The Durham daily globe. (Durham, N.C.) 1889-1894, 1893-09-08
NOW ARE ALL IN II !
important Financial Legislation to
Be Passed.
Several Laws Will Be DOctOred to the
Queens Taste.
TARIFF BILL WILL BE ONE OF ZEN
The Talk and the Chances About Silver
Men and the Measures Which
They Advocate.


some important financial legislation will
be enacted by congress-. The house com
mittee on banking and currency will
during the next two weeks, spend mos
of its time ia the work Of devising a plan
for an enlargement Of the volume oil
currency which will meet the increase Of
population. 1t will also try to adopt al
amendment to the bill of Mr.. Johnson, OF
Ohio, which provides for an issue OF
$500, 900, 900 of 2! per cent bonds, ex,
changeable for currency at any time
50 that the holders Of the bonds can.
not drain the governments gold supply,
The amendment, which will likely be
adopted, will provide that the money
borrowed from the government may be
paid to the borrower in coin or treasury
notes or any currency based upon the
governments credit. Thus the govern
ment can never be forced to repudiate
its pledges or become embarrassed. The
bill is regarded as having a most excel
lent suggestion, being intended to avert
a repetition of recent events in banking
circles when currency is at a premium.
1t is referred to as an "anti panic meas
ure," and its operation would be against
a stringenCy in the money market under
any conditions.
AS sOon as the senate passes the repeal
up his bill giving national banks par value
Of circulation upon bonds deposited, and
it will likely pass without amendment.
The temper of the house has been largely
against this proposition for many years,
but after the silver law is wiped away
and there is nothing to take it's place it is
conceded even by it's enemies that the
bank circulation bill can be passed. There
is a dread fear that the repeal of the silver
law will have the ultimate effect of shrink
ing values, unless something is done to
make more money, and the bank bill ap-
pears to be the swiftest and most practi-
cal.
Chairman Springer, speaking for the
majority, and Mr.. johnson, of Indiana,
for the minority, Of the committee on
banking and currency, express the opin-
ion that the proposition to repeal the
state bank tax cannot get out of their
committee, and if it up in the form
of an amendment to any other measure it
will be voted down on the floor of the
house. 1t is conceded on every hand in
the senate that it cannot pass that body.
While the senate is working with the
repeal bill and the bank circulation meas
ure, the house committee on WAYS and
means will be perfecting the tariff bill
which will not be reported till November.
This will give the house and its banking
committee ample opportunity to devise a
measure to supply a constantly ~increas-
ing currency, and pass upon the Johnson
bond bill in a perfected form. No one
now thinks Of accomplishing anything
with silver, the recent vote in the house
having made any silver legislation i'm
possible.
1t appears that the present hope of the
silver senators is that the improving
financial condition will allay the popular
demand for a change of policy regarding
silver and enable them to secure some
sort of a compromise, but they are nurs
ing a GelusiOn if they fancy that the peo-
pie Will now be satisfied with ANYTHING
short Of the absolute discOntinuance Of
silver purchases. The vote for repeal in
the house represented over Il, 900 900 of
the population of the country, while the
opposition stood for less than 10000 O0. /
There can be no doubt that fully two
thirds Of the American people believe
that the silver purchase law ought TO be
repealed, and for those who represent
one third 10 attempt to prevent this 10y a