Helena weekly herald. [volume] (Helena, Mont.) 1867-1900, 1888-04-12
PURCHASE OF BONDS.
Text of the Bill as Passed by the
Senate.

WASHINGTON, April 3.-The Senate re-
sumed consideration of the bond bill, the
pending question being Beck's amendment.
Teller critics the statement of McPher-
son as to the country being within sixty
days on a silver basis, with gold at a
premium, if the amendment should become
law. He declared that there was moth
ing in the financial experience of the cOun
try or the world that would justify the
statement that if two hundred and fifty
millions of silver coin were put on the
market any difference would be made in
the relative value of the silver dollar and
silver bullion. He denied there was any
intrinsic value in money, whether gold,
silver or paper. 1t bad simply value
corresponding with its ability to absorb
things. The silver question. he said, did
not cut any particular figure in the pend
ing bill The amount of silver that would
be coined under the Beck amendment
would be insignificant, and would have
little or no influence on silver, but it would
show that the great silver producing coun
try of the world was satisfied it did not
make a mistake when it partially remone-
tized silver, and that step by step it pro-
posed to go on until there was a complete
recognition of silver as a money metal,
equal in all respects with gold
The question was taken on Beck's amend
ment and it was agreed to by a vote of 81
to 13.
Allison said he had voted for the Beck
amendment respecting silver and said there
was nothing in it that had a tendency in the
slightest degree to alarm the people of the
country as respects silver coinage. The
Silver legislation of 1878 had been, he
thought, fully and thoroughly justified.
1t would not have been possible to have
maintained the resumption without it.
He wanted to say to all business men who
might be alarmed lest we coined mill
lion or two of silver this year more than
we want, that there would be no danger
of an outflow of gold. He would not say
what would happen to our internal affairs
as repects the revenue laws as to change
the balance of trade against as, because
when that time comes when we become
debtor nation instead of creditor nation
whether or not gold would 90 then, he was
not prepared to say. While he was as
ready as any other senator to find just
cause of alarm as respects the situation of
our currency. He did not believe the
added coin which would result from Beck's
amendment, would amount to the one
thousandth part of a cent per snnum as
respects great measures of the value which
now adjusts all of our affairs McPhersen
moved to add to the bill, provided that
nothing in this act shall authorized the
secretary of the treasury to coin more than
S4 100000 worth per month"
Stewart moved to lay the amendment on
the table, and without the action of the
senate. Adjourned.
WASHINGTON, April 5.-Tbe following is
the text of the bill as passed by the
Senate: That section of the act making
appropriations for the sundry civil expenses
of the government for the year ending
June. 80, 1882, and for other purposes, and
which is as follows, That the Secretary of
the Treasury may, at any time, apply the
surplus money in the treasury not other
wise appropriated, or so much thereof as
he may consider proper, to the purchase
for redemption of United States bonds,
provided the bonds so purchased or re-
deemed shall constitute no part of the
sinking fund, shall be cancelled, was in
tended to to be the permanent provisions
of the law and the same is hereby declared
to have been since its enactment and to be
in full force and effect now.
Section 2. That whenever the circula-
tion or any portion thereof of any national
bank not in liquidation shall be surrender
ed by deposit of United States notes in the
treasury or otherwise and the same. or an
equivalent amount is not taken by rational
banks within thirty days thereafter, the
Secretary of the Treasury is hereby au-
thorized and directed to purchase, at the
market price thereof, an equivalent
amount in silver ibullion in excess of
the minimum of $2,OOO,0OO worth per
month for coinage purposes. which shall
be coined and used as provided in the act
passed February 2Sth, 1878. entitled, An |
the coinage of standard silver
dollars and to restore its legal tender charac-
ter" provided that nothing in this act
shall alter or repeal said act Of February !
28th, 1873.