The times. [volume] (Richmond, Va.) 1890-1903, 1893-08-19
STILL TALKING SILVER.
rgH NEW REPEAL Bill ~ NOW
BEFORE THE SENATE.
NJ. sibiey. OF Pennsylvania, Makes Hit
In the House ia the Silver Debate.
Otber Speakers.

,be absence Of the Vice-President. by
Mr. Harris, president OF the Senate pro
TEN.
A long communication from the Sec
reiary Of the Treasury was presented
and read on the subject Of gold and silver
payments II IS therein stated that on
several occasions recently gold coin has
been presented at the Treasury In ex-
.hange for silver dollars, and that the
exchange has not been made because
silver dollars were required TO be held
in the Treasury TO cover outstanding sil-
yer certificates and Treasury notes; and
that at present the Department would
not aud could not, exchange silver dol
lars for gold II requested 10 do so. a
motion TO adjourn over from to-day till
Monday was made by MIR. Faulkner, and
was resisted by Messrs. Hoar and Frye,
the former suggesting .-e propriety Of
proceeding with the debate in the Mon
tana Senatorial case. and the latter urg-
Ing action on the National Bank Clrcu-
latiOn bill
MIR. Voorhees, chairman Of the finance
committee. concuTed i'm the necessity Of
action on the National Bank bill.
The motion to adjourn over was with
drawn.
Mr.. Voorhees, then reported from the
committee on finance "a bin 20 discon-
tinue the purchase Of silver bullion, and
declaring II TO be the policy Of the United
States TO continue the use Of both gold
and silver as standard money.
The votes by which IL was reported
are those OF chairman Voorhees, and
Senators Mcpherson, Morrell. Sherman,
Allison and Aldrich-the last four named
being Republicans. The fun text Of the
bin Is as follows. omitting the enacting
clause:
That so much Of the act approved July
IA. 1890, entitled "An act directing the pur-
chase Of silver bullion and Issue Of
Treasury notes thereon. and for other
purposes" as directs the Secretary Of
the Treasury TO purchase from time to
time silver bullion 10 the aggregate
amount Of four million five hundred
thousand ounces. or so much thereof as
may be offered I'm each month at the
market price thereof, not exceeding one
dollar for three hundred and seventy
one and hfty-five one-hundredths grains
~ pure silver, and 20 issue In payment
f0r such purchases Treasury notes of the
United States. be, and the same is hereby
repealed. And II is hereby declared TO
be the policy OF the United States to
continue the use OF both gold and silver
az standard money, and 10 coin both
Intrinsic and exchangeable value. Such
equality 20 be secured through inter-
national agreement or by such safe
guards Of legislation as will insure the
maintenance Of the parity in value OF
The coins Of the two metals and the
equal power Of every dollar at all times
in the markets and in the payment Of
debts. And IL IS hereby further declared
that the efforts Of the government should
a. afFnlfIX directed the lffe hrpQuf
oi such "a sa1e system Of bimetallism as
vM maintain at all times the equal pow
er o. every dollar coined or issued by
the United States in the markets and
il the payment OF debts.
Mr. Vest. on behalf Of the minority
of the finance committee. presented a
substitute for the bill The substitute
fixes the number Of grains Of silver in
tle silver coins Of the United States
44f grains Of pure silver per dollar and
proporuOnately for half dollars, quar-
ters and dimes. The bin and substitute
were placed on the calendar and Mr..
Voorhees, gave notice that he would call
up the bin and address the Senate upon
f. on uesday next
The bin Tor the increase Of National
Bank Circulation was then taken up.
and Mr.. Allen Pop.. Neb) advocated
The adoption Of the amendment offered
by him last Wednesday-to suspend in
terest on the bonds on which the in
creased circulation is based. He spoke
from desk in the front row Of the Dem
ocratic side of the Chamber, and made
very favorable impression on this, his
FIRST effort I'm the Senate
ln his judgment the bin would commit
The country 10 the policy OF a contin-
vance OF the national banking system,
and he believed that the time had come
when safety required the overthrow OF
that system, and the wiping II out OF
existence as speedily as possible
Mr. Stewart hoped that the pending
BIN would be stripped Of every objection
able feature and then passed This was
no time however, for the national banks
% ask further subsidy until every ef-
for, was made 90 relieve the country.
II that effort was not made in good faith
10 would not be the fault Of the silver
men. They would agree to everything
that would give relief. They asked no
subsidy, no advantage, no change of
policy.
Mr.. Mcpherson. a member Of the Fl
nance Comm ttce. argued against the Al
len amendment as calculated 10 defeat the
whole measure.
Mr.. Manderson (Neb) opposed his col
leagues amendment and favored The inn
mediate passage of the bill Mr.. Mander-
son pointed 20 the fact that the national
bank circulation had declined from S3G2.-
O)0.OOO-its highest ngure-to S172OO0.O0O
lie regarded that as the best possible
evidence OF the fact that national banks
had not the tremendous profits from their
circulation that was frequently heard Of.
Their profits We're from their deposits and
discounts.
Mr. Pugh suggested that (such being the
facD he saw no reason why the Gov
eminent should not resume its proper
constitutional power and issue all the
currency which the people needed In their
business.
Mr. Henderson said that when the time
came 90 act on that question he would
probably be found voting with the Sena-
Tor from Alabama. He only hoped that
the Senator from Alabama would not
he found al that time favoring the issue
OF circulation by State banks.
Air Pugh admitted that the removal
or an unconstitutional tax on the notes
or state banks was plank I'm his party's
laform. II the States We're permitted
io exercise power over the banks he had
io doubt that there would be less dan
r.r from that sort Of circulation than
uefe was to-day from the national bank
,fcllation. The great objection which he
iad 20 the issue OF currency by the Gov
trnment was that IL would be almost i'm
possible under that system 20 have an
ellal circulation all over the country.
The discussion was broken into by Mr.
Harris, who sent to the clerks desk and
haa read the Washington dispatch in
one OF tO-day's New York papers with