The Kimball graphic. (Kimball, Brule County, Dakota [S.D.]) 1883-1905, 1895-02-02
CONGRESSIONAL PROCEEDINGS
Henderson of Nebraska Introduces Rcso
lutlons Embodyins a Financial Mca,

esgsN lE.E
Washington, Jan. 29.-Mr. Hill, dem.
New York, presented resolutions of the
chamber of commerce of New York OF
the subject of the national finances.
The resolutions, which declare hearty
concurrence with the recommends
ions Of the president, were read and
referred to the finance committee.
MI. Manderson, rep, Nebraska, made
some preliminary remarks on the finan-
cial situation and then introduced the
following resolution:
Resolved, That the committee on
finance be directed to consider the ad-
visibility of reporting to the senate for
dts action n bill for the relief of the
treasurer of the United States giving
stability to its currency and advancing
the greater use of and RECOMMENDATION
of silver, that shall embody the follow
ing propositions:
Il. Require the secretary of the treas
ury to constantly maintain a reserve of
$500. OO0,o 600 in gold and 5000, 000, 900 in
silver.
80 Authorize the issue and sale of
bonds of such denominations as may be
prescribed by the secretary of the treas
ury, payable IN gold or silver at the OPP
ton of the holder, bearing such rate of
interest as will enable the secretary to
obtain pal for them for the object of
maintaining the reserve and for other
purposes.
IS. Provide that as United States le-
gal tender notes or greenbacks are pre-
scented for payment they shall be paid
In gold or silver at thu option of the
holder and when paid shall not be re-
issued, but destroyed.
-. Provide that for five years the
United States treasury shall on demand
exchange its gold coins for silver coins
and silver coins for gold coins.
IS. Authorize national banks to use
h new bonds as a basis for their
issue of notes to the amount of the face
of the bonds, of denominations of not
less than $40, and remove the tax on
national bank notes.
&c. Provide that as to imports from
countries having a gold standard all
duties shall be paid in gold and when
such imports came from countries hav-
Ing a silver standard the duties may
be paid in gold or silver at the option
Of the importer.
II. Authorize the free coinage of both
silver and gold at the ratio of l6 to /
within the limit of the American pro-
duct n to the capacity OF our mints
and provide for additional or enlarged
coinage of subsidiary coins, bringing
its legal tender power to the payment
of debts of $40"
Mr.. Teller, rep, Colorado. remarked
h a the senator from Nebraska was
evidently not in full accord with the
president of the United States. The
president proposed a debt of $500, 600, 900.
THE president wishes,"sa Mr.. Teller,
Ito enter on the system of %perpetually
maintaining a public debt for that Is
what a fifty yea BOND amounts to.
I do not think that even that period is
long enough IL we are going TO enter
on the system suggested by the pres
ident; for the people will not be able
to pay the debt in fifty years. But the
proposition is not to pay 1t. The pro-
ject is to have a perpetual national
debt like the English debt and the
French debt. The American people 10
not intend, l think, to load this country
with a perpetual debt" Proceeding 20
the discussion of the question, Mr. Tel
Ter declared that the only sensible way
of obtaining gold was to buy it with
the products of the country. And the
difficulty about that was hat when the
country was on a gold basis the prices
of all products We're lowered. Three
cent cotton and 40 cent wheat in the
ports of Europe, would bring gold TO
this country. but could the American
people afford to buy gold at such a
price? He did not believe so. The
treasury, Mr.. Teller said, ought to
adopt the policy of the Bank of France
and pay its notes in whatever coin was
most convenient to 1t. Why he
asked, SHOULD the treasury pay in gold
when the law reserved to it the right
to pay in silver?" At the conclusion OF
some further remarks by Mr.. Teller.
criticising the presidents propositions,
Mr.. Manderson's resolution wa rc-
ferred to the finance committee an,:
Mr.. Chandler, rep. New Hampshire,
addressed the senate in an argument
adverse to the pooling bill.
The finance committee met again at
2 o'clock and Mr.. VOORHEES,, submitted
his bill. Mr.. Voorhees, suggestions are
on the order of those previously sub
mitted by MIR. Allison, and provide for
the issue of treasury certificates draw
ing 8 per cent interest, redeemaDle
after three or five years to maintain
the reserve and meet expenses. Thes,
certificates are to be coin obligations
and will be sold for gold or g%reenbacks
and are looked upon as but a tempo
rary %expedient. Just before the corn
mittee went into session this afternoon
a prominent member said that he felt
quite certain definite action would be
taken today.