The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1893-08-17
cockRELL RiDlcuLes SHERMAN.
Progreas OF the Great Financial Debate
Ia the United statea senate

ArVBtOss ot tue eFeht rlmAuOt8t ASoVrso
Ia tho United statea senate.
WASHINGTON, Aug. 1.-THE hoxibie
rules of the senate are proving OF great
service just now by permitting every mem-
Der who has an inclination TO give utter
arco TO his financial views ut any time
aud to any extent he may choose. While
Senator Voorhees, did not succeed in get
ting the upper chamber to the ccntor to-
day, as was hoped. upon the active con-
siderat ion of his bill swelling the volume
of national bank currency to the par value
of their United States bonds on deposit.
the greater portion of the day was de-
voted 10 a financial discussion of tho
one or more various propositions or
resolutions pending. No one expects any
decisive action by the senate until most of
the senators have had an opportunity to
express their views. and anything which
offers an occasion for speech-mak,ng may
be said to be q step towards the final soiu-
tion.
Mandcrson introduced two bills which
he said had been prepared and sent TO
him by n gentleman of financial ability.
and which were read by their titles aud
referred TO the finance committee. Tue
titles are: "Directing the purchase OF sill
yer bullion and the issuance OF treasury
notes therefor, and for the appointment
of a mint commission" providing for
the issue of treasury notes. their redemp-
tion and for other purposes"
Voorhees,. chairman Of the finance com
mittee, said lac had been appealed to by
several senators not 10 call up to-day, as
he had intended, the bill TO enable ma
tional banks to increase their circulation
to the amount of the par value of the
bonds deposited by them, but he gave
notice he would do so tomorrow. Cock
rell offered an amendment directing the
secretary Of the treasury To pay TO holders
of per cent. bonds, who may present
them for redemption, their face value,
with accrued interest. in United States
legal tender notes. Sherman stated the
objections which occurred to his mind
against the amendment. The president
of the United States had called attention
in clear and forciblc language to the fact
that treasury notes issued under tho act
Of 1880 were presented for redemption in
gold, and that caused the first falling OF
of the hundred million gold reserve. The
proposed amendment he regarded ~ ~
most dangerous financial proposition. -
Cockrell ridiculed the objections made
by Sherman, whom he spoke of as the
great friend and patron of the national
banks and as the great gold monometal-
list. MANY questions were asked by
Messrs. Mitchell, Mcpherson, PETER.
| Aldrich and Gray. They were all replied
to by Cockreii, who expressed his amaze
ment and modification at the objections
made to his proposition by the friends
| of the national banks. Finally the
bill and amendment went over until
| tomorrow and Berry addressed the senate
| In favor of a double standard of gold and
silver. The repeal of the Sherman act
without other legislation would. in his
opinion, place the country upon "a gold
basis. 1t would prevent the future coin
age of any silver and forever prac tically
destroy silver as money. He lBe rry, be-
lievcd in a double standard and was not
willing to cast his vote for gold stand
| ard.
The Lodge resolution was taken up with
the Gallinger amendment to il to the
| effect that II would be unwise and mex.
pedient to make any radical change in the
tariff prior to March, 1897. Gallinger adj
| dressed the senate. lie declared himself
ready to vote at the earliest possible mo.
ment for the repeal of the Sherman
law. though he did not believe that
much abused law largely responsible
1
He believed silver and the Sherman act
had infinitely less to do with the bushes,
depression to-day than the anticipate
onslaught of the party in power OF the Me
| knley tariff bill. In conclusion Gallingei
SAID: "Lct the bill permitting the bank.
| TO increase their circulation l,s enacted
into law and let this resolution and
amendment be adopted, and confidence
| ia our finances he al once restored botl
at home and abroad. Trade will brighten
aud another era OF prosperity equal to the
marvellous prosperity under the admins,
tration of President Harrison will speedily
come to the United States"
At the close of Galiingcr's remarks the
senate proceeded To executive business
and soon adjourned.
| Cochran May i;e ON Our side.
WASHINGTON. Aug. l6.-Thc marked
absence of Bourke Cochran from the anti
silver mems meeting at the Arlington las
night and the appointment OF Genera
Tracey ldemocratD as chairman of the cx
ecutivc committee In his stead. has oc
| a.. l.. al. h..