New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-03-04

| silver, whereupon the signs of panic multiplied
big drop in silver bullion followed, and stocks
went down with a rush. Many mines in the
West were closed throwing large numbers OF
men out Of employ ment and producing danger
| Gus conditions Throughout the South and west
many banks gave way under the strain and
all over the country manufacturing concerns
! were compelled to euspend.
Some relief was afforded BY the issue OF clear
ing-house certificates at the important finan-
cial centres. except Chicago. The issue OF such
certificates in New-York began on June ~
and the total put out during the summer was
| $3S. $50 600 The issue in Boston SILL
100000, and in Philadelphia S60O0000 In July
a remarkable dearth Of currency occurred.
Early in August bank and Treasury notes COM
manded a premium high per cent in
New-York. BY the middle Of August the worst
was over. and the premium currency ceased
the first week in September The banks began
to call in the Clearing House certificates, but
the last of the big issue in this city was not re-
deemed until November 1.
The number Of banks forced to suspend up to
September u was $40 Of which 151 were Ma
| tonal banks. During the summer three large
abroad corporations forced into the hands
Of receivers-the Erie, the Northern Pacific and
the Union Pacific.
Shortly after the beginning Of the Administra-
ton strong pressure was brought to bear on the
President to call Congress together as quickly
as possible to take such action it thought
might be necessary 10 relieve the country and
restore stability to business. On June 80. 1893
Mr.. Cleveland issued a proclamation summonng
Congress to meet in extraordinary session on
August T. In his proclamation he said: THE
present perilous condition is largely the result OF
a financial policy which the Executive branch
of the Government finds embodied IN unWlse
laws which must be executed until repealed by
Congress" The reference was to the sver-pur-
chasing clause OF the act of July IA. 1880, COM
monty known the Sherman act, which direct
ed the Secretary Of the Treasury 10 purchase Sill
yer bullion to the amount Of 100000 ounces
month at the market price.
EXTRA SESSION OF CONGRESS-
The LID Congress met in extra session on
August Z, 1893. The session continued until No
venber g. Congress was made up as follows:
Senate-Republicans 81: Democrats, ~; Inde-
pendents 1 vacancies. =; total ~.
House-Charles F. Crisp, of Georgia Hem).
Speaker; Republicans, 121 Democrats, us; In
dependents and Popusts, IL; total, dob
In his Message the President recommended the
repeal of the silver purchase clause Of the act or
1890 and the enactment Of legislation that would
put beyond all doubt mistake the intention
and ability Of the Government to fulfil its pc
cuniary obligations in money universally recog-
nized by all civilized countries"
on August il Mr.. Wilson. of West Virginia,
introduced in the House Of Representatives bill
providing for the repeal Of the clause referred TO-
with this proviso added: But this repeal shall
not impair or in any manner affect the legal
tender quality Of the standard silver dollar here
tofore coined: and the faith and credit OF the
United States are hereby pledged 10 MAINTAIN
the parity of the standard gold and silver coins
of the United States al the present legai rato.
such other ratio as may be eS'aonsm ,,s .,Ss
law" The bill was debated until August -.
when IL was brought 10 vote. Mr.. Biand, OF
Missouri. moved TO add provision authorizihs
the free coinage Of silver at the ratio OF 10 10
this was reiected-yeas 125, nays 10 not voting
2 Votes we're .hen taken on ainendments pro-
yiding for rec coinage at various ratos-l' 10 !.
IS to 1. 10 to and ~ 10 l. All were ueied'Iu Wy
large ma iorities. A motion to add to the bli
clause revvng the Bland-Allison act or 100 SO
as TO require the purchase montniy py ,ne oos
eminent Of not less than xZ.uVVu ana hol ,iiUIe
than 81 OOOUO worth OF silver bullion, ana tie
coming of the same as fast as purchased INTO
standard silver dollars. was also reJecleoIseaS
I36 NAYS 213 not voting A. The Dill as miro
dnced nv Mr. Wilson then passed by tne
unuee nv tine following vote: Yeas G'9. nays lU,,
not voting g. The majority vas composed OF iot
Republicans and 13S Democrats the minority VI
"a Republicans and - Democrats.
ACTION OF THE SENATE ON SILVER
On the following day. August - the Dill was
reported TO the Senate by Mr.. voorhees, ior 'he
Finance Committee. with an amendment ID 'he
nature OF a substitute to this effect: lha' 'iie
silver-purchase clause Of the act OF is" DE re-
peaed; and it is hereby declared to be the pohcy
Of the United States to continue the use OF oo'h
gold and silver standard money ana 10 com
both gold and silver into money Of equal extrinsic
and exchangeable value such equality TO be Sc
cured through international agreement VI W
such safeguards OF legislation as will insure 'ne
maintenance Of the parity in value OF COINS OF
the two metals and the equal power or every oo'-