St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-01-30
COED FOR DUTIES VETOED.
The Clause Stricken Out
Other Changes Pro-
posed
IN TIE SENATE COMMITTEE.
Proposition to Substitute
Springer Bill for Voorhees,
Bill Was Defeated.

WASHINGTON. Jan. 29.-Tbe house
committee on banking and currency
spent the day in debating the new ad-
. ministration bill, and went through it
i by sections, adopted three important
amendments and adjourned until to-
: morrow, leaving two amendments to be
T acted on. Chairman Springer says that
the committee will be able to report the
/ amended bill to the house tomorrow.
Republican members say that the
| plan will be in committee two or three
| days longer, but all agree that it will be
I reported to the house in time, although
Z materially changed from the original
) plan, since the Republicans are dis
| posed to cooperate with the administra-
ton Democrats. There was some spar
ring for points in the committee. and a
| general disposition to engraft personal
| schemes upon the measure; but as a
whole the proceedings were unusually
| free from partisanship. Mr.. Springer
has not yet decided how much time he
will ask the committee OH rules to give
for debate. The bill is privileged one
and can be called up at any time. Ac-
eerdiugly, California Democratic mem
berS, who are fighting the Reilly Pa
cific railroad bill very bitterly, are urg
ing Mr.. Springer to report the financial
measure tomorrow if possible and dis
place the Reilly bill. The action of the
house upon the amended bill seems TO
depend upon the Republicans, who
hold the balance of power. How far
the amendments will placate the oppo-
sition remains to be seen. but 1t is con-
ceded that the chances of the measure
are much better in the house than in
the senate. Its opponents are largely
depending upon the free silver senators
to talk it to death, as they may be able
to-do in a body which has no rule by
which it can fix day for vote.
The hrst of the amendments adopted
was proposed by Haugen (Rep.. Wis.),
and reduces the fax upon the circuia-
tion from per cent per annum to one
fourth Of l per cent, payable Senll>
annually. The second, proposed by
Walker (Rep., MaSS.) }, strikes out the
fifth section OF the bill, that requiring
import duties to be paid in gold. The
}
When the committee adjourned two
amendments were pending, TO be acted
upon tomorrow. One, offered by Mr..
Rnssell (Rep.), Stipulates that the re-
tiremenL and cancellation of legal ten-
deTS for each month shall not be greater
than the increase in amount Of national
bank notes under the operation OF the
plan. This amendment was carried
when first offered, and then there was a
successful motion to reconsider and
postpone action for day.
Representative Walker stands sponsor
for the other pending amendments,
which is 10 require One-half of the re-
serve funds of the banks to be held in
gold coin or gold certificates, the other
| half in silver coin or silver certificates.
Ten per cent of the reserve is TO be held
in this stipulated form on July |, 1895;
20 per cent at the end of three months,
the change being made at the rate Of 10
per cent Il quarter until completed. The
discussion upon this amendment hinged
| on the point whether forcing the banks
to secure gold for deposits would not
cause greater demand upon the treas
ury for gold than the raids which are
now i'll progress.
Several amendments were postponed
which failed. Most important OF their
number was one to substitute the word
coin" for ''g0ld' in the provision for
payment of DO DIS. which commanded
four votes. its opponents numbering
six. Another unsuccessful amendment
was one to give the secretary OF the
treasury discretion 10 fix the rate of in
tereSt on the bonds and make them pay
able after various short terms.