St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-15
SENATORS ON SILVER
Able and Animated Discus
sion in the Upper House.
sEc'Y CARLISLE c0HMENDS
A Bill to Increase the Ma
tional Bank Circulation.
Mn. VESTS VIGOROUS SPEECH
Against Repeal and in Favor
Of Bimetallism.
SENATE AND HOUSE SPEECHES.

WAsHINGTON.sAug. Il. The silver
fight is progressing slowly in the two
houses of congress, and threatens to
assume such stubborn shape as to pre-
clude the possibility of definite action
for weeks to come. While monot-
Onous DEBATE over the question of free
coinage or repeal is progressing in the
house with no prospect of vote until
two weeks from today, the indications
are that the senate will devote Its first
legislative action entirely to another
remedy for the financial situatiOn-that
Of permitting national banks to issue
currency to the full par value of their
United States bonds on deposit In the
treasury. Thus the two bodies will ba
working at somewhat cross purpose S,
and out Of the complications to enSue
no one knows what Will be finally
evolved. The Developments in the SEN
ate today were decidedly discouragine
to those who have hoped for an uncOn-
IlitionaI repeal or the Sherman law.
The Introduction by Senator Voorhees,
of the increased currency bill, and the
reference to the committee of which he
is chairman. indicates that the finance
committee will first seek relief in recon-
mending the issue of national bank
notes to the par value of bonds depOs-
tied, and that the questions OF free
coinage and the repeal Of the Sherman
act will be relegated TO the future for
more leisurely consideration. Later in
the day. when Senator Vest reai1irmed
his atlegi nee TO bimetalliSm, and spoke
against unconditional repeal of the
Sherman act, the repeating men found
greater cause for Disappointment.
Senator Hill.
who has already introduceda bill pied g
Ing the government to the doctrine of
bimetallism, showed his willingness to
meet the issue at once by today pre-
senting a resolution declaring it TO be
the senSe'0f the senate that no l6giSIa-
lion other than legislation pertaining to
the finances shall be considered at the
present extra Session. indeed, all the
developments of the day were such as
20 discourage those who have so
proudly hoped for an early repeal; aud
none but the most Sanguine can tonight
see any hope for action By the senate
providing for the unconditional repeal
of the Sherman purchasing law. When
The senate met an avalanche
Of petitions were presented and
referred. Some prayed for the
repeal of the purchasing clause of
the Sherman law--sOme uncOndition-
ally and some cOnditionally as
many against the repeal; several for
the freer use OF silver as legal tender in
the United States, and for the appoint
ment of a commission to consider an
adequate plan of currency, and some
for the free coinage of silver at the
ratio of 10 to l.
Mr.. Perkins (Rep.l, California, made
his debut in the senate with the pres.
entatiOn of various memorials from the
San Francisco chamber of commerce fol-
the enactment of a substitute for the
purchasing clause of the Sherman act
for the annexation of the Hawaiian
islands. and in favor of the Nicaragua
canal.
At this point the national bank note
bill was introduced by
Senator Voorhees,,
chairman of the finance committee. Il
read as follows: BE it enacted, ETC.,
that upon any deposit already or here.
after made of any United States bonds
bearing interest, in the manner re.
CURED by law, any national banking
association which has made or shall
hereafter make the same shall be enti-
tied to receive from the comptroller OF
the currency circulating notes of differ
ent denominations in. blank, registered
and cOuntersigned by law, not exceed
ing in the whole amount in circulating
notes thus issued the par value of the
bonds deposited; provided that at NJ
time shall the total amount of such
notes issued TO any such association eX
coed the amount at such time actually
paid in as its capital stock"
Accompanying the bill was the fol
lowing letter; Treasury Department
office of the secretary, Washington, d
c., Aug. II, 1S93.--Hon. u. w Voorhees,
My Dear Sir: Your favor of the 1Otf
inst, enclosing form of bill to pro
vide for the issue of circulating note!
to national banks aud asking tn,
views of the secretary of the treasur,
as TO the ACCESSIBILITY of its passage, is
received. The enactment of such a Law
as proposed would enable the nationa
banks TO issue and put in circulation a
once, on bonds already deposited witt
the treasurer of the United States, $40,
100000 in currency in addition to tn
amount now authorized; and this, in m
opinion, would afford very considera
bic measure of Keller to the countr!
under the existing circumstances.
therefore recommend the passage O
the bill. Respectfully yours,
-. G. CARLISLE, Secretary"
Mr.. Mitchell rep, Oregon) CAV
notice of an amendment to be offered t
a Joint resolution to maintain the part
of gold and silver. The amendment
after a long preamble, declares it to be til
sense Of congress that no change sha
be made in the tariff laws during th
Fifty-third congress.
MI Vest Dem., Missouri intro
duced bill for the coinage OF silve
bullion in the treasury, saying that
had been sent to HIM from New Yor
and that it met his partial approval.
provides that after setting aside in col
and bullion as 3 reserve such amount
the silver buliion purchased under ID
act OF July, 1890, as stGiui e0ngl al Il