Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-08-23
THE NATIONAL BANK BILL.
Discussion in the Senate on the Cocl
rell Amen ndment.


rell Anne dment.
In the Senate yesterday afternoon Mr..
Du Boise of Idaho was followed in the de-
bate on the Voorhees, repeal bill by Mr..
Palmer of Illinois. who spoke in favor of
the measure. He thought the present ratio
should De adhered to. the Sherman law re-
pealed. and the use of silver coin encourag-
ed by judicious laws, and then the influence
of events upon the relative values Of the
two metals might be calmly watched, with
the hope that by the use of effective means
the country might at no distant day reach
the point where both gold and silver could
be coined and used without discrimin ton
between them.
The bill having been laid aside and the
case of the Montana Senatorship laid be-
lore the Senate, motion TO lay that mat
ter aside informally and to proceed to the
consideration of the bill to increase the
national bank circulation was made by Mr..
Mcpherson. This motion provoked much
colloquy In the course Of which Mr.. Voor-
hees gave notice that II ii should turn out
that the national bark bill was to be used
to delay action on the bill to repeal the
Sherman act he should move to sidetrack
it
The COckrell Amendment.
Mr.. McPherson's motion was agreed to
yeas, 10; nays, 10-and the national bank
circulation bill was accordingly taken up,
the ques; ion being on the amendment Offer
ed by Mr.. Cockrell for the redemption of
such 2 per cent bonds as may be offered
and for payment in a new issue of treasury
notes. Mr.. Stewart was the first Senator
to take the floor. He compared the posi-
ton Of the Indiana Senator (Mr. Voorhees,
10 that or the Missouri judge, who In a de-
cision on a fugitive slave case before the
war was said TO have given the law to
the north and the negro to the south"
Mr. Faulkner could not appreciate the
business qualities of the Cockrell amend
ment, he said il would change q bond
obligation not now due into demand notes
on which gold could be Immediately de-
manded. He desired to have the bill acted
upon speedily.
Mr. Cockrell explained and advocated his
amendment. Instead of continuing a bond
bearing interest. il would give he said, to
the people s250O0.00O legal tender notes.
Mr. Faulkner pointed out that twenty
one or twenty-five of the twenty-five mill
ions of 2 per cent bonds were owned by ma
uonal banks and were deposited in the
treasury as security for circulation. and
result in substituting treasury notes for ma
tional bank notes.
Mr. Hawley asked Mr.. Cockren whether
ty-five millions this year. He understood
that there was likely to be deficit The
proposition simply was one to PRINT an ad-
ditional sum of legal tenders
That is 1T exactly, squarely," Mr. Cock
rel rel o replied. 1T is for new issue of 25,-
100000 of legal-tender notes"
Then" said Mr.. Hawley, 'it is a propo-
sition to violate the policy of the govern
ment for the last thirty years, and to issue
a forced loan in order to take up a bond
that is not due"
Mr.. Allison said that the amendment
would only increase the circulation by two
or three millions, and told Mr. CockreIl
his game was hardly worth the candle
Then followed a discussion between Mr.
Carey and Mr.. Cockrell over the causes
which had withdrawn gold from the coun-
Missouri Senator declared that If the Sher-
man law had been taking 1t away, the
Sherman law was bringing 1t back