The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-01-24

theme before the Senate today and for
the time being the Hawaiian question
was laid aside.
Mr.. Jones Democrat), Of Arkansas,
and Mr.. Smith Oemocrat), of New
Jersey, each representing d most in
huentiaI element in the majority of
the Senate, presented plans for meet
ing the currency complication. The
propositions differed widely, Mr. Smiths
providing for a temporary bond issue
pending an investigation by a none
tary commission composed of SEN
ators members OF the House, and CIV
ilians, while Mr.. Jones' plan provides
for a bond issue and conditional restor-
alton of silver. The two senators urged
their respective measures in speeches
which received close attention from a
well-flled Senate and crowded gal
leries.
Mr. Turpie concluded his speech
against the Nicaraguan bill, becoming
bitterly personal at the close against
Mr.. Morgan the author of the bill and
against the measure itself as the con-
summation OF cheap John Seterfunk
legislation.
During the day Mr.. Burrows Repub-
lcan), of Michigan, made his first APP
Tearance in the Senate since the AIiclli-
gan legislature promoted him to the
upper branch Of Congress.
Senator Smiths Ideas.
Senator Smiths currency bill pro-
N-ides that the president shall appoint
-FOUR commissioners from civil life, no
more than two of whom shall be mem
beers OF the same political party. The
president OF the Senate shah appoint
four senators, no more than two of
whom shall be members Of the same
party; the speaker OF the House is to
designate four members under the
same conditions. The senators and
members chosen are to be members
of the Fffty-foua'Uh Congress. These
are 10 be known as the monetary
commission" 1t is made the duty of
the commission to take into considera-
tion and to investigate thoroughly all
the various questions relating to the
currency so far as may he necessary
to test jlrd4ciouS system. Of currency
on a sound basis.
The commission is empowered to
visit different portions of the country
and make to Congress a final report
of its investigations, together with
such recommendation as it may deem
to the best interests Of the country,
not later than the second Monday in
December, 1895. The bill authorizes
the issue of 500, COX, 900 OF 8 per cent
expiration Of ten years.
Mr.. Stewart (Populis0, of Nevada,
followed Mr.. Smith With an argument
against amy committees or any other
means Of avoiding direct action on the
currency. Mr.. Stewart had read an
article in the Cincinnati Enquirer, ad-
dressed directly TO the secretary of
the treasury, and arradgning him for
ECeferring gold to silver.
Senator Jones' Bill,
Mr.. Jones OemocraiD of Arkansas,
added TO the interest in the question
by presenting a bill which has been
discussed in the finance committees.
Its reading was followed with close at
Eention, owing TO the prominence of
the senator in Shaping most of the fin
EnCe committees work.
Authority is given the secretary of
the treasury to issue $500, coo, 600 bonds,
payable in coin of standard value and
bearing interest. The bonds are TO
mature in thirty years from date and
may be redeemed in twenty years The
proceeds of the bonds are TO be used
to defray the current expenses of the
government and for the redemption OF
United States legal tender note issued
under the act of July Il, $780, The
bonds are to be OF denominations OF
$50 and $50 and multiple, and be free
from taxes. They must be paid for in
gold, or the secretary may accept
United States notes and treasury notes
under the act OF 1890. The national
banks may issue circulating notes TO
THE amount of the bonds deposited with
the secretary of the treasury and tine
tax on such circulation is reduced to
q Of per cent
Section provides that no national
bank shall retire its circulation with
out written authority from the secre-
rlsaV of the treasury.
Section 4 says national banks desir-
ing TO retire the whole or any part of
The circulating notes, are required to
deposit god coin equal TO the amount
of the notes to be retired, and at ali
times keep on deposit with the treasurer
Of the United States in gold coin a sum
equal TO 5 per cent of their outstanding
circulating notes, to be used for the
redemption of such notes.
Section and provide for the dis
placement of all national banks of the
United States treasury notes of denomi-
nations less than $40, with silver certifi-
Gates.
Danger of Bond Issue.
Mr.. Jones addressed the Senate
briefly concerning his currency bill.
He spoke Of the constant danger in the
present plan of issuing bonds which
permitted the banks to force an issue.
then to take gold from the treasury in
order 10 pay for the bonds and thus
gold reserve and the constant necessity
FOR bonds.
Il am not a believer in bonds" de-
cared Mr. Jones, but I am willing to
submit to bonds as q matter of neces-
sity as long as there is coupled with it
a sensible, manly, honest recognition of
silver IF the feeling throughout the
country in favor of silver Is properly
recognized, then I will agree to the
issue of bonds and I will agree TO it
under no other conditions
Mr.. Jones said it was his conviction
that the silver men would make a grave
mistake if they insisted on the extreme
limits of their hopes.
The failure Of the silver element to
secure concerted action was made evil
dent as soon as MIR. Jones closed his
remarks, as Mr.. Stewart again took
The floor to argue against the Jones
bill. He conceded the good motives of
the senator, but urged the bond pro-
vision was surrender TO the banks and
TO the gold power.
Tarpie Very Severe.
The Nicaragua bill was then taken
up ard Mr.. Turpfe resumed his speech
against the measure.
NJ Turpie's remarks became very
personal at one point and he arraigned
gEr. Morgan, who is in charge Of the