The times. [volume] (Richmond, Va.) 1890-1903, 1892-07-26
SILVER AND NOTIONS.
LONG RESOLUTION INTRODUCED
IY Mr. Vest-The Anti Option BiIi-Report
of tho RRum Investigation Corn
nittee Before the House.

1uht iOI tuo purpose OF beCuIluE huN
maintaining the uniform value Of silver as
a money metal throughout the world, the
President Of the United States is requested
and authorized TO institute and carry on ne
gotiations with the governments Of Great
Britain, France and Germany looking 10 the
establishment by international agreements
with said Governments and the United
States of a coinage ratio Of 15L or 10
ounces OF fine silver TO one ounce
of fine gold. And that as an
inducement for such agreement the Presi-
dent is authorized 10 propose reciprocal
arrangements 70 the Governments before
mentioned, whereby in consideration Of any
two of the Governments named agreeing 10
either Of the ratios aforesaid. the United
States will make a reduction Of not exceed
ing 10 per cent. upon the import duties now
imposed on the following named articles
when the products Of said countries are i'm
ported into the United States viz Manu-
factures OF wool, eRrthen. stone and china
ware. hardware, guns, cutlery, glass and
manufactures Of silk and manufactures OF
cotton. That the President be requested 10
make full report TO Congress of his action
under this resolution with all details thereof
and the result"
The resolution, without discussion, was
ordered printed and laid on the table sub
ject to call.
Mr. George Dem, Niss.) in his remarks
on the Anti-Option Dill confined himself al
most exclusively 10 the consideration OF the
question as il affected the cotton trade. lie
started out by saying that Providence for
several seasons past had blessed the people
of the cotton States with abundant crops.
| but for some cause OF other these bles-
sings had been converted into curses.
| The Cotton Exchange Of New Orleans
he said. was composed OF 300 mem
bers. By its rules not man, not
o member, could make contraction futures
in cotton. No man engaged either
! in producing cotton OF oonsum;
| ing cotton-nO man az either end
of the line-had the right TO enter into
/ this inner temple. Therefore If the Senate
! passed the Anti-Option bill It would not in
| yolve much OF a restriction on the rights OF
commerce. Ii would only interfere with
these 800 gentlemen IN New Orleans and
probably "A similar number N New
| York who neither raised cotton
| nor handled cotton IN any way. In New
| York the statistics showed that Rs many as
| fifteen hundred bales of fictitious cotton TO
| one bale of real cotton had been sold III one
/ dav. and the average of the year was one
! hundred bales of wind" cotton 70 one bale
| of reality. Ia New Orleans it was not 30
| bad, but as q whole eight or nine bales OF
| cotton we're sold in futures" for every bale
| of cotton produced and these option sales
were exclusively confined - "middlings, D,
/ which formed only one-htth OF the total
| amount raised, go that there were
| forty bales of middlings cotton sold IN
| New York and New Orleans for every bale
/ raised in the United States. And over and
| above this fact 10 must also be borne Ia
| mind that 20 per cent. OF our entire cotton
! crop was exported The cOurts both III
| England and in this country had held that
/ where there was an entire absence of ability
/ as of intent 10 fulfill contract oil such con-
! tracts were void With these facts in mind
| was there any senator who would say on MS
| honor or in any other way that these trans
| actions in futures were not gambling trans
| actionst
| sUNDRY CIVIL BILL.
Shortly after O'Clock Mr.. George, hay-
/ ing spoken nearly two hours, was inter
rupted by a conference report on tho sun
! dry Civil bill.
! The mere reading of the agreements and
disagreements occupied fully twenty-five
| minutes.
In reply to Blr. Cullom (Rep.. H. Mr.. Al
! lison (Rep. la.) chairman or the Commit
| tee on Appropriations, stated that the re-
served amendments applied exclusively tO
| the Worlds Fair, excepting one House
/ amendment taeking on Pinkefton detec-
! tive provisO TO a small appropriation for eX-
| ira police in Washington city during the
! Grand Army encampment The Senate had
offered 10 withdraw that whole item. but
the House conferrees did not feel that they
were at liberty 10 withdraw the House
amendment TO the item.
Though a casual reading Of the report con-
| veved the impression that the Senate had
made large concessions 10 the House. an
| analysis II the bill would show that most OF
! the concessions were merely pOstponements.
| a., ,444. 900 were comprised IN full items. One
! item surrendered was S950,000 for tho COM
| pletion Of the eleventh census. by some
! arrangement not entirely visible 20 the eye
/ 1900, 900 OF this amount WAS on the General
| Deficiency bill tor 1892. although every cent
! of il would be expended in the fiscal year
! 1898 SO in that way the expenses OF the
! Census Office were provided for up TO
| the 4th of March next. The
| Senate conferrees had also been compelled
! to surrender r94O 900 included IN the Dill
after most careful examination, Tor the ex-
penses of the United States courts. The
! House had appended TO that appropriation
| large amount of legislation, much OF il
! into pieces now under discussion before the
Senate Judiciary Committee. The Senate
| had Welded the appropriation TO get rld
| of this legislation. but Of course with the
| full knowledge that every dollar would be
| needed before the year ended and must oe
| provided for by deficiency bill during the
| short session. AZ to most of tue other sur
renders a careful examination OF the report
would show that the Senate had been COM
| PEELED to divide It's increase by two, but
| they had reserved enough 10 insure thaL
| the work of the Government could run
| along until Congress met again next Decem-
| Der.
In respect to many of these items, said
| Mr. Allison in conclusion, am compelled
| 10 admit that there will be full crop OF de-
| fcienoy bills to be nursed next year be-
tween the two Wings OF this Capitol;
The Senate insisted on its Worlds Fair
| amendments and asked another conference.
Mr.. PETER Farmers Alliance, Kan.) made
another unsuccessful attempt to get up his
| Homestead investigation resolution.
MIR. Aldrioh (Rep.. r. L. gave notice that
| tomorrow after the morning business he
should cali up the Hale tariff for revenue
resolutions and deliver his promised tariff
| speech.
Mr.. George resumed his speech on the
Anti Option bill. Mr.. George towards the
close Of his remarks said the pending bill pro-
| posed 10 use the taxing power 10 suppress
| this great fraud. This was Ia bis opinion
| use Of the taxing power 30 unoonstitutional
| in its purpose that he should be compelled
| 10 vote against 10 If IL remained as oil.
| He believed Congress had ample power 70
deal with this thing directly, honestly and
| fairly.
Mr.. George who had claimed the indul-
| gence of the Senate on account OF MS oe-
| ing in poor health" closed his speech az
5:25 having occupied over four hours with
the thermometer 80 degrees IN the senate
| chamber.
Mr.. Huuton Dem. Va.). supported the
bill, but held that the protectiYe tarin ana
| tha decentralization of silver bad tnfii cted