The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-10-07
THE FIGHT FOR REPEAL.
,ry<roR BLAcKrURy OFFERS mrs
COMPROMISE MEASURE:

w.
Gold, which lie 20 Be Kept In tho Treas
,,, TO Maintain the Parity between tho
r,xo ADMINISTRATORS Butler and Call
rr,.h their speeches Against Repeal,
and senator Teller Continues, but Does ~ OF
Conclude. the speech lie Began Lastweeh
tn, Debate IN the House on the Federal
Elections Biii-Mr. Cummings Opposes the
Fitch substitute for the Tucker Bill.
WARRINGTON, Oct 6--The routine morning
sr.iness of the Senate was disposed OF very
,osedily this morning, and then the Senate
,roceeded to the consideration Of the resolu-
Non offered on Wednesday last by Mr. PETER
pon. Kan. for n select committee to inquire
that legislation is necessary TO improve the
hnking system OF the country. Mr.. stewart
nan. New Immediately took the floor and
r,de n long complaint against the Treasury
repartm ent for not buying the four and half
nillion ounces OF silver bullion per month. as
,,ouired BY the sherman law. The resolution
m, then referred to the Finance Committee.
Mr.. Morgan's resolution. instructing the
Judiciary Committee to inquire what pro-
,isions OF tho Free Coinage act OF 1887 are
All 10 force. was agreed to without discussion
and without division.
The Silver Purchase Repeal bill was then
r2:iO) taken up. and Mr.. Blackburn Dem.
Nv sent to the Clerks desk and had read tho
amendment to the Repeal bill which he had
aiyen notice OF in his speech on Wednesday.
II was offered by Mr.. Blackburn as an addi-
tion TO the bill under debate. and Is as follows:
s,c1tos THAT on and after tho first day Of Janu
ay 1924 any mine owner or smeler producing silver
which 10 derived exclusively from mines situated in
the United states or s Territories and which is OF the
required fncness may present the at any OF the
uints OF the United States, and the same shall be
coined free into silver dollars OF the present standard
sxcept the segnorage hereinafter provided for pre-
,sn,sd In not less than ono hundred doara
Sac. a-That on the first day OF each month the Sec
Rotary Of the Treasury shall establish tho seRniorage
for each following month.
SIC 4-The segnioraRe for the coming OF silver shall
b the difference between the market price of silver
bullion and the minted value ate coined. which
seIrn,orage shall not be coined. but shall be sold by
the Secretary OF the Treasury in open market at homo
or abroad at tho highest price for gold which gold
sha be held in the Treasury and used only for the pur-
pose Of MAINTAINING parity between the two metals.
SEC Stu rxing or establishing the seigniorage the
average price Of silver sold by the Secretary Of the
treasury the month preceding shall control when he
has sold any otherwise the average price in the cities
Of London and New York.
sro Gin order to protect the mints against imposi
tipp no shall be coined under this act except
svch as Il pr duced by smeters situated IN the United
= directed BY the Secretary OF the treasury who s
hereby authorized to appoint such officers or agents
ind regulations as may be necessary to carry this act
SEC THE silver bullion sold as heretofore provided
sba have Its earmarks removed and shall after sale.
hse its privilege.
Mr. Call Dem. Fla, then took the floor and
continued the argument against the bill which
he began on Wednesday. He argued at much
length in support Of the amendment suggested
him IN IN thu ss tn ns Be Sdnsa al dyer
- 70 o Go also ond fa1ored Mr. BsetSurns
a% When Mr. Call took his seat Mr.. Butler
Dem. g. c. rose and addressed the Chair.
There were then about half q dozen Senators
tths sttsntiOn Of the presiding officer a call Of
the Senate was ordered. and forty three Sem
disturbance OF Senators and for, requiring
their attendance in the chamber: but he told
them that the call was not made at his suH-
d the large enthusiastic. and wild audience
which he saw when he arose q moment ago:
Sus IT. 10 had made up bis mind to get along with
subsidized now and having come down
~ E. would te tolerated while fs con;
loft ofrthe other day. He had not been speak
Ing more than five minutes. however. when he
complained Of loud Conversation in the cham
yersation Of Senators and their absence from
the cham bsr. he preferred their absence. He
fpP HSbt the Senator from Alabama Mr
Butler was. After he had thus obtained quiet
In the chamber Mr.; Butler wen. on with his
msnt suggested BY him repeating the ten tIi per
cent tax on the notes Of the State banks. He
asserted ssH that he had no prejudice against the
danRArOua- 1aDO4itarV nf
M, Al en- Pop. Net.) asked Mr. Butler
Ten per cent tax should be conditional. and
mat It should he accompanied with provisions
CONTROLLING the volume OF currency to be is
safeguards for it What did he think as p to the
power OF the general Government. by act Of
.oaagrsss to yitaIize that issue Of legal tender
MI. Butler replied that he had not given con-
,s q NJ to that branch OF the subject but
, u DIS TIeW he would prefer tho unconditionai
u ana leave to the states themselves the ques-
tS 81 q what steps they would take to secure
'l NJ OH w., holder 1er and the denositor.
butter did not want to have such a currency |
q would circulate all over the United States
shh to be- ss3 n Of LDs y5 the
=, W Butler replied that that was. purely and
n Imply. matter Of opinion: but he was not |
rsney; The State OF Maine would throw safe
csSalds around its state banks and the State |
VI south Carolina would do likewise He went |
VI Y argue that. Notwithstanding the decision |
ol the Supreme Court to the contrary there |
M ~. no constitutional power In Congress to |
'u,Sos se tax unless revenue WAS the object |
, mere was not dollar OF revenue collected |
i iron ne YAK on state banks. He then read |
WI, sUh tho f01nn an article explanatory OF the
,J,m OF Scotch banks. and he asked why |
ow % mere not be such system OF banks al
OWED IN the United States.
M MT Allison Rep, Iowa. reminded him that
s'e ey stockholder in a Scotch bank WAS liable
Y , we lull extent Of his property for every OBJ
.na OF the bank: That was the gist OF the |
'gWScess o. the Scotch banking system.
A, ~, butler expressed his belief that the State
y -ao iowa and the State Of South Carolina would
y, ssqlllte lust as safe and conservative method
\ Oahking, Why, he asked. could not the
I, sseanah people initiate the Scotch in that
o espert Why could not each locality be al
SN ,stNl 10 nave such banks2 Why could not tho
su a se which had been irtrust ed with power
Mr sulat.on OF the currency Of their people2
s ,run. population Of only four millions. had
,amSsaetion Of only ST. 900 900, or SIT to to the
aSumluual while the United States with a
Sv,giula'ion o. sixty-ive millions. had a circu-
IuvtyXp oI 81; OOUOUOOO or over S25 to the in
ny. ~ lie al SO recalled the fact Of the fall
bringg, we bank Of Glasgow few years ago.
n ssnlIe WI 1t the financial ruin OF many OF
AMI holders, The United States national
Ipsct TX system he regarded as in every re-
'pwyc' peter than the Scotch system,
-, Az Butler closed his speech by reading an
I ScIaSeat IRON, the farewell address az Andrew
,tsi nsoh rondemning the system OF the United
~ s'oa pal X OF that day. What Andrew lack |