The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-01-06
A Suggestion that Silver Be Made the Basis
of the National Bank Circulation In
stead of United States Bonds.
Belief that an Interstate Commerce Bill
of Some Sort Will Be Passed.
Opposition to the Confirmation of Judge Pow
ers- The Wrangle Over Dakota = House
Committees To Be Announced To-Day.
THE SILVER QUESTION.

Little Support for the Administration in the
Senate-Schemes for Solving the Problem.
Special to the Indianapolis Journal
WASHINGTON, Jan. 5-Secretary Manning
made his first bond call last week This was,
no doubt. brought about by the speech of Mr..
Beck in the Senate on the day of the adjourn
ment for the holiday recess. 1t was full of criti-
cisms of the financial policy of the adminstra-
tion. When the tug comes it is doubtful whether
the President and Secretary Manning will have
many defenders of their financial views. on the
Democratic side of the Senate. So far know
of none, excepting Senators Mcpherson of New
Jersey, Hampton of South Carolina, and Gibson
of Louisiana. These are known to be advocates
of the single standard. There will be many
schemes advanced substitutes for the present
law for the compulsory coinage of the silver dol
lar. One will be that the whole matter be left
to the administration, SO that it may coin or not
as the demand appears to be for or against an
increase of the silver Surplus. This will not
meet with much favor from the silver men, be-
cause they are unwilling to trust the President
with absolute control of the coinage Of the silver
dollar. Another will probably be to make the
silver dollar, or even silver bullion. legal de-
posit for national banks to secure their circula-
ton. 1t is known that United States bonds, in
which such deposits must be made. are
growing scarce and difficult to obtain, and the
founders of new national banks are even now
subjected to considerable trouble in obtaining
them. Then, again, they are selling at SO high q
premium that the bank is deprived of interest on
at least 20 per cent of the amount re-
quired to be invested for the purchase
One thing is certain, unless the national
banking system is to be crippled, the
day is not far off when some other form of secur-
ity other than United States bonds must be re-
should be used as such deposit. Such law
would furnish use for the immense accumula-
tion Of silver, and-would probably meet with fa-
vor from the anti-silver men, while It should be
accepted by the silver men. Then, again, the
proposition is made to make the silver dollar of
the same intrinsic value as the gold dollar, l. e..
make it dollar in fact To do this. its weight
would have to be increased from 4121 to about
480 grains-rather cumbersome coin for pocket
use. The chances are however, that none of
these schemes will prevail, as the friends of the
present law appear to be in the majority. This
fact will not, however prevent deal of discus
sion, during the present winter and spring, of
this most intricate question imagine that, as
the President and House are Democratic, the
main part of the discussion of the subject in the
Senate will be left to the Democratic side, the
Republicans preferring to allow them to settle
this matter for themselves.