Evening star., 1894-01-30
THE GOLD RESERVE
It Oan Be Maintained by the Issue Of
Bonds.
But No Authority to Sell Them to Meet
Current Expenses - Administra-
tiOn Friends Worried.

The Senate has suddenly taken a very
serious attitude on the bond question. The
republican side has been united. despite the
old division over the silver bill. and there
is prospect that the Senate may possibly
pass a resolution restricting the Secretary
of the Treasury in the use Of the money de-
rived from the sale OF bonds to the preser-
walton of the gold reserve. The question
came up today when Senator Stewart called
up the resolution introduced yesterday de-
claring that the Secretary has no authority
to issue bonds. MIR. Stewart made a brief
and characteristic speech. Then Senator
Sherman took the floor. and the democrats
generally moved closer to him to listen to
every word that the great republican leader
uttered. In effect he told the democratic
side that he would fight and vote for meas
ures enabling the treasury reserve to be
maintained. but that he would not lift a
tration to provide funds for current ex-
penses. He indicated very clearly that the
republicans are not going to aid the gov
ernment in breaking down the revenue sys-
tenn now established.
Silver and Anti-silver Men.
The fact is, silver and anti-silver wings of
the republican side are now united in this.
that they will vote for a resolution admit
ting the authority of the Secretary 10 issue
bonds for the purpose of maintaining the re-
serve. Behind this agreement there is
determination to put the administrati ton in
hole" and there are many grave possibil
tiles In the situation The silver men are
most anxious to force the treasury into
coming the seigniorage, and so are opposed
to toe issue of bonds as a temporary make
shift to raise money. The anti-silver repub-
ncans are eager to prevent the administra-
tion from devising means to meet expenses
under the Wilson bill, which. they claim,
will not produce sufficient revenue TO run
the government. 1t Is likely, therefore, that
the entire republican vote and that of the
populists will be cast for a resolution sim
liar to that introduced by Mr.. Bailey in the
House, which was acted upon favorably the
other day by the judiciary committee of
that body.
Mr.. Dubois Resolution.
Senator Dubois today introduced the
same resolution as substitute to MIR.
Stewards resolution. The question is
whether the silver republicans will be en-
abled to keep their friends of the south
sufficiently together on the seigniorage
proposition to draw from them enough
votes to break down the very narrow mar
gin that remains after the republican and
populist votes are combined. Senators
Pugh, Coke and Berry are thought to be
possibilities in this line. They are all in
tensely interested this morning in what
Senators Sherman and Teller had to say
on the question. Mr.. Hill, too, IL is rurnor-
ed may vote for the Dubois substitute. OF
course the silver democrats will find them
selves between two fires. They will have
the main object I'm view of the coinage of
the seigniorage, which they hope will be
adopted by the Secretary as an alterna-
tive in case his authority to issue bonds is
denied Yet the party whip Is undoubtedly
going to be applied as far as possible on
the democratic side to keep these Sena-
tors in line in support of the administra-
ton.
Friends of the Administration Wor-
ried.
The friends of the President on the floor
today were very much agitated and were in
almost constant consultation during Sena-
tor Shernan's speech. 1t was very evident
that they are intensely worried over the
situation. In fact. as some one remarked.
the more brains they have the more worried
they are. They see the moral effect Of the
passage by the Senate of a resolution SINH
lar to the Bailey resolution in the House.
OF course. these resolutions being merely
expressions Of the opinion of the two
houses, have not the effect of law or of
congressional direction to the Secretary. In
case, however, that il should be found that
the houses are able to pass practically the
same resolution Of sentiment, it is urged
that 1t will be very easy to secure the pas
sage of joint resolution or of a BILL more
probably the former. declaring that exist
ing laws grant to the Secretary OF the Treas
ury authority to issue bonds for resump-
tion or redemption purposes only, but that
the money SO derived cannot be applied for
current expenses.
$2O,OOO.OOO Already Subscribed.
Secretary Carlisle this afternoon received
a dispatch from New York saying that
s2o.00O,OO0 of the per cent bonds had been
subscribed for. The Secretary is confident
that the whole issue of s5o,OO0.o0o will be
subscribed for at 117.223 or higher The
name of the firm Offering today to take the
bonds as well as the price offered is with
held.
THE FERERAL ELECTIONS DEBATE,
A Vote to be Taken on the Measure