Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1890-06-06
NEVER WILL DOWN.
The Question of How to Pos.
sess Wealth.
IT PLAQUES BOTH YOUR HOUSES,


silver ProbIem-The Representatives
Likely to Get Through This Week I'm
der Hustler McKinIey's Prod-Sher-
man Has His Say in the senate-Repub-
lican Caucus on the Election BilIs--Om-
cial Notes.
WASHINGTON CITY, June fisherman
tackled the silver question yesterday, and
as his wont Honest John" didn't leave
anybody in doubt as to his position on the
subject. He characterized the bill before
the senate as an uneasy ghost, wandering
without father, without compass with
out guide, with no one to call for a vote
upon it, and no one to demand solution
of the difficult question. He admitted
that the people of this country needed a
larger circulating medium than I'm other
countries, but nowhere else were substi-
tutes for paper money better understood
or more in use than in the United States.
He attributed the decreased prices for
agricultural products to the opening up of
new fields in the west; reduced cost of
transportation; doubling of railroad mile
age and the quadrupling of capacity of
railroads and steamboats, for Transports
ton, and to the trusts.
Comes Out for a Gold Standard.
1t was claimed that the effect of the free
coinage of silver would be to advance the
price at once to parity with gold. He
denied it. Its result would be to demon
etize gold, and to cause gold to be hoard
ed or exported. He was for high stand
ard, and that standard gold. He was
for the abandonment of silver as a money
metal, leaving il to be used only as sub
sidiary coin.
The Record on Demonstration.
Stewart then proceeded once more TO re-
iterate that congress did not know what it
was doing when it passed the demonetiZa-
tion act of 1873 He declared that the amend
ment that demonetized silver was never
read in either house. 1t was simply re-
ferred to in the conference report as amend
ment number 6, so that no senator or mem
Der knew what he was voting for.
Sherman then produced the original bill
of 1873 from the files of the senate, kept by
Mcdonald, the chief clerk of the senate, 10
show that not only was the amendment
read and voted on in the senate, but that
it was amended on his (Sherman's) mo-
ton.
The Question Up in the House.
Silver was also the subject of debate in
the house, but Mckinley, who is nothing
if not a legislative 4hustler," opened the
ball with resolution that will very eff
fectually prevent the representatives from
spreading the debate out like the senate
has done. The resolution, which was
adopted, with several Republicans voting
| ha
Gratis claimed, about all amendments ex-
cept what are offered by the coinage COM
mittee, and this the Democrats vigorous
ly opposed, saying that it would prevent a
vote on the question of free coinage The
Republicans denied this and said as many
amendments could be offered as under the
general rules The resolution also pro-
vided for the ordering of the previous
question at p. IN. tomorrow.
Caucus Bill as Substitute.
The decks having thus been cleared for
action the original house bill was read,
and then Conger Immediately offered the
bill agreed to by Wednesday nights eau
Gus as substitute This bill provides for
the purchase of silver bullion in the az
gregate amount of q, 500, 900 worth each
month at the market price, not exceeding
81 for 371.25 grains of pure silver, and for
the issue therefor of full legal tender
treasury notes, redeemable in coin, and re-
issuable, provided that the amount out
standing shall never be greater than the
cost of the bullion purchased by their
issue; and such notes may be held as part
of the national bank reserves.
The Bland Act Repealed.
The Bland silver dollar act of 1873 is re-
pealed. and the treasury given author
ity to redeem the notes in silver bullion at
the market price. He is also instructed to
coin such portions of the bullion as may
be necessary for the redemption of the
notes Whenever the market price of silver
is 81 for 37l.2 5 grains, free coinage of sill
yer shall be authorized
National Bank Note Redemption.
The bill provides that "the bal ances
standing with the treasurer of the United
States TO the respective credits of national
banks for deposits made to redeem the
circulating notes of such banks, and all
deposits thereafter received for like pur
pose shall be covered into the treasury as
miscellaneous receipt, and the treasurer
Of the United States shall redeem from
the general cash in the treasury the circu-
lating notes of said bank which may come
into his possession subject to redemption;
and upon the certificate of the comptroller
of the currency that such notes have been
received by him, and that they have been
destroyed and that no new notes will be
issued in their place, reimbursement of
their amount shall be made to the treas
urer, under such regulations as the secre-
tary of the treasury may prescribe, from
an appropriation hereby created, to be
known as national bank notes redemp-
ton account
Three Amendments offered.
McComas moved to amend the substi-
tute by adding to section six the words:
"And the purchase of silver bullion shall
be suspended while it is being so deposited
for coinage"
Taylor of Illinois offered ali amendment
to the original bill providing that if the
net amount of silver bullion received shall
be less than 5000, 900 in any one month,
the secretary Of the treasury shall on the
succeeding month purchase a sufficient
amount to supply the deficiency.
O'Donnell of Michigan moved to amend
the amendment by striking out g., OOO, 900,
and inserting 100000 This exhausted
all the amendments which can be offered
under the rules; and although Bland was
on his feet demanding recognition, he was
ignored by the speaker.
Conger Advocates the Measure.
Conger said that all general legislation
must, of necessity, be sort of compro-
mise. So the bill before the house to-day
was not entirely satisfactory to every one.
1t was not such bill as would be drawn
by the gentleman from Massachusetts
(Walker) or the gentleman from Mis-
souri, Bland). 1t was not entirely salts
factory to himself He believed that the
bill first reported was the best. But this
was the bill which the majority believed
would greatly improve the present status
and make a long stride in the direction
the government ought to go. 1t would
add So, OOO,0O treasury notes to our circu-