The record-union., 1893-08-15
Special to the REcoRD-UNIoN.

Special to the RECoRD-UNIoN.
WASHINGTON, Aug. l4.-While the mo-
notonous debate over the question of free
coinage or repeal is progressing in the
House, with no prospect of a vote until
two weeks from to-day, 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 cur
rency to the full par value Of their United
States bonds on deposit in the Treasury.
Thus the two bodies will be working
somewhat at cross purposes, and out of
the complications to ensue no one can
know what viii finally evolve.
The developments in the Senate to-day
were decidedly discouraging to those who
hoped for an unconditional repeal of the
Sherman law. The introduction by SEN
ator Voorhees, of an increased currency
bill. and its reference to the committee of
which he is Chairman, indicates that the
Finance Committee must first seek re-
lief in recommending the issue of ma
tional bank notes to the par value of
bonds deposited, and that the question of
free coinage and the repeal of the Sher-
man Act will be relegated to the future
for more leisure consideration.
Later in the day, when Senator Vest
reaffirmed his allegiance to bimetallism.
and spoke against the unconditional re-
peal of the Sherman Act, the repeating
men found greater cause for disappoint-
ment.
When the Senate met an avalanche of
petitions were presented and referred.
Some prayed for the repeal of the pur-
chasing clause of the Sherman law; quite
as many were against repeal; several
were for the freer use of silver as a legal
tender in the United States, and some
were for free coinage of silver at ratio of
16 to l.
Perkins Republican, of California
made his debut in the Senate with the
presentation of various memorials from
the San Francisco Chamber of Commerce
for 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 national bank note bill
"sh' AtAbAOIdbCu Dy toGudbOT OOEH6eS,
Chairman of the Finance Committee.
Accompanying the bill was letter from
Secretary Carlisle, saying in part: 1.-THE
enactment of such law would enable
national banks to issue and put in circu-
lation at once, on bonds already de-
posted with the Treasury, about $4,000
600 in currency in addition to the amount
now authorized; and this, in my opinion,
would afford a very considerable measure
of relief to the country under existing
circumstances. 1 therefore recommend
the passage Of the bill"
Mitchell Republican) of Oregon gave
notice of an amendment to be offered to
a joint resolution to maintain the parity
of gold and silver.
The amendment, after long preamble
declares it to be the sense of Congress
that no change be made in the tariff laws
during the titty-third Congress.
Vest Dem of Missouri introduced a bill
for the coinage of silver bullion in the
Treasury, saying it was sent him from
New ork and met his partial approval. 1t
provides, after setting aside in coin and
bullion as reserve such amount of sill
yer bullion purchased under the Act OF
July, 1890. as shall equal at the coinage
value the aggregate sum OF Treasury
notes authorized by that Act, all the re-
mainder of such bullion to be deemed
available for the issue of silver eertiti-
Gates; such remainder OF the surplus
bullion to be coined into standard silver
dollars, and such dollars shall be used for
the redemption of silver certificates as
is now required by law; provided this is
not to be deemed to alter or amend any
provision Of the Act Of July, 1890.
The second section provides that ma
tional banking associations be entitled to
receive circulating notes of their value at
par Of United States bonds, the deposit,
however, not to exceed the amount OF
capital stock actually paid in.
Stewart sent to the Clerks desk to
have read an article from the New York
Recorder, headed "Give S Free Silver.',
After portion of the article was read OBJ
lection to further reading was made by
Hoar and Hawley, and the article was
ordered printed as a document, Stewart
remarking that the Recorder was the first
great paper in the city of New York that
had said a word against the annihilation
and destruction OF half the money in the
country, and showed that either the SEN
timent OF New Yorll on The subject OF sill
Yer was changing, or the Recorder was a
very brave paper.
Hoar gave notice that tomorrow he
would call up the resolution as to the
Montana Senatorial case, and would.
after Wednesday, press it 10 a conclusion.
Senator Palmer of Illinois introduced
bill to provide fer the erection OF Gov
ernment building at Chicago on the pres
ent Postotiice site, to be finished n eight
cen months, at a cost Of $1,000
Senator Hin of New York introduced
a resolution declaring that tile sense o.
the Senate is that nothing but financial
legislation should be undertaken during
the present session. Laid on the table.
Vest then addressed the Senate on his
resolution in favor Of bimetallism and the
free coinage OF gold and silver. He
hkened the Sherman Act to a 'houseless
aud homeless dog" without kennel tc
hide his dishonored head, but declared he
would not vote for its repeal without d
guarantee of silver as money metal.
Vest continued; "Cleveland accepted
the nomination on a platform which
pledged the Democratic party to bimeta :
lism. So l do not undertake to say now
that the President is opposed to bimetal-
lism, or would not give executive sanction
TO a measure to coin silver at CONNER.
cial ratio with gold; but l do undertake
TO say that the Presidents message is the