The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1893-08-17
FIFTY-THIRD CONGRESS.
SINGING THE SAME OLD SONG ABOUT
FINANCIAL WOES.
Allowing Banks to Issue Currency to Full
Amount Of Bonds-senstor Vest Speaks
on Silver, Giving Reasons for Its
Free Use as Money.

nShU 10 EIiOSiOoSihB SiOWiy III thO oWO
houses and threatens to assume such
a stubborn shape as to preclude the
possibility of definite action for weeks
to come. While the monotonous de-
bate over the question of free coinage
or repeal is progressing in the house
with no prospect of a vote until two
weeks from today, indications are that
the senate will devote its first legisla-
tive action to entirely another remedy
for the financial situation-that of
permitting national banks to issue
currency to full par value of bonds on
deposit in the treasury. Thus the two
bodies will be working somewhat at
cross purposes, and out of complica-
tions to ensue no one knows what will
be finally evolved.
In the senate an enormous number
of petitions were presented. Nearly all
refer to the financial question and
cover all phases thereof. Senator Per.
kins of California also had a petition
favoring the Nicaragua canal and an
other for the annexation of the Ha-
waiian islands.
Senator VOORHEES,, chairman of the
finance committee, introduced q COM
mittee bill to allow National banks O.
circulation equal to the par value of
the bonds they have on deposit in the
United States treasury. This bill was
aH Iu lat for 30
Carlisle saying the passage of the bill
would give the country Immediately
$l9,000,000 more of currency.
Senator Mitchell (Republican) of
Oregon gave notice of resolution pro-
viding that the Fifty-third Congress
shall not revise the present tariff laws,
and Senator Vest of Missouri intro
duced a bill for the coinage of all sill
yer bullion in the treasury.
Senator Hoar (Republican( of Mas
sachusetts gave notice that he would
tomorrow call up the Montana sena-
torial case and press it to conclusion
to the exclusion of other business.
Senator Vest called up the resolu.
tion offered last Tuesday favoring BIZ
metalism and free and Unlimited coin
age, both of gold and silver without
discriminating against either metal,
but maintaining their parity
and addressed the senate on
taking up the Sherman act Senator
Vest spoke of it as houseless and
homeless legislative dog with no one
even to give it bone and without be-
ing able to find a kennel in which to
hide it's dishonored head. And never
theless he would vote against its re.
peal without guarantee as solemn as
was great the necessity of the people
that silver shall exist in the United
States as a money metal. He has
been known as the unshrinking friend
of the president and in his campaign
speeches declared Cleveland bimet-
alist like himself; that they only diff
fered in reference to the ratio.
He had a right to make
that statement because Cleveland
accepted the nomination on plat
form which pledged the Democratic
party to bimetalism. He did not
undertake to say how the president
was opposed to bimetalism or would
not give executive sanction to
measure to coin silver at commerce
with gold but he did undertake to say
the presidents message was most sig
nificant for what it failed to say. Re-
plying to questions by Senator Gray
of Delaware, Senator Vest asserted
that any discussion on money fuctua
tions would be imperfect and unsatis.
factory which did not admit on both
sides what was known to every intel
ligent man, that if the volume OF money
was increased prices of commodities
went up and if the volume of money
decreased the price of commodities
went down. He had seen the day
when $50 of paper would not buy
loaf of bread and when S. gold piece
would buy house and lot. 1t was
not necessary to soy when and where;
that was because he did not wish to
revive war issues. Laughter. If
congress had power now to put the
country (all obligations being
out of the way) on sim
gle standard the issue might
be a fair one, but with
debts to the amount OF
$4,000. .OOO,O 900 due by the United States,
the striking down of about half of the
currency of the country would be not
only unjust and ruinous but absolutely
wicked. Senator Vest spoke of BIZ
metalism OF France, and declared that
today the French people were finan-
cially the first people in existence. In
conclusion Senator Vest repelled the
idea of there being necessity for an
international agreement on the subject
of silver.
HOUSE.
In the house slim attendance faced
the speaker this morning. The day
was devoted to speechmakin and
everything moved quietly. When the
house was called to order the speaker
announced the following committees:
Enrolled BiIls-Pearson, chairman;
Russell, Hines, Hager, Adams, Lati-
mer and Gillett OF New York
Accounts-Rusk, chairman; Paynter,
Tate, Mutchler, Ikert, Wells, Post,
Wright of Massachusetts and Marvin.
Mileage-Lynch (Chairman) Strait,
Pendletcn of Texas and Mahon.
The silver debate was then resumed.
Mr.. Boatuer Deinocrat of Louisiana
spoke from silver standpoint and
charged that the advocates of the
Wilson bill-gold men Of the Demo
cratic and Republican parties-were
responsible for the sentiment which