The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1893-08-15
SETBACK FOR COLOBUCS.
No Consolation for Them in the
Bill Of Voorhees, or Speech
of Vest
The Former Urges Prompt Action
on the Bill to Increase the
Currency.
The Latter Reafnrms His Allegiance to
Bimstallism-H He speaks for tho
Western Miner.

The Latter ReAfhrms His Allegiance to
Dimstallism-- He speaks for tho
Western Miner.
WARRINGTON. Aug H-Whils tho monot-
onous debate over the question of free
coinage or repeal IL progressing in the
house. with no prospect OF a vote until two
weeks from to-dav. the indications are that
the senate will devote its ftst Legislative
action to enti ely another remedy for tho
financial situation-that Of permitting
national banks to issue currency TO the par
value Of their United States bonds on de-
posit In the treasury. Thus. the two
bodies will be working somewhat at Gross
purposes, and out Of The complications TO
snsue, no one knows what will come De-
vslopments in tho senate were decidedly
discoursainG to those who hoped for un
conditional repeal of the Sherman law.
The introduction by senator Voorhees, Of
the increased currency bill, and its refer
encs to the committee of which he is chair
man. indicates that the finance com mmittes
is the first TO seek relief in recommending
the issue of national bank notes to the par
value of bonds deposited, and that the
questions Of FREQ coinage and the repeal of
the Sherman aot will bs releRated to the
future for more leisurely confederation.
Later in the day whom Senator Vest re-
affirmed allegiance to bimstallism, and
spoke against the unconditional repeal of
the Sherman act. the repeating men found
greater cause for disappointment. Accom-
panying the bill int: oducsd by Voorhees, was
letter from Secretary Carlisle, saying in
part: 1.-The enactment of such law would
enable national banks TO issue and put in
circulation At once, on bonds already de-
posted with the treasurer, about $19, 600, 600
in currency, in addition to the amount now
authorized; and this. in my opinion would
afford . very considerable measure of re-
lief TO the country. Under existing cir
cumstanees ! therefore recommend the
bill"
Mitchell, republican. of Oregon. gave
notice of an amendment to be offered to
the joint resolution 10 maintain the parity
Of gold and silver. The amendment, after
u lone preamble. declares ii the sense of
congress that no changes be made in the
ta,itf during the Fifty third congress.
bill for the coinage of silver bullion in
the treasury. saying 1t was sent him from
New York and met his partial approval. 1t
rrovides (aftar setting aside in coin and
bullion as reserve suoh amount of silver
bullion purchased under the act of July.
1890, AZ shall equal. at coinage value. the
aggregate sum of treasury notes author
lied by thet aot) that all the remainder of
| such be deemed available for the issue of
| silver certificates; such remainder of sur
plus bullion to be coined into standard sill
YER dollars, and suoh dollars to be used for
the redemption of silver certificates. as
now required by law; provided that this sh all
not be deemed TO alter or amend any 2. O.
vision of the act of July. 1890.
The second section provides that bank
ing associations shall be entitled to receive
circulating notes of the value, at par. of
the United States bonds on deposit, not.
however to exceed the amount of capital
| stock actually paid in.
Stewart Sant to the clerks desk TO have
read an article from the New York Recorder
headed: Give Us Free Silver" After a
portion OF the article had been read objee-
tion to the further reading was made by
Hoar and Hawley, and the article was or
dered printed az q document, Stewart re-
marking TINT the Recorder was the first
4reat paper in the CITY of New York shat
had said II word aRainst the annihilation
aud dest ucsion of half of the money of the
country, and that showed either that the
sentiments of New York on tue subject OF
silver is changing or the Recorder ID vory
bravo paper.
Hoar gave notice that he to- morrow would
call up the resolution as to the Montans
senatorial case, and would. after Wednes-
day. press il to a conclusion.
Senator Palme', of Illinois. introduced q
bill TO provide for the erection OF a govern
ment building ut Chicago. on the present
postoiiioe site. to be finished in eighteen
months, Mt n cost of 81 600, 00)
Senator Hill, of New York, introduced q
| resolution declaring it the sense of the
senate that nothing but financial lesisla-
| tion be undertaken du ing the q. esent ses-
sion. 1t was laid on the table.
Vsst then addressed the senate on his
esolution in favor of bimstallism and the
free coinage Of gold and silver. He liksned
the Sher man act to a "houseless and home
less dog. without kennel to hide its dis
honorsd head" but declared he would not
| vote for its repeal without guarantee that
silver should be treated as n money metal.
| Vest continued: cleveland accepted the
/ nomination ON platfor m which pledged
the democratic party to bimssallism. He
president was opposed to bimstsllism. OIL
would not give executive sanction to a
measure to coin silver at the commercial
ratio with gold; but he did undertake to
say that the presidents message was most
significant for what it failed to say. He
undertook to say. with the greatest respect
for the president aud without the sli9htest
| doubt Of his honesty OF PM pose, that when
| he failed to say one wo: in respect TO bi-
metallism, he certainly meant that oonsid-
Q alton of the question of the free coinag.
of silver, at any ratio, WAS SO impractioabl.
| it did not need executive notice"
As to the assertion that silver should b.
demonetized because it fuctuatsd in value
while that of gold WAS stable. he read AL
extract from what he called "a remarkable
pamphlet" written by Montieth Douglass
a business man of London, before the clos
ing of the Indian mints, pleading with the
people of Great Bitain in favor Of bimetal
Iism az the only surc foundation for finsn
cial existence md declaring that sllyel
| really Huotuatsd Muoh less than gold. L
was not the overproduction Of silver tina
b. ought down its value. IL was Liquidation
legislation in Germany and tho unitet
States. How could it be expected that sill
ysr would retain its value whom those tws
great nations took away the monetary us'
Of silver? With ths resou ces and POI ula.
tion of the United ssStes, il waS only nsoss
sary for the United States to Tx policl
and stand by II.
Vsss spoke OF the unfortunate oonditio,
of thu miners OF tho west; and said b,
knew what thsae people endured. Le.yia:
the comfort Of civilization and going cat
rifle In one hand and pick in tho othsr