The herald., 1893-08-17
SENATE PROCEEDINGS.

SENATE PROCEEDINGs.
Nearly Every Member Giving Utterance
to His Financial Views.
WASHINGTON, Aug. 16.-The flexible
rules of the senate are proving OF great
service just now by permitting every
member who has the inclination to give
utterance to his fpancial views at any
time and to any extent he may choose.
While Senator Voorhees, did not succeed
in getting the upper chamber to enter
to-day, as was hoped, upon active con-
sideration OF his bill swelling the volume
Of national bank currency to the par
value of their United States bonds on
deposit, the greater portion OF the day
was devoted to financial discussion OF
one or more various propositions or res
olutions pending. No one expects de-
cisive action by the senate until most OF
the senators have had an opportunity to
express their views, and anything which
offers occaeionfor epeech-making may
be said to be step toward final solu-
tion.
Henderson introduced two bills which
he said had been prepared and sent to
him by gentleman of financial ability,
and which were read by their titles and
referred to the finance committee. The
titles are: directing the purchase OF
silver bullion and the issuance of treas-
ury notes therefor, and for tue appoint
ment of q mint commissioner, and
Providing for the issuance of treasury
notes. their redemption and for other
purposes"
: Voorhees,, chairman of the finance
committee, said he had been appealed
to by several senators not to call up to-
day (as he intended) the bill to enable
national banks to increase their circula.
ton to the amount OF the par value OF
the bonds deposited by them, but he
gave notice that he would do 30 tomor-
row.
Cockrell offered an amendment direct
ing the secretary OF the treasury to pay
to the holders of per cent bonds who
may present them for redemption, their
face value, with accrued interest in
United States legal tender notes.
Sherman stated objections which oc-
Cured to his mind against the amend
ment. He said the president of the
United States bad called attention in
clear and forcible language to the fact
that the treasury notes issued under the
act OF 1890 were presented for redemp-
ton in gold, and that caused the first
falling off of the s100, ,000, 900 gold reserve.
The proposed amendment he regarded
as most dangerous financial proposi-
ton.
Cockrsll ridiculed the objections made
by Sherman, whom he spoke of as 4
great friend and patron of national banks
and az q great gold monometallist.
Many questions were asked by Messrs.
Mitchell, McP Phernon, PETER, Aldrich and
Gray. They wore AN replied to by
Cockrsll, Who expressed his amazement
and modification at the'obiections made
to his proposition By The friends of ma
tional banks. slEf
Finally the bill and amendment went
over until tomorrow and Berry ad-
dressed the senate In favor of double
standard Of gold and silver. The repeal
of the Sherman act, without other leg
islation. would, in his opinion, place
the country upon gold basis; would
prevent the future coinage OF any silver,
and forever practically destroy silver as
money. He Berry believed in q dou-
BILE standard, and was not willing to
cast his vote for gold standard money.
He believed President Cleveland was q
man OF the highest and most patriotic
purposes; a man of great ability, thor
oughly honest and absolutely fearless in
the expression of his opinions. Cleve-
land had often declared in favor of bi.
metallism, and he Berry was confident
that, Notwithstanding the presidents
failure to discuss bimetallism in his
message, he would approve any bill
that repealed the Sherman law and pro-
vided for the circulation OF both gold
and silver on such terms as would give
them equal value.
Allen gave notice of an amendment to
the national bank circulation bill, to the
effect that interest shall cease on bonds
on which additional circulation shall be
based.
The Lodge resolution was taken up
with the Gallinger amendment to it Ito
the effect that it would be unwise and
inexpedient to make any radical change
In the tariff prior to March, 1897. and
Gallinger addressed the senate. He de-
clered himself ready to vote at the ear
liest possible moment for the repeal of
the Sherman law, though he did not be-
lieve that much-abused law was largely
responsible for the existing financial
evils. He believed silver and the Sher-
man act had infinitely less to do with
the business depression today than the
anticipated onslaught of the party in
power on the Mckinley tariff bill.
In conclusion, Gallinger said: "Let
the bill. permitting banks to increase
their circulation, be enacted into law,
and let this resolution and amendment
be ad opted, and confidence in our finan-
ces will be at once restored both at
home and abroad. Trade will brighten
and another era of prosperity equal to
the marvellous prosperity OF the admin
istration of President Harrison will
speedily come to the United States"
AT the close of Gallinger's remarks,
the senate proceeded to executive busi'
ness and soon adjourned.
Frye today reintroduced in the senate
the bill of the last congress- providing
for the refunding of the Pacific railroad
debt.
A large batch of recess appointments
were sent to the senate today.
ANsI-sILvERIrEs.