The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1888-03-27
THE FIPTIETH CONGRESS.


The Senate Considers and Amends the Bill
Providing for Purchase of Bonds
WASHINGTON. March 26-Among the petit
tons and memorials presented and referred
were several from the Iowa Patrons of Hus-
bandry, asking that agricultural products be
equally protected with manufactured articlestn that
foreign immigration be restricted so as keep
ont all paupers and criminals. and that United
States Senators be elected by direct vote of
the people. Also petitions for the profession of
wool and WOODEN goods.
Mr. Allison introduced bill arnropriating
$1,000 to defray the funeral expenses of the late
Chief-justice of the Supreme Court Passed.
Mr.. CulloIn, from the committee on Terri
tories, reported unanimously resolutions declAr-
ing it to be the of the Senate that the Ter
rltory OF Utah ought MOTTO be admitted into the
Union State until it is certain beyond doubt
that polygamy has been entirely abandoned by
the inhabitants of that Territory and until it is
certain that the civil affairs of that Territory
are not con troed by the priesthood of the Nor
mon Church. The resolutions went over.
Mr. Cullom also reported back the Utah me-
mortal and draft of the Constitution, and asked
that the committee be DISCHARGED from their
further consideration. So ordered.
Mr. Rddlebsrger then called up his resolution
for the consideration OF the fishery treaty in
open session.
Mr.. Sherman thought the foreign relation
committee would recommend. After
debate the resolution went over without action,
and the Senate took up the House bill authoriz-
ing the purchase of government bonds with the
surplus.
The Senate then proceeded to consideration of
House bills to provide for the purchase of United
States bonds by the Secretary of the Treasury.
Mr.. Plumb offered amendment in the form
of a new section requiring the Secretary of the
Treasury, whenever the circulation of nation
al bank is surrendered, to issue treasury notes
to an equal amount. Mr.. Plumb said that while
the bill was proper one. il was, il stood,
trihine with very great question The bank note
circulation shrinking at the rate of $50 600 600
year, and under the proposed bill would shrink
SOC. 00O. 600 year. He declared that If the COM
mittee on finance did not complete some meas
IRE on the subject. the Senate would have to do
it. If the Senate did not, and if the House did
not. then he warned the Senate that the coun-
try was over crater of financial disturbance.
dealing with question which had more to do
with the welfare of the people than any other
measure pending in either House. For every
dollar of shrinkage in currency there was a
shrinkage in property.
Mr.. Beck said the amendment proposed by
the Senator from Kansas would provoke a long
discussion in the Senate and long discussion
in the House, and he therefore thought that
good policy required the passage of the bill as
reported from the committee on finance.
Mr.. Farwell expressed the hope that
amendment would be made to the bill. The
only which he could suggest wou Id be to
make the act mandatory instead of discretiona-
ry. The amount of money in the Treasury to-
day was a menace TO the business of the coun-
try. Last fall the rates on money had increased
very largely account of the large accumula-
ton of money in the Treasury. Under the
listing law the Secretary of the Treasury, wisely.
in his judgment, had gone into the market and
bought about $27. O00, 600 of government bonds,
thus putting in the hands of the people an equiv
alent amount of the circulating medium. Later
on. unwisely. he thought the authority for that
action had been questioned by the President;
and the next thing done WAS. very wisely, in his
judgment, to deposit in the National banks $780,,
900, 600. This bill ought not to be amended, ex-
cept to make it mandatory.
At P. NJ. the special order, the pleuro-pneu-
monia bill, was postponed till tomorrow and
consideration of the bill for the purchase of
bonds resumed.
Mr. Sherman argued against delay in the pas
sage of the bill by attaching amendments to it,
and he therefore moved TO lay Mr. Plumb's
amendment the table. AS to the bill itself
he believed that the language of the law of 1881
was stronger, clearer and better. STILL he was
willing to vote for it because it would relieve
the government from q really distressing condi-
ton of the finances.
The amendment was laid on the table-yens
g. nays %, follows: