Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1888-04-17
NATIONAL LEGISLATION
Senator EaFwell and 9th
err On Finances.
ssnstsr Seevart cslls Paper Msasy
-nssArssa st1r'-Psssssaines d
TIE Lever Hsase.

WlfnxH9rus, Apeil l6.-lrf. etevsf
iatrodoce6 . bill efa1tina . pension o
$50oo 70 the widow Of Ohisf Justie,
Waise.
On nstiea Of lls. Hssvsll tie bil
providing for The inyesenens Of eestajI
fund.- u the Treasury 1ns taksa up anj
1f- fARvsll peoeeeoed 10 o6dreGa ths
senate On the financial Qussiioa. H
ave noeiee of his tstenticn % Offer tvt
eosncments to the bill. Oas Of shsu
Directs the seefetafy Of ths treasury Il
nDoo end ell 10 the national banks q
p0 foe United eiates notes. Unibed
osseoe ~ pr cent bonds, redesmahl1
sftse ofty yeass, 20 Be- ueed By The banks
@ seeaTtty fof their eircaiaSinQ poscs
noeee 10 oe iaDued e full pay value ol
tee bonds. It aloo directs lho sDoeetary
70 invest The Surplus funds hsld IN ths
treasury (ineludirg IN amount 10 b
received fog tbese bouda) In the pur-
eoaes Of any United 6taass bondau opea
Defkee and gspeals all eiekinR funde,
The other amendment auiho4ises The
secretary ef the Treasury il osdeR 10 %.
able tho national banks to msiutnin
and Increase their cifc0laticn and pre-
vent the ultimate destFuction Of hanks
oy purchase OF payment Of the national
debt 70 receive from banks to secure
tier circulating notes. state, county or
moniotpal bonds upon which interest
nes been heretofore promptly paid, and
whose market value 10 sQual to q greater
ehau ear value, bearing interest at cot
Lees than ( per cent. Such bonds, how
ever, are mot 10 BE- received hy the
treasurer as moro thsn 70 ger cent Of
their raf value, nor until the approvsl
OF the secretary Of the Treasury Of the
Onited States and the compesoller Of
the currency shall Be endorsed upon
them.
Nj. Fasvell vent on TO ~ that the
bill vas good enough 90 far g IL vent.
lt did not iuoluds the whole financial
question, which be REGARDED - Of per-
nanent inteEese. bat only proposed to
lenpoIise With u. 10 simply reduced
sne ,nteEest on The I per cent bonds to
W por cent. These bonds amounted to
oves 100000 and mstared in 1907
and 10 authorl lzsd the national hanks 70
receive circulation q par upon them
and uUon al other United SsAseo bonds.
The bill did not remedy the evils Of the
present financial condition. The two
which be proposed to oiRer
voald, be thought, cure those evils. He
vouid. II be could, % amend the Anau.
,ial legislation Of the country that She
national banking system (the best ever
1evised) should be continued. HE
II adopted. would enable
he national banks to use the present
1ebt Of the United States. II that
1ebt could be continued at ito present
'alue the legislation proposed By him
Rould be adequate to the maintenance
II the national banking system, bot be
recognised the fact that the American
,fopls were anxious and deteImined TO
ray the debt. There could be but one
standard. in bis estiDatIon. The thing
hat would make 10 difference to any
)ody 10 this country vas to accept the
Inevitable and make the readjustment
It once. II 10 we're desired to make the
liver dollar EQUAL to tie gold one. the
tq1tsite quantity Of silver should be
Jus into 1t. Then nobody would be
In coHclusion be said: "Under these
or by some other similar
eRislatton, would Sefuud the present
,uo,ic debt as ~ per cent. at fifty
Ieafs and authorize the national banks
0 receive circulation at par for such
as they might use for that
,crpose. ! would require the secretary
4 the treasury to invest this surplus in
be purchase OF any indebtedness Of |
be government In the open market |
be requirements Of Q sinking fund, be-
ause II the secretary 70 authorized to |
ny the public debt with the surplus. |
rom time TO time, the requirements Of |
be Law creating that fund would be no |
onaef necessary for the purpose Of en-.
bling the people to manage their af- |
airs without interference on the part |
( the government. would allow |
hem 10 maintain the volume OF the
rational bank circulation up to the |
mount Of the national debt By state,
ounty and municipal bonds, a. pro-
'ided for in the last amendment which |
proposed. II such leRisiation can b |
,assed, ~ Viil hear no moro Of money
or panics."
Mr.. Reagan said his wish Was TO ste |
he country relieved of the bonded debt |
" early as possible. He did not deny
hat the national banks had eubserved
! very valuable purpose. both during |
md since the wer, but be bad no regret |
hat the time was approaching when |
hey would become extinct. They had
IhoUn themselves TO be guided BY |
,olicy peculiarly their own, and with |
he best interests Of the country ct |
,east be woald allow the charters of the |
baaks 60 expire and he would |
'efuse TO rechafter them 20 banks OF |
ssne. For the national banks circula
ion he would substitute the issue Of |
,ertAin certificates based on the gold
md silver In the treasury, and II that |
Here not enough be would authorize the
ssue Of treasury notes, bat NOS % legal
ender. He would protect the country
against the policy OF continuing the
,onded debt for hfty yeass and against
he policy Of perpstuatinR the national
,apks.
Mr.. Stewart protested against the
'eduction OF silver Ia the interest OF
hat "mushroor, etudn which had al
ready broceht distress upon the coun.
Try. The national bank circulation
,ueht net 10 be fostered sry longer.
TIE precious metals should be used for
aud where they we're 90;
'sA43sShss k1RNA a%coLy oetAk4 0~ ~
sned. not by private corporations, bat
By the government OF the Uoited States.
The greatest unemiea OF the country
sere those who managed the mosey
Of the coontfy 90 as to make
hard times or good times 80 sait their
specuiatior.
The Dakota admission bill then came
ap. Senator seooSer taking the door 10
iis favor.
Mr.. Hoaf offered Q reso!nt;on. which
vas sdorsed. instructinR the select CON-
mistee on the operations Of the civil
service 70 inquire and report whether
these has been, within tvo years. ans
fraud or maisdninissrstiou IN the Nsw
Yofk eossom house 10 regard 10 the i'm
pcrtatjcu Of sugar.
Mr.. Riddlsbefcef offered resolution
for the suspsnsiou Of the senate rules a.
20 the execasive sessions daring she con
siderssioc of the fisheries treaty. The
re- olusion vent over under the rules.
Conference reports on the bills 10 d.
vide shs eesst 6ioax reservation into
separate smaller reservations and (,
rstify OF cennsD the Agreement With
the 6ros ventres and other bands Of
Blsckses4 Indians in Montana, we're
peeseosed and agreed 10.
AFTER bsisf ssseoiive session the