The record-union., 1893-08-23


in place of that furnished at present by
the national banks. He favored in addi-
ton to the money issued by the Govern
ment a currency, properly guarded.
issued by the State banks. He urged the
necessity for financial legislation o.
which would furnish sufficient volume of
currency on practically specie basis.
guaranteed by public honor; (2) to
deprive individuals, corporations or syn
dicates Of power to cause fluctuations in
the amount of the different currencies in
clrculation; (3) to maintain on parity
gold, silver and paper money; AZ to set
tie the status of silver money by author
izing it to form a portion of the specie
basis required by the Constitution for
chartered banks; (5) to overthrow the
dangerous Capitalization of money power
now existing at the money centers and in
the hands of few individuals by giving
the people of the States the right of home
rule on the subject of money, thus
securing them home circulation.
To these five propositions he added
carefully adjusted and graded income
tax, as the most equitable and upright
measure for providing a Government
revenue.
The delivery of the speech occupied an
hour and thirty-five minutes. After
voorhees, took his seat he was congratu-
lated by many Senators.
Debate was continued by Dubois in op-
position to the bill. There was not
Senator on the floor, he said, who had
not been elected on a platform which
pledged him to bimetallism He insisted
that no representative of the people had
moral right by his vote or on his own
Judgment to put the country on gold
standard. 1t would be betrayal of the
people. Palmer argued in support of tile
bill. 1t could not be fairly asserted. he
said, that the President did not favor the
use OF both gold and silver as the stand
ard money of the country, nor did it fol-
low that, because the President failed to
say word in reference to bimetallism
III his recent message to Congress, he
would disapprove legislation providing
Tor the coinage of both metals that would
be OF equal eXchangeable and intrinsic
value. lie expressed the opinion that
a majority of the American people not
only approve, but would rapturously
applaud legislation that would establish
and maintain the bimetallism of the Chi
cago Convention. He believed, how
ever, i'll the present state Of the market.
that it is beyond the power of mind to
fix the ratio of silver to gold, because the
market value of silver was in a state of
chronic fluctuations.
The bill having been laid aside, and the
case of the Montana Senatorship laid be-
fore the Senate, motion to lay that aside
informally and proceed to consideration
OF the bill to increase the national bank
circulation was made by Mcpherson and
agreed TO, the bill taken up, the question
being on the amendment offered by
Cockrell for the redemption ofsuch 2-per-
cent. bonds as may be offered, and for
payment in a new issue of Treasury
notes.
Stewart took the floor and set out to
antagonize some positions taken in Voor-
hees' speech.
After brief debate the bill and amend
ment went over without action.
A resolution was offered by PETER, and
went over till tomorrow, calling on the
Secretary of the Treasury for a report as
to whether the national banks in Boston.
New York and Philadelphia were being
conducted in violation Of law, whether
they were paying depositors' checks
promptly in lawful money and whether
they were demanding rates of interest
higher than those provided by law for
loans of money or discounting notes.
Adjourned.
IN THE HOUSE.
WASHINGTON, Aug. 22.-The Speaker
laid before the House a communication
from the Secretary of the Treasury in
response to a resolution of the House.
asking for information relative to the
purchase and coinage of silver under the
Sherman Act. Ordered printed.
On motion of Loud of California the
Senate bill was passed admitting free of
duty all articles intended for exhibition
at the California Midwinter International
Exposition.
Johnson (Dem.) OF Ohio asked unani-
nous consent for the introduction Of his
bill to permit the exchange of United
States bonds for Treasury notes. There
was no objection and the bill was referred
to the Committee on Banking and Cur
rency, with leave to report at any time
after the special order.
The silver debate was then resumed.
Hopkins of Illinois favored uncondi-
tional repeal, stating that although he
came from an agricultural district he
would oppose every free coinage amend
ment to be proposed by Bland and his
friends.
The surprise of the day was the speech
of Hepburn, who was Comptroller of
Currency under the Harrison admins
tration. He disagreed with his party
colleagues, and emphatically declared
against the repeal of the Sherman law,
That law, he contended, was beneficial in
it's effects, and should not be repealed.
Brickner of Wisconsin spoke in favor
of the repeal of the purchasing clause of
the Sherman law.
Lane of Illinois spoke in support of free
coinage.
Newlands of Nevada voiced the de-
mand of his region, and vigorously ad-
vocated the free coinage of silver.
byuuul duNocateu the w lISOn Dill, and
highly eulogized the action of Secretary
Carlisle for his refusal to issue bonds
Tire United States could not open its
minis if all other civilized nations were
closed against it.
Jones of Virginia opposed uncondi-
tional repeal of the purchasing clause.
and favored free coinage.
Recess till S p. NJ.
At the evening session of the House
ELS CDem.) of Kentucky spoke in favor
of free coinage.