The times. [volume] (Richmond, Va.) 1890-1903, 1893-08-27
ACTION OF THE HOUSES.
YOrE or THE WILSON REPEAL BILL
10 BE TAREN MONDAY.
n VIII be Passed, but VIII be Pigeon
Holod In the senato-Voorhees
VIII iiSeiy TO Pass.

WASHINGTON. u. c., August 20
The prevailing impression as 20 the
rrannls action OF thc two houses finds
,>rl,alou as follows
Tas vote on The Wilson Repeal Bill
vrI ls taken up on Monday I'm the House.
sl ule silver purchase clause Of the
S.fmm law. as far as that body is
conc d. viii De wiped out Of existence.
T.slll win then go 90 the Senate. where
g. l be referred 20 the finance COM
rH which will promptly pigeon hole
A. II. senate WIN go straight along talk
az silver. as 30 has been doing Tor seve-
81 DAYS. 10 viii do this for two weeks,
M rr'hahIy ionler. before the final vote
r. bc taken. The bill which viii be
passed VIII be- The Voorhees, bill, not the
Wilson hul from the House. which VIII
flmoer quietly in the room Of the IL
rance committee. Then the Voorhees,
il wil go over 10 the House There Il
1861 doubtless De acted on with little de-
ly. though there may be another flood
VI oratory. because as there Is some diff
ference between the Senate and the House
House measures the silver men may in
e.. on some talk If there Is a prospect
cf IA contest. however cloture viii be
tIiIy applied and the bill Will be pass
a ari wll lhen be- ready FOR the presi-
cents signature
Te Voorhees, bin only differs from the
wilson bIu in making q declaration in
favor OF M-metailism
ST. cochran told the story OF how the
yrnsh government had tried 10 have
Jonathan Swift indicted for writing
smInst the proposed debasement Of
coin through the patent 10 William
WOOD on the pretence OF "a lack Of cur
rencr. end of which Swift wrote that
'hs remedy would be TO cure a scratch
on the finger by cutting off the arm"
gHe Orv two grand juries that live in
Irish history. said Mr. Cochran, and that
gre eusnrined IN the affections Of the
Irish relule.- were the first grand jury
tat threw out the bill and the second
rri jury. which, instead of presenting
Swift presented those who attempted the
rl.n of the currency.
Nr Bryan (Dem, Neb), asked leave
On rropound a question: II It is true
that the gentleman from No. GLAND,
a.l the gentleman from Nebraska
ulmsel0. and Terence V. Powderly,
were desiring 20 make q present TO the
banks of New York, why was 81 that
the banks ~ New York denounced them?
AIIIauseJ
Mr Cockran-It is because the banks Of
New York have discovered that In all
dealings Of life Honesty Is the best pO-
l.y. loud and continued applause.
Never before this time Mr.. Cochran
oEclaimed-had an attempt 10 debase the
coin of "a country been made IN the name
ot popular rights. One of the causes that
lal led 10 the French revolt against Roy
atty had been that the King had debased
the coinage. And when. I'm 1851. il was
suggested in France. in order 70 keep sill
suggested in fiance iu araer 10 keep sill
yer in the country, tc reduce the amount
0f gold in the 2J-frank piece the
French people with the memory of what |
lhey had suffered from the debasement
Of coinage made such determined pro-
test against the suggestion that even the
eIavish court OF the second empire, res
pected that protest and the coin remain
ol untouched. He went on 20 show that
tie banks 0f New York were largely in
drbt.u o the depositors. lie instanced tho
Nau0l.l Park bank, which mad deposits
o. tle amount II 340MDW. and loans TO
the amount Of HD05O0o. That meant that IL |
owed nine millions go it's depOsitOrs But |
che effect OF the silver coinage bin would |
g. 10 make O. present of 2lO0O.Co0 dollars |
e. ihe banks OF New York, and 10 cut |
down the wages Of toll 45 per cent. CAP |
l.4Use)
Continuing. Nr. Cochran said that he |
was in favor of silver; but in its platform |
tfe Democratic party had refused 10 put |
fle word Gree" before the word coinage" |
.Aprause). The promise Of the Democra- |
Die party was that 10 would use all the !
silver ve had. and now the Democrats |
asked % suspend the further coinage OF |
silver in tle hope that in the future the /
country would he able 10 add TO its silver |
currency without disturbing the stand |
url NJ value The United States was not
suffering to-day from a lack Of money; |
). w1s suffering from a redundancy Of
money. The commercial crisis were Ike
every other pesulence which swept |
periodically over the country This
crs should be investigated. the origin
of 90 discovered. and the cause OF IT re-
moved lu HIS opinion the pronounced
cause, 0i the present crisis was the re-
cuniancy OF money The circulating
meli1m had become SO redundant that
the wheels Of commerce were clogging
~ N
IIe referred 20 the panic Of 1893 IN Eng
iAni and claimed that one OF the causes
of Dr. was "a redundancy OF the circulating
Medium The crash then he said, was
cnmi 'ela. and led 10 the suspension OF
specie payment by the bank of England
N lrL That suspension of bank paper
ia.loe cut down the circulating medium,
credit revived and I'm 1898 10 1900 the
notes of the bank Of England (although
t'r.t payment was still suspended,
comma ID "a uremigm