The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-08-16
SILVER AND THE SENATORS.
MN. LODGE ARGUES EARNESTLY FoR
An EARLY TOTE
Mr.. woieott Finds Various Other Causes for
the Financial Depression Than the Sher-
man Act, ana Mr.. uoar Declares Himself
. Uinetnilist-The Debate In the House.

man Act, and Mr.. uoar Declares Himself
Uimetniiist-The Debate In the House.
WASHINGTON. Aug. 15.-There we're three
noteworthy speeches delivered in tho Senate
to-day. Ono was by the new Senator from
Massachusetts,. Mr.. Lodge. making an earnest
appeal to the Senate for prompt action on a
bill to repeal tho purchasing clauses OF the
Sherman act Another was by tho junior
Senator from Colorado. Mr.. Wolcott. who con-
tended that. although the Sherman act was
vicious and illogical It had nothing to do with
the financial crisis. and Its repeal would do no
good. and might do harm. The third was by
tho senior Senator from Massachusetts. Mr..
Hoar. and was temperate discussion OF the
whole financial question. with decided lean
ing toward bimetallism. A fourth speech
first Of all in time OF delivery-wns made by
Mr. Gordon OF Georgia In advocacy OF n bill In
troduced by him to suspend for ak months
the ten per cent tax on tho notes OF state
banks.
There was q marked falling of in the num-
Der OF silver petitions presented this morning.
not more than half dozen being sent up for
reference to the Finance Committee.
bill to repeal SO much Of the act OF July IA.
1890. rs directs the purchase OF silver bullion
was introduced by Mr.. Mcpherson (Dem.. N
j.. and referred to the Finance Committee.
Mr.. Gordon Dem Gal introduced BILL
and before the title was read went on to ex-
plain and advocate 1t. 1t was not he said q
panacca for all our ills but he believed sol
EMMY that. IL 1t were enacted into law. 1t
would end the panic in fifteen days. That was
q statement to which the Senate would agree
when 1t knew what the bill was 1t was
bill not to repeal the ten per cent. tax
on the State banks. but to suspend
it's operation for six months. The effect of it
hp ho
moved. Only yesterday a telegram had been
sent from the cotton centres with n request
that something be done in the Treasury to
have bills OF lading authenticated exchangea-
BILE for money. or to have some course pro-
vided to move tho cotton. The bill would ena-
BILE the banks OF Savannah. for instance tho
central port for cottonl to issue. for the time
being. their individual notes.
The programme was this: Bank A, with n
capital OF 100000. would issue notes to the
amount OF 20 per cent. of that capital There
were six such banks in Savannah. All OF them
would endorse the bills Of each. In addition
to that collateral security would be nut up
This would be true as to all the State banks Of
Savannah: SO that within ten days there would
be at least 100000 additional money in cir
culation in that city. 1t would not be. perhaps.
money. but would be the notes Of the indi-
viduat banks. and would be good for paying
debts there and elsewhere So it would be In
all the other cities.
The bill was then read and referred to the
Finance Committee. 1t suspends for six
months the operation Of section 3.4l2 OF the
Revised Statutes. which imposes u tax OF ~
per cent. on the notes Of State banks.
Finance Committee the bin introduced by him
currency, to the amount Of the full par value of
the bonds, deposited. He expressed the hope
passed. practically without discussion.
Mr.. Cockrell Dem. Mo- objected to it's i'm
mediate. consideration and argued against 1t
rs !avorinE the national banks to the disad-
vantage Of State hanks.
Mr.. Voorhees, said that as a single objection
would give notice that he would call it up to-
morrow and move % put it on it's passage. He
f Finance commttee to sit turing the sessions
OF the Senate. and gave notice OF a meeting OF
that co mittee To- morroW A.
Cockrell asked the Senate to, consider and pass
the Hous. Joint resolution for the payment OF
mileage to Senators and Representatives for
Th H.ss gave ss MT Frye ep. Maine, chance
to the d e 81 public dn tg which Tosa
to provide relief for Senators and members.
Mr.. FRYE was asked whether he objected to
declined to do so. but Mr., PETER pop. Kan
stepped into the breach with an objection. and
bS ea ne ease nvoYns the
of the right Of Governors OF States to appoint
unaer aG eSran H%non
addressed the Senate in support of Mr. Nantes
right to seat.
resolution offered last Tuesday by Mr.. Lodge
tRep. Mass. directing the Committee on
Finance to report at 9n t6 6i t" repeal the
that n vote be taken on such repeal on Tues
day. Aug. 90. was laid before the senate, and
The repeal Of the purchasing clause OF the
sherman act was not. he said. new idea with
csd IN the H"use Of Eli
for its repeal. He was far from thinking. how
ever. that the sherman act was the only cause
tendency to lower the rates Of interest on
money. make money easier. and relieve the
The first step in restoring confidence was to
TIVE Was enns s "n5on OF ct
New rf ana from p' '2 rsf @e
Engiishnien had the belief that the United
States might at any time GO on the single sill
He did not forget that affirmative and posi-
tive Legislation, In reference to the currency
would have to be enacted. but that Legislation
more imnortant than any financial or eco;
the people wanted above everything was to see
action some sort OF action-in Congress. II
the country was TO nave Irea coinage. let the
country know it: IL II was to have limited
coinage lot the country know It. and II there
was to be an unconditional repeal Of the Sher-
man act. let the country know II.
lettering to the remarks OF Mr.. Vest yester-
day as to the protests that would come from
New England II Legislation were proposed that
would close its manufactures. Mr. Lodge said:
+" The mills OF New England are closed now,
am sorry to cay There is no need Of legsla-
tion to close them. At this moment. with the
exception Of two small mills. there is not a
spindle turning In the city of Lawrence. where
10000 hands are usually employed There
are 10000 people out OF employment In tho
two cities OF Lawrence and Lowell in the COM
monwealth which in part represent. Multi
ply that by ten and you get some idea OF
the distress which rests ON the State Of Massa-
flea Of the distress peryadng. ali New Eng.
tths industries q my own State and ali other
industries in the States Of New England.
have no mind for party politics Or for delay. /
ask simply for action, believe that the high
est duty which the Senate can perform Is to
take the quick est possible action in this mat
ter. and will close with q quotation from Mr.
J John Quincy, Adams: Il would not deliber-
ate. would act"
Mr. Wolco,t rep, COLI replied to Mr. Lodge
He agreed with tho Massachusetts Senator
that this was not a party question. He felt
greatly relieved I'm view of some unpleasant
relations in the Senate within tho past few
H. 4 ,.t.. ~