The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-08-18
SENATE REPEAL BILL.
introduced Today by Sena-
tor Voorhees, Will be
Debated Tuesday.
TEXT OF IT'S PROVISIONS.
National Banks Act Being De-
bated This Afternoon-In
the House.


debate was resumed Immediately after
the reading of the journal. and the floor
was accorded TO Mr.. Sibley Dem. Penp.)
who is In favor OF a bi-metallic standard.
He spoke in support of the proposition
suggested by Mr.. johnson of Ohio pro-
viding that the holders OF United States
bonds: might deposit those securities
with the Government, receiving there
for treasury notes. The time had
come when the clearing houses OF this
great cities should no longer dominate
and control the policy Of the 81 ,000, 600
workers Of this land. The bf-metallists
were as anxious as were the gentlemen
the present depression; and tnis end could
be attained here and now by enacting
into law the Johnson, proposition. There
were various causes for the pres ent
panic. One Of these causes was that the
gentleman from Ohio (Mr. Harter). the
ex-Con gressman from Massachusetts
George Fred Williams) and others had
howled in speeches and through the
maga zines necessarily for a single gold
standard. and had predicted disaster.
IN THE SENATE.
The Senate was presided over today Gin
the absence of the Vice President) By Mr..
Harris Dem. Tenn.), President of the
Senate pro tenn.
A long communication from the Secre-
tary of the Treasury was presented and
read on the subject Of gold and silver
payments. II is therein stated that on
"a rnn fnsNu L. Il L
been presented at the Treasury in ex-
change for silver dollars. aud that the
exchange has not been made because sill
yer dollars were required to be held In
the Treasury to cover outstanding silver
certificates and treasury notes; aud that
at present the department would not. and
could not. exchange silver dollars for
gold il requested TO do SO.
A motion to adjourn over from to-day
until Monday was made by Mr.. Faulk-
ner (Dem. w. Va.) aud was resisted by
Mr., Hoar (Rep. Mass) and MIR. Frye
(Rep. Me.). the former suggesting the
propriety OF proceeding with the debate
~ the Montana Senatorial case, aud the
latter urging action on the national bRnk
circulation bill.
Mr.. Voorhees, Oem., Ind.), Chairman
of the Finance Committee, concurred in
the necessity Of action on the national
bank bill. He hau heard the taunt go
around, ne said. that he was seeking to
do something in the interest of the
national bangs He was seeking
-aathlng ofs -tha kind. de Mss
,eeking to avail himself of their
ocwer. of their interest, of their
cupdity IL order to increase the circu-
lating medium and thereby to meet the
pressing wants of the laborlng peopls. 1t
was not a bill in the interests OF the
banks. There was no thought or inspir.
alton OF that kind in his mind.
After further discussion the motto
TO adjourn over was Withdrawn,
THE REPEAL BILL.
Mr.. voorhees, ehsu reported from the
Finance Com nittee bill to suspend the
purchase of silver bullion under toe
sherman Act. with declaration 10 the
Dill that 1t is the policy of ths United
States TO continue the use of both gold
and silver as standard money and to coin
both gold and silver into money of equal
intrinsic and exchangeR6le value.
A substitute for the bill was reported
from the minority OF the committee
(Messrs. Harris. Vance, Jones {Ark.),
ber of grains of silver IN United States
coins t464 40 grains of pure silver per
dollar, and proportiouately for minor
silver cOius).
The bill and substitute were ordered
printed and placed on the calendar, aad
Mr.: Voornees gave notice that he would
call them up next Tuesday.
The full text of Mr.. Voorhees, bill ia as
follows, emitting the enactlng clause:--
hat so much OF the act approved July
IA. 1890. entitled AN act directing the
of silver bullion and issue Of
the treasury notes thereon, and for other
purposes" as directs the Secretary OF the
treasury to purchase from time to time
silver bullion to the aggregate amount of
four million, five hundred thousand
ounces. or SO much thereof as may be
offered In each month on the market
price thereof. not exceeding 81 for
37l 25-1O0 grains Of pure silver and to
issue in payment for such purchases
treasury notes or the United States be
and the same Is hereby repealed.
THE NATIONAL BANKS ACT
The Senate has taken uD and Is now
the bill to allow national
banks TO increase their circulation. Mr..
a II n (Pop., Neb.) argued in favor of his
to suspend the payment OF
interest on the bonds on which the iu-
creased issue is based.