent interest, to reduce taxation upon
circulating bank note currency and to secure such
currency against unnecessary disturbance and fuc-
tuation by applying the national revenues, econom-
icay, to the payment of the national debt, etc.
Section 1. That the Secretary of the Treasury is
is hereby authorized to receive at the Treasury any
bonds OF the United States bearing interest ut the
rate OF per centum per annual, Ale per centum
per annu and to issue IN exchange therefor an equal
amount of the registered bonds of the United States
of the denominations of $50 800 $500 81 900
So 600, $4,000 and $50. OO0, in such form as he
prescribe and bearing interest at the rate of
Treasury of the United States Said 21a per centrum
bonds to be issued in exchange for said per centum
bonds shall be payable at the pleasure Of the United
centum bonds to be issued in exchange for 4l2 per
centum bonds shall be payable at the pleasure of the
united States after the first Of September, 1891.
Sec. 2. In said exchange of IL per centum bonds
for per centum and liz per centurn bonds provided
always that the moneys on hand and applicable
is hereby authorized to pay such a
sum in each case as shall be equal to the aggregate
present gorth OF the quarter yearly payments, of
interest from which the United States is released by
such exchange all interest in ascertaining said present
worth being computed at the rate of per centun per
annum, reinvested quarter yearly
sSec. 3. All said 2la per centum bonds and the
interest thereon shall be exempt from payment of all
taxes and duties to the United States and from taxa
ton in any orm by or under State, municipal
Sec. A. On and after the date of approval of
this act the duty upon circulating notes of national
banking associations shall be one quarter of per
centum for each half year the same to be asoeraned
and paid as now provided by law.
Sec. 5. When not otherwise provided by law, the
Secretary of the Treasury is hereby authorized to APP
ply any money at his disposal for payment of the
bonded debt of the United States either to the pay
en of bonds redeemabe OF the pleasure of the United
States or to the purchase of bonds not due as will in
his Judgment, the greatest saving Of interest
and in determining this, the duty tax received
upon circulating notes of national banking associa
tons shall be considered deduction from the interest
paid upon bonds held by the United States Treasury
to secure said notes.
Sec. g. Nothing in this act shall be construed to
authorize any increase of the bonded debt of the
United States and all acts parts of acts nconsist
ent with the provisions OF this act are hereby re-
pealed.
Sec z The Secretary of the Treasury is hereby d.
rected to pay out of any moneys in the Treasury not
otherwise appropriated, the expense Of printing and
exchanging said bonds.
Sec. 8. This act shall take effect immediately
Mr.. Hewitt, of New York, thought the vote of
New York city would be found cast against the
pending BILL He opposed the bill. and favored
the bill proposed by his colleague Mr. Potter.
He advocated it because it would take the sur
plus money in the Treasury and use il for the
purpose of reducing the rate of interest upon
bonds; the principal of the bonds would still re-
main as basis for banking
Mr.. Hunt briefly advocated the Mcpherson
bill
Mr.. Warner. of Ohio, offered an amendment
authorizing the Secretary of the Treasury when
ever the circulating notes of the national banks
shall fall below $j03, BIS, 984, to issue United
States notes in sufficient amount to keep the vol
ume of currency at all times, at total of $780,
600 000
Mr.. Wilkins then demanded the previous CUES
ton on the bill and amendments, pending which
Mr.. Mills moved that the House adjourn, and
pending this that it adjourn to meet Saturday
next which latter motion was lost-3l to a.
Mr.. Mills then pressed his motion to adjourn,
stating that the Democrats wished to hold
caucus.
The motion was carried--yeas $50, nays 112
While this was in no sense a test vote Gu the
Mcpherson bll-many members voting in the
affirmative in order that the caucus might be
held-it operates as a virtual defeat of that
measure, as a special order is not continuing
order.
Mr.. Buekner, chairman OF the banking and
currency committee, said to Associated Press
reporter THAT settles the bill We will never
again be able to get it before the House.
Pending announcement of the vote on motion
of Mr. Randall, the House non -concurred in the
Senate amendments to the six months naval ap-
prppriation bill, and Messrs. Randall, Holman