New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-01-30
RESHaPING SPRINGER'S BILL
THREE AMENDMENTS OFFERED BY RE-
PUBLICANS ADOPTED.
THE BANKING AND CURRENCY COMMITTEE i'i'
IN GOOD DAYS WORK on CURRENCY
mIJ NO 2 AND EXPECTS TO RE-
PORT 1T TO THE HOUSE IN

lay TELEGRAPH TO THE TRIBUNE
Washington, Jan. 29-When the Committee On
Banking and Currency ADJOURNED 'n's ai' ,'
after a sitting which lasted more than SIX NOUS
chairman snrnger was even more buoyant than
usual The new Administration bill relating 10 .he
finances had not only been <ead through iio'' ~
ginning to end without causing any violeht ou'
break but several OF its provisions had Deen us
cussed and considered. That this had peeh uo'e III
an unusually practical manner was shown py the
fact that three substantial amendments all oi
which were proposed by Republcah ne"peiS' "eie
adopted. The first provides that the new so'o
bonds to be issued shall be redeemao'e at 'ne OPP
ton of the Government after the expiration OF ten
wears from the date of issue. and shall become due
and payable at the expiration Of fifty years An
amendment to the same section TO strike out 'he
word gold and insert the word coin was onered
by a Democratic member and was rejected by
vote OF four yeas to six nays. The amendment
Offered by Mr. Haugen. of Wisconsin, to reduce the
annual tax on National bank note circulation from
per cent one-fourth of per cent was adopted MT
Walker OF Massachusetts,. moved to strike out
Section g. which provides that from and after July
l. 1886 all duties on imports shall be paid in gold
coin only and that all other dues to the United
States shall be paid in gold and silver coin. Treas
dry notes greenbacks silver certificates or notes
of National banks. This motion was adopted by
two thirds vote.
Mr.. Russell offered amendment providing that
legal-tender notes should not be Cancelled and
permanently retired from circulation more rapidly
or in amounts larger than the monthly increase
in National banknote circulation. This amendment
carried. but the vote was afterward recon-
sidered and Messrs. Sperry, OF Connecticut ana
Warner. of NewYork. argued against its adoption
on the ground that 1t would defeat one OF the
chief objects Of the bill because If the bonds or
the principal portion of them were to be sold OLD
deposited as security for increased circulation
would not be large enough to cause the canceiia,
notes note 81" 10 impair the ability Of holders Of legal
tenders to deplete the Treasury gold reserve This
with much force that it was decided TO leave
the question open until tomorrow In relation TO
publican members Of the committee strongly Cd,
of the although
they intmated willingness to support provision
notes of 1890 which amount TO about sl5l 100000 and
can be n used as well as M to d IT a ssd
chusetts. offered an amendment providing that
one;half of the reserves maintained by, National
in gold and silver CON-. against this amendment.
o nh an ba fEd to s ad
redemption the 500 OO0o in legal-tenders now held
sS e nsm IN pe the S it is
that the amendment will receive majority in the
Mr. Cox of Tennessee. desired to have under
standing that the bill should be reported to the
House without recommendation. leaving members
free to vote as they might choose and he remarked
that II THIS could not be had seyera tn an n OF
minority report. Whether his request will be ac-
ceded 10 by the majority OF the committee appears
TO be rather uncertain. 1t would seem. however.
though the committees recent experience with
a bill reported without recommendation, and all
the provisions of which were not satisfactory to
single member, would deter it from repeating the
performance.
Mr.. Cox gave notice that at suitable time he
would offer In the committee as substitute for the
pending measure. the defunct Administration bll,
No. 2, with notifications including an addi-
tonal section providing for the coinage Of all the
silver bullion owned by the Government This sub
stitute will include the sections relating TO State
banks That 1t will be adopted by the committee
Is not In the least probable.
The Democratic members who favor the Admin
istration bill concede that the only hope OF passing
II through the House Is In so amending 1t that II
will receive the bulk OF the Republican vote. IL
that can be done, they seem 10 feel confident that
the measure Will receive enough Democratic votes
10 carry Ii through the house. They are not hope
full however, OF favorable action In the Senate.
and several of them frankly express the opinion
that the financial legislation Of this Congress III
any shall be enacted) will consist Of an amendment
10 the Sundry Civil Appropriation bill providing
for the of interest bearing certificates or in
debtednsss bonds. .-av!ng a few years to run
before maturity either of which may be deposited
10 secure National bank note circulation. and also
providing perhaps, that National bank circulation
NAV be issued In amounts equal to the par value
Of the securities deposited.
Chairman Springer and several other members or
the Banking and Currency Committee are OF the
opinion that the pending bill with amend ments will
be reported TO the House tomorrow AFTERNOON or
Thursday morning