The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1895-01-30
1885,.

committee on finance to prepare measure
having the following essential features;
First-The secre ;ary of the treasury to main.
ain reserve fund of 100000, 900 gold and
5000, ,000, 600 silver. 4..t.@. As.e..
second-An issue OF bonds payable In either
gold or silver, at the option OF the holder, Tor
the maintenance OF the reserve. a
Misunderstanding legal tender notes to pc
redeemed in gold or silver, at the option Of
the holder and not re-issued. ~ itet .
Fourth-For the next five years gold to
be exchhngeable for silver and silver exchange
able for gold. r.s.. -a. s.-
Fifth-National banks to be authorized to
use the foregoing bonds as basis for issuing
notes. and the tax on notes to be removed.
Sixth-Impo,t duties from countries having
the gold standard to be payable in gold, and
from countries having the silver standard TO
be payable in either gold or silver, at the option
OF the importer
Observation-Disclosures the coinage of silver and
gold at the ratio of IL to !, to the capacity OF
the mints.
The foregoing resolution, coming from Re-
publican senator, and including concession
TO silver attracted the closest attention. Mr..
Manderson asked the immediate consideration
of the resolution. t;ss
TELLERs PLAN.
Mr. Teller said this document was rather OBJ
scured by the lecture the president had read
to congress *ia
"If," continued Mr.. Teller, eve had presi-
dent who would take IL men in room-lz
who are known and recognized in financial
circles-and say to tn sm : Gentlemen, the
government will make its payments in silver
Now if you want panic, have it, there would
be TO panic. New York does not want panic,
The run OF gold would stopin an hour
Mr.. Mandersoa's resolution was referred to
the finauce committee, to be considered to-
gether with other plans fs
ANOTHER CONTRIBUTION
Mr.. Frye offered a resolution which was
agreed to, calling for the correspondence with
the chief justice OF Samoa and with the United
States consul there. -
MIR. Allison made another con tribution to the
financial question by Offering resolution call
ing on the secretary of the treasury to inform
the senate what portion OF the StoO.0op.O3 O30
gold reserve, so called, has been used for meet
ing current expenses. and what part of the
proceeds of the recent bond sales have bee N
similarly used.
Thc resolution went over on objection OF Mr.
Vest. S
Mr.. Eutier, Democrat South Carolina, gave
notice no would call up the posting bill during
the morning hour tomorrow.
The bankruptcy bill was taken up and Mr.
Mitchell, Republican, Ore, offered substitute
on the liues of the old Torrey bill with some
odifcntions.
Mr.. White, Democrat OF California, brought
up the question of the conflict Of The proposed
national bankruptcy law and the insolvency
laws of the various states.
Mr.. Georges speech the bill was in pro-
gress when the measure was laid aside
The credentials were presented for two now
senate from Wyoming. c. D. Clark for the
une ,pired term, beg nning March FIRST and L.
E. Warren, to succeed Mr. Carey.
| The bill to incorporate the National Associa-
! tion Of EloristS was passed. -,--s's
| Mr.. German secured the passage OF the bill
known as the com mcrofal rtrave lers' bill. 1t
| amends the interstate commerce law so as to
permit the sale of interchangeable mileage
tickets to commercial travellers
AT Jas O'Clock the sena e adjourned.