The record-union., 1895-01-30
Special to the RECoRD-UNGoN.

ton OF the Administration bill. Practi-
cally no progress was made during the
early part of the day, and all the indica-
tiCns point to re-threshing of the inan-
cal question in all it's phases.
Representative Cox (Dem.) of Ten
nessee moved to report the bill to the
House, which aroused a chorus of oppo-
sition.
Henderson of Illinois, Brosius of Penn
sylvania and Haughen of Wisconsin, Re-
publicans, objected strenuously to what
they termed summary action, and Rep
resentative Cobb Den.) OF Alabama de-
clared he would never vote to report the
bill to the House in it's present form.
Thereupon Representative Russell
(Rep.O of Connecticut moved that the
committee proceed to the consideration
OF the bill, which was agreed to IN
formally.
Representative Walker of Massachu-
sets opposed the proposition of the fifty
year term for bonds and gave notice that
he would offer an amendment for
shorter term. Other Republicans stood
with him on this objection, and also eX-
pressed the view that green backs should
not De retired unless the circulation was
kept up TO the present volume by replac-
ing the retired gr6enb backs with national
bank notes.
Representative Cox gave notice that he
would move TO substitute for the Admin
jstradon bill the ill-fated Carlisle bill.
with certain amendments OF his own out
lined heretofore.
The committee in the afternoon adopted
amendments to the Administration bill
TO reduce the tax on the bank circulation
10 a fourth OF per cent. yearly, payable in
two installments, and to make the bonds
payable at the pleasure OF the United
States after ten years.
The afternoon session of the Senate
Committee on Finance closed at 3:I5
without authorizing a report OF any kind.
The Presidents proposition to issue gold
bonds was not received with favor Uy the
Democratic members. The Republicans
were willing to unite upon a measure
granting authority for loan on notes to
run two or three years Oi sufficient volume
to relieve the treasury from its present
distress, but would not go further.
Manderson of Nebraska introduced in
the Senate to-day resolution. directing
the Committee on Finance to prepare a
measure providing for the maintenance
OF a reserve Iund OF 500, ,UO0, 900 gold and
SZUUOUU,JOO silver; to issue bonds payable
either IN gold or silver for the redemp-
tiOn Of outstanding legal tenders, either
OF gold or silver, ami authorizing the free
coinage OF silver and gold at the ratio OF
IL to l.
The proceedings of the afternoon ses-
sion IN the Senate Finance Committee
were based on a bill which had been pre-
pared by Senator Voorhees,. The bill, he
said. provided simply for the issuance OF
shOrt-tIme certificates, which were TO be
used for the purpose Of making a goodiy
reserve and OF meeting the revenue de-
HCiency, but when the afternoon session
opened he had added q clause providing
1Or the free coinage of silver. There was
motion to strike out the silver pro-
vision, which was lost on tie vote of )
TO ,, all OF the Republicans and Senator
MCPHERSON DEM voting for the motion,
and all the other Democrats opposing it.
y vote was then taken on the proposition
as a whole, and it was lost by a vote of 7
10 >. Senator Vest and Senator White. as
we'll as Mcpherson, voted with the Re-
puOhcans.
There was also a tie vote on motion
by Senator Aldrich to substitute the
Springer bill for the Voorhees, bill.
Following Is the text of the Voorhees,
bill: That TO enable the Secretary of the
Treasury TO provide for ana maintain the
redemption OF l United States notes and
also TO enable him to pay current de-
Iciencies In the revenue he is author
lied, III addition to the provision OF the
Act OF January II, 1879, from time to time
at his discretion TO issue certificates of
Indebtedness OF the United States. payable
to the bearer in coin after three wears from
date, at the option of the United States.
of the denomination OF $50 and $500 with
semi-annual coupons for interest at the
rate of per cent. per annum and to sell
and dispose of the same for not less than
equal amount of lawful money of the
United States at designated depositories of
the United states, and at such Postoflices
as he may select. And such certificates
shall have like qualities, privileges and
exemptions described in the Resumption
Act of January 1t, 1873, for the bonds
therein authorized, and the proceeds
thereof shall be used for the purpose pre-
scribed IN this Act ana for no other pur-
pose.
Section :. That upon any deposit al
ready or hereafter made in the manner
required by law OF any United States
bonds or certificates bearing interest or
any national banking association making
the same, shall be entitled to receive from
the Comptroller Of the Currency cIrculat-
ing notes OF different denominations in
blank, registered and countersipued as
provided by law, not exceeding the whole
amount OF the par value of the bonds:
providing, that at no time shall the total
amount OF such notes issued 10 any such
association exceed the amount at such
time actually paid IN OF its capital stock
Section 3. That from and after the
passing of this Act the Secretary of the
Treasury is hereby authorized and di-
Tected 10 receive at any United States
Mint, from any citizen of the United
States silver bullion of standard penu-
into silver dollars of 4l2I grains each,
The seigniorage on the said bullion shall
belong To the u nited States and shall be
the difference between the coinage value
thereof and the price of the bullion in
London on the day the deposit is made
and all expenditures for coming done
under the provisions OF this Act shall be
paid out Of said seigniorage and the Sec-
1-etary of the Treasury shall deliver TO
the depositors of such bullion standard
silver dollars equal in amount to the
price thereof as aforesaid, and whenever
the said coins herein provided for shall
be received into the Treasury certificates
in denominations less than so may be is
sued thereon in the manner now pro-
yided by law.
The committee adjourned without
agrSeing on any definite time of meeting
and some of the Republican members
said afterward that they saw no reason
for any more meetings. as it had been
made evident it would be impossible to
accomplish anything in the comnittee.
There was q full attendance ofthe COM
zniStee, except that Senator Jones of Ne
yaaa was absent. 1t was his absence that
caused the tie VOTE II he had been pres
ent his vote would have been cast with
the silver Democrats.