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.

.sAug. IA. 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 a monot-
0nOus 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 be-
working at somewhat cross purpose S.
and cut of the complications to ensue
no one knows what Will be finally
evolved The Developments in the SEN
ate today were decidedly discouraginG
to those who have hoped for an uncOn
aitional 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-chaiGman, 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 reaflirmed
his ailegi 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 introduced bill pied g
Ing tile 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 legisla-
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
ihe 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 c0nditionally-quite 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 tc consider an
adequate plan of currency, and some
for the free coinage of silver at the
ratio of 16 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 for
the enactment of 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. 1t
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-
Quired 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 nc
time shall the total amount of such
notes issued to any such association eX.
ceed the amount at such time actually
paid in as it's capital stock"
Accompanying the bill was the fol.
lowing letter: Treasury Department,
office of the secretary, Washington, D.
c.. Aug. II, 1S93.-Hon. D. W. Voorhees,
My Dear Sir: Your favor of the 10th
inst, enclosing form of bill to pro
vide for the issue of circulating notes
TO national banks aud asking the
views of the secretary of the treasury
as TO the ACCESSIBILITY of its passage, is
received. The enactment of such Law
as proposed would enable the national
banks to issue and put in circulation al
once, on bonds already deposited will
the treasurer of the United States, Sl9,-
100000 in currency in addition to the
amount now authorized: and this, in my
opinion, would afford very considera
bic measure of relief to the country
under the existing circumstances.
therefore recommend the passage o.
the bill. Respectfully yours,
~. G. CARLISLE, Secretary"
Mr.. Mitchell rep, Oregom CAV,
notice of an amendment to be offered t,
a joint resolution to maintain the parit,
Of gold and silver. The amendment
aftera long preamble, declares it to be th
sense of congress that no change shaI
be made in the tariff laws during th
Fifty-third congress.
Mr.. Vest (Dem., Alissouri intro
duced bill for the coinage of silve
bullion in the treasury, saying that
had been sent to HIM from New Yorl
and that it met his partial approval. 1
provides that (after setting aside in coli
and bullion as reserve such amount o
the silver bullion purchased under th
act Of July, 1890, as shGii eapal az tb