Los Angeles herald., 1893-01-10
At THE SEAT OF GOVERNMENT,
Financial Legislation the Chief
Topic Of Interest.
Inc house SViiiiiiittee - " III
to Repeal the Sherman Act.
The State Bank Plank of tho Democratic
Platform Voted Down-McPher-
sons Silver Bullion Reso-
luton Discussed.

By the Associated Press.
WASHINGTON, Jan. 9.-The house COM
mittee on banking and currency today,
by decisive vote, pushed the Andrews
banking and bullion purchase repeal
bill, together with Gates amendment
for the coinage of silver bullion now IN
the treasury, through the committee,
and ordered it reported to the house.
This was done in pursuance OF the plan
OF the opponents OF the Sherman silver
law to get the repeal of the bill on the
calendar at the earliest possible mo-
ment, IN order to work out practical
legislation at this session, il possible.
THE STATE BANK PLANK VOTED DOWN.
Another significant feature of the
meeting was that the motion OF Cox OF
Tennessee to carry out the state bank
plank in the Chicago platform was de-
feated-11 to L. Townsend OF Colorado
offered as a substitute the Stewart free
coinage bill. This was voted down.
Townsend also moved that the COM
mittee permit those in favor OF free
coinage an opportunity to be heard be-
fore the committee, and that the secre-
tarv of the treasury, director of the
mint and others be asked to appear.
The majority were evidently opposed to
all delay, and the motion was defeated
Sto4.
The members who voted in favor OF
the bill were Bacon, Wike, Cate.
Dickerson, Sperry, Cobb, Walker OF
Massachusetts and Russell OF Connecti-
cut. Those voting against it were: Cox
of Tennessee. Kendall and Towneend,
Brosius OF Pennsylvania not voting.
The members not present were GanIz OF
Ohio, Busey and Henderson of Illinois.
WHAT THE BILL PROVIDES FOR.
The bill agreed upon provides that
national banks, upon the deposit of in
terest bearing United States bonds, shall
be entitled to receive circulating notes
to the full par value of the bonds on de-
posit; at present 80 per cent is the
limit. Section reduces the tax on
national bank circulation from p to a
per cent each half year. Section 3 re-
peals the Sherman silver bullion pur-
chase act. The secretary of the treasury
shall coin into silver dollars 30 much OF
the silver bullion purchased under the
provisions of this act as may be neces-
sary to provide for the redemption OF the
treasury notes herein provided for; and
coin from time to time into standard sill
yer dollars the remainder of euch bull
lion for the uses of the treasury as
speedily as demands upon the
treasury may render practicable.
The payment out of the treas
ury OF such standard silver
dollars, and such standard silver dollars
coined under this provision OF this act
for the use of the treasury, shall be COW
cred into the treasury as miscellaneous
receipts, and any gain or seigniorage
arising from such coinage shall be ac-
counted for and paid into the treasury.
The minority members announce that
they will fight the bill bitterly.
CAREFULLY PLANNED TRAP.
There is strong suspicion on the
part of the Democratic senators that
Aldrich's amendment to the Mcpherson
silver purchase suspension resolution.
of which Aldrich gave notice today, was
carefully planned trap. Aldrich says
the purpose was to give the Democratic
senators chance to prove that they
meant what they said on the hoor in
debate. He said he was not disappointed
in failing to secure ali agreement for a
vote upon the amendment, and feels
that he served his purpose from party
point of view, in showing that there is
discord among the Democratic members.