Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-01-28
A CRISIS REACHED
Immediate Action or Suspension of Gold
Payments.
Conservatives I'm Both Houses Active
but Radical Silver Men Not Alarm
ed at the Situation.

| It is recognized now in all official circles
that crisis has been reached and that ac-
ton must be had at once, or there will be a
| suspension of gold payments. decision
| of Mr.. Cleveland to send message to Con-
| gress today was reached only after he was
convinced that even though this might be
| useless he could not afford to neglect the
| effort to secure legislation. 1t is felt in
| administration circles that nothing should
be omitted to place the full responsibility
On Congress
One of the first things that greeted Sec
retary Carlisle on his arrival at the treas
| ury today was the announcement that 3d.
| OOO,OO0 more of gold had been drawn from
| the treasury this morning. The belief is
| that the run on the gold will increase
steadily in activity and the fear is ex-
| pressed in some quarters that there will be
scarcely any gold left in the treasury at
| the end of the week. The outlook is for the
! suspension of gold payments unless the
| Secretary can negotiate another loan with
| in few days.
| Some time before Congress met this morn
| ing leading men in both houses were in
| formed that a message asking authority
| for low-interest bond issue and giving
| warning of a crisis in the affairs of the
| treasury would be sent in as soon as Con-
| gross should assemble. 1t was known too,
| that administration bill'' to carry out
| the recommendations Of the message would
| be introduced by Mr.. Springer soon as
the message was read. The matter at once
| excited intense interest and every one dis
cussed what could be DONE Evidences of
activity were manifest among the con-
servative men in both houses of Congress,
| who insist that something will be done by
Congress, because 1t must"
Radical Silver Mems Attitude.
The attitude of the radical silver men
still discourages the hope Of action. They
do not seem to join in the general alarm
over the situation and show qualification
| at the prospect of a Suspension of gold pay
ments. Publicly they speak rather by in
nuendo, but number with whom Star
reporter talked this morning have declared
that it would be impossible to frighten
them into permitting action. One very
prominent member of the silver circle IN
the Senate said dogmatically that the mes
sage would not accomplish anything. We"
he said, speaking for considerable frac-
ton Of the democrats in the Senate, do
rot want any legislation. Let the Secre-
tary use the silver" In other words. the
suspension of gold payments on treasury
notes is what they want, and the appeals
of the President fall on deaf ears as far
as they are concerned. How large this
class is canlot be determined definitely
now, but the outlook for action, even under
the influence of an actual crisis, does not
appear bright.
Mr.. sprln@er's Bill.
The following bill, having the indorse-
ment of the administration, was introduced
by Mr.. Springer:
An act to authorize the Secretary of the
Treasury to issue bonds to maintain
sufficient gold reserve and to redeem
and retire United States notes, and for
other purposes.
Be it enacted by the Senate and House
OF Representatives of the United States
of America in Congress assembled That
in order to enable the Secretary of the
Treasury to procure and maintain a suffi-
Gent geld reserve and to redeem and re-
tire United states legal tender notes and
tres sLry notes issued under the act of
July II, 1880, entitled An act directing
the purchase of silver bullion and the issue
OF treasury notes thereon, and for other
purposes he is hereby authorized to issue
and sell, at not less than par, in gold
except as provided III section two of this
act United States registered or coupon
bonds, in DENOMINATIONS of So and 800 and
muitlpleS OF said sums respectively, paya-
bic fifty years after date i'll gold coin of
the United States OF the present weight
and hneness, and bearing interest at a
rate not exceeding 3 per centum per an
mum, payable quarterly in like COIN and
such bonds and the interest thereon shall |
nave IKE qualities, privileges and ex-
einpuohS as The bonds issued under the
act approved July IA, 1870 entitled An act |
to authorize the refunding of the national
debt Sucn bonds may be sold and deljy-
cred IN the United States. or elsewhere, as |
may be deemed most advantageous TO the
interests of the government
Sec =. That whenever any United States |
ieSai tender notes or treasury notes shall |
be redeemed in gold they shall be cane led |
and not reiSsued; and the Secretary of the |
Treasury is hereby authorized in his dis
cretlon, to receive United States legal |
tender notes and treasury notes issued |
under the aforesaid act of July IIth 1850 !
in payment for any of the bonds issued |
under the preceding section of this act, |
and the notes as received shall he cancalaJ I
and not reiSSGed.
Sec. j. That hereafter national banking |
associations may take out circulating notes |
In the manner now provided by law, to an |
amount equal to the parsValue of the bonds |
deposited to secure the same. But this |
provision shall not apply to any bonds now |
outstanding bearing interest at the rate of |
per centum only.
Sec. 4. That hereafter no national banL,
notes of a less denomination than ten dol |
lars shall be issued, and as rapidly as such
notes CT denominations less than ten dol
lars shall be received into the treasury
other wise than for redemption and retire |
ment, they shall be Cancelled. and an euual |
amount of notes of like character, but in |
denominations Of ten dollars and multip!es |
thereof, shall be issued in their places All |
silver certificates row outstanding, in de- |
nominations less than ten dollars, shall |
when received into the treasury of the |
United States be retired and Cancelled, and |
silver certificates in denominations less |
than ten dollars shall be issued in their |
stead.
Sec s. That from and after the first dav
of July, 1885, all duties on imports shall |
be paid in gold only, and all taxes. .lebts |
and demands. other than duties on i'm
ports accruing or becoming due to the |
United States, shall be paid in gold and |
silver coin, treasury notes, United States
notes, silver certificates or notes of ma
tional banks.
Sec. 6. That all laws and rarts, of laws
inconsistent with the provisions of the |
preceding sections be, and they are here
by. repealed: and sum sufficient to carry
the provisions of this acr INTO effect be, |
and the same is hereby, appropriated out |
of any money in the treasury not other
wise appropriated.
The Chicago 10 Return.
The San Francisco has arrived at AL
giers where the Chicago awaits her The