The Providence news. (Providence [R.I.]) 1891-1906, 1893-08-11
Said to Be Determined to Force a
Compromise.
THE VERY LATEST PROPOSITION
May BE Antagonized by the sfiverites--
Democratic Senatorial Caucus Not
Favorable to n Prompt Repeai-How
the Popuiists stand.

WASHINGTON, Aug. 1.-THE senate COM
mittee on finance held its first meeting
yesterday. Every member was present
After brief discussion, Chairman Voor-
hees informed the Republican members
that a majority of the members Of the
committee were not ready TO present any
measure, nor did they wish to discuss the
matter. He intimated that they would
probably be ready to lay before the COM
mittee a proposition at the meeting on
Tuesday next. 1t is expected that the
Democratic members are engaged in map
ping out plan that will lead to measure
relating to silver and other financial legis-
lation upon which their party in the SEN
etc can unite.
In order that the time might not be al
together wasted, however, the committee
took up and dis scussed the proposition to
allow the national banks to issue circula-
tion TO the full face value of the bonds
deposited in the treasury, instead of limit
ing to 90 per cent CT the value Of the
bonds, as at present. 1t was urged that
the result of this legislation would be
m1.e Immediately beneficial than any
other that had been suggested. as 1t would
add large sum TO the money in circula-
tion as quickly as the notes could be
printed.
Z Threatened by Amendments.
It was made clear that for the first time
in many years there Is a possibility of leg
islation favorable to national banks in the
line indicated, for, although no vote was
taken, the discussion appeared TO indi-
cate leaning toward the measure by
majority of the committee The present
danger, however, lies in an attempt to
cumber the bill with amendments that
will involve the whole silver question and
prevent a disposition OF the measure on
its own merits.
In the Democratic senatorial caucuses
the diverse opinion expressed gave little
encouragement that the recommendations
contained in the presidents message will
receive the support of that body. Some
say that there are not more than 12 or Is
Democratic senator's who favor the un-
conditional repeal Of the silver purchasing
act
SiIveritcs Obstinate.
Senator's VOORHEES,, Turpie, Blackburn,
Vest and Cockrell, who have been counted
as favoring the administration policy, in
formed their colleagues In the caucus that
repeal of the existing purchasing law.
They will insist that there must be COM
pensative legislation coupled with the re-
pealing clause This announcement as
tonished those of the senators who arc
strongly supporting the presidents policy.
There were many Democratic represen-
tatives in the silverites' caucus who were
not in favor of free coinage, but who be-
lieve in bimetallism. These will vote for
the repeal Of the purchase OF silver, but
insist upon some satisfactory additional
legislation.
IL has been ascertained that a large
number Of Democrats Of the south and
west will insist upon the repeal act being
coupled with specific recognition of silver.
Senators Allison, Sherman, Hoar and
Hawley in the senate. and Representatives
Reed, Burrows and Henderson, in speak
ing of the situation yesterday, remarked
that the prospect Of agreeing upon any
legislation on a line with the presidents
recomm endation Is not very promising.
A New Proposition.
After the adjournment OF the senate
finance committee the Democratic and
Republican members came together and q.
new proposition was submitted, which
was virtually agreed TO by all the MEM
bers of the committee. 1t provides for the
unconditional repeal of the Sherman act
and authorizes the secretary to issue at
once 50,000,00O of legal tender notes.
The latter, in the Judgment OF members
Of the committee, will give the needed re-
lief to the present stringency in the money
market and tend largely to restore conf
dence throughout the country. OF course
1t is not known as yet how this PROPOSE
tion will be received by the silverites. II
they should antagonize IL, its passage will
be delayed for while. Senator'S Sherman,
Hoar. Lodge, Allison aud others on the
Republican side will support 1t.
Definite Action.
The free silver Democrats have sub
mitted TO tho Democrats OF the house in
caucus their proposition. They agree to
close debate and come to vote on all propo-
sitions in three weeks from the beginning
OF the debate and agree TO iesist from
filibustering and abide by the result IL they
shall be outvoted. This proposition Is
based ON the confident belief Of the free
silver men that they have majority in
the house. The anti-silver men claim
that they have the majority. One of the
factions Is, of course, mistaken.
How Popuiists stand.
George +. Washburn. chairman OF the
eastern division national committee Of the
Peoples party, stated to reporter last
night that break in the silver forces had