Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-02-09
THE PRESIDENTS MESSAGE
Its Suggestions Considered by the House
Ways and Means Committee.
Several Propositions Advanced, but
No Agreement Reached and an
Adjournment Taken.

The discussion IN the House ways and
means committee today fully disclosed the
impracticability Of any effort to secure an
authorization of gold bonds The fact that
the committee could come to no conclusion
on the subject, and was obliged to adjourn
until Monday for its further consideration.
is in itself extremely discouraging to those
who would follow the recommendations of
the Presidents message. The republicans
of the committee will hold tine balance of
power apparently, n number of democrats
opposing the gold bonds, and 1t is very
generally understood that the republicans
will not vote with Mr.. Wilson. Most Of the
session was taken up in the discussion Of
other matters, but what was said concern
ing gold bonds indicated a majority op-
posed to them.
Propositions Considered.
Two or three propositions were consid-
cred, but the one which seemed to promise
strongest support was to provide that the
So, 100000 of bonds which the President
announced had been negotiated might be
transformed into gold bonds. without CIV
ing authority for any additional bonds OF
that character. Even this will probably
not get majority of the committee, and
IL 1t should there is apparently no possi-
bility of legislation to that effect. 1t Is
the committee authorizing gold bonds at
3 per cent an amendment would be offered
in the House to the effect that since the
bankers themselves made discrimination
in their bids between "coin" and gold
bonds Of l per cent interest that the gold
bonds on which higher rate of interest
had to be paid shall be construed to be
redeemable in silver only. Such amend
ment would probably not secure very
large support in the House. but it would
be designed to call attention to the dis
nrir 1ipc tim w a
against coin bonds. Apparently all effort
at legislation in favor of gold bonds must
be fruitless and idle.
Proceedings In Detail.
Mr.. Bynum Qnd.) proposed a resolution
to amend the act of 1875 so as to make it
authorize the issue of bonds bearing inter-
est at a rate not to exceed per cent and
payable in gold coin. Chairman Wilson
proposed a resolution less sweeping in its
scope. to apply only to the contemplated
issue which was the subject Of the mess
age, and to empower the Secretary of the
Treasury to make them payable in gold
coin at a rate not exceeding per cent.
The republican members quickly announced
their opposition to both plans. Mr.. Reed
said: II do not believe in borrowing gold
by bonds payable after thirty years. when.
according to the Secretary of the Treasury.
sCon."
1t was developed by the brief discussion
that not only the republicans, but Messrs.
Bryan. Whiting, Wheeler and McMillin of
the democrats, are opposed to the plan for
bonds to be payable by stipulation in gold.
Mr.. Turner (Ga) made the motion to make
the message a special order for the time
named, which was carried.
MIR. Reeds Comments.
The discussion was entirely informal, and
the republicans bore the leading part, par
ticulary Mr.. Reed. whose comments were
numerous and sarcastic in tone.
By the democratic friends of the Pres
ident 1t was argued that Congress was con-
fronted with the specific question of saw
ing to the government s16.OOO.OOO. Their
republican adversaries' contention that a
thirty-year loan, to meet which the ad-
ministration, according to their construc
ton of it's utterances, represents to be
temporary necessity, was tnadvisable.
They questioned the policy of negotiating
with individual financierS for bond issues,
and advocated a popular loan of Short-term
bonds in small denominations, which could
be taken by the people of the country.
Mr.. Bynums resolution contemplated
bonds payable after one year and within
ten years, but was changed to the form
given above to apply to the thirty-year
issue just negotiated. There was an in
members did not vote, and those who re-
sporded ''yea" and no" in chorus were
not noted.
Mr.. Hopkins Of Illinois says there is no
uncertainty about the republican position;
that they will not agree to the Presidents
proposition, for the reasons which have
been outlined.