The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-08-19
TEYTOF THE FINANCE BILL.
Chairman VOORHEES, Reports it to the
Senate.


sv1vania and Everett of Massa-
cbusetts the Stars Of Yesterdays
House Debate, Which was Spicy in
Tone at Times, the PeAnsylvanian,
Though Democrat, Making Slurs
unon Mr.. Cleveland Which May
gave. However, Smacked More of
Humor than of Meaning to his Lis
teners.
Washington, Aug. 18.-The Senate was
rresided over to-day, in the absence of
tbe Vice President, by Mr.. Harris,
president of the Senate pro TEN.
A long communication from the Secre-
+arv of the Treasury was presented and
read on the subject of gold and silver
navments It is therein stated that on
several occasions recently gold coin has
been presented at the treasury in ex-
change for silver dollars, and that the
exchange has not been made
because silver dollars were re-
ouired to be held in the treasury
TO cover outstanding silver certificates
and treasury notes; and that at present
the department would not, and could not,
exchange silver dollars for gold if re-
quested to do so.
A motion to adjourn over from to-day
till Monday was made by Mr.. Faulkner
and was resisted by Messrs. Hoar and
Frye, the former suggesting the propriety
of proceeding with the debate in the
Montana senatorial case, and the latter
urging action on the national bank oircu-
latiou bill
Mr. Voorhees,, chairman of the finance
committee, concurred in the necessity of
action on the national bank bill.
The motion to adjourn was withdrawn.
THE BILL FOREsHADOwED YESTERDAY.
Mr.. Voorhees, reported from the COM
mittee on finance bill to discontinue the
purchase of silver bullion, and declaring
it to be the policy of the United States to
continue the use of both gold and silver
as standard money
The votes by which it was reported are
those of Chairman Voorhees, and Senators
Mcpherson, Morrell, Sherman, Allison
and Aldrich, the last four named being
republicans. The full text of the bill is
as follows, emitting the enacting clause:
That so much of the act approved July
IA, 1890, entitled "an act directing the
purchase of silver bullion and the
issue of treasury notes there
on, and for other purposes" as
directs the secretary of the treasury
to purchase from time to time silver
bullion to the aggregate amount of $780,
UUU ounces, Orso much thereof as NAV be
oHered IN each month, at the ma rket
price thereof not exceeding S1O0 for
81 55-l0O grains of pure silver, and to
issue in payment for such purchases
treasury notes Of the United States, and
the same is hereby repealed.
SUPPLEMENTARY DECLARATIONS.
And it is hereby declared to be the
policy of the United States to continue
the use of both gold and silver as stand
ard money and to coin both gold and sill
yer into money of equal interest and
eXchangeable values; such equity
to be secured through international agree
ment, or by such safeguards of legisla-
ton as will insure the maintenance of the
parity in value of the coins of the two
metals and the equal power of every dol
lar at all times, in the markets and in
the payment of debts.
And it is hereby further declared that
The efforts Of the government should be
sucn safe system of bi-metallism as
will maintain at all times the equal
power OF every dollar coined or issued by
lhe United States in the markets and in
The payment of debts.
THE MINORITY AFTER A SUBSTITUTE.
MIR. Vest, on behalf of the finance COM
miytee, presented a substitute for the
DILL The substitute fixes the number of
in hn cilH Of hn
United States as 464. 4 grains of pure sill
yer per dollar, and proportionately for
AGLl oil dollars, quarters and dimes.
1le OIL and substitute were placed on
tne calendar, and Mr. Voorhees, gave no.
Glce That he would call up the bill and ad-
next
Inc bill for the increase of national
IUtuK circulation was then taken up, and
MI 4 Allen, pOpulist, Nebraska, advocated
{ Llio adoption of the amendment offered by
ll1t IaSJ Wednesday, to suspend interest
ol,.l on .ne bonds on which the increased Cir
cuauon is based.
MAKES A FAVORABLE IMPRESSION.
spoke from desk in the front row
VI Sue democratic side of the chamber,
st! %Lu made very favorable impression on
VIlS MS first effort in the Senate.
.. III MS Judgment the bill would commit
of ,fe country to the policy of a continuan ce
hue .ue nauonal banking system, and he
safIe,ea g1fle,ea Jhat the time had come when
tterey ter required the overthrow of that sys-
ven, sTll ana ana the wiping it out of existence as
speedily as possible
b;i1 Sr. Stewart hoped that the pending
sI 9itt would be stripped of every objection
ToiG feature and then passed This was
t ~ uue, however, for the national banks
ASA a lurther subsidy until every ef-
H.. was made to relieve the country If
IrC,, ly ,eIorJ was not made in good faith it
Tqo TqS-lo not nc the fault of the silver men.
Wy would agree to everything that
sGGlu give relief. They asked no sub
M UO alyantage, no change of policy.
sra-t. MCPHERSON, a member Of the
4ii,re committee, argued against the
t6I amendment, as calculated to defeat
uo "aole measure.
PROFITS NOT FROM THEIR CIRCU-
NJ, LATION
leag,,a,lerson leaI,ilerson rep, Neb., opposed his col
maj amendment and favored the inn
He H''J passage of the bill.
nsti pointed to the fact that
cS.lo1al bank circulation had de-
~ tou s,I rom 1852 600, ,000-its highest figure
10 Sl12,000,0O0. He regarded that as
tbo sg possible evidence of the fact that
nsoal sre national banks not the tremendous
fror,.,ee from their circulation that was
frooggueelntly heard Of Their profits were
M thelr deposits and discounts.
he "a. Fugh suggested that, such being
errr,1lv' ne saw no reason why the gov
coul!ent should not resume its proper
cprre' uuOnal power and issue all the
- -, 1a,Tys