St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-19

Silver Question Discussed by
Members of Both Houses.
WASHINGTON, Aug. 1S.-The senate
followed the example set by the house.
and has transferred the finance con-
test from committees TO the floor of the
senate. The financial committee re-
ported to the senate today the measure
last night agreed upon. which is framed
on the Hill bill, and which repeats the
Sherman purchase law, bat pledges the
government to the policy and principles
u bimetalism. At the same time the
minority OF the committee presented
minority report recommending a sub
sutute bill, providing for absolute free
colnage OF silver at the ratio of twenty
10 one. 1t is impossible to predict
when the senate will enter upon
the discussion of these measures.
Neither side appears to be in hurry
10 l0rce the question to a speedy vote.
as each side is evidently uncertain OF its
numerical strength. The only signIfi-
cant development of the day was the
arraying of Senator Voorhees, ON the
side of the unconditional repeal men.
but the Indiana senator explains his
position by saying that he thinks un-
conditional repeal of the Sherman act
viii relieve the financial strlngency.
and that the battle for bimetallsm can
be fought out hereafter-in which con-
test he will be found OH the side OF bl-
metaIlism. The Whole day was con-
SIlmtln tho to sJnhafn
over the bill to increase the issue of
national bank notes to the par of the
'Jonds on deposit. Senator Allen. of
Nebraska, the new P0puiist senator,
made his debut as speaker and
Made a Good Impression.
The senate was presided over today
in the absence of the vice president by
Mr. Harris, president of the senate pro
ten.
A long communication from the sec
rotary of llle treasury Oh the subject of
gold ana silver payments was presented
and read. 1t 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
silver dollars were required 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 sill
YEA dollars for gold. if requested to
do so.
MIR. Voorhees, reported from the com
mittee on finance IA bill to discontinue
the purchase of silver bullion. and de-
claring it to be the policy of the United
States to continue the use of both gold
and silver as standard money.
MIR. Vest Democrat Missouri, OH be-
hall ofthe minority OF the finance com
mittee, presented a substitute Tor the
bill. The substitute fixes the number
of grains of silver in the silver coins of
the United states-464.4 grains of pure
silver per dollar, and pr0portionately
for half-dOllars, quarters and dimes.
The bill and substitutes ware placed on
the calendar, and Mr.. Voorhees, gave
notice that he would call up the bill
and address the senate upon it on Tues
day next. The bill for the increase of
national bank circulation was then
taken up; and Mr.. Allen Populist,
Nebraska advocated the adoption of
the amendment offered by him last
Wednesday-tO suspend interest
: On the Bonds
on which the increased circulation IS
based.
Nine-tenths of the people of Ne
braska were, he declared, unalteraDly
opposed to anything looking to the per-
petuation of the national banking sys-
tenn.
Mr.. Stewart. of Nevada, addressed
the senate, and gave history of recent
developments in the silver question at
home and abroad.
Mr.. Mcpherson democrat, New Jer-
sey,l member of the finance commit
tee. argued against tile Allen amend
mentaS calculated to defeat the whole
measure.
Mr.. Henderson Republican. Ne
braska> opposed his colleagues amend
ment'and favored the Immediate pass
age of the bill. Relief was demanded,
and congress should be quick to act,
rather than quick to debate. He to-
tally disagreed with his colleague as to
niue-tentlis of the people of Nebraska
being opposed to the national banking
system, and he referred to the last re-
YJrt of the comptroller of currency,
slowing that there were in that state
$50 national banks, with an aggregate
capital stock of 100000 and with
deposits amounting to over $4,000, 900.
The. Amount Of Deposits
did not show that nine out of every ten
depositors were opposed to the national
banking system.
Mr.. Wolcott Republican, Colorado
inquired what authority there was in
law for the issue of clearing house GER
tifcates in New York to the amount of
S37. 100000?
Mr.. Henderson did not believe that
there was any,. The banks had been
driven to it by the necessities of the
situation.
Mr.. Mcpherson explained that the
clearing house certificates were not used
as currency, but only to pay balances
between themselves.
Mr.. PETER (Popnlist, Kansas made a
speech against the. national banking
system. AS banks of issue, the national
banks would have to go. Their useful
ness had expired, and they should no
longer cumber the earth. The people
would be compelled to take the matter
of issuing money INTO their own hands.
tie opposed the bill and suggested the
issue of S100,000.00O in greenbacks,
which would. he said, go far toward re-
Storing confidence. After further dis
cussion the vote was taken on Mr.. AL
lens amendment, and it was rejected;
yeas II, nays 80. There were a good
many pairs announced. The senators
voting for the amendment were Messrs.
Allen, Bate, Berry, Coke, Irby, Jones
(Arkansas), Kyle, Martin. Mills. PETER
and Roach. Senators George. Pugh
and Vest said they would have voted
yea if they had not been paired. The