Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1895-01-30
PONDER ON FINANCE
Committees of the House and
Senate at Work.
SPRINGER BILL SLIGHTLY CHANGED

Long Time Bonds Not in Favor by House
Statesmen, and Gold Custom Duties in
the Same Boat-The Senate Experts
Think Over Voorhees, and Manderson
sehcme, and Are Still Thinking-Out-
lines of the Two Plans.
WASHINGTON, Jan. 3).-The finance
wiseacres of both houses We're busy yester-
day trying to arrive at some method OF
carrying out the suggestion of the presi
dent i'm his special message. The house
banking and currency committee, after an
all day session, had amended the presi-
dents IDEAS as contained in the Springer
bill by making the bonds redeemable at
the pleasure of the United States in ten
years, striking out the section providing
for the payment of customs duties in gold.
and reducing the tax on bank circulation
to u of l per cent, payable in twO-year
installments of e of l per cent. each.
This was as far as the house financiers
got. The senate 1nanciers didn't get any
where.
Accumulated Much Material.
But they accumulated much material
and discussed the whole financialfield. One
discussion was based on a bill which had
been prepared by voorhees,. This bill
provided simply for the issuance Of short
time certificates, which We're to be used
for the purpose of meeting the revenue
deficiency, but when the afternoon ses-
sion opened he had provided clause for
the free coinage of silver. There was a
motion to strike out the silver provision,
which was lost ON a tie vote of 5 to D. all
tho Republican members and Mcpherson
voting for the motion and all the Demo-
Gratis opposing it. A vote was then taken
on the proposition as a whole and it was
lost by vote of Z to e, Vest and White,
as well rs Mcpherson voting with the
Republicans. There was also n tie vote
on a motion By Aldrich to substitute the
Springer bill for the voorhees, bill.
A Measure by Matierson.
Then there was introduced in the senate
by Manderson n resolution directing the
committee ON finance to prepare measure
having the following essential features:
First-The secretary of the treasury to
maintain a reserve fund Of S20O. 900 900 gold
and SON, coo 0UO silver.
Second-An issue of bonds payable in
either gold or silver at the option of the
holder for the maintenance of reserve.
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 exchangeablc for silver and silver ex-
changcable for gold
Fifth-National banks to be authorized
TO use the foregoing bonds rs 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, and from countries having the silver
standard to he payable in either gold or
silver 1t the option of the importer.
Sevcnth-Authorize the coinage of sill
vcr and gold, ut a ratio of l6-to-l, to the
capacity of the mints.
Important Amendments Pending.
When the house banking and currency
committee adjourned there were two i'm
portaht amendments pending. One Of
cred by Rupcll (Rep), stipulates that the
retirement and cancellation of legal
tenders for each month shall not be great
er then the increase in amount of national
bank notes. Representative Walker
stands sponsor for the other pending
amendment, which is to require one-half
of the reserve funds of the bank to be
held in gold coin, or gold certificates, the
other half in silver coin or silver certiti-
Gates. Ten per cent. Of the reserve is to
held in this stipulated form on July /. .lS.5;
- per cent. at the end of three months;
the change being made at the rate of 10
cent. quarter until completed.
Declined to Substitute sCoin."
Several amendments were proposed,
which failed. Most important of their
number was one to substitute the word
''coin' for gold in the provision for
payment of the bonds, which commanded
four votes. its opponents numbering SIX.
Dcings In Senate and House.
WASHINGTON. Jan. b. - The senate
spent most OF the day on the bankruptcy
bill. Mandcrson introduced a resolution
calling on the finance committee to frame
bill including the maintenance of n re-
serve of Sio,00o, 100. half gold and half
silver for bond issue payable in gold or
silver ut the option Of the holder, for the
retirement of the grecnbacks with the
same option. the payment of duties in
gold from gold countries and silver from
silver countries at the option of the i'm
porter, and for free coinage ut l6 tt l. Tel
Ter said that no compromisr on silver
could pass. Chandler presented an amend
ment 20 the railway pooling bill provid-
ing a system OF arbitration in strike mat
tiers. A bill was passed to amend the in
tcrstate commerce bill so as To permit the
sale of interchangeable mileage tickets to
commercial travellers.
The house under special order passed
the sugar diffcrcntial repeal bill-3ry to