The daily morning journal and courier., 1895-01-24
HE WANTS IT NON-PARTISAN
BILL INTRODUCED FOR 4 MONE- FAIRY COMMISSION IN THE SENATE.

It Was Presented by Senator Smith of New
 Jersey-He Had Hoped That Before This
 Measure Would Have Been Proposed to
 Relieve the D stress.
 Washington, Jan. 2S.-Mr. Smith,
 dem. of New Jersey, introduced his bill
 in the senate to-day to provide for the
 appointment of a non-partisan com
 mission and to provide means to meet
 temporary deficiencies in the revenue of the United States. He had hoped
 that before this a measure would have
 been proposed that would afford the res
 lief so sadly needed throughout tho country and on which the senators could agree. But it had become evi- dent that there was no hope of enact- ing any measure of general financial legislation-"th people," he said, have suffered greatly during the past year. Their patience is exhausted, and in my l Judgment no senator or representative who deliberately stands in the path of prompt relief and returning prosperity need expect mercy at their hands. | "We democrats have felt the full forca of popular rebuke, not because we were democrats, but because we failed l to satisfy the expectations of the peo- | pie. Like action or delay of action by | our republican opponents will reap like punishment, no less swift and no less severe. I believe it to be our plain duty to extend the fullest possible measure of temporary relief and to multiply in every way the actual rea- sons for a restoration of public con- fidence, national credit and prosper ity."
 MT. Stewart, pop. of Nevada. opposed the proposition of monetary commis- sion to be appointed by the president, arguing that the president would nat | urally appoint men who sympathized with his own financial views. The bill was referred to the finance committee.
 Mir. Jones, dem. of Arkansas. then in- troduced his bill providing for the issue of bonds, the coinage of silver and for | other purposes.
 MT. Jones stated that within ten months after the sale of the last fifty, | million of bonds the gold reserve ran down to $69,00O,O00 showing net jess of $65,00OOoO. For the second lot of l $5O000000 of bonds there had been re- celved $5SO0OO0O in gold and $5,0OOO0O in gold certificates, making a total re- l serve of $120,0OO,000 But five days ago hefound that over $50, ,000, 900 of gold had been drawn out si nee the last sale of bonds, only two months ago. That was an indication of an accelerated move ment in the withdrawal of gold which would necessarily cause rapid sale If bonds. So long as the obligations stood out which had to be redeemed in gold it was clear that there could be no relief from the present situation. Therefore it was that his bill provided for the retirement of the greenbacks and the Sherman notes. He was willing to agree to an issue of bonds provided it was coupled with a sensible and sub- stantial recognition of silver. Under no other condition was he willing to vote for any issue of bonds.
 MT. Platt, rep, of Connecticut, asked MT. Jones how the silver certificates provided for in his biYt were to be re- deemed.
 Tn silver dollars" was MT. Jones' re- ply.
 If we are not to keep a gold fund for their redemption" MT. Platt asked, but simply silver fund, does not the senator think that it would at once put gold to a premium and put us on a sil- yer basis?"
 They are not redeemable in gold now" MT. Teller suggested.
 But" said MT. Platt, they are ex- changeable into greenbacks, and green- backs are redeemable in gold"
 MT. Jones, referring to the provision in his bill prohibiting greenbacks and national bank notes below the denomi- nation of $10, said that the total amount of such currency now in circulation was $31S, ,000, GOO, and all this would have to be replaced by silver certificates He was in favor of the broadest silver leg islation. But 1t was impossible for the extreme silver men to put their private views into force at this time. He be- lieved that the enactment of his bill into law would be a great stride for ward in the interest of silver and would bring great relief to the masses of the people
 MT Stewart opposed the bond issue portion of the bill, he said, because the bonds would be issued for the purpose of getting circulation for the banks.
 Mir Burrows took the oath of. office here.
 MT. Palmer, dem., of Illinois, intro- duced a bill in relation to the Union Pa- cific railway and for other purposes. Referred.
 The Nicaraguan canal bill was then taken up and MT. Turpie, dem. ot In diana, continued his speech.
 At the close of MT. Turpie's speech the bill went over and the senate ad- journed.
 Aa T, o.,o1,,4ioY BiII Passed.