Show CURRENCY IN II I I SENATE HALLS t Bills Presented bJ Jones of Arkansas Ark-ansas and Smith of New Jersey ARE WIDELY AT VARIANCE nOT MEASURES WARMLY ADVOCATED ADVO-CATED BY TiE AUTHORS tfcncs Sos He Believes the Silver Men Will Malce a lnp t eI They Insist Upon thc Extreme Limit of Their Hopes Tnrple Heaps Invectives Invec-tives Upon Everybody Connected wlh the Nicaragua Canal Scheme Washington D C Jan 23TI treasury emergency < was the main theme before the Senate today and for the time being the Hawaiian question was laid aside Sir Jones Democrat of Arkansas and Mr Smith Democrat of New Jersey each representing1 a most influential fluential element in the majority of the Senate presented plans for meeting meet-ing the currency complication The propositions differed widely Mr Smiths providing for a temporary bond issue pending an investigation by a monetary mone-tary commission composed of senators sen-ators members of the House and civilians civ-ilians while Mr Jones plan provides for a bond Issue and conditional restoration restor-ation of silver The two senators atoi o siver rro seator urged their respective measures in speeches which received close attention from 3 wellfilled Senate and crowded galleries gal-leries Mr Turpie concluded his speech against the Nicaraguan bill becoming bitterly personal at the close against Mr Morgan < the author of the bill and against the measure itself a the consummation con-summation of cheap John 0eterXunk legislation Burins the day Mr Burrows Republican Repub-lican bf Michigan made his first appearance ap-pearance in the Senate since the Michigan Michi-gan legislature promoted him to the upper branch of Congress Senator Smiths Ideas Senator Smiths currency bilL provides pro-vides that the president shall appoint four commissioners from civil life mmfoners < nO more tiian two of whom shall be mom foars of the same political party The president cl the Senate shall appoint ou senators no more than two of whom shall be members of the same party the speaker of the House j t designate four members under the same conditions The senators and members chosen a to be members pf the FtCtyfourtih Congress Thee Rire to b hoW as the monetary commission It 1 made the duty of the commission to take into considera Ion and t investigate thorougiMy all the various questions relating to thor tho-r currency so far as may ibe necessary I t test a judicious system of currency on G sound a The commiisskyn is empowered to visit different portions of the country t and make t Congress e final report of its mvestigations together with such recommendations a it may deem t the best interests of the country not later than tlhe second Monday i I December 1895 The bill authorizes tfte Issue of 500000000 of 2 e cent bonds redeemable in gold coin at the expiration of tea eJi e years Mr Stewart Populist of Nevada followed Mr Smith with a argument againfet any commitees or any other means of avoiding direct action on the currency Mr Stewart had iiead an article in the Glncsnnatl Enquirer addressed ad-dressed direcetly to the secretary of the treasury and arraigning him for efemns gold to silver Senator Jones Bill Mr Jones Democrat of Arkansas added to the Interest in the question by presenting a bill which las been discussed in the finance committees Its reading was followed with close attention at-tention owing to the prominence of the senator in shaping most of the finance fin-ance committees work Authority is given the secretary of the treasury to issue 500000000 Ins payable 5n coin of standard value and bearing interest The bonds are to mature in thirty years from date and may be redeemed in twenty years The proceeds of the bonds are to < be used to defray the current expenses of the government and for the redemption at United State legal tender note issued under the act of July 14 1S90 The bonds are to toe of denominations of I 520 and 50 and multiple and be free from taxes They must b ipaid for in gold or the secretary may accept United States notes and treasury notes under the act of 1890 The national banks issue circulating notes I bank may note toIle to-Ile amount of the bonds deposited with the secretary of the treasury and tlhe tax on such circulation is rued to = 4 of 1 per cent I Set 3 provides that no national ianlt Shall retire Us circulation with I out written authority from ifche secre r tray of the treasury S Section 4 says naitional banks desiring desir-ing to retire the whole or any part of S the circulating notes are required to deposit gold coin equal to the amount S of the notes to b retired and at all times keep on deposit with the treasurer I of the United States in gold coin a sum equal t 5 per cent of their outstanding circulating notes to b2 used for the redemption of such notes Section 6 and 7 provide for the displacement dis-placement o all national banks o the United States treasury notes of denominations denomi-nations less than 10 with silver certificates Danger ol Bond Issue Mr Jones addressed the Senate briefly concerning his currency bill He spoke of the constant danger in the present plan ot Issuing bonds which permitted the banks to for an issue then to take sold from < the treasury in order to pay for the bonds and thus orer an keep up this constant assault on the cold reserve and the constant necessity for bonds S I sun not a believer in bonds de fare Mr Jones but I am willing to etitomlt to bonds a a matter of ireces rity as long a there is coupled with i n sensible manly honest recognition of silver If the feeling throughout the C antry in favor of silver Is properly recognized then I will agree to the issue of bonds and I will agree to It under other conditions unde no le conditons ilr Jones said it was his con ction ithat the silver men would make a grave mistake if they insisted on the extreme limits of their hopes The failure of the silver element fWure sive emet to secure concerted action a made evident evi-dent as soon a Mr Jones closed his remarks a Mr Stewart again took the floor to argue against the Jones bill He conceded the good motives of the senator but urged the bond provision pro-vision was a surrender to the banks and to the gold power Turple Very Severe The Nicaragua bill was then taken Tip and Mr TTurpIe resumed his speech asainst the measure Mr Turpies remarks became very pena at one point and he arraigned JMEr Morgan who is in arrge C n G J r17 bill a chairman of the committee on foreign relations Mr Turpie declared he had long cherished the illusion that this chairmanship was of the Cofitiest character and that it was dad I d-ad undefined toy modern delusions and commonplace aspirations But this illusion was dispelled and this lofty chairmanship had disappeared like a will 0 the wisp in the mires of the San I Juan Mr Turpie proceeded to argue that I the mortgage proposed to be given gven to the company was diaphanous and a I mere pretense The senator spoke of spke the canal company stock a watered and that this whole project was a combination com-bination of fraud and water M Turpie neaped invectives on the I bubble mortgage and snide partnership nership with the government whicih he said was involved in the canal l project There w an apostle surnamed sur-named Peter who had been canonized But this Nicaragua scheme he declared clared was an attempt to canonize anew a-new 8t Peter the Peter Punk of legislation I was the glorification of the cheap Johns of congressional work At the close of Mr Turpies remarks the Senate went into executive Sae eetve session ses-sion and ten at 4 oclock adjourned I |