The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1891-01-29
Unholy Alliance in the Senate and Silver
Pool Disclosures Have Killed 1t.
Congressman Dorsey Says Republican Friends
Of the Bill in the House Are Disguised,
and Speaker Reed Is Opposed to II.
MOney-Lenders Are Making New Mort
cages Payablein Gold as Precaution.
How Dockery Tried to Manipulate the Silver
Pool Inquiry in the Interest of Democracy
Opposition to the Bankruptcy Bill.
NO FINANCIAL LEGISLATION.

NO FINANCIAL LEGISLATION.
Congressman Dorsey and Speaker Reed Say
the Free-Ccinage Bill Will Not Pass.
Special to the indianapolis Journal
WA 1INGToN a @.-"There Will be no
financial legislation during the present Con-
gress," said Mr.. Dorsey, of Nebraska, in
talking, to-day, about the prospects of leg
~islative work for the next five weeks. Mr..
Dorsey is chairman of the House committee
on banking and currency, and enjoys the
confidence of Speaker Reed. 1t is under
stood that he has just completed, with the
Speaker, q canvass of the House on the sill
yer question. There is deep-seated dis
gust among many of the most ardent friends
of free coinage on account of the dis
placement of the closure resolution in
the Senate continued Mr.. Dorsey, "and
Republican members of the House who
would two days ago have voted for un-
limited coinage will not countenance 1T
now. They declare that any kind of a sill
yer bill would honor the unholy alliance
between the boiling Republicans and free
the time when i woul have voted for un-
limited coinage but l would not now.
MY objection is not based upon political
but economical grounds. 1t would not
take sixty days. If we had An unlimited
coinage law, to take every dollar of our
5000, 900, 600 of gold out of circulation. and
in less than q year it would be at a pre-
MUM probably of 25 per cent. Under such
circumstance it would be bankruptcy to
meet outstanding obligations, most of
which are payable in gold. There was talk
about q bill giving free coinage for Amer
lean silver only, but that cannot be passed.
1t would have to levy q seigniorage or duty
upon foreign silver, and. of course, the
Democrats would not vote for that. and
since not all Republicans are for free coin
it would fail. Then there is dan.
that sort before the House at this time. 1t
might be amended with unlimited coinage,
coinage bill, especially in view of the dis
closures of the silver pool investigating
committee"
BOARDING FOLD.
It is very generally understood now
among those who stand nearest the Speaker
that there will be no financial measure of
any character passed at this session. aud
consequently within n year. ghe ~statssf
men from New York, Boston, Philadelphia
and other money ~centers say that the fear
and uncertainty about financial
legislation, more than anything else.
makemoney scarce: that the large capitalists
in the East are opposed to free coinage, and,
fearing it. are boarding their money, with
drawing it from circulation, anticipating
contraction. should there be unwise action,
at the hands of Congress, and this alone
l.c ks-..o h.~1 So. <AoaA --h4 hovAk-
borrow. Speaker Reed says that as soon as'
Congress adjourns without any legislation
upon the financial question money will be-
gin to become easy of access. and although
and all sorts of securities may be,
will be readily a~ttainable. and
interest will .depreciate. He looks
business. While the Speaker will not say
for publication what he thinks will be done
with the demand for action upon free COIN
age, those who have his confidence quote
him as saying there will be no legislation
on the subject of finance under q year. Az
fairs in the money centers of the East are
shaping themselves SO that it would be a
very impracticable, not to say un-
wise, thing to pass q free-coinaae
bill. The mortgage loan companies are
having new application paper mortgages
and notes printed upon a gold basis.
These payments are all to be made in gold,
and should there be unlimited free coinage
of silver, and gold should go to a premium,
as il is believed would be the case, the
mortgagers who will have to make pay
ments a few years in advance of this time
will be greatly embarrassed The Bank of
America, one of the leading financial insti-
tutions of New York, which went through
the war of the rebellion upon a gold basis.
meeting all of Its payments in gold, has
taken Che initiative in the gold movement,
and, it is stated. Is receiving no securities
contends. as do the mortgage loan compa-
MES, that inasmuch as gold is paid out to
borrowers. a contract must be made for a
gold payment.
Immediately after the House coinage
committee was called to order this morn
ing the question of when o vote on
the bill should be had in commit
tee was raised. A delegation, appoint
ed by the Boston s-meeting. was
BBl Iand of Missouri dfs,o,n9 asked Us nsnea, c @a:
sent that q vote be taken on the bill
next Wednesday. The Boston delegation
could be heard. and he would be willing to
come here every err, . day for .son e week week
be a vote. Mr.. Walker favored
hearings. Mr.. Bland wanted a vote
Wednesday. and Nh. Barton thought there
should be some agreement to bring the
measure before the House. A long discus
sion ended in the adoption, by unanimous
consent, of a motion made by Mr.. Bland.
that the COMMITTEES proceed with the hear
ing to-day, and meet again tomorrow. IL.
L.. Higginson. banker, of Boston. then ad-
dressed the committee in opposition to free
coinage.
A committee of Boston business men
called on the President this morning and
discussed informally the silver situation
and opposed free coinage. The President.
it is understood. was n~on-commital as to
his intention of favoring or opposing any
silver legislation during this Congress. and
told the delegates it would be eminently
improper for him. at this time. to give any
expression regarding his views on silver or
his future action.
SILVER POOL INvEsTIGAfION.
Correspondents Testify Concerning Utter