The record-union., 1895-01-30
DUINGS IN CONGRESS.
Yesterdays Proceedings In the Senate
and House.

Yesterdays Proceedings In the Senate
and House.
WASHINGTON, Jan. 90. - President
Cleveland's financial message has again
startled the eddies and currents Of senti-
ment on the financial question in the
Senate. While this has not yet been
crystalliZed into definite action, several
incidents occurred in the Senate to-day
which indicate general tendencies. Man
dersOn (Rep.) of Nebraska presented
compromise plan. The Senator empha-
slzed the needs Of concessions and COM
promise in vigorous speech, urging
Senators to give and take III order thai
some common ground Tor meeting the
financial emergency might be secured.
In reply, Teller (Rep.) of Colorado
made the significant declaration that no
such compromise legislation could be eff
tected at this session OF Congress.
Mitchell of Oregon offered substitute
on the lines Of the so-called Torrey bank
ruptcy bill, and George (Dem.l OF Missis-
sippi speaking at length in explanation
OF the bill.
Ihe financial emergency came up when
Manderson (Rep.) OF Nebraska pre-
sented a resolution on the subject. He
presented 1t by stating that some COM
promise was essential. There must be an
et0J " wow ~ q X ~ ANU LdhluP.
The resolution directs the Committee On
Finance to prepare measure having the
following essential features:
tIrst-Ihe Secretary of the Treasury to
maintain a reserve fund of 500, 900, 600
gold and $500, 100000 silver.
SecOnd-An issue of bonds payable in
either gold or silver, at the option of the
holder, for the maintenance of the re-
serve.
misunderstanding legal tender notes
to be redeemed in either gold or silver,
at the option of the holder, and not re-
issued.
Fourth-For the next five years gold to
be exchangeabIe for SILVER, and silver ex-
changeable for gold.
Eitth-National banks to be authorized
TO use the foregoing bonds as a basis for
issuing notes, and the tax on notes to be
removed.
Sixth-Import duties from countries
having the gold standard TO be payable in
gold, and from countries having the sill
yer standard to be payable in either gold
or silver, at the option Of the importer.
Seventh-AuthoriZe the coinage of sill
yer and gold at a ratio of 16 to /, to the
capacity OF the Mints.
The foregoing resolution coming from
republican Senator, and including a
concession tosslIver, attracted the closest
attention. Mr.. Manderson asked the i'm
mediate considerable of the resolution.
Mr.. Teller said this document was
rather obscured by the lecture the Presl-
dent had read TO Congress. IF" contin-
ued Mr.. Teller, I'VE had President who
would take twelve men in a room
twelve who are known and recognized in
nnancIaI clrcIes-and say to them: Gen
tlemen, the Government will make its
payments in silver; now, if you want a
panic, have it; there would be no panic
New ofk does not want a panic. The
run OF gold would stop in an hour"
Mr.. Manderson's resolution was re-
terred to the Finance Committee, to be
considered together with other plans,
IN THE HOUSE.
WASHINGTON, Jan. GA special
order was invoked to bring the bill to re-
peal the one-tenth of a cent differential
duty imposed by the new tariff on
sugars imported by bounty paving
countries and it was passed without
amendment, by vote 239 to 81.
A series OF amendments, two offered by
Hepburn and Hopkins, looking to re-
tallatlon in case Germany refused to ad-
mt ouE meat products alter the repeal of
the dltferential; one by Hit to repeal the
one-eighth dl1terential on refined sugar:
one by DlngIey to provide that this 4 ct
should not be construed to mean the
United States surrenders the right under
the treaties containing the favored nation
clauses to eiIect bounties by the imposi-
tion OF equivalent ditferential duties, and
one by Van Noorhies to place all sugar.
raw and refined. on the free list, were
lost by practically strict party votes.
lhe debate to-day was OF a most inter-
estlng character and at times yery
spirited. 1t touched quite extensively on
the Treasury situation, and the remedies
to be applied. The attempts to amend
the bill by repeating the other portions of
the sugar duty were opposed by Wilson
on the ground that if the bill was loaded
down with amendments it would surely
meet its doom in the Senate.