The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-08-17
IN rnE SENATE.


Nauousi Hanks silver and the Tariff
Under Discussion.
WASHINGTON CIrY. Aug. f6.--The ficxi-
BILE rules of the senate are proving of great
service just Eow by permitting every men,
Der who has inclination TO give utterance
to his financial views at any time and to
any extent he may choose While Senator
Voorhees, did not succeed in getting the
upper chamber TO enter today, as was
hored, upon active consideration of his
bill swelling the volume Of the national
bank currency to the par value OF their
United States bonds on deposit. the
greater portion of the day was devoted to
financial discussion Of one or more of the
various propositions or resolutions pend
ing. 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 sn occar
sion for speechmaking may be said to be q
step toward final solution.
Manderson today introduced two bills
which he said had been prepared and sent
TO him by gentleman of financial ability.
and which were read by their titles and re-
ferred to the finance. committee. The IL
ties are: Directing the purchase Of silver
bullion and the issuance Of treasury notes
therefor. and for the appointment of
mint commission: providing for the issue
of treasury notes, their redemption, and
for other purposes.
Voorhees,, chairman of the finance COM
mittee, said he had been appealed to by
several senators not TO call up today. as he
intended, the bill to enable national banks
to increase their circulation to the amount
of the par value Of bonds deposited by
them, but he gave notice that he would do
so tomorrow.
cockrell offered an amendment directing
the secretary of the treasury to pay to
holders of 2 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 amend
ment. The president of the United
States had called attention in clear and
forcibie language to the fact that treasury
notes issued under the act Of 1890 were
presented for redemption in gold, and
that that caused the first falling of of the
si00. 900 600 gold reserve. The proposed
amendment he regarded as most danger
Gus financial proposition.
Cockrell ridieuled the objections made
by Sherman, whom be spoke of a. q
great friend and patron OF the national
banks and rs the great gold mono-metailist.
Many questions were asked by Messrs.
Mitchell, McPherson. PETER. Aidrich and
Gray. They were all replied to by Cock
rell, who expressed his amazement and
modification at the objections made TO
his proposition by the friends OF national
banks.
Finally the bill and amendment went
over until tomorrow. and Berry addressed
the senate in favor of double standard,
gold and silver. Repeal Of the sherman
act without other legislation would, in his
opinion, place the country upon gold
basis; would prevent future coinage OF
silver and forever practically destroy silver
as money. lie Berry believed in q
double standard, and was not willing to
cast his vote for the gold standard of
mosey. He believed President Cleveland
a man of the highest and most patriotic
purposes, man Of great ability, thorough
ly honest and absolutely fearless in the
expression OF his opinions. Cleveland had
often declared in favor OF bi-metaliism,
and he Berry was confident. notwith-
standing the presidents failure 10 discuss
bI-metalsisns in his message, that he would
approve any bill that repealed The sher-
man law and provided for the circulation
OF both gold and silver on such terms as
would give them equal value.
Allen gave notice Of an amendment 10
the national bank circulation bill 70 the
effect that interes, shall cease on the bonds
on which the additional ein uIsiion shall
be based.
Lodges resolution was taken up. With
Gailinger's amendment TO II. TO the effect
that il would be unwise and inexpedient
10 make any radical change in the tarsff
prior 20 March. 1897. and Gailinger ad-
d ressed the senate. He declared himself
re ady 10 vote At the earliest possible
moment for the repeal Of the Sherman
az, though he did not believe that much
abused iaw was largely responsible Tor The
existing financial eviis. He believed sii-
yer and the Sherman act had infinitely
less 20 do with the business depression to-
DAY than the anticipated cnslsught Of the