The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-08-17
COCKRELL'S RIDER.

The htissourfan Tacks an Obnoxious Amend
ment on veorhees's National Bank Bill.
WASHINGTON. Aug. 16-The flexible rules
of the Senate are proving of great service
just now by permitting every gentleman
who has an inclination to give utteranoe to
his financial views az 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 consideration of bis
bill swelling the volume of national bank
currency to the par value of the United
States bonds on deposit. the greater portion
of the day was devoted to financial dis
cussion Of one or more of the various prop
ositions OF resolutions pending. No one
expects any ecisive action by the Senate
until most of the Senators have had an op.
portunity TO express their views on any
thing which offers occasion for speech
making.
Among the petitions presented in the
morning hour was ona from Cass county.
Indiana. 1T was directed" said Mr. Voor-
he es. in presenting it. against the mani
fold lniQuities of the present civil service.
in Which opinion heartily concur"
Mr. Manderson introduced two bills
which. he said. had been prepared aud sent
TO him by gentleman of financial ability,
and which were read by their titles and re-
ferred TO the finance committee. The titles
are: Directing the purchase of silver
bullion and the issuance of treasury notes
therefor and for the appointments of a mint
commission" Providing for the issue of
treasury notes, their redemption and for
other purposes"
Mr.. voorhees,. chairman of the finance
committee. said he bad been appealed to
by several Senators who required more
V,nf naI1 hntr h0 AaA
the bill to enable natlonsl banks to increase
their circulation to the amount of the par
value of the bonds deposited by them. but
he gave notice that he would do so to-mor-
row.
Mr.. Cockrell offered an amendment di-
recting the Secretary of the Treasury to
pay to the holders of two-per-cent. bonds
whc may present them for redemption.
their face value, with accrued interest in
United States legal tender notes.
Mr.. Sherman stated the objections which
occurred to his mind against the amend
ment. The very moment the treasury note
were paid out on these bonds, which wer
not now due, and the interest on which
was no burden to the government, the
notes. he said. would be presented to the
government and payment In coin de-
like proposition. and would com plioate the
situation. The President of the United
States had called attention in clear and
fOrclble language to the fact that treasury
nOteS lebuou uOueE tu6 ACT Oh 1OSU were pre-
sented for redemption In gold, and that
that caused the first falling of OF the one
hundred million gold reserve. The pro-
posed amendment he regarded as a most
dangerous financial proposition.
Mr.. Cockrell ridiouled the objections
made by Mr.. Sherman, whom he spoke of
as the great friend and patron of the No.
tional banks. and as the great gold mono
metaliist. Why. be asked. shonld the ma
tional banks be allowed to increase their
circulation by $4,000. 900 on their bonds
now deposited. while the government
itself could not issue green backs to redeem
its two,per-eent bondsi Many. questions
were asked by Messrs. Mitchell. McPher-
son. PETER. Aldrich and Gray. They were
all replied to by Mr.. Cockrell, who ex,
pressed his amazement and modification
at the objections made to his proposition
by the friends of the national banks
Finally tho bill and amendment went over
until tomorrow. and Mr.. Berry addressed
the Senate in favor of the double standard
of gold and silver.
Mr.. Allen gave notice of en- amendment
to the national bank circulation bill, to
| the effect that interest shall cease on the
bonds on which the additional circulation
shall be based.
The Lodge resolution was taken up with
the Gallinger amendment, 20 the effect
| that 1t would be unwlse ana inexpedient to
| make any radical change In the tariff prior
| 20 March. 1897. and Mr. Gallinger addressed
the Senate. he declared himself ready to
vote. at the earliest possible moment for
| the repeal of the Sherman aot though he
| aid not believe that that much-abused law
was largely responsible for exist
| ing financial evils. He believed that silver
and the sherman act had infinitely less TO
do with business depression to-day than the
anticipated onslaught of the party in power
] on the Mckinley tar,h bill. In conclusion,
| MIR. Gallinger said:
Let the bill permitting banks TO increase
their circulation be enacted into law. and
| let this resolution and amendment be
| adopted. and confidence in our finances will
| be ct once restored, both at home and
| abroad; trade will brighten and another
ara Of Dr0apefikY eanAl 10 the mar valons