The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1893-08-24
VOORHEES, FINANCE BILL.
EFFORT OF THE SENATE COMMITTEE
ON FINANCE.
It Proposes to Repeal the Silver Purchase
Clause Of the Sherman Act and Pro-
vides for Both Gold and Silver
Money at a Parity.

WASHINGTON, Aug. 1S.-As pre-
dicted yesterday, the senate coinlnl &c
on finance this morning reported OIL
for the repeal of the purchasing clause
of the Sherman act, accompanying II
bv a declaration in favor OF bimetalism
The committee was in session only al
hour and the only point OF contention
was the overwording of the bill, the
committee having reached con-
clusion yesterday that they would
take final action today. A bill has
been drawn by Senator Voorhees, and
put before the committee this morn
Jug in printed form, the text being IN
accordance with the suggestion OF
Yesterday. The bill thus comes as an
original measure favorably reported
and will probably be known as the
Voorhees, bill. The votes by which 1t
was reported are those Of voorhees,,
Mcpherson, Morrill,. Sherman, Allison
and Aldricb, the last four named be
ing Republicans.
The full text of the bill is as follows;
That so much of the act approved
July IA, 1890, entitled IAN act direct
ing the purchasing of bullion and the
issue of treasury notes thereon, and
for other purposes as directs the Sec
rotary of the treasury to purchase
from time to time silver bullion to the
aggregate amount of 4, $780, 900 ounces,
or so much thereof as may be offered
in each month at market prices there
of. not exceeding 81 for 81 25-100
grains of pure silver, and to issue in
payment for such purchases treasury
notes of the United States be and the
same is hereby repealed. And it is
hereby declared the policy of the
UnitedsStatts to continue the use OF
both gold and silver as standard money
and coin both gold and silver
into money of equal intrinsic and
exchangeable value Such equality to
be secured through international agree
ment or by such safeguards of leglsla-
ton as will insure the maintenance of
a parity in the value of coins of the
two metals and the equal power OF
every dollar at all times in the market
inpayment of debts, and it is hereby
declared that the efforts of the govern.
ment should be steadily directed to the
establishment of such a safe system of
bimetalsm as will maintain at all times
the equal power of every dollar coined
or issued by the United States in the
markets and in payment of debts"
Senator Voorhees, will not as he orig
inally intended, ask the senate to fix
day for O. vote on the bill. He said
this morning that he did not think
vote would be had on it for some time
as there appeared to be a disposition
on the part of senators to debate the
measure for an indefinite time. He
will call it up next Tuesday, at which
time he will make speech on the
financial question generally.
There were no sensational develop
ments, the minority or silver men
contenting themselves with the state
ment that they would carry to the sem
ate fight that was hopeless in the
committee. Senator Voorhees,, who
has always been looked upon as the
champion of silver stated frankly to
his colleagues that he did not give up
one jot or little OF his allegiance to
silver, but he believed the repeal of
the Sherman law at this time would
give the people the money that they
needed. This did not, he thought,
prevent the ultimate success of BIZ
metalism. Senator Vest then came to
the front with the ultimatum of the
silver men and five votes rolled into
his support, but went down in the face
of superior numbers. This is the bill
that establishes free coinage OF silver
at a ratio of 20 to and the only COM
promise to which the silver men are
disposed to yield, and even that com.
promise was reje, ted by the ultra
silverites from the producing states.
After its defeat Senator Vest said he
would offer the bill as substitute in
the senate and make fight there.
This he subsequently did.
There has been some quiet talk
among the antisilver men OF the COM
mittee as to the chances for a vote and
action on bills and it is ascertained
that while they feel pretty
certain that the bill will pass
the house, they appear by no
means saguine of the senate. There
seems to be feeling that the bill of
Senator Vest establishing free coin
age at a rate of 90 to / may possibly
be successful. In that event, they
look TOR the final triumph of admins
tration measures. The two bills would
then go to conference and in that
stage of proceedings the senate could,
without sacrificing its dignity, which
it so zealously guards, recede from its
position and adopt the bill of the
house Itis believed that members
favorable to free coinage having by
that time having put themselves on
record will be willing to vote to re-
cede and the straight repeal would go
to the president Tor his signature.