The News-Herald. [volume] (Hillsboro, Highland Co., Ohio) 1886-1973, 1893-08-24
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IN THE SENATE.
Silver Repeal Bill Reported From the FL
nance Committee.

nance Committee.
WASHINGTON, Aug. 19.-In the senate
a motion to adjourn over until Monday
was made on the democratic side, re-
sisted on the ground of the necessity of
action on financial measures, and fin
ally withdrawn on Mr.. Voorhees, an
nouncing that he would ask the senate
to proceed with the consideration of
the national bank circulation bill.
He then reported from the finance
committee bill to suspend the pur-
chase of silver bullion under the Sher-
man act, with declaration in the bill
that it is the policy of the United
States to continue the use of both gold
and silver as standard money and to
coin both gold and silver into money
of equal intrinsic and exchangeable
value.
A substitute for the bill was reported
from the minority of the committee,
Messrs Harris, Vance, Jones ARK. J,
Jones New and Vest, fixing the num-
Der of grains of silver in United States
coins at 464 4-10 grains of pure silver per
dollar, and proportionately for minor
silver coins
The bill and substitute were ordered
printed and placed on the calendar, and
Mr.. Voorhees, gave notice that he would
call them up next Tuesday.
The senate then took up for consid-
Grafton the bill to "a allow national banks
to increase their circulation.
Mr. Allen (Pop.) argued in favor of
his amendment to suspend the payment
of interest on bonds on which the in
creased issue is based.
The finance committee was in session
only an hour, and the only point of
contention was over the wording of the
bill, the committee having reached the
conclusion Thursday that they would
take the final action Friday.
A bill had been drawn by Senator
Voorhees,, and was put before the COM
mittee Friday morning in printed form,
the text being in accordance with the
suggestions of Thursday. The bill
thus comes as an original measure,
favorably reported, and will proba bly,
be known as the Voorhees, bill. The
votes by which it was reported are
those of Chairman Voorhees,, and SEN
ators Mcpherson, Morrill,, Sherman,
Allison and Aldrich-the last four
named being republicans. The full
text of the bill is as follows, omittiug
the enacting clause:
That much of the act approved July IA,
1890. entitled: "An act directing the purchase
Of silver bullion and issue Of treasury notes
thereon, and for other purposes" as directs
the secretary Of the treasury to purchase from
time to time silver bullion to the aggregate
amount OF 4,500 900 ounces or SO much thereof
as may be offered in ach month at the market
price thereof, not exceeding II for .S7l55 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 to be the policy of
the United States to continue the use of both
gold and silver as standard money, and to coin
both gold and silver into money into equal in
terest and exchangable value. Such equity to
be secured through international agreement, or
by such safeguards of legislation as will insure
the maintenance Of the parity in the value of the
coins of the two metals, and the equal power of
every dollar at all times in the markets in the
payment of debts
And it is hereby further declared that the ef
forts of the government should be steadily di-
rected to the establishment of such safe sys-
TEN of bimetall,sm as will maintain a all times
the equal power OF every dollar coined or issued
by the United States in the markets and in the
payment of debts.
Senator Voorhees, will not, as he had
originally intended, ask the senate to
fix a day for the vote on the bill. He
said Friday 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 can it up next Tuesday;
at which time he will make a speech
on the financial question generally