The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1895-01-31
FIFTY-1HIRD CONGRESS.
SENATOR MANDERsON INTRO
DUCES A FINANCIAL RESOLU-
TION IN THE SENATE.
Calls For An Adjustment of Conflicting
Views-The Coinage of Both Gold
and Silver.
AT A RATIO OF 16 TO 1.
To the Capacity of the Mints-The Bill
to Repeal the 'Differential Sugar
Duty, After Lengthy and Some
what Stormy Discussion,
Passed the House.

aSSeu' the House.
Washington, Jan. 29.-The credentials
of Mr.. Cullom Qll) for the term beginning
March next were presented to the SEN
ate today hy his colleague Mr.. Palmer.
The credentials of William II. Sewell On.
J.l were presented by Mr.. Mcpherson,
who will be succeeded by Mr.. Sewell.
Mr.. Hill IN. " presented u resolution
from the New York chamber OF commerce.,
passed with but one dissenting vote.
heartily approving the financial course of
the president as given in his message yes
ter1ay and urging congress to aid in sus-
tanning the governments integrity and i'll
meeting the emergency by an issue of
! bonds as suggested by the executive. The
resolution adds that while monetary re-
form is requisite, yet it should not be un
dertaken until recommended by Il thoroughly
qualified commission.
Mr.. Voorhees,, from the committee on
hnance, presented compilation of all laws
bearing on the issue of paper money. 1t
was ordered printed as part of the tinan
cial literature now being prepared.
The financial emergency came up when
Mr.. Henderson (Rep., Neb.) presented a
resolution on the subject He prefaced it
by stating that some compromise was
essential There must be an adjustment
VI cOlulclllS VIEWS, Il giving ttuu luhlllS.
The resolution directs the committee Oh
finance to prepare measure having the
following essential features:
First-The secretary of the treasury is
to maintain Il reserve fund of 5000 100000
gold and $200,000000 silver.
SecOnd-An issue of bonds payable in
either gold or silver, at the option of the
holder, for the maintenance of the re-
serve.
Thim-Outstandin legal tender notes
to be redeemed in gold or silver, at the
option of the holder, and not re-issued.
Fourth-For the next five years gold to
be eXchangeable for silver and silver eX-
changeable for gold.
Fifth-National banks to be authorized
to use the foregoing bonds as basis for
issuing notes and the tax on notes to be
removed.
Sixth-Import duties from countries hav-
ing the silver standard, to be payable i'll
either gold or silver, at the option of the
importer.
Seventh-Authorize the coinage of silver
and gold at ratio of 1G to /. to the ca
pacty of the mints.
The foregoing resolution coming from a
Republican senator and including Il con-
cession to silver. eXacted the closest at
tention.
| Mr.. Manderson asked the immediate
consideration of the resolution.
! Mr.. Teller said this document was rather
obscured by the lecture the president had
read to congress.
| "If," continued Mr. Teller, with great
emphasis. 1--WE had a president who would
take twelve men in Il room--twelve men
who are known and recognized in tinan-
cial circles-and say to them: 'Gentlemen
the government will make its payments in
silver. Now, if you want u panic, have
it. There would be no panic. New York
does not want panic. The run on gold
would stop i'll an hour"
Mr. Manderson's resolution was offered
to the finance committee, to be considered
together with other plans.
Mr. Frye offered resolution, which
was agreed to, calling for the correspon
dence of the chief justice of Samoa and
with the United States consul there.
Mr.. Allison made another brief contri
button to the financial question by offer
ing resolution calling on the secretarN
of the treasury to inform the senate what
portion of the S100,000,000 reserve, SO
called, has been used for meeting current
expenses and what part of the proceeds of
recent bond sales have been similarly used.
The resolution went over on objection by
Mr.. Vest.
Mr.. Butler Dem, S. c. gave notice
that he would call up the pooling bill to-
morrow after the pending bill for the
District of Columbia was disposed of.
The bankruptcy bill was then taken up.
Mr.. Platt Rep., Comm and Mr.. White
Dem., CALI spoke on the question of the
conflict between the proposed national
bankruptcy law and the insolvency law of
various states.
Mr.. George offered an amendment that
the national law should not suspend or
repeal state insolvency laws, except so far
aS the latter were in direct conflict with
the national law. The amendment also
provides that pending state cases should
proceed to conclusion.
Mr. Georges speech on the bill was in
progress when the measure was taken
aside.
An invitation was read from the secre-
tary of war asking the senate to partici-
pate in the dedicatory ceremonies at the
Chickamauga and Chattanooga National
park on September 10 next.
The credentials were presented for two
new senators from Wyoming, @. d. Clark,
for the unexpired term beginning March
4 last, and Francis e. Warren, to succeed
Mr.. Carr.
The bill to incorporate the National AS
sociation of Florists was passed.
Mr.. German secured the passage of n
bill known as the "comercial travellers
bill" 1t amends the interstate commerce
law so as to permit the sale of inter
mileage tickets to commercial
travellers.
AT 5:25 the senate adjourned.
HOUSE.
Washington, Jan. 29.-In ethe house !
today Mr.. Cultivate, from the COM
mittee on rules, reported a special order
setting aside three hours for further