The Providence news. (Providence [R.I.]) 1891-1906, 1895-02-07
ONLY A WORD.
Reed Refuses to Substitute
"GoId" for "Coin."
Bankers Want More al Three Per
Cent on Bonus.

Dingley and other Republican lcader
were in consultation yesterday with
.Messrs Springer and Hendrix and other
Democrats who are pushing tho admins
tration plan OF relief for the treasury, With
Wow OF compromising their differences,
II such thing Is possible
The administration leaders were will.
ing TO accept the Reed bill providing for
per cent bonds to replenish the gold rc
serve and an issue of dobb certificates &c
meet deficiencies In the current revenues,
provided that Mr.. Reed would mako the
bonds gold" iAstossd of ''coin." An AL.
thorization for coin bonds, say those who
claim to speak for the president would
not afford relief TO the treasury. Mr.
Reed refused TO accept the proposed modi
fcation. and negotiations for the compro
mise failed.
Some opposition to Mr. Reeds financial
plans Is developing among the Republi-
cans In the house, but what proportions II
will assume Is a matter OF doubt Ultra
high tariff men arc asserting that the first
section OF the substitute, that which pro-
vides for the Issue OF bonds amounts TO
recession from tho Republican contention
that the only trouble with the finances In
Ihs insuiiicency Of the revenue Itey say,
that the Democrats have assumed the re-
sponEbility OF running tho government,
and should be compelled to bear the bur-
den.
Three Pennsylvania Republicans havs
come out openly against the Reed meas
ure, and with two or three silver men ara
working against 10. While some OF tho
free silver Republicans will vote for tho
Reed substitute, others argue that from
party standpoint IL will DO good policy
10 encourages the Democrats TO pass bond
measure with gold proviso.
Representative Brosius who 10 n men,
Der OF the banking and currency commit
tee, says that he believes the most OF tho
Republicans will vote for the administra-
tisn measure after recording themselves
for Mr.. Reeds bill, but he fears that tho
Democratic detection will be strong
enough 10 defeat IL.
Mr.. Hendrix OF New York. who endeav.
ored to bring about the compromise by
which the Democrats could accept the sec
ond scction OF Mr.. Reeds plan. says that
tho prospects for legislation are nearly
hopeless.
IL Seems Now to Bc Settled
that no announcement OF another bond
loan will be made until tho house shall
have voted on the pending administration
bill.
Messrs. Morgan and Belmont of New
York, who have been here during tho last
several days in consultation with the on
GERS on the bond question, have returned
home, and 1t Is believed without any posi-.
tive knowledge as to what tho adininistra-
ton would do.
Close observers. however, are OF the
opinion that these gentlemen, on behalf
oil their London clients, made tho prcsi-
dent n definite offer TO tako the whole
500, 600 0O0, but at rate OF interest con-
siderably In excess OF per cent, IL not as
high us 3lz It is this high rate demanded
that causes the presidents to hesitate. 1t Is
well known that he Is disposed TO delay
matters in the hope OF congressional legis.
lation.
IL is understood that while here, Mcssrs.
Morgan and Belmont expressed grave
fear OF the result, should tho gold reserve
be permitted TO go much lower, and
strongly urged on the president the neces-
sity for speedy action. The president, it
Is understood, did not share their fears.
He believed that the American people
and those with most at stake had sufil-
Cient confidence in our government and
tts institutions not to entertain any doubts
of its ability and purpose TO faithfully per-
form every obligation
The second days dobate on the admins.
tration's bill authorizing the issue OF $500.
oo0. o0e Of gold bonds for the retirement of
tho legal tenders and treasury notes was
not productive OF marked incident of any
kind. coed deal OF confusion existed
after o'clock when the committee b.gan
voting on amendments to this bill. Most
of the amendments were defeated as rap
idly as offered.
Tho committee on banking and currency
sustained two defeats, two OF the amend
inents proposed by that committee being
voted down. They were the amendments
proposing to strike out the section provld
ing for tho payment OF custom duties in
gold, which was allowed To stand amended
so as TO mako payable In gold and silver,
and that compelling national banks to
carry their reserve In gold and silver coin.
Mr.. Bland then oifcre ed his substitute as
an amendment 10 tho first section Mr.
Springer made the point of order against
81. which was sustained Mr.. Bland A.
tempted TO offer 1t as a substitute for other