The record-union., 1893-08-17
Special to the REcoRD-UNIoS.

service just now by permitting every
member who has an inclination to give
utterance to his financial views at any
time and TO any extent he may choose.
While Senator Voorhees, did not sue
ceed in getting the upper chamber to en-
ter to-day, as was hoped, upon active
consideration of his bill swelling the vol
ume of national bank currency to the par
value of their United States bonds on de-
posit. the greater portion of the day was
devoted TO a financial discussion of one
or more of the various propositions or
resolutions pending.
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 occa-
sion for speech-making may be said to be
step towards final solution.
Manderson 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
referred to the Finance Committee. Their
titles are, directing the purchase of sill
yer bullion and the issuance of treasury
notes therefor, and for the appointment
Of Mint Commission; Providing for
the issue of treasury notes, their redemp-
ton and for other purposes"
Voorhees,, Chairman of the Finance
Committee said he had been appealed to
by several Senator'S, not to call up to-day
(as he intended) the bill to enable national
banks to increase their circulation to the
amount Of the par value of bonds depos-
tied by them, but he gave notice that he
would do so tomorrow.
Cockrell offered an amendment direct
ing the Secretary of the Treasury to pay
holders of , per cent. bonds who may pre-
sent them for redemption at their par
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 forcible
language to the fact that Treasury notes
issued under the Act of 1890 were pre-
sented for redemption IN gold, and that
caused the first falling off in the hundred
million gold reserve. The proposed
amendment he regarded as most dan
gerous financial proposition.
Cockrell ridiculed the objections made
by sherman, whom he spoke Of as a great
friend and patron of national banks, and
as great gold monOmetallist.
Many questions were asked by Messrs.
Mitchell, Mcpherson, PETER. Aldrich
and Gray. They were all replied to by
Cockrell, who expressed his amazement
and modification at the objections made
to his proposition by friends of the ma
tional banks.
Finally the bill and amendment went
over until tomorrow, and Berry adj
dressed the Senate in favor of double
standard of gold and silver. The repeal
OF the Sherman Act without otker legis-
lation would, in his opinion, place the
country upon gold basis. 1t would pre-
vent the future coinage OF any silver, and
forever practically destroy silver as
money. He Berry believed in double
standard, and was not willing to cast his
vote for gold standard money. He be-
lieved President Cleveland man of the
highest and most patriotic purposes, a
man of great ability, thoroughly honest,
and absolutely fearless in the expression
OF his opinions. Cleveland often declared
in favor of bimeiallism, and he Berry
was confident that Notwithstanding the
Presidents failure to discuss bimetallism
IN his message, he would approve any
bill that repealed the Sherman 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 to
the national bank circulation bill, to the
effect that interest shall cease on bonds on
which additional circulation will be
based.
The Lodge resolution was taken up.
with the Gallinger amendment to it, to
the effect that il would be unwise and in
eXpedient to make any radical change in
the tariff prior to March, 1897, and Gal
hnger addressed the Senate. He de-
clared himself ready to vote at the earliest
possible moment for the repeal of the
Sherman law, though he did not believe
that the much-abused law was largely re-
sponsible for the existing financial evils.
lie believed silver and the Sherman Act
had infinitely less to do with the business
depression to-day than the anticipated
onslaught of the party in power on the
Mckinley tariff bill. In conclusion. Gal
hnger said; Let bill permitting banks
TO increase their circulation be enacted
into a law, and let this resolution and
amendment be adopted and confidence in
our finances will be at once restored.
both at home ana abroad, trade win
brighten and another era of prosperity
equal to the marvellous prosperity OF The
administration of President Harrison
Will speedily come to the United States, ,,
At the close of Gallinger's remarks the
Senate proceeded to executive business.
and soon adjourned.
IN THE HOUSE.
WASHINGTON, Aug. 16.-The financial
discussion in the House took on a deeDer
interest to-day than on any occasion
since the opening of the silver debate
William J. Bryan, the eloquent young
Congressman from Nebraska. added
greater laurels to his reputation as an
orator, and made a free-eoinage speech
which in the opinion of many surpassed
the great tariff speech which gave his
name 10 fame two years ago. For nearly
three hours Bryan held the interested at
tention Of the House and galleries. and
every interruption to which he was sub
jected only gave opportunities for those
brilliant bits of repartee for which he is
so famous.
The silver discussion to-day opened by
Mccall OF Massachusetts, who made an
elaborate argument for the repeal of the
purchasing clause OF the Sherman Act,
and denied that such action could be
justly construed as an attack on bimetal-