Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-01-23
FINANCIAL TALK
Two Measures Introduced in the
Senate on the Subject.
liR. Smith WANTS A COMMISSION
Senator Jones Bill Provides for
Bonds and Free Silver.
IN THE HO USE

| The credentials of Mr.. Mcmillan of Michi-
gan for the term beginning March next
| and of Mr.. Burrows, who succeeds to the
uncxpireI terra of the late Senator Stock
bridge, were presented to the Senate today.
| Mr.. Palmer's resolution in reference to
bounty payments to Missouri militia was
passed
a new and practical turn to the Ha-
| waiian subject was given by Mr. Hale
(Me), who introduced an amendment TO
the diplomatic and consular bill proVloins
| S5tID,UUD fer the survey OF cabie route
connecting the Hawaiian Islands and the
| United States.
| A Currency Co,nn:issioi, Proposed.
Mr. Smith CI. j. then had read a bill
which attracted much attention. 1t pro-
videS for Il ron-partsan currency commas
sion of twelve members, to make invesu-
cations OF fiscal Questions and FOR an ISSUE
| of bonds to produce revenues for the gov
erEment Nir. Smith said that he had
hoped to see some solution to the present
currency emergency. He was sd
however, that 50 little time remained Tor
legislation by this Congress tnat no Dill
| would he passed. Under tneSe crcuin-
stances he proposed this plan. which you'd
| set ON foot Il Tu.i investigation, with a
| yiew Of securirl. the proper remedy. 1t
WSS desirable to have Il Eon-part-S-il coiii-
| mission, in order that its work might COM
| mend itself to tie new Congress
Senator Smiths currelcy Dill provinces
that the President shall appoint four coia-
rnissioners from civ.l l.ta, no more tatn
two of whom shall be members OF the
same political party. The President OF 'he
Senate shall appoint four Senators, 10 TWO
of whom shall he members OF the Salle
party. The Speaker of the House Is to ie5-
igaate four members under the same con-
! d!tions The Senators and members
chosen are to he members of TIE Fifty
fourth Congress. These are to be known
as the monetary commission.
| 1t is made the duty OF the commission to
take into consideration ana to i1VeStiyatc
| thoroughly all the various questions re-
| lating to the currency, so tar as may ne
| necessary 10 the establishment OF Judi
cious system CT curI 21cy upon u pe'ma-
nent basis The commission is empowered
| to visit different portions of the country
| The commission is to make to Congress a
final report OF the results OF its inVest.Sa-
tions together with such recommendations
as it NAV deem TO be to the best interests
of the United States, not later than the
second Monday in December. lS''.
The bill also authorizes the issue or
| sloossltUO of 5 per cent bonds. relieenlable
in gold coin at the expira ton OF ten years.
Mr Stewart (Ney.) followed Mr.. Smith
in an argument against any COMMISSION
| or other means of avoiding direct actIol
on the currency. Atr. Stewart haG read an
article from the Cincinnati, Enquirer. adj
dressed directly to the Secretary OF the
! Treasury, and arraigning him for prefer
| ring gold TO SILVER.
| Mr.. Jones' Bill.
Mr.. Jores (Ark) added to the interest of
the currency question by presenting the
bill which has been discussed in the
finance committee. Its reading was fol-
| lowed with close attention, owing to the
prominence of the Senator in shaping most
| of the finance committee work, of which
he is q member
1 1rac S:.nnt To ~ "
concerning the currency bill he had submit
ted. He pave in detail the gold resources
of the treasury aud it's constant depletion
| in -nite of the bond issues This exodus Of
| gold had been particularly heavy Withln
| recent months.
| He read in detail the Presidents state
| nents in his annual message as to main
| tanning the gold reserve IN view CT the
Presidents emphatic announcement th't
| he would maintain the credit OF tile gov
| arnment by such resOrt rs was necessary
| to issuing bonds, ard with the low condi-
| tion Of the gold reserve. Mr. Jones lie
clarcd that it was perfectly apparent hon1
issues were certain to be made from time
| to time.
| MIR. Jones spoke of the constant danger
in the present plan of issuing bonds, winch
permitted the banks to force an issue, then
to take gold from the treasury IN order TO
pay for the bonds, and thus keep up this
constant assault on the gold reserve, and
the constant necessity for bonds.
Mr.. Jones, but 1 willing to submit to
| bends a matter of necessity as long as
| the re is coupled with it a sensible, manly,
| honest recognition of silver. If the feeling
| throughout the country in favor OF silver
| is properly recognized, then l will agree to
the issue of bonds, and l will agree to 1t
| under no other conditions"
| Mr.. Jones said it was his conviction that
the silver men would make grave mis-
take If they insisted on the extreme linz
it's of their hopes.
| The floor and gallaries filed as he pro-
| ceeded, and he was given the closest at
tention by Senators Hill. Teller, McPher-
son. Vest and others, who have taken part
| in the currency discussion, came from the
cloak rooms and took seats near the Sena-
tor.
The failure of the silver element to Sc
cure concerted action was made evident
| as soon as Mr.. Jones closed his remarks
| as Mr.. Stewart again took the floor to
| argue against the Jones BILL He conceded
the good motives of the Senator, but urged
that the bond provision was surrender to
the banks and the gold power.
Mr.. burrows Sworn In.
Mr. Burrows, accompanied by number
! of his old associates of the House, came in
| at this point, and on motion of his col
league ORR McMillan) Mr.. Burrows was
sworn in as Senator from Michigan.
Mr.. George CMiss) stated that he had ex-
| pected to further address the Senate on
| the Hawaiian question, but would present
his remarks at later day. The Nicardguan
| canal bill was then taken up and Mr.. Tur-
pie 0nd) resumed his speech against the
| measure.
THE HOUSE.