Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1893-09-02
CONGRESSIONAL PROCEEDINGS
The Senate.

the coinage OF silver at the present ratio
OF 16 to l, the same conditions to be en-
forced as to tho coinage OF gold, and direct
ing the coinage, without unnecessary de-
lay, of the silver bullion now In the
treasury. IL was referred to the finance
committee. as was also a bill introduced
by Mr.. PETER. ind, for the reduction Of
the salaries Of all government officers
from 81 600 upward by ID and 30 per cent.
Mr.. Voorhees,, dem. Indiana, chairman
OF The finance committee, addressed the
senate in advocacy Of the bill reported by
him last Friday disseminating the pur-
chase of silver bullion.
Senator Voorhees, speech was listened
to with the greatest attention. Nearly
every senator was In his seat, many mem
bers of the house occupying seats in the
read, and the galleries contained the
largest crowd OF the session. The pre-
siding officer had to threaten to clear the
galleries in order to repress the applause
called forth by Mr.. Voorhees, affirmation
of allegiance to Cleveland, and other
strong points.
Mr.. VOORHEES, closed his speech at p.
m, having occupied one hour and thirty
five minutes in its delivery. he was con-
graduated by many senator's.
The senate was then addressed by Mr..
Dubois. rep, Idaho, on the silver qucs-
ton.
WASHINGTON, Aug. 90 Among the bills
introduced in the senate this morning was
one by Mr.. Pasco. dem. Florida, as n sub
stitute for the minority bill OF the finance
committee, proposing silver coin
aye at 20 TO l.. The substitute pro-
poses q commission of three citi-
zens Of the United States to ascertain
and report before January ], 1894, the
intrinsic relative value Of gold and silver
and that on that report the secretary of
the treasury shall fix and determine the
ratio.
The resolution offered yesterday by Mr..
PETER, ind. Kansas, as to the violation OF
law by national banks in declining to pay
depositiors' checks IN currency was taken
up today and q motion to refer IL to the
committee on finance made by Mr.. Hoar,
rep, Massachusetts, give rise to a long
and somewhat excited discussion IN which
Senator Voorhees,, dem, Indiana ;Gorman,
dem., Maryland, and Mcpherson,
New Jersey, favored the reference. Sena-
tors Henderson, rep Nebraska; Kyle,
ind, south Dakota, and Hill, dem, New
York, opposed II and insisted on the adop-
ton of the resolution. MIR. German
pointed out that the adoption OF the reso-
lution would be "a notice to the comptroi-
Ter of the currency who would imnedi.
ately proceed to execute the law and
thereby necessitate the closing OF the
banks and cause the utter ruin Of the
country.
Mr.. Hill favored the immediate passage
of the resolution and said that this was
not "A question of patriotism but OF busi-
ness and II the banks were violating the
law the people had a right to know 1t.
Mr.. Mitchell, of Oregon, criticised the
resolution as requesting a legal opinion
rather than facts, whereupon Mr.. Hill
offered a substitute for Mr.. PETERS reso-
luton in which he modified the resolu-
tion.
Mr.. Butler, of South Carolina, favored
its passage and Mr.. Cullom, Of Illinois,
advocated u further modification OF its
terms, when he would vote for ii.
Mr.. Allison opposed the resolution and
said the better way 10 meet the clearing
house certificate question WAS face TO face
and not by the roundabout course sug-
gested In the resolution.
Mr.. Mcpherson was proceeding 10 OPP
pose the resolution, the yeas and nays
having been demanded upon its passage,
when the hour Of 2 O'Clock arrived and
Mr.. Hoar called up the national bank
bill, taking Mr.. Mcpherson of his feet.
An attempt was made TO continue the dis
c~ussion, but an objection was offered and
the resolution went to the foot of the cal
endar. where il can be reached only by an
affirmative majority vote.
WASHINGTON, Aug. 2I-In the senat to-
day The appointment OF the committee on
commemoration OF the Tooth anniversary
Of the laying of the corner stone OF the
NhpitoA "ao "P oAA'"o
ators Voorhees,, dem, Indiana; Sherman,
rep, Ohio; Ransom, dem. North Caro-
lima Chandler, rep, New Hampshire;
White, DEM, California;; SQuires, rep
Washington, and Martin. ind Kansas.
The house joint resolution as To town
sites in the Cherokee outlet was reported,
and an attempt made TO have ii passed,
but objection was made and II was placed
on the calendar.
Mr.. PETER, ind, Kansas, then proceeded
TO address the senate ON the silver ques-
ton. He requested that he should have a
patient and attentive hearing (such as
had been give l TO other senator's, rs he
represented at least a million and n half
voters who believed just as he did.
WASHINGTON, Aug. 5-ln the enate to-
day Mr.. Vest, dem, Missouri, sent to the
clerks desk and had read u c~ommunica-
ton from the director Of the mint. sent in
response to an inquiry giving statistics
as to the quantity of silver bullion pur-
chased since 1873, the date OF the Bland
Allison act, its cost, the amount coined.
etc. Mr.. Vest sum ned up the figures in
order to show that IL all the silver dol
lars and subsidiary silver toin were
rccoined at the ratio proposed In his bill,
20 to !, there would still be "a profit to the
treasury on the whole silver transaction
since 1873 Of SIS, 267, 993. He intimatcd
pretty broadly that Mr.. Carlisle, in his
his letter to Senator voorhees, on the
same subject, had not treated the ques-
ton fairly.
Mr.. Hill, dem. New York, then took
the floor and began his speech, the OPEN
ing paragraphs Of which attracted much
attention.
There were those, Mr.. Hill said. who
did not wholly agree with the president
In his diagnosis of the malady now affect
ing the body polite and who did net has
tily join with him in the rosy C Inclusion
that the financial millennium Is to come
the m the Sherman law Is removed.
There were some who had given the sub
ject attention who believed the cause
Of the present depression was deeper
and beyond the Sherman bill, and that
its foundations we're laid In the evil hours
of 1873, when the country unwittingly
laid aside the financial policy that had
been its guide since the foundation Of the
government. The existing financial dis
turbance, Mr.. Hill found, was attribute.
BILE to three distinct causes: l. IL was the
natural and inevi,able result of many
years of real or fictitious prosperity. ..
Some portion OF the present panic could
be traced to a concerted effort
lists to produce 1t in order
to discredit silver. B. But no matter what
else may have contributed to the present
financial condition 1t would not be denied
tnat the SILVER purchase law had been at
least in part and perhaps the most largely
instrumental in producing existing COM
plications. Mr.. Hill did not believe that
simple repeal Of the Sherman law would
at once restore abundant prosperity,
but that many years would be re-
CURED to recover from the present
disturbances. He compared his course in
declaring for repeal with this presidents
course In failing to refer to IL until this
late day. He was a bimetallist and stood
: for free coinage ut u proper ratio Had
the Sherman law been repealed at the last
session or in special session on the 9Th OF
March, the United States would have es-
capped the present panic and precluded
the closure Of the Indian minis. The per-
manent remedy for our financial difficulty
was to return to the bimetallism
that existed prior to 1914.
Mr.. Hill favored the increase OF the ma
tional bank circulation rs proposed in the
pending bill Continuing, he said he re.
gsrded the question of ratio as not timely
and - Of the least consequence, but II
changed at all II should not Is enlarged
but diminished to l5H, the Latin ratio. Hc
deprecated hasty action In the formation
Of = definite financial plan and predicted
the failure of the attempt to impos. q
| gold standard on India.