New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-04-03
DISCUSSING THE BOND PURCHASE BILL.
AN AMENDMENT To Mr.. pLUMB's AMENDMENT
VIGOROUSLY oPPsSED.

WASHINGTON, April 2 (Special.)-The Senate
spent another day In the consideration Of the Bond
Purchase bill without reaching any conclusion
thereon Senator Palmer's amendment TO re-
commit the bill to the Committee on Finance was
still pending when the Senate adjourned on Satur-
day. but to-day Mr.. Stewart amended the amend
ment by adding provso instructing the commit
the to report back the Plumb amendment already
adopted by the Senate, which has for Its object
a further contraction Of the currency. OF course,
this the members of the committee fought and not
without good reason. II committees Arc to be In
structed what to report their consideration OF
bills might as well be dispensed with. The refer
ence OF o bill to committee would be farce'
For this and other reasons members OF the COM
mittee like Sherman, Mcpherson and Allison OPP
posed the amendment TO recommt the bill with IN
structions. Mr. Edmunds too, opposed 1t wlthout
etSer The Plumb or the stewart
Mr. Stewart proved obstinate, though ana once
more led the Senate into discussion OF tne SILVER
question. The tangle grew worse ana worse.
Mr.. Black offered an amendment rs s3rD I %
com promise between the Plumb amendment alrrauy
adopted and the Stewart amendment stlli penomg s
renders It's circulation and the some Is not taken
up by another bank within thirty days thereafter
it shall be the duty OF the Seoreta Of 'n ne.
to the amount of notes retired over and above the
amount Of silver already coined by law ever. every
banks retire from business or surrender their CIT
cuation amounting TO $500, 900 In the month, say,
of April then the Treasury will have TO purchase
silver and coin in addition to the 81 OOO,VVo
already provided for by law further sxoUVVU,
making total of s2,200,000. This proposition
offered by Mr. Beck only served to widen tae n bas
become an insutferable nuisance In the senate py
persisting to speak on every subject ana upon
every occasion an oPPortnnT 10 ro dIio OF manu- manu-
script out Of his pocket and beginning 10 'eh 'no
four walls what be knew about silver.
When he finished IL was only O'CLOCK and the re
was still fair change OF hnlshng tne ousnS s he
views feeling Of despair seized the SenaN. ~
had su ffered one bore to waste its time but Two
no 1t couldn't stand that. Self-defence reduiTeu
a motion to go into executive session, ana Uiis
Mr. Edp lnds promptly made. 1t was carried WIN
ferocious unanimity and i've minutes alterwaro
the Senate adjourned. .. a. .
Secretary Fairchild sent communication to the
Speaker Of the House to-day in answer 70 the resO
nation In regard to the purchase OF bonds IN A9-
gust and September, 1887, and the subsequent pol
{cv OF increasing the deposits OF public funds ID
National banks Among other things the secretary
says: =,
I should say that the increased percentage OF de-
posits allowed upon security OF tbs bonds deposited
did have the OBJECT somewhat diminishing tho ercna
ton Of National bank notes but to what extent " US
not possible to do than conecure, but prOpaoiy
not more than four or five millions Of dollars on the
other hand II said policy had not been adoptea anu
tho money had been allowed 70 scoumu.e han .n0
probably the high for money in the one case or
The high price Of bonds in the other would rave IN
much sss IN %T uds n the
deposits resulted In largo Increase In the money SUP
ply available for the business Of the country Ior ne
lima beIng and averted serious financial distress apa
that It neither Increased nor dmiDishd permanently th'
CIRCULATING medium OF tho country.