People's Pilot, Volume 4, Number 33, Rensselaer, Jasper County, 2 February 1895 — THE BILL IS READY. [ARTICLE]

THE BILL IS READY.

Financial Measure Aj;rea-d to in Committee. Washington, Jan. 31.— A financial bill based < n the President's message has been agreed upon by th<- banking and currency committee aft< rally two days of earnest work. It v ill be reported to the house and a ru r secured limiting the debate, which wall begin Monday. It is strictly a now-partisan measure. It will probably pass the house, after bitter opposition. Changes made are as follows; The bends are made payable after ten years at the option of the gowrnment. The requirement for paying customs in gold is dropped. Rank reserves are required to be held in coin, increasing from 1.1(1 to 1.2 gradually, and half of tl»e coin must be in gold. The tax on national bank notes is reduced from 1 per cent to one fourth of 1 per cent, and this hitter amount is made payable in semi-annual installments. This is for the purpose of inducing nat’onat banks to take out circulation. The existing laws restricting rapid increase of circulation are repealed for the same purpose. The greenbacks are to be retired only as rapidl.y as bank notes are issued to take their p aces, thus preventing contraction of the currency. The original proposition to retire notes below §lO and substitute silver certificates is eliminated from the bill as amended. The necessity for recouping - the gold reserve at once is apparent to the treasury, and the prospects are that bids for an issue of I per cent bonds of §100,000,000 will be called for within a. few days. Unlike the 5 per cents, which ran for ten years, these are thirty years bonds, ami hence are likely to prove more popular with foreign investors, for this reason as well as the fact that low premium bonds are more salable abroad than high premium, high rate securities are. Representative Aldrich endeavored to secure unanimous consent to have inserted in the house record the telegrams from Chicago bankers, merchants, and manufacturers asking jor action on the President's financial policy. Jerry Simpson, tine Kansas populist, however, objected and prevented the telegrams receiving public recognition. In the senate, however, Senator Cullom secured their introduction with leave to print in the reword.

VEST SAYS ADIEV, I'artiiiK of the IVayi Comes on the Great I‘Tnnncial Onestlou. Washington. Jan. 31.—The session of the senate yesterday was unusually eventful in giving expression to the intense feeling which has been aroused by the financial question. Mr. Sherman of Ohio spoke for the first time since the new phases of the financial situation were presented. Mr. Vest lent a personal interest to the debate by declaring that the President was seeking to make congress accessory to the welding of the single gold standard on the people. The senator asserted with dramatic emphasis that he had thus (ar held his peace, but that there must now be a separating of the ways between him and the President. When the session opened Nir. Cullom (rep., 111.) presented a dispatch from all the leading banks of Chicago urging that the President's recommendations be carried out at the earliest day possible. Nir. Vest (dem., Mo.) followed with a similar dispatch from the St. Louis chamber of commerce. This was the text for one of the most stirring scenes the senate has heard in many days. Mr. Vest said the chamber of commerce of St. Louis did not represent the feeling of the people of Missouri or of the country on the financial question. He did not believe the people favored a retirement of §500,000,000 of greenbacks and treasury notes and the sub stitution of no currency at all. He did not believe they- favored gold obligations running fifty years with interest aggregating §75,000,000 at the end of that time. It was a selfish suggestion that posterity should be left to pay this bad debt. The senator asked if any man really believed the supposed emergency could not be met by treasury payments in silver. And yet the impression was being conveyed to the public that the country- was on the brink of ruin. If the President had the power he would force us to the single gold standard. ‘•But,” said Mr. Vest impressively, and raising his right hand in emphasis, "so far as I am concerned I will never vote to issue bonds to secure gold and place us on a single gold standard.” In answer to a question the senator said he did not believe there was the slightest possibility of the finance committee agreeing on any measure to report to the senate. He also declared the revenues of the country were ample and increasing. Resuming his speech, Mr. Vest said he was against the gold standard. It was a badge of oppression. “It is not pleasant,” he continued, "to differ with the head o* my party. I have remained silent for many months in order not to add to the discord within our great party. Lnt ive have now reached the parting of the ways. 1 will go no further.” Mr. Vest closed with the emphatic declaration that party could never lead him to aid in fastening the gold standard on the country.