Red Lodge picket. [volume] (Red Lodge, Mont.) 1889-1907, 1895-02-02
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The financial emergency came UP
when Senator Manderson presented a
resolution on the subject He presented
it bv stating that some compromise
was essential. There must be an ad-
justment Of views. q giving and taking
The resolution directs the committee on
finance to prepare a measure having the
following essential features:
F'irst-The secretary Of the treasury
10 maintain a reserve fund of 5000, COO
900 in gold and $500, 900 in silver.
The issue of bonds payable in either
gold or silver, at the option OF the mold
er. for the maintenance OF the reserve
misunderstanding 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
exchangeable for gold.
F'ifth-National banks to be author
lied to use the foregoing bonds as 4
basis for issuing notes and the tax on
notes to be removed.
Sixth-Import duties from countries
having a gold standard to be payable
in gold or silver at the option Of the
importer.
Seventh Authorize the coinage Of sill
Yer and gold at a ratio Of 1c to !, to
the capacity Of the mints.
The foregoing resolutions. coming
from a republican senator, and includ-
ing a concession to silver attracted the
closest attention. Senator Manderson
asked the immediate consideration Of
the resolution.
Senator Teller said this document was
rather obscured by the lecture the presi-
dent had read to congress. If con
tinued Senator Teller, we had pfesl-
dent who would take 10 men recognized
i'll financial circles into room and say
to them: Gentlemen, the government
will make its payments in silver; now
if you want panic, have 1t There
would be no panic. The run on golti
would stop in an hour.
Senator Manderson's resolution was
referred to the finance committee
THE POOLING BILL.
Senator Chandler introduced the fol
lowing resolution; Resolved, That
the interstate commerce commission
be directed to send to the sen
ate a statement prepared from the lat
est returns to the office of the commlS-
sion. showing the capitalization Of all
and each Of the eight principal railway
lines between Chicago and the Atlantic
seaboard, showing also the proportion
which such capitalization bears to the
| total capitaliza ton of the railroads OF
the United States and including alsC
! the last years gross and net income OF
| said lines, also compared with the gross
| and net income of all the railroads OF
! the United States.
Senator Chandler said this informa-
| ton was necessary to understand the
| effect Of the bill recently reported from
| the committee on interstate commerce
| He quoted the section of the bill allow
| ing pooling and continued: The au-
| thority given by this paragraph is stu
| pendous Under such authority all the
| railroads in the country may pool earn
| ings from all sources; they may virtu-
ally unite or form one company or part
nership with capitalization equal tC
| that existing June 80, 1S95 of $11, 900, 23o,-
| 410. The gross earnings OF these roads
for the year wer 81 1220.751.874, and the
net income, after paying the tiXec
| charges, was Sill, ,05S, O34. They may
| agree to commit the disposition Of this
| gross or net income to a managing
board Of 10, or even Of three, officers OF