Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1894-03-02
Bland Seigniorage Coinage Bill
Passes the House,
After the Entire Pending Bill Was
Amended by Substitute.
Democrats at Last Succsed in Gathering To-
gethsr a Quorum.

cummings asked unanimous consent 1Or the
present consideration and passage of the
bill authorizing the secretary of the navy to
expend $40 900 for the recovery of the
wreck of the corvette Kearsarge on Ronca.
dor reef. Kigore demanded the regular
order, and despite the appeal of Outhw ate,
to withdraw it for the reason that the fail
ure by the House to act promptly, might
result in the loss of property valued at hun
dreds of thousands of dollars, he persisted
in the demand that the matter be dropped
The Speaker stated the question to be
upon the passage of the order of the COM
nittee on rules to take up the Bland seign-
forage bill in the House, discuss it two
hours, and proceed to vote upon passage,
or upon the adoption of any amendments
that may be pending, with the Intervention
My of a motion to reconsider and lay on
the table. The roll was called on the adOp-
ton of the order, resulting: yeas, lG6
nays, l3. Before the vote was announced
kilgore and Everett changed their votes,
having voted aye. The vote reached just a
quorum. Speaker Crisp having voted to
make the required number. A wave of ap-
plause swept over the Democratic and Pop
ulist seats when the Speaker stated that the
bill was before the House for consideration
and amendment and ordered i. read.
When this was completed Bland offered
the following substitute for the pending
measure Section /, That the secretary of
the treasury shall Immediately cause to be
coined as fast as possible, the silver bullion
held in the treasury and purchased under
the act of July IA, 1890, entitled
''Act directing the purchase of silver bull
lion and issuing treasury notes thereon, and
for other purposes, to the amount of the gain
or seigniorsge of such bullion to wit The
sum of $50, l56, ,GSl and such coin and silver
certificates issued thereon shall be used in
the payment Of public expenditures. and
the secretary Of the treasury may, in his
discretion, if the needs of the treasury de-
mani it, issue silver certificates in excess
Of such coinage, provided that said excess
shall not exceed the amount of seigniorage
as herein authorized to be coined.
Section 2, That after the coinage pro-
vided for in the first section of this act the
remainder of the silver bullion purchased
in pursuance of said act of July IA, 1890,
be coined into legal tender standard silver
dollars as fast as possible, the coin to be
held in the treasury for the redemption of
treasury notes issued in the purchase of
said bullion. As fast as the bullion is
coined for the redemption of said
notes, notes will not be reissued,
but cancelled and destroyed in
amounts equal to the coin held at any time
in the treasury derived from the coinage
herein provided for, silver certificates to be
issued on such c)in in the manner now pro-
vided by law, provided that this act not be
construed to change the existing law relat-
ing to the legal tender character or mode Of
redemption of the treasury notes issued
under said act of July IA, 1890. A suffi-
cient sum Of money is hereby appropriated
to carry into effect the provisions of this
act.
Cultivate moved to strike out the second
section of the substitute. johnson offered
an amendment to the bill giving holders of
silver dollars the same rights as to exchange
and redemption as possessed by the holders
of subsidiary coin.
Strauss submitted an amendment to
,Johnson's amendment authorizing the Sec
retary of the treasury to issue and sell five
year 3 per cent. bonds in denominations of
S20 and multiples thereof, principal and in
terest payable in coin, the receipts from the
bonds to be held in the treasury for the
ordinary purposes of the government. Reed
made the point of order that the amend
ment was out of order, which the Speaker
ustained.
Cannon offered a long amendment to
Jobnson's amendment, proposing to buy
silver bullion until the price reaches Sl.29
an ounce, and providing for coinage under
the act of 1927, when silver reaches that
price. Bland made point of order against
the amendment and the Speaker ruled it
out of order.
Abbott offered an amendment to his bill
introduced last month, directing the coin
age every month of 100000 ounces of
silver bullion, etc. The introduction of
these amendments occupied half an hour
of the two hours allowed for debate, and
the Speaker announced that one and one
half hours remained.
Bland explained the differences in his
substitutes from the original bill, there be-
ing but two of importance. The first d.
rected the coinage to be made as rapidly as
possible" instead of practicable and
the second was the proviso that no change
be made respecting the legal tender quality
of the notes issued for purchase of silver
bullion, or of the manner of their redemp-
ton.
Stone pointed out what seemed to him to
be a serious provision of the substitute
which had not been explsined. 1t was that
the secretary of the treasury should not
only coin the seigniorsge to the amount of
$50, 900 900, but issue certificates in excess
thereof to an equal amount. A long dis
cussion followed. Hartman charged that
the pending bill would not be accepted by
The people Of the West as a fulfilment of
the pledges of the Democratic party.
Dingley directed Bland's attention to the
point made by Stone that the proposed sub
stitute authorized an issue of s55,000. 900
in certificates in excess of the So 600. 900
coinage, but Bland denied that the language
was reasonably susceptible of that con-
s;ruc,ion.
At this point, 2 30 p. NJ, the two
hours allowed for debate expired.
Unanimous consent was asked that
the debate be extended till 3, but
Bailey demanded the regular order.
Abbott's amendment was rejected without
division by II to 15G. Outhwaite's amend
ment to strike out sec. 2 of the substitute