Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1885-01-16

| doors were re6pened and the Senate adj
jcurned.
usxse Of Representatives,.
The Speaker laid before the House an
estimate from the Commissioners Of the
District Of Columbia for an appropria-
| ton of exc, 200 to enable them to main
tain public order during the ceremony
attending the dedication Of the WASH
ington monument and the Inauguration
Of the next President. Referred.
The House then, under the special
order, proceeded to the consideration
| of the Mcpherson funding bill.
After the reading Of the bill Mr.. Hen
ley, Of California, wished to antagonize
Il with the question Of consideration,
but the Speaker ruled that such ques-
ton could not be raised against the
special order, and Mr.. Henley gave no.
ticc that he would on Saturday press
the Northern-pacific Immigrant bill for
| action.
Mr.. wilkins, Of Ohio, gave a brief
statement Of the features Of the Nc
Pherson bill and the causes which ne
cessitated the passage Of some such
measure. The simple provision Of the
bill was to increase the circulation of
national-bank notes from 90 per cent.
Of the bonds deposited to secure such
circulation to 100 per cent. The pro-
position was so simple and comprehen-
sive that it seemed to him that discus
sion should not be prolonged.
Mr.. Henderson, Of Iowa, suggested
| that two hours Of debate would be suf-
ficicnt one hour to be for and one
against the bill. Messrs. McMillin Of
Tennessee, Warner of Ohio, and Weller
| of Iowa, maintained that two hours was
| too short a time within which to con-
slider so important question. No ar
rangement was arrived at, and the de-
bate proceeded. Among the speakers
were Messrs. Yaple Of Michigan, Cook
Of Iowa, Brumm Of Pennsylvania, Hen
derson of Iowa, Shively Of Indiana, En-
mentrout of Pennsylvania, and Potter
Of New York.
Mr.. Potter said the country was not
yet six months removed from the time
when per cent. bonds could not be
sold for par, yet the money market had
not been disturbed but pass this bill,
and when another crisis came there
would be distrust in the money mar
ket which would inevitably end in the
suspension of specie payments and
bring upon the country all the untold
calamities which would result therefrom.
Mr.. Potter gave notice Of a motion
to recommit the bill, with instructions
to the Committee on Banking and Cur
rency to report back bill which he
read, the object Of which is to refund
the bonded debt of the United States at
q per cent. interest; to reduce taxation
upon circulating bank-notes currency;
and TO secure such currency against
unnecessary disturbance and tiuctua-
tions by applying the national revenues
economically to the payment of the ma
tiOnal debt.
Mr.. Hewitt, of New York, thought
that the vote of New York city would
be found cast against the pending bill.
The bill proposed by his colleague pot
teri he advocated because it would take
the surplus money of the Treasury and
use it for the purpose of reducing the
rate of interest on bonds. The princi-
pal of the bonds would still remain as
basis for banking.
Mr.. Hunt, of Louisiana, briefly advo-
Gated the Mcpherson bill, and called
the attention of the House to the fact that
under its provisions the banks would
be allowed practically to issue circula-
ton only to 95 per cent. Of the bonds
deposited. If the gentleman from New
York (Mr. Potter thought that it was
unsafe to trust the circulation of the
banks to that extent, he was one Of
very limited number of people. The
gentleman said it was unsafe because
the bonds, having been enhanced in
value, would rise in the market and the
Government would be compelled to pay
a great premium in the redemption of
the debt. The bill had been pending
for year, and with improving pros
poets of the passage of the bill there
had been no rise in the price of bonds.
Mr.. Warner, Of Ohio, offered an
amendment authorizing the Secretary
of the Treasury, whenever the circu-
lating notes of national banks shall fall
below 1903. 3lS,984, to issue United
States notes in sufficient amount to keep
the volume Of paper currency at all
times at total of $3.50, 900.
Mr.. wilkins then demanded the pre-
viouS question on the bill and the
amendments, pending which Mr.. Mills,
of Texas, .moved that the House ad
iourn, and, pending this, that it adj
iourn to meet Saturday next, which lat
ter motion was lost.
Mr.. Mills then pressed his motion to
adjourn, stating that the Democrats
wished to hold caucus. The motion
was carried-yeas, 1870 nays, III.
While this was in no sense test
vote on the Mcpherson bill--many
members voting IN the Affirmative III
order that the caucus might be held-it
operates as a virtual defeat Of that mea-
sure, as the special order is not con-
tinuing order.
Mr.. Buckner. chairman Of the Bank
ing 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."
Pending the announcement Of the
vote, on the motion of Mr.. Randall. OF
Pennsylvania, the House non-concurred
III Senate amendments to the six-monthS'
naval appropriation bill, and MesSrs.
Randall, Holman, and Long were ap-
pointed conferreeS.
The House at 4:30 p. Nj. adjourned,
and Democratic caucus was announced
to take place Immediately.
American Proiective.TariG sssocia-