The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-08-19
Sherman Law Repeal Bill and Bimetal-
lie Attachment Reported to the Senate.
Minority Report FavOring Free Coinage at q
Ratio of 20 to IA Pennsylvania Silver
ties Maiden Speech in the House.
SENATORS TALKED TOO LONG.
Mr.. Voorhees, Unable to Push His National
Bank Bill to q Vote,

followed the example set by the House of
Representatives,, and has transferred the
financial contest from the finance commit
tee to the floor of the Senate. The finance
committee reported to the Senate to-day
is framed on the Hill bill, and which re-
peals the Sherman purchasing law, but
pledges the government to the pol
icy and principles of bimetallism. At
the same time the minority of the
committee presented q minority report
recommending d substitute bill, providing
for absolute free coinage of silver at the
ration of 90 to 1. The only significant de-
velopment of tho day was the arraying of
Senator Voorhees, on the side of the unoon-
Archaeological men. but the Indiana Sena-
tor explains his position 6y saying that
be thinks unconditional repeal of the Sher-
man aot will relieve the financial strin-
gency, and that the battle for bimetallism
can be fought out hereafter, in which
contest he will be found on the side
Of bimetallism. The whole day was con.
sumed In the Senate in the debate over the
bill to increase the issue of national bank
notes to the par OF the bonds on deposit.
A long communication from the Score
tary of the Treasury was presented and
read on tho subject of gold and silver pay
ments.
A motion to adjourn over from to-day till
Monday was made by Mr.. Faulkner and
was reslsted by MIR. Hoar and Mr.. Frye,
tho former suggesting the proprlety of
proceeding with tho debate in the Mon
tana senatorial case and the latter urging
action on the national bank circulation
bill Mr.. Voorhees, oonourred in the
necessity of action on the national
bank bill. He had heard the taunt
90 around, he said, that he was
seeking to do something In the interest of
the national banks. He was seeking moth.
ing of the kind. He was seeking to avail
himself of their power. OF their interest. OF
their cupidity, in order to increase the or
culsting medium. and thereby to meet the
pressing wants of the laboring people. 1t
was not q bill in the interest of the banks.
There was no thought or inspiration of that
kind in his mind After further discus
sion. the motion to adjourn over was with
drawn.
Mr.. Voorhees, reported from the commit-
tee on finance o bill to discontinue the pur-
chase of silver bullion. and 0eclaring & it to
be the policy Of the United Statest to con-
Mr. Vest, on behalf of the minority of
the finance committee, presented q sub
stitute for che bill. The substitute fixes
the number Of grains of silver In the silver
coins of the United States at 464.4 grains
of pure silver per dollar and proportionate-
ly for half dollars. quarters and dimes.
The bill and substitute were placed on
the calendar. and Mr. Voorhees, gave notice
that he would call up the bill and address
a n a m Tn0adAV
THE NATIONAL BANK BILL
The bill for the increase of national bank
circulation was then taken up, and Mr..
Allen advocated the adoption of the amend
ment offered by him last Wednesday-to
suspend interess on the bonds on which the
increased circulation Is based.
Mr.. Stewart addressed the Senate and
gave q history of recent DEVELOPMENTS In
the silver question at home and abroad.
Mr.. Mcpherson, q member of the finance
committee, argued against the Allen amend
ment 90 calculated to defeat the whole
measure.
Mr.. Henderson opposed his colleagues
amendment and favored the immediate
passage of the bill.
Mr.. PuRh saw no reason why the govern
ment should not resume its proper cOnstl.
tutIonaI power and issue all the currency
which the people needed In their business.
Mr.. Henderson said that when the time
came to act on that question he would
probably be found voting with the Senator
from Alabama. He only hoped shat the
Senator from Alabama would not be found
at that time favorlng the issue of clrculs-
tIon by state banks:
Mr.. Pugh admitted that the removal of
an unconstitutional tax on the notes of
State banks was plank In his Darty's
platform. 1T the States were permitted to
exercise power over the banks he had no
doubt that there would be less danger from
~l.& &I4..
day from the national bank circulation.
The great objection which he had to the
issue of currency by the government was
that it would be almost impossible under
a system to have an equal circulation all
over the country.
Mr. Manderson suggested that the SEN
etor from Alabama would find much diff.
Guilty in recOncilipG the statement just
made by him. AS to State bank oircula-
tion. the result of reopening that old sy stem
related by Senator Hswley. of Connecticut.
A steamboat on the Mississippi hauled mp
TO wood station. The captain asked
whether there was wood for sale.
.'Yes plenty of it"
will you take the notes of the Granada
Bankp
''At what rate7"
cord for cord"
Mr.. Manderson did not want to see re-
stofati0n that smacked of that.
Mr.. Wolcott inquired what authority
there was in law for the issue of clearing.
house certificates in New York to the
amount of $4,000, 600. Mr.. Manderson did
not believe that there was any. The banks
had been driven to it by the necessities of
the situation.
Mr.. Mcpherson explained that the clear
ing house certificates were not used as cur.
rency. but only to pay balances between
themselves.
Mr.. PETER made q speech against the ma
tionsl banking system. AS banks of issue,
the national banks would have to 90.
Their usefulness had expired and they
should no longer cumber the earth. The
people would be compelled TO take the
matter of issuing money into their.hsn
He opposed the bill. He suggested the
issue of $1,000 600 in greenbacks. which
would. he said. 60 far toward restoring
confidence.
ALIENS AMENDMENT REJECTED.
After further discussion the vote was
taken on Mr.. Aliens amendment and ls
was rejected-yeas. IL; nays, 80. There
were q good many pairs announced. The
Senators voting for the amendments were
Messrs. Allen. Bate. Berry. Coke, Irby.
Jones of Arkansas. Kyle. Martin. Mills.
PETER and Roach. Senators George. Pugh
and Vest said that they would have voted