The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-01-30
DIED IN IT'S INFANCY.
Voorhees, Offers "a Bill That Is Killed
by His Committee.

by HIS Committee.
WASHINGTON, Jan. 29.-At the morning
meeting of the Senate finance committee,
the various propositions embodied in the
Jones, Vest, Mcpherson, Smith and Sher-
man bills were gone over and there were
some indications towards the close of the
meeting that it might be possible to secure
a majority vote on a modification of the
Jones bill. There was no vote on any prop
osition, however, and the expression of
opinion was not clear enough to rended 1t
certain what would be the outcome of the
afternoon meeting, the committee having
agreed to meet again at Q p. m. Mr.. Jones
told the committee that If there is no de-
cision the lines of his bill or any other
measure he would ask leave to report his
bill that it might be brought before the
Senate for action. No disposition was shown
in the committee to accept the recommenda-
tions of the President and there was but :
slight reference to his message. The propo-
sition outlined by him for gold bonds was
not received with favor by a majority of
the Democratic members, and even the Re-
publican members appeared ayerse to COM
mltting themselves to bonds of such great
duration as the President recommends. The
Republicans again indicated their willing
ness to unite on a measure granting au-
thority for a loan on notes of two or three
years time of sufficient volume to relieve
the treasury from its present distress, but
not to go further at the present time.
The proceedings of the afternoon session
were based on a bill which had been pre-
pared by Senator Voorhees,. This bill pro-
vided simply for the issuance of short-time
certificates which were to be used for the
purpose OF making good the reserve and of
meeting the reserve deficiency, but when the
afternoon session opened he had added a
clause providing for the free coinage of
sllver Inere was a motion to strike out
the silver provision, which was lost on a
tie vote of tive to five, all the Republican
members and Senator Mcpherson, Demo-
crat, voting for the motion, and all the
other Democrats opposing it. A vote was
then taken on the proposition as whole,
and it lost by a vote of seven to
three, Senators Vest and White, as well as
Mcpherson, voting with the Republicans.
There was also 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 and to maintain
the redemption of United States notes, and
also to enable him to pay current de-
fciencies in the revenue, he is authorized
in addition to the provisions of the act of
Jan. IA, 1875, from time to time, at his dis
erection. to issue certificates of Indebted
ness of the United States payable to the
bearer in coin, after three years from
date, at the option of the United States, of
the denomination of $40. $50 and 800, 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
an equal amount of lawful money of the
United States at designated repositories of
the United States and at such postoffices as
he may select. And such certificates shall
have like qualities, privileges and exemp-
tions described in the resumption act of
Jan. IA, 1876, for the bonds therein author
ICED and the proceeds thereof shall be used
for the purpose prescribed in this act and
for no other purpose
Section 2-That upon any deposit already
hereafter made in the manner required
by law of any United States bonds or GER
tficates bearing interest any national bank
ing associations making the same shall be
entitled to receive from the Controller of
the Currency circulating notes of different
denominations. in blank, registered and
-countersigned as provided by law not ex-
ceeding the whole amount, the par value of
the bonds deposited; provided, that at no
time shall the total amount of such notes
issued to any such association exceed the
amount at such time actually paid in of it's
capital stock.
''Sec 3-That from and after the passage
of this act, the Secretary of the Treasury
is hereby authorized and directed to re-
ceive at any United States mint, from any
citizen of the United States, silver bullion
of standard genuineness and fineness, and
coin the same into silver dollars of 412h
bullion shall belong to the United 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;s and the Sec
retary of the Treasury shall deliver to the
depositors of such bullion standard silver
dollars equal in amount to the price thereof
aforesaid; and whenever the said coins
herein provided for shall be received into
the treasury, certificates in denominations
of less than $40 may be issued thereon in
the manner now provided by law
The committee adjourned without agree
ing on any definite time of meeting, and
some of the Republican members said after
wards that they no reason for any
more meetings. as it had been made evident
that it would be impossible TO accomplish
anything in the committee. There was a
full attendance Of the committee, all being
present except Senator Jones, of Nevada
His absence caused the tie vote. If he
had been present his vote would have been
cast with the silver Democrats.