New-York tribune., 1888-03-27
FINANCE In THE SENATE.
MUCH ADO OVER A HARMLESS BILE

~ur p.ra pv,xa nowx. SOME SENATOR'S PROCEED
Topaz err SCORE AGAINST COMMITTEE.
try rrsDaRArn TO THE TRIBUNE
WASHINGTON, March 2o.--The Senate devooeo
the greater part OF the day to . discussion OF
financial questions. The debate arose over Dill
which passed the House some time ago and whicn
about three weeks ago was reported favorably
from the Finance Committee of the Senate. ac-
oompanied By q report unanimously agreed upon
by its members The bill is entitled An Act
to provide for the purchase Of United States
bonds by the Secretary of The Trcasury' though
it might in justice be called An Act TO relieve
the doubt OF the President" 1t viii be remem-
bered that the President in his last annual mes
sage pretended to doubt his authority to purchase
bonds not yet matured because Congress had
seen it to embody such authority in general
sppropriation bill He thought o special
cot was necessary to empower him TO purchase
these bonds OF course. all this hesitation on his
part was only desire to keep tie surplus at the
highest figure possible SO as to justify in some
manner his attack on the protected industries OF
this country. The Democratic House passed the
bill without much trouble, to oblige the Presi-
dent, and even the Senate would have done so.
In view Of the fact that the unanimoas report OF
the committee stated that the bill was harmiess
though not at all necessary, as the President had
already ample power to purchase bondg-had there
not existed among Senator'S not members OF SnG
y
bills deep-seated feeling Of dissatisfaction with
the committee. II has, in their opinion, systemat-
ically smothered all bills referred to 1t which met
with its dsapprobation, without giving such biiis
the scant courtesy Of adverse report eyen when
would have afforded an opportunity TO the frlends
of such bills at least to discuss them in the Senate
therefore gave a number Of Senators who thought
themselves injured by the action OF the f1nan.Ge
Committee an opportunity to tack % TO . Sne pa Dad
proposed TO other financial measures, but whlcn,
they thought, had no change whatever OF secin9
the light OF day as long as the Finance Committee
In this way Senator Plumb secured by vote
of % to- e the adoption of an important amend
Se sen hsS any atona Bank or W portion
sSsreof UT sha @ be surrendered and the same IS not
taken mp by other National banks within W.T. snrTy
shall Issue an equivalent amount of Treasury
notes Of the denomination now nov provided oy Law law
nrc TO nc receivable for salaries and for all dues
to the Government. including duties on Imports
shall be q legal-tcnder between NatiQnal oankS IT
be redeemable in coin as the legal-tender notes
OF the United States now are and when recelve9
into the Treasury they shall be relssued; ana a
when mutiat+d or worn they shall be replaced,
in the same manner as now provided hy law lor
said legal-tender notes. The coin held IN the
Treasury at the date Of the o, notes ,ns of Of
the Government is also TO be applicable to the
redemption OF these Treasury notes: ana the com
from rlmc 10 Illnc Dc lncrr'Sou
adding thereto other sums from payments made
into the Treasury. in the discretion OF the cccre.
tary of the Treasury: provided, however. enev
the total amount of this coin reserve shall never
be less than 25 per cent nor moro than ~ per
cent OF the total amount Of legal-tender and
Treasury notes outstanding.
The vote by which this important amendmenc
was adopted was complete surprise to the MEM
bers of the Finance Committee Senator Hiscock
opposed it's adoption In An able hvc-mnntes
speech hut, as the sequel showed 1t was in vain.
Emboldened by their success. the enemies of the
committee next discussed an amendment onered
by Mr. Stewart OF Nevada. authorizing the issue
OF coin certificates upon deposits OF gold and silver
bullion the price 10 be paid for gold bullion In
exchange for certificates to be at the rate OF one
dollar for twenty-five and eight-tenths grains OF
gold nine-fenfhs fine, and the price tc he paid
for silver bullion in exchange for certificates. ~
hc stated ny tho Secretary Of the Treasury on the
first and fifteenth dav of each calendar month.
the price to be equal to the average questions
OF silver in the New York City market.
This amendment at once opened the discussion
Of the entire silver question Messrs E,arts Platt
Stewart. Jones and others taking hand at It.
Pending this discussion. which brought ont no
points not stated in former debates over and over
again the Senate adjourned. having lost sight alto
cether apparently. of the original question at
fssue and having opened discussion the end OF
which no one can fOrctell