Owingsville outlook. [volume] (Owingsville, Ky.) 1879-192?, 1893-10-26
THE PRESIDENT

| Gives II Out That the Proposed Compro-
mise On the sherman Purchase Act WIN
Re Vetoed by Him.
| WAsHINGroN, Oct. 2l.-A general plan
| Of settlement had been agreed on by
the democratic caucus or steering com
| mittee. to which il was hoped the adj.
ministration would assent, 81 as to
smooth its pathway in the senate and
house.
The pleasant Oromisc of the VOORHEES,
bill. pledging the government to
the policy or bimctallssm was
to he retained for all il
may he worth. The seignorage I'm
the treasury was To he coined. All bills
under $40 were t. he retired
except the silver certificates. The power
of the secretary IF the treasury to issue
bonds under the resumption act of 1873
was Ia he recognized 10y declaring that
the bonds Ia he issued under such law
should not bear over $ per cent. inter
| est. and should he rcdecmablc at the
option of the government after five
years. Nothing was said as Ia the use
of such bonds as a basis for banking
purposes. hut under the old law they
could he used for such purpose
Ii was hoped that the president
would go 81 far as to say that he saw
N" objection to this plan. lie had re-
jectcd a suggestion for purchasing the
same amount Of silver in the aggregate.
with provision for extending the time
| To four years, and he was even unwill-
ing {" have the suspension vested in his
own discretion after July /, 1898.
The silver members of the committee
would he willing to take January I,
1885, as a concession To the president,
but with a risk of losing some demo.
cratic votes for the compromises With
the date of July |, 1925, for terminating
the silver purchase act, it is asserted
that fifty-eight votes in :hc senate
could he secured for the proposition.
This would. 1T course embrace a
number of republican senators II
turned ont. however. Friday. that the
president was obstinate and un;,ccom-
modating. His position is voiced not
by himself, but Ivy Secretary Carlisle,
ana most Enthusiastically. To say that
this unexpected hitch has provoked
~
who have been cndcavoring To frame
settlement which would relieve the
political and business situation, is
putting the case very mildly.
Some senators say that the
president is intoxicated with the
idea of his power and popu-
larity and wants Ia bend everything tn
ais own will. This feeling is not con-
6ned to those senators who have been
classed as silver senators hut extends
Ia some of those who have been ranked
all along as most extreme and enthusi-
istic supporters of the presidents
financial policy. There is talk of their
breaking loose and of the senate going
10 work for itself and framing a settle
nent and financial adjustment. even
should il touch the saving grace of the
executive primitive. This feeling may
'ipen into action il the administration
continues to throw obstacles in the
way of a compromise.
IL becomes AN interesting question,
now far the republican senators would
cooperate with democratic senator's in
making compromise. There are some
eleven or twelve silver republicans.
and there are others quite prominent
who, though favoring repeal, are re-
yarded as ready for compromise Mr..
quay has already submitted a PROPOSE
lion looking to a prolongation of silver
purchases up To January l, 1896. If
iair majority of the democratic sena-
:ors should support n scheme for COM
promise. extending purchases say to
July. 1898, it is not unlikely that
enough republicans would vote for it
to secure its passage.
Indeed, there is high authority for
the statement that such cooperation
for a fair compromise may be secured.
In such case the house of representa-
lives would probably concur in the
proposition. and the president would
have to choose between a veto and
signing bill to which he and his cab
met were not friendly.
There are some persons who think he
would consider "a ,eto as an ufl-tv,-fp;-
popularity, though,it might divide the
democratic party.
The result of this situation was that
congress adjourned Friday with feel
ing of tension, gloom and uncertainty.
This is liable to be changed at any mo-
nent by timely concession from the
executive, or failing that, it may devel-
op into a renewal of the late bitter and
angry contention.