The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-08-17
NATIONAL BANK CURRENCY.
Active Consideration of Voor-
hees' Bill Is Deferred.
MANDERSON'S REMEDY.
He Introduces Two Bills Regarding
Fin9ncial Matters.
Senators Coclkrell aud Sherman Have a
Spirited Debate Over an Amendment
Proposed by the Former-Dis-
cussing the sherman Act.

WASHINGTON, Aag. 16.-The flexible
rules of the Senate are proving of great
service just now by permitting every
member who has an inclination to give
utterance to his financial views at any
time and to any extent he may choose.
While Senator VOORHEES, did not succeed
in getting the upper chamber to center
today, as was hoped, upon active con-
sideration Of his bill swelling the volume
Of national bank currency to the par
value of their United States. bonds on de-
post, the greater portion of the day was
devoted to financial discussion on one or
more of the various propositions or
resolutions pending. No one expects any
decisive action by the Senate until most
senators have had an opportunity to ex
press their views, and anything which
offers occasion for speechmaking may be
said to be step towards final solution.
Senator Henderson introduced two bills
which he said had been prepared and sent
to him by gentleman of financial ability
and which were read by their titles and
referred to the finance committee. The
titles are: Directing the purchases OF
silver bullion'' and issuance of treasury
notes therefor, and "The appointment of q
treasury notes, their redemption and for
other PURPOSES
Senator Voorhees,, chairman of the
finance committee said he had been ap-
pealed to by several senators not to call
up today (as he had intended) his bill to
enable natIcnal banks to increase their
circulation to an amount Of the par value
of bonds deposited by them, but he gave
notice that he would do so tomorrow.
San afor Coo IxraIlN refarod on roapf
directing the secretary of the treasury to
pay to holders of 2 per cent. bonds who
may present them for redemption, their
face value with accrued INTEREST," in United
States legal tender.
Senator Sherman stated the objections
which occurred to his mind against the
amendment. The president OF the United
States had called attention in clear and
forcible language to the fact that treas
ury notes issued under the act of 1890
were presented for redemption in gold
and that that caused the first falling OFF
| in the hundred millions gold reserve, The
proposed amendment he regarded IS 8
most dangerous financial proposition.
Mr.. Cockrell ridiculed the objections
made by MIR. Sherman, who he spoke of
as great friend and patron of national
banks and as a great gold monometallist.
Many questions were asked by Messrs.
Mitchell, Mcpherson, PETER, Aldrich and
Gray. They were all replied to by Mr..
Cockrell, who expressed his amazement
and modification at the objections made
to his proposition by the friends of ma
tional banks. Finally the bill and
amendment went over until tomorrow,
and Mr.. Berry addressed the Senate in
favor of double standard of gold and
silver. The repeal of the Sherman act
without other legislation would, in his
opinion, place the country upon gold
basis; would prevent the future coinage
of any silver, and forever destroy silver as
money. He Berry believed in double
standard, and was not willing to cast his
vote for the gold standard of money.
He believed President Cleveland to De a
man of the highest and most patriotic
purposes, q man of great ability,
thoroughly honest, and absolutely fear
less in the expression of his opinions.
Mr.. Cleveland had often declared in favor
of bimetallism; and he Berry was con-
fident that notwithstanding the presi-
dents failure to discuss bimetaIlism in
his message, he would approve any bill
that repealed the Sherman law and pro-
vided for the circulation of both gold and
silver on such terms as would give them
equal value.
Mr.. Allen gave notice of amendment
to the national bank circulation bill to
the effect that interest shall cease on
bonds on which additional circulation
shall be based.
The Lodge resolution was then taken
up with the Gallinger amendment to it,
to the effect that it would be unwise and
inexpedient to make any radical change
in the tariff prior to March, 1897, and Mr..
GalIinger addressed the Senate. He de-
clared himself ready to vote at the earliest
possible moment for repeal of the Sher-
man law, though he did not believe that
much abused law was largely responsible
for existing financial evils. lie believed
silver and the Sherman law had Infinitely
less to 90 with business depression today
than the anticipated onslaught of the
party in power on the Mckinley tariff
bill. In conclusion, Ga1linger said:
'sLet the bill permitting the banks to in
crease their circulation be enacted into
a law and let this resolution and amend
ment be adopted and confidence in our
finances will be at once restored both at
home and abroad. Trade will brighten
and another era of prosperity equal to
the marvellous property of the admins
tration of President Harrison will speedily
come to the United States.''
At the close of Gallinger, g remarks the
Senate proceeded to executive business
and soon adjourned.