The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-08-15

WASHINGTON, D. O., August 14-The
silver fight ia progressing slowly in the
two houses OF Congress and threatens
to assume such stubborn shape as to
preclude the possibility Of definite &C.
ton for weeks to come. While q mo-
notonous debate over the question OF
free coinage or repeal is progressing in
the house with no prospect of vote
until two weeks from to-day, the indi.
cations are that the senate will devote
its first legislative action to entirely an.
other remedy for the financial situa.
tOn-that of permitting national banks
to issue currency to the full par value OF
their United States bonds on deposit in
ihe treasury. Thus, the two bodies will
be working somewhat at cross purposes,
and out OF tho complications to ensue
no one knows what will be finally
evolved.
The Developments in the senate to.
day were decidedly discouraging to
those who have hoped for an uncon-
ditional repeal Of the Sherman law
The introduction by Senator Voorhees,
Of tho increased currency bill, and its
reference to the committee OF which no
IL chairman, indicates that the finance
committee will first seek relief in rec.
ommendlng the issue Of national bank
notes to the par value Of bonds de.
posted, and that the question Of free
coinage and repeal OF the Sherman act
will be- relegated to the rear for future
consideration. Later in the day, when
Senator Vest affirmed his allegiance to
bi.metallism, and spoke against the un.
conditional repeal Of tho Sherman act,
tho repeating men found greater cause
for disappointment. Senator Hill, who
has already introduced q bill pledging
the government to the doctrine OF BIZ
metallism. showed his willingness to
meet the issue at once by to-day pro.
senting resolution declaring it to be
the sense of the senate that no legis.
lation other than legislation pertaining
to the finances shall be considered at
the present extra session. Indeed oil
the developments of the day were
such as to discourage those who have
90 proudly hoped for an early repeal,
and mono but the most sanguine can
tonight see any hope for action by the
senate providing for the unconditional
repeal Of the Sherman purchasing law.
SENATE PRoCEEDINas
When the senate met at, avalanche Of
petitions were presented and referred.
Some prayed for the repeal Of the pur.
chasing clause OF the Sherman law
some conditionally and others uncon.
ditionally-quite as many against the
repeal, several for tho freor use OF silver
as legal tender in tho United States,
and for tho appointment OF commits.
sion to consider an adequate plan OF
currency, and some for the free coinage
Of silver at tho ratio Of 16 to l.
Mr. Perkins Republican, Cal. made
his debut in tho senate with the pre-.
sOntRtion OF various memorials from the
San Francisco chamber OF commerce for
the enactment Of substitute for the
purchasing clauses OF the Sherman act,
for the annexation OF the Hawaiian
Islands, aud in favor OF the Nicaragua
canal.
At this point the national bank note
bill was introduced by Senator Voor-
hees, chairman OF the finance commit
tee. threads as follows
"Be 10 enacted, ETC., that upon any
deposit already or hereafter made OF
any United States bonds bearing inter-
est in the manner required by law, any
national banking association Which has
made or shut hereafter mako the same,
shall be entitled to receive from the
comptroller Of the currency circulating
notes Of different denominations In
blank, registered and countersignod as
provided by law, not exceeding in the
whole amount in circulating notes thus
Issued, tho par value OF tho bonds dc.
posted provided that at no time shall
The total amount OF such notes issued
10 any such association excood the
amount at such time actually paid III as
Its capital stock"
CAkLlSLEB RECOMMENDATION.
Accompanying the bill was the fol.
lowing letter from Secretary Carlisle:
TREASURY DEPARTMENT, I
OFFICE OF THE SECRETARY,
WAsllINoToN, D. O., August IA, 1903. J
don D W VOORHEES,.
My DEAR SiR:--Your favor OF the 10th
INST, inclosing form OF bill, to provide
lor the issuing OF circulating notOs to
national banks, and asking tho vlews OF
.9e secretary Of tho treasury as 10 tho
MSnlVI'nbiltty Of lie passage 10 received,
lhO enactment OF such law as pro.
posed would enable tho national banks
10 '5auc and nut In circulation 1T once
on bonds already deposited with tho
Hea9lirnr Of tho United Stntes, about
tl"UOOOOO In currency In addition to
she amount now authorized; and this,
" my opinion, would afford very con.
uuGraOIomcasuro OF rOliot to tho country
uhuer existing circumstances. | there.
'Vfo recommend tho passage Of tho bill.
Rosnccttnlly you're
j. q, CARLISLE, Secretary.
o Mr. Mitchell, tRep., orogon), gavc no.
uce OF IN amendment offered to Il Joint
resolution TO maintain tho parity Of
EV,d and lllVur The amendment ilitOr
lohg preamble declares IL to bO tho
,on'e on Congress- that no change can
y, nude Ia tho tariff lawS during the
r.iiyhitd Congress.
d,ME Vest, lDUm., Missouri), intro
Iuyeu bill for tho coinage Of silver
@uI'on @J Sl.,i, IN tho treasury, saying that u