The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-12-07
PopuL1rE MONEY SCHEME.

Mr. Otis Introduces a Novel Financial Meas
uro in the Housc-Other Billie.
WASHINGTON, Dec. 6.-The financial
in the House to-day in bill introduced by
Mr.. Otis. of Kansas, having the voluminous
title. ITO change our monetary system,
reduce interest. fix the unit of value. sup
ply the States with q circulating mediurc,
and for other purposes" The bill Is amend
atory to one introduced at the last ses-
sion. 1t fixes the dollar as the unit of
value. and declares that all paper
money mentioned In the act shall
be absolute upon its face, and
not in the form of promise
All money specified shall be full legal ten
der. provided that fractional currency
shall be legal tender in sums TO the
amount of s. in any one transaction. In
addition to the provisions for free coinage
In the previous bill, this measure provides
that the money paid for the bullion in the
as part of the general reserve fund.-"
Immediately upon the passage of this act,
the Secretary of the Treasury Is lsrequired to
have coined ali the gold and silver bullion in
the hands of the general government for any
purpose; and to have prepared at as early
o date as possible fifteen hundred million
dollars of paper money, all of which. gold,
silver and paper money shall be used TO
form part of the general reserve" The
Secretary of the Treasury Is directed to pre-
pare an amount of paper money not to ex-
ceed in volume 80 per cent. of the assessed
value of real estate in the United States. as
shown in the last census, TO be held in the
general treasury as the States improve
the orcers of the respective Governors and
Secretaries of States. Any State may avail
itself of the provisions of this act by joint
resolution of the Legislature, and the State
is required to pay TO the United States an
annual tax of per cent. on all sums drawn
and retained during each year, and to open
and keep in operation an exchange and
general-deposit department in the Capitol
of the State.
"a bill to protect American working
by Representative Chapman. of Michigan.
According to its provisions no alien who i6
q nonresident of the United States shall
work at any mechanical trade or in any
manual labor within the borders OF the
United States.
Mr.. Harter, of Ohio, introduced a bill in
the House that treats on the financial
question in a new way. 1t provides for the
cessation of silver bullion purchases on Jan.
/. 1893. and for the sale of one hundred
million ounces of silver bullion for gold.
Mr.. Harter thinks the continuance of sIl-
YER purchase would only increase the ultl.
mate enormous losses of the country grow.
ing ont of the act of March. 1878; that these
purchases are destroying confidence OF
home and abroad and standing in the path
way of national prosperity to-day. The
cessation of these purchases of silver
would. he thinks, cause renewal of forei gn
purchases of American securities upon q
large scale and the repeal of the present
law would start gold from Europe towards
America.
A bill introduced by Representative
Raines for the protection of commerce and
for the establishment of O national quaran.
tine establishes within the Treasury De-
This bureau is to consist of sanitary
council. composed of an executive commits
sion and advisory council. The council,
shall have authority to forbid entry of YES
sels from ports known or SUSPECT
ed to be infected with cholera
yellow fever. smallpox or other
declared quarantinable diseases. 1t is made
unlawful for any merchant ship from any
foreign port To enter any port of the United
states except under such schedules
and regulations as may be made under the
provisions of this act. A violation of these
rules shall be punishable by fine not ex
ceeding $1,000. All vessels clearing for any
port in the United States must obtain from
the consul at the port of departure bill Of
health In the form prescribed by the bu
reau of health.
Mr.. Outhwaite. of Ohio, announced the
death of Representative John G. Warwick
and In respect TO the memory of the de
ceased the House adjourned.