The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1895-01-30
LOST IN The WOODS
PilanCieFS and Politicians Don't Know
Which Way 10 Go.
SILVER HAS MANY FRIENDS
The Administration is Throwing It's
Weight in Favor of Wall Street
but the Fight Is BY No
Means One Sided.

of Cullom of Illinois for the term begin
ming March 1, next, were presented TO the
senate by Palmer. Tho credentials of
Sewell of New Jersey were presented by
Mcpherson.
HILL presented n resolution from the
New York chamber OF commerce heartily
approving the financial course of the
president, as given in his message yester-
day. and urging Congress To aid in sus-
tanning the governments integrity and
meeting the emergency by the issue of
bonds as suggested by the executive.
Voorhees,, from the committee on
finance, presented n com pllation of all
the laws bearing on the issue of paper
money. 1t was ordered printed.
The financial emergency came up when
Manderson presented a resolution on the
subject. He presented it by stating that
some compromise was essential. There
must be an adjustment of views, a giving
and taking. The resolution directs the
committee on finance to prepare a meas
ure having the following essential
features:
FIrst-The secretary of the treasury to
maintain reserve fund of S20O,0)O,00o
gold and $4,000, 900 silver.
Second-The issue of bonds payable in
either gold or silver at the option of the
holder for the maintenance of the &c.
serve.
Third-OutstandinG legal tender notes
TO be redeemed in gold or silver at the
option of the holder and not reissued.
Fourth--For the next five years gold to
be exchangeable for silver and silver ex-
changoable for gold.
Fifth National banks to be authorized
TO use the foregoing bonds as a basis for
issuing notes and the tax on notes to be
| removed.
Sixth-Import duties from countries
having the gold standard to be payable
| in gold or silver at the option of the i'm
porter.
Seventh-Authorze the coinage of silver
and gold at ratio of Is to I, TO the ca
pacty of the mints.
Teller said this document was rather
obscured by the lecture the president had
read TO congress.
"If." continued Teller, "we had a pres
ident who would take II men recognz zed
in financial circles into a room aud say
TO them: Gentlemen, the government
will make its payments in silver; now If
| you want a panic, have it, There would
be no panic. The run on gold would stop
| in an hour"
Manderson's resolution was referred TO
| the finance committee:
Chandler introduced tho following reso-
| luton:
Resolved, That the interstate commerce
commission bo directed to send TO the
senate n statement prepared from the
| latter returns TO the Office of the commits
sion, showing the capital of all and each
of the eight principal railway lines be-
| tween Chicago and tho Atlantic seaboard,
showing also the proportion which such
capitalization bears to the total capitaliza-
| ton of the railroads of the United States
and including also last years aggregate
gross and net income of said
| lines. Also compared with the
gross and net incomes of all tho railroads
of the United States.
Chandler said this information was
necessary to understand the effect of
| the bill recently reported from the
committee on interstate commerce. He
continued: "Ihe authority given
| by this paragraph is stupendous.
Under such authority all the railroads in
| the country may pool their earnings from
all sources. They may virtually unite or
form one company or partnership with
the capltaliz alton equal to that exist
| ing Jan. 81, 1895, on Sll ,jO6, ,235.4l The
gross earnings of this were for tho year
then ending 81, ,22O. 75l ,57i; and tho net in
come after paying the fixed charges was
| Sill ,05S, ,O4. They may agree to commit
the disposition of this gross or net income
| 10 a managing board of 10 or even of
| three officers of the various roads. This
board can be gwen authority aud discro-
ton to pay out for the purpose of con-
| trolling legislatures, state or national, or
| other public officers, or for any pur-
poses, such portions as they may sec fit
| for the gross or net earnings of this gigau-
| tic partnership, and afterwards to divide
the remainder of the net earnings among
the various companies according TO arbi-
trary fixs port on5 OF 100 per CO lt. of the
whole. Tho profits of railroad manage.
ments depend largely upon the rate of
wages paid. Tho companies may employ
in their partnership agreement a sched-
ule of wages for all classes of
railroad operatives TO be main
tanned upon all railroads of the
country. In shor, this eleven thousand
million partnership is given unlimited
power of a railway consolidation; all the
railroad competition is abolished. In
view of the attempt thus made 10 create
the eleven thousand million road monop-
oily with unlimited power to fix railroads
and the wages of the railroad laborer,
feel it my duty to endeayor TO secure GER
tain amendments"
The senator then read the amendmeut
he offered in committee which he since
proposed. lie then said he could sec uC
reason for the rejection of the amend
ment. holding that II IL is intended, inter.
state commerce committees shall make
an investigation, 'the promise Is a FRAUD
and de option on the people, Chandler
announced his intention 70 oifer Al
! ame endment as follows:
| Eyery such contract shan contain st.pI u
! t0n binding each party thereto IN the cass 1'
| differences or c8uIr9.g->.s. between SAID plH-s
and its employees, % S. but llr same to --b
| tratlon Il such aTbitra .Ua shall bee proposed 1
sald emp.oye-, under tbs law ot Oct. I. ',>.
creating boards % Arbitration flr such ease,
| provided. also. ~ mutual agreement the Il-e.