Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1893-08-23
FIFTY THIRD CONGRESS.
WASHINGTON. August %. 1898
SENATE.

substitute proposes coLluilsSion Va
three citizens OF the United States to
be appointed by the President to ascer-
tain by the first of January next fair
and just ratio between the actual in
trinsic value of silver and gold, as
basis for the free coinage of silver. AT
ter the result is reported to the Secre-
tary of the Treasury, the weight OF
pure and standard silver to be contain
ed in dollars, halves, quarters and
dimes is to be fixed and determined by
him, and silver is to be coined.
The resolution offered yesterday by
Mr.. PETER, inquiring of the Secretary
of the Treasury as to the conduct of ma
tional banks on refusing to pay, prompt
ly in currency, the checks of their
depositors, was taken up, and
motion to refer it to the committee on
finance was made by Mr.. Hoar, who
said that in time of popular distress
and panic the Comptroller of the Cur
rency should not be compelled to drive
the national banks up to the strict let
ter of the law. The President had ap-
pointed as Comptroller of the Currency
a man believed by him to be clear
headed, capable man, who had not been
banker, or SPECTATOR, or dealer in
credits and this officer had not thought
it best, whenever any national banks
had failed to comply with the strict and
extreme letter of the law in dealing
with their customers. to bring them up
to the rack. He thought it we'll to wait
week or ten days before "poking into
that question 100 much" He had once
heard Gen. Grant say that the worst
subordinate whom a military officer
could have was the one who always
obeyed orders.
Mr.. VOORHEES,, chairman of the
finance committee, favored the reference
of the resolution, and promised that it
would not be buried in the committee.
Mr.. Kyle argued against the refer
ence which, he said, would only mean
the burying Of the resolution. In the
course of his remarks he spoke of the
Secretary of the Treasury sending in
formation OBSERVATION-DISCLOSURES
ferring to DIr. Carlisle's letter as to the
cost of a change of silver coinage. This
insinuation was taken up by Mr.. White,
who asked Mr.. Kyle whether he knew
that the secretary had not been adj
dressed in writing on the subject. Mr..
Kyle had no knowledge on the subject.
Mr.. Vest, however, quoted from the
letter to show that it was written after
a conversation with Mr.. VOORHEES,.
This Senator explained that, as
chairman of the finance committee, he
had called upon the Secretary Of the
Treasury to ask him as to the feasibility
of silver coinage at the ratio of 20 to 1
and (after conversation had requested
him to put his objections in writing.
Senators Hill, Henderson and VOL
colt supported the resolution. Senator's
Mcpherson and German opposed it, the
latter insisting on pointing out that its
adoption would be notice to the Comp
troller of the Currency who would i'm
mediately proceed to execute the law
and thereby necessitate the closing of
the banks ard cause the utter ruin of
the county. Mr.. Mcpherson was pro-
ceeding when, the yeas and nays hay
ing been demanded upon its passage,
the hour of two o'clock arrived and Mr..
Hoar called up the national bank bill,
taking Mr.. Mcpherson off his feet. An
attempt was made to continue the dis
cussion, but objection was offered and
the resolution went to the foot of the
calendar where it can be reached only
by an affirmative majority vote. I
Mr.. Hill said that this was not 4
question of patriotism but of business,
and if the banks were violating the law
the people bad right to know it. He
said he was as Jealous in seeking the
legislation necessary to avert calamity
as the Senator from Maryland, but he
did not see what harm could come from
the passage of resolution asking for
to which they were en-
titled in order that they might legislate
intelligently.
HOUSE.
The House met ct ten o'clock, but
its proceedings were not opened with
chaplain not having been
advised of the change of the hour of
Mr.. C. w. Stone was the first speak
er this morning upon the silver ques-
ton. He said the pending proposition
was simply one that the United States
should stop the purchase of silver bull
lion upon a falling market. He favor
ed that measure. He argued against
the free coinage of silver. He admit
ted that a silver dollar could
buy as much as o gold dollar, but it
was intrinsically worth but 65 cents.