New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-16
NOTABLE SPEECHES IN TIE SENATE.
MIR. UoAR's ADDRESS on BlMErALL sM MIS- rs
LODGE AND wOLcOTT on THE LODGE
RESOLUTION.

LODGE AND WOL'OTI On IHf- I-D''i-
RESOLUTION.
Washington Auc 15.-1here was marked iaihne
oa in bc number Of "sllver" petitions presented In
the senate this morning not more than heii oo@ep
,,,c con. nm for reference to the Finance Committee"
All N rcpeal so much OF the act OF July ~. leo'
~ directs the purchase OF silver bullion was '''o
e,ccd by Mr. McPherson dem. y. j. ana reierfeo
10 t.le Finance COMMITTEE
Mr. Gordon tDem, Cal introduced Dill ana pei"'e
bs title was read went 10 explain ana adVoc'"c
n II WAS not he said panacea for all HIS pi'
h. believed eolcmnly that II 1t were enacted III"
law II would end the panic IN fifteen days Inv
Nu was then read and referred to the FINANCE 'o'.
mlrtqe II suspcnds for six months the oisra''"h vi
Section a41c OF the Revised Statutes, which imposes
q tax o. 10 per cent on the notes Of slate pahhS'
a. Voorhees, Den Ind j. chairman OF the FnaDce
Committee reported back the bill introduced BY MIN
Yesterday 10 enable National banks 10 issue c"""ia
ton I, the amount OF the par value OF Tue o'h"S w
posted by them The bill. he 'ad, lad not OH! Wv
Endorsement, OF the Committee on Finance and OF the
Secretary of the Treasury. but slnilnr measure hao
u<ss,d the Senate unanimously last session.
The Vice President asked whether there was OBJ
lection 10 the present consideration OF the BILL
A. Cockreil (Denl Mo.)-There Is objection, because
There arr a number Of senators VINO deSr" 10 oe e"iu
m this nrors,si,ion and who will have amendments
70 offer 10 give the masses OF the people 'he same
rg,,s q. ar. conferred the National banks, ara TO
mt $40, 10 fsvortism and prosciip'ivc legislation
We have Just rs much money In the co"h'r! "s VIC
ever had This bill cannot b. consiiereu III 'nc "'o'
Ing hour and even II II could be. Dill ihVo'Nhs SUI"
princ,,s sho,d not be passed In the morning hour
] shall never give my vote to any Dill '"a' '''''
recos,i,. the right OF the Naional banks, III me
future ia Issue and control the paper money OF 'he
country-never. never ,-,
Mr. voorhocs recognized the fact that single
objection would make the hi 20 over I'LL 10
but he gave notice that he "o"u ~
to put II upon IT'S passage. ,.
Tho sonatc then took up the resolution offered last
Tuesday by Mr. Lodge Olsp, Mass, "lrc'ihs INV
Committee on finarcc TO report AT once III" "
repeal the purchasing clauses OF the s"'rn,"" ''''
ana that a be taken on snch repc'i Oh
Aug D.. and Mr.. Lodge made IN argument ~ 49,
cacy OF IT. .,.o,,
The repeal of the purchasing clauses OF 'he snc'."
nc, was not no said new idea with HIM. Sor'
than two wears ago he had introduced In the ho"'o
Of Representatives hill for their iopc"i' ie "
far from thinking however. that the sherman "c' w"
the only cause OF the existing state OF I'M -. -"
believed the practical effect OF It's rcPai "o"" " "
tendency 10 lower the rates Of interest on money ~
money easier and relieve the existing strnSrhcH'
The first step r. restoring confidence was TO io""r
the present excessive rates OF Interest. Money wa
lending |. London TO-DAY al IL per cent on o"i''
and NJ . IL per cent for time and In New-iorN AZ
from 10 TO 20 per cent English money ala ho'
como here because Englishmen had the beliei "H'
The J-itcd States might ut any time go on the Single
silver standard.
Referring 10 the Remarks OF Mr. Vest yest"ru"y
as TO the protests thai would come from Nrw-Ehs"ha
u legislation proposed that would close us
manufactures. Mr. Lodge said "Ihe mills VI
New-Encland are closed now. Am sory TO say
There Is no need OF legislation TO close them. Al
this moment. with the exception of two small mills
there Is not spindle turning IN the city on law
renee. where 1900 hands are usually employees.
There are 10000 people out Of employment IN e"s