The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1893-08-15
REPEALERS FEEL BLUE
LIS Quite Evident That SilV,f Men
PredOminaie In the Senate.
INCREASED CURRENCY BILL
Voorhees, Introduces an Important
Measure-vest tDenounces the
ColdbuRs-Mantle's Case
Comes Up Wednesday.

notonous debate over the question OF free
coinage or repeal is progressing In the
house with no prospect of q vote until two
weeks from to-day. the indications are
that the senate will devote tho frat lcgis-
lative action 10 an entirely different
remedy for the financial situation--that
of permitting national banks to issue cur
rency to the full par value of their United
States bonds on deposit in the treasury.
Thus, the two bodies will be working
somewhat at cross purposes, and out Of
the complications to ensue no one knows
what will come finally. The develop
ments in the senate to-day were
decidedly discouraeing to those who
hoped for an unconditi onal repeal
Of the Sherman law. The introduction
by Senator Voorhees, of an increased cur
rency bill, and its reference TO the COM
miItec of which he is chairman. indicates
that the finance committee will first seek
relief in recommending the issue OF ma
tional bank notes 10 the par value OF the
bonds deposited. and that the questions
of free coinage aud the repeal OF the Sher.
man act will be relegated to the future
for more leisurely consideration. Later
in the day. when Senator Vest reafilrmcd
his allegiance to bimetallism and spoke
against the unconditional repeal of the
Sherman act, tho repeating men found
greater cause for disappointment.
When the senate met an avalanche of
petitions was presented and referred.
Some prayed for the repeal OF the pur-
chasing clause of the Sherman law; quite
as many against repeal; several for frecr
use of silver as q legal tender in the
United States, and some for free coinage
OF silver at a ratio of 10 to l. Perkins,
OF California, made his debut IN the senate
with tho presentation of various men,
orials from the San Francisco chamber of
commerce for the enactment OF n SUBJ
stitutc for the purchasing clause OF tho
Sherman act; for annexation of the
Hawaiian Islands; and in favor OF the
Nicaragua canal.
At this point the national bank note
bill was introduced by Senator Voorhees,,
chairman of the finance committee. Ac-
companying the bill was letter from
Secretary Carlisle saying in part:
.The enactment OF such law would enable the
| national banks TO issue and put in circulation
at once on bonds already deposited With the
| treasurer about si3.@o0O0 In currency. In addi-
| tion TO the amount authorized and this. In my
| opinion. would afford a very considerable mea-
sure Of relief to the country under the existing
circumstances. I therefore recommend the
passage OF the BILL"
Mitchell, republican, of Oregon, gave
notice of an amendment to be offered TO
| the joint resolution to maintain the parity
| of gold and silver. The amendment,
| after a long preamble. declares il tho
sense of congre IS that no change be made
| in the tariff laws during the fifty-third
congress.
| Vest. democrat, of Missouri, introduced
bill for the coinage of the silver bullion
in the treasury. saying il had been sent
him from New York. and met his partial
approval. 1t provides that, tafter setting
aside in coin and bullion as reserve such
amount OF silver bullion purchased under
the act of July. 1899, as shall equal, at
| coinage value, the aggregate sum of the
treasury notes authorized by that actl all
the remainder of such bullion shall be
deemed available for the issue of silver
certificates; such remainder of surplus
bullion to be coined into standard silver
dollars and such dollars to be used for tho
redemption of silver certificates, as now
required by law; T; provided that this shall
not he deemed to alter or amend any pro-
vision Of the act of July. 1880. The second
section provides that national banking
| associations shall bc entitled to issue
circulating notes of the value, at par, of
tho United States bonds on deposit, not,
however, TO exceed the amount OF capital
stock actually paid in.
Stewart sent to the clerks desk to have
read an article from the New York Re
corter headed. "Giye Us Free Silver"
After n portion OF the article had been
read. an objection 10 further reading was
made by Hoar and Hawlcy and the arti-
Gle was ordered printed as document,
Stewart rcmlrking that the Recorder was
the first great paper in tho city of New
York that had said a word against the an
initiation and destruction of half the
money Of the country, and that showed
that either the sentiment of New York on
the subject Of silver was changing or tho
Recorder was q very brave paper.
Hoar gave notice he would tomorrow
call up the resolution as to the Montana
senatorial case and would. after wednes-
day, press il to conclusion.
Senator Palmer of Illinois introduced a
bill TO provide for the erection of a gov.
ernment building at Chicago OH the pres.
ent postoflce site. TO be finished in IL
months and TO cost S4.UOo,OJ9.
Senator Hill Of New York introduced a
resolution declaring IL to be the sense of
the senate that nothing but financial leg.
islation be undertaken during the present
session. Laid on the table.
Vest then addressed the senate on his
resolution in favor Of bimctallism and
the free coinage of gold and silver. He
likened the Sherman act TO a houseless
and homeless dog without kennel &c
hide its dishonered head" but declared
lie would not vote for it's repeal without a
guarantee of silver as a money metal
Vest confined: cleveland accepted q
nomination on platform which pledged
the democratic party to bimetallism. lie
did not undertake to say now that the
, presden, was opposed TO bimetaliism. ol
would not give his executive sanction to q
measure 10 coin silver at silver ratio
| with gold: but be did undertake to sa,
thli the presidents message was mos
significant for what it failed TO say. II,
undertook TO say. with the creates
! respect for the president. ant
without tho slightest doubt Of hii