New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-01-18
SHERMAN TO THE RESCUE.
HE INTRODUCES A FINANCIAL BILL
BASED on COMMON-SENsE
IT PROVIDES FOR PER CENT BONDS AND
SMALL DENOMINATION CERTIFICATES
OF INDEBTEDNESS - MIR. PuGH
HAS ANOTHER INITIATION
PANACEA READY.

lBY TELEGRAPH TO THE TRIBUNEJ
Washington Jan. IA welcome break IN the
long list Of quack remedies offered Tor the rehel
OF the Treasury's embarra ssments came lo-dd!
when the first rational, practical ana ieasloie
scheme yet suggested was put forward III the
Senate. The author Of the new bill. az might
have been expected was Republican, ana III us
few and simple provisions are contained more
common-sense than in all the Democratic pio9ec.s
taken together, from Mi. Carlisle currency DIE
to the free-silver vagaries of Senators jones
Vest and Pugh. The new measure was hHo-
duced by Senator Sherman, but it expresses the
united sentiment of the Republican members u
the Finance Committee and is Endorsed by the
general sentiment Of the Republican side 1t pro-
poses TO relieve the wants Of the Treasury IN d
direct and straightforward manner through the
issue of ? per cent bonds and certificates the
latter I'm denominations small enough TO reach 'he
general public Enough obligations OF these TWO
classes are to be ioated at the discretion Oh .ie
Secretary Of the Treasury to wipe OUT tne oui
deficiency in the revenues, While 10 enlaIee .iIe
general circulation National banks are author-
led 10 issue notes the full value OF the bonus
deposited by them in the Treasury Inc 'eAt VI
Re ' IL enacted by the Senate and House of Rep,
resentatves Of the United States Of America IN
of IKE Treasury to provide for and maintain the
redemption of United States notes s0narg
rs entitled IAN act to provide for the resump,
ton Of specie ann IN she he
authorized, from time 10 time. at ms aiscie',Ua
IN Coin either Of the description OF bonds author
lied in said act or coupon or Iegsterea }r he
objects herein stated not exceeding the current
deficiency of revenue bearing noi 10 eMfeeu r,,a h
and redeemabie at the pleasure Of the United mite
states in coin after pr nye ssa ana
vided in sad for the bonds therein au'moa'ZTa
And the Secretary Of the en proyded
for and none other; - o,,. =, Tho bonds de-
scrbed in the first section of this act the Secre'y
of the Treasury is hereby authorized al ms ~
United States payable TO the bearer IN com alter
fve years from date. at the pleasure Of ,he sie5
with annual coupons for interest at the IGIe oa
per 5 per ro ess ana an equal Of
lawful money of the United States at Designated
noptoices as he NAV select And such certificates
Snail have the like qualities. privileges ana -
bonds therein authorized. And the proceeds there
of shall be used for the purposes prescrno rS III
Sec. g. That upon any deposit ALREADY or mere
after made IN the manner I r,anoas Searne in
terest, any National banking association maKins
ContToier of the Currency circulating notes OF
different denominations IN nianK ead HI,
in the whole amount the par value OF the pohus
of such notes issued to any such association eX-
coed the amount at such time actually paid IN
of it's capital stock. 1T,
Mr. Pugh also offered this morning an eiaDo-
rate scheme of finance TO the Senate lis pro
visions do not differ greatly from those OF the
bills drawn by other free-silver Senators, except
that Mr. Pugh would put the country much more
frankly and completely on silver basis Inc
serious consideration Of the Pugh bill by either
side of the Chamber is considered wholly out OF
the question.
Both bills were read in full ana were reIer'eu
10 the Finance Committee.
D. MIR Pugh made an imprisoned speech as he
introduced his BILL in which he referred to Mr..
Vests facetous characterization OF Senators yes
terdav as a lot Of "old Muscovy brakes and con-
demned it as degrading, notifying and humll-
iatng." ..-
The Pension Appropriation bill (appropriating
$4,000 600 for pensons) passed with an
amendment TO abolish 81 and "a disability pen
sions and 10 make the minimum of them all 50
month.
The Army Appropriation bill was then taken
I'D but got snagged on question OF cnange OF
army posts-a question on which Mr. Mltcheli
,Rep Ore) and Mr.. Blackburn Dem, kyD got
heated up to a point which came dangerously
rear to a personal alteration.