The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1893-10-11
Proposed in the Senate by Squire,
Of the State Of Wash
ington.
Provides for the Free Coinage OF
100000 Of American
Silver q Month.
Difference Tsstween Bullion Value aud
Coinage Value for seigniorago snd
to Maintain Parity.

WASHINGTON, Oct. 10.-Ssnator Squire, Of
Washington. this morning int: :oduced in
the senate an amendment TO the silver bill
embracing about everything demanded on
both sides OF the question. II provides
shat the owner Of the bullion product Of
mines or refnsEies In the United States
may deposit 1t a. any mint In an amount
not loss than hundred dollars In value. to
be coined into standard dollars Of the pres
ent weight. There shall only be paid ts
the persen depositinQ tho bullion such a
number OF dollars ns will equal the COM
mercial valne Of the silver bullion on the
day OF the deposit the difference between
the commercial value and the nains value to
be retained by tho government o seignior-
age. Deposits Of bullion for coinage shall
not exceed $4,000. 600 per month. and when
the number Of silver dollars coined shall
reach 800. 600. 600 further coinage shalt
cease.
Tho seigniorage ID to be retained In the
treasury as a reserve, fund. for the purpose
Of maintaining the parity of every dollar
issued uader this act. These silver dollars
are TO be legal tender in ali payments at
their full value. and no certificates shall be
issued to represent them. The secretary of
the treasury 10 authorized to issue bonds.
at rate Of interest not to exceed three per
cent, ,edeemable at the pleasure OF the
United States after i've years. for the pur-
pose of maintaining all money st par with
the gold dollar.
National banking associations shall be
entitled to receive circulating notes TO the
par value of their bonds on deposit. pro-
vided the aggregate of such notes for which
any association Is liable shall not exceed
| the capital stock paid in.
The amendment is. in fact, . new bill,
striking out all Of the old bin after the en-
acting clause. 1t is unde stood that Teller.
Allison, She. man and Others say IL II the
best oompromise yet suggested.
| When the repeal bill was taken mp In the
| senate Mcpherson, OF New Jersey. spoke in
favor OF the bill. He complimentod the
president on his prompt action In calling
congress together. and counselled tho SON.
ate to take his advice. He expressed the
belief, shared In. he said, by two thirds OF
the people Of the United states who had
Z any opinion upon suoh subject that the
Sherm an law is the main. true. and, in fact.
only visible cause operating to produce the
recent panic; After the repeal Of the Sher-
man law reformation of laws relating to
coinage becomes a duty dsvolvinQ upon
congress, and IL not at present subject for
! executive action or interference.
In conclusion Mcpherson said: THAT .
min ority of this body should be allowed to
stand as an obstacle to the other bsanch Of
the Legislature. in giving effect to the will
Of the msjority of the people, is not to be
endured and the senate must find way to
exercise its constitutional functions or
cover itself with contempt"
When Mcpherson concluded his speech
Stewart asked whether he accused the
minority in the senate OF attempting to
thwart the will OF the majority, other than
BY legitimate debate.
Mcpherson replied he had not yet made
such accusation, but he did mot know what
he would do before debate closed.
Cockrell, of Missouri, resumed his argu-
ment in opposition. He said any interna-
tionnl agreement with tho governments Of
Eutone was imposs!b Bile. international
bime etallism is mere DREAM" he declat ed.
You might Just as we'll seek intern ational
language. l have not yet found solitary
nation In all international conferences" !"
said Cock ell, (which was willing to give
up its monetary system for any other pro-
posed"
Cookrell produced ststistios to show that
the Depreciation OF silver Was not due to
trary the depreciation was caused, he snid.
By legislation closing mints againt silver.
The house bill repeating the federal elsc.
ton laws which passed the house to-day.
was laid before the senate. PuRh. chais
nam OF the Judiciary committee In ths
chair at the time was about to rsfer II Il
that ommittae. Hoar suggested shat thu
, bill should 90 to the committee on privi.
leess and elections. Pending deter ina.
tion as to Its reference the bill was laid OF
| the table.