The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-01-30
In THE sESArx.


In THE SENATE.
I'm ,nclai Bnl bv Manderson-Pooling
.sIi Amended in Labor's interest
Washington City. Jan. 9.-In the SEN
ate Voorhees,. from the committee on
finance. presented compilation of the
laws bearing on the issue o: paper money.
It was ordered printe1 as part of the
financial literature being prepared.
The financial emergency came UP when
Manderson presented 8 resolution on the
subject. He prefaced it by stating that
some compromise was essential. There
must be an adjustment of views, giving
and taking. The resolution directs the
finance committee to prepare a measure
having the following essential features.
First. the secretary of the treasury to
maintain a reserve fund OF $2o0, ,0co. 0O
gold and 500. .o0Q 600 silver. Second. an is-
sue Of bonds, payable in either gold or
silver at the option OF the holder. for
the maintenance of the reserve. Third.
outstanding legal tender notes 10 be re-
deemed In gold or silver at the option OF
the holder. and not re-issued. Fourth.
for the next five years gold TO be ex-
changeable for silver. and silver ex-
changeable FOR gold. Fifth. national
banks to be authorized to use the fore
going bonds as basis for issuing notes.
and the tax on notes to be removed.
Sixth, impost duties from countries hav-
Ing the gold standard to be payable in
gold, and from countries having the sill
Yer standard TO be payable in either gold
or silver. at the option of the importer.
Seventh. authorize the coinage OF silver
and gold at a ratio Of Is TO !, to the
capacity of the mints,
The foregoing resolusson coming from
Republican senator. and including a
concession to silver. attracted the closest
attention. Manderson asked the imme-
diate consideration OF the resolution.
Teller said this document was rather OBJ
scnred BY the lecture the president had
read to congress. s"If.. continued Teller.
I'VE had a president who would take
twelve men in a room-twelve who are
known and recognized IN financial cir
cies--and say to them: Gentlemen. the
government viii make its payments In
silver. Now. IL you want a panic, have
it, there would be no panic. New York
does not want a panic. The run of gold
would stop in an hour
Manderson's resolution was referred TO
the finance committee. to be considered
together with other plans.
Chandler introduced the following reso-
luton:
Resolved. That the interstate COM
merce commission be directed to send TO
the senate a statement, prepared from
the later returns TO the Office OF the COM
mites. showing the capitalization of all
and each OF the eight principal railway
lines transporting passengers and mer-
chandise between Chicago and the Allan
tic ssaboard. showing also the proportion
which such capitalization bears to the
capitalization OF the railroads of the Unit
ed States. arr. s.stnng for last years ag-
gregate gross and net income OF said
lines. compared with the gross and net
income of all the railroads OF the United
States"
Chandler said this Information was ne
cessary to understand the effect OF the
bill recently reported from the COMMITTEES
on interstate commerce. He quoted the
section OF the bin allowing pooling, ard
continued: The authority given by this
paragraph is stupenGoGs. Under such au-
thority all the railroads of the country
may pool all their gross and net earnings
from ali sources. They may virtually
unite or form one copartnership. with a
capitalization equal 10 that existing June
90. 1891. OF sli.5s. 81. .sio The gross earn
.ngs or this capitalization we're for tbs
year ending then. sl.22e. 75l. .s74; and the
net income. after paying fixed charges.
was s1Ii.e5s03f. They nsay agree 10 COM
ulis this gross or net Income TO a rrransg-
ing board OF ten. or even OF three, officers
OF The various roaGs. This board can be
given authority and discretion TO pay out
for the purpose OF controlling legislatures.
state or national, or other public officers.
or for any such purposes. such portions
as they may see 1T from the gross or net
earnings Of this gigantic partnership.
and afterwards 20 divide ite remainder or
the net earnings among the various COM
paEiiss according 70 arbitrary fixed por-
ttoias OF leo per cent OF che whole. The
profits os railroad management depend
largely upon the rate OF wages paid. The
companies may esnbody in their partner
chip agreement a schedule for all classes
OF railroad operatives 20 be maintained
upon al railroads OF the country. In
short. this 81. .eoo ea.eoe partnership Is
gsyea unlimited power os railway cons.i-
idstlon: all railroad competition any
whore IN the country is abolished by act
OF congress rates Of fare and freights for
the wsole eoantry may De fixed by one
rnarsaganss bos4y. In view az the attempt
thus made to create an 81 .na. asss 60 roed
monopoly, with unlimited power to FIX
railroad rates. and wages OF railroad Ia
borsrs. / feel II 20 be my aaty TO endaavo-
80 secure certain azaessisnenss" The
senator then rad the amendment be Of
fercsi IN corrsusttee. whsch be has since
proposed. he tb@n said he could see 10
reason for the rejection os the amend
nere. ssoading that X II Is iasendsa that
she interstate commission shall make an
investigation. .-tf~ promise n a fra1s and
= ssecepsloa uron the reopse.''
Chandler announced hts snzenYtcu to o.