The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1893-08-16


Senate Business Is Measure to Per-
NIT State Banks to Issue Currency by
suspending the Tax-The Bill to In
crease the National Bank Circulation
Is Side Tracked.
Washington, August 15.-In the Senate
today, Mr.. Gordon Dem of Georgia in
troduced bill to suspend for six months
the operation of the law taxing the notes
of the state banks 10 per cent. He pre-
faced it's reading with q statement in
which he claimed that the passage of his
bill if not panacea for existing ills
would stop the panic in 10 days. 1t
would, he said, allow the Savannah
banks to issue notes sufficient to move
the whole cotton crop, of which that
city is the central port. The bill was re-
ferred to the finance committee.
Mr.. Voorhees, Dem.) of Indiana re-
ported back from that committee the
bill introduced by him yesterday to ena-
BILE national banks to issue currency to
the amount of the full par value of the
bonds deposited. He expressed the
hope that the bill would now be taken
up and passed, practically without dis
cussion. He met, however, an opposing
force in the person of Mr.. Cockrell
(Dem.) of Missouri, who objected to its
immediate consideration and then pro-
ceeaed to make al argument against it
as fayoring the national banks to the dis
advantage of state banks.
AT,. Noorl,ooc Soi1 that oc einrla oh
lection caused his bill to 90 over till to-
morrow, he would now give notice that
he would call it up tomorrow and move
to put it on its passage. He was instruct
ed to ask permission for the finance
committee to sit during the sessions OF
! the Senate, and gave notice OF meeting
of that committee tomorrow.
Mr.. Cockrell then asked the Senate to
consider and pass the House joint Teso-
luton for the payment of mileage to
| Senators and Representatives for the
| present session.
This gave Mr.. Frye Rep.) of Maine
| chance of ridiculing the idea of public
duty which would postpone relief for
| the people and make haste to provide re-
| lief for Senators and members. Mr..
Frye was asked whether he objected to
the consideration of the joint resolution.
| (Pop.) of Kansas stepped into the breach
with an objection, and the joint resolu-
ton went to the calendar.
The Lee Mantle case, involving the
question of the right of governors of
states to appoint senators under certain
circumstances was then taken up. and
Mr.. Hunton Dem of Virginia address
ed the Senate in support of Mr.. Nantes
right to seat.
The resolution offered last Tuesday by
Mr.. Lodge, directing the committee on
finance to report at once a bill to repeal
the purchasing clauses of the Sherman
act and that vote be taken on such re-
port, was laid before the Senate. Mr..
Lodge made speech advocating it, and
Mr.. Wolcott replied, denying that the
existing financial panic was caused by
the Sherman act OF silver. At the close
of Mr.. Wolcott's speech, the Lodge res
olution was laid aside without action.
Mr. Hoar addressedsthe Senate on Mr..
Vests resolution as to bi-metalism, dur
ing which he announced himself a BIZ
metailist, believing in the bi-metalism
of Washington and Jefferson, which rec
ognized gold as the finer metal and ne
cessarily the standard of value. Mr..
Hoar said believing that bi-metalism is
the only policy we can pursue and be-
lieving that when silver and gold are
separated the better became the stand
ard he was in favor of stopping the pur-
chase of more silver. In conclusion he
said: 81 do not believe policy OF mon
ometalism adopted in time of panic
could stand. 1t is enough for the pres
ent to say there should be no further
coinage of silver except by the unani-
nous consent of the commercial ma
tions."
The day in the House was devoted to
speechmaking, Messrs. Blanchard, Gfos-
venor, Ball (of Missouri), and Snodgrass
(of Tennessee) taking part. Mr.. Gros-
venor ascribed the present trouble to un-
certainty as to tariff legislation.