Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-01-24
NOT REGARDED AS GRAVE
Tho Epidemic of Financial Bills That
Broke Out in the Senate.
The Latest Scheme of Messrs. Springer
and COx-PropOsed Bond Pro-
vision as q Rider.

The epidemic of financial bills which
broke out in the Senate yesterday Is not
regarded as grave. The bills introduced
represented merely the ideas of the gentle
men introducing them, and have no pros
pect of securing a general following. The
fact that Mr.. Allison introduced a measure
attracted some attention, some assuming
that he was acting for the republicans. He
makes no such claim, however, and merely
submitted the bill as one plan which would
give the relief necessary, and which should
be considered.
There is Some talk now of the attempt be-
ing made to put provision either for bonds
OF interest-bearing notes for the temporary
relief of the treasury on one OF the appro-
priation bills as a rider. The gentlemen
who are urging this think that by that
method something might be accomplished,
and insist that there cannot be anything
done otherwise. There Is no assurance,
however, that enough votes to adopt Sucn
an amendment could be secured, even II the
proposition were of the most temporary
and moderate character. 1t might rather
endanger the bill than serve any good pur-
pose.
Still Another Scheme.
The details of the amended financial
plan which Messrs. Springer and Cox ana
two or three other members of the bank
ing committee are discussing with Secre-
tary Carlisle were learned today. They
had a long conference with the Secretary
Yesterday and are Of the opinion that the
notifications to his plan meet his sane
tion. The most radical of the new PROPOSE
tions for which Mr.. Cox stands sponsor is
that for the coinage of silver. 1t contem-
plates the cancellation of the Sherman
notes when received at the treasury. and
the issue of silver certificates in denomina-
tions of 81, 81 and $, of silver dollars, II
the receivers prefer. To back these silver
certificates. 1t is proposed to coin all the
bullion in the treasury, which. including
$54,0OOOOO seigniorage. amounts to SlSl,-
OOO.OOO.
1t is calculated that not more than
$iO,OOO,0OO can be coined in year. The
changes in the banking features Of the
plan provide that while tho banks shan
hold the same reserve now required. one
half shall be in legal tender greenbacks
or Sherman notes. Representative Cox ex-
plains that this arrangement would re-
lieve the treasury OF the raids upon tne
gold made possible by the large volume of
outstanding notes, since it would dispose
of 500 100000 of notes by using them to
form the basis of banking, and Sl00OOOOn
for reserves in banks. 1t Is conceded that
1t might be necessary to empower the Sec
retary to issue low-rate bonds to protect
the treasury against large withdrawals of
gold.
Gold Certificates.
The bill Introduced by Mr.. Cooml5s to
retire gold certificates recalls statement
made by Secretary Carlisle before the com
mittee on appropriations. In reply to ques-
tions by Mr.. Coomhs at tho recent hearing
Secretary Carlisle said that If no gold Ger
tificates were issued most u the geld rep
resented by them would, in his opinion, be
In the treasury. IF the holders of gold
coin could not put it in the treasury and
use that institution substantially as
warehouse" he said taking out the paper
mt of
come in and Gtay there. Tho banks and
other institutions do not like to hold gold
coin, as it does not circulate from hand
to hand among the people. The gold certf-
cate does and that is the most convenient
form in which they can put their gold for
circulation: we simply take care Of The
coin for them. The gold coin must he pre-
served and stored in some way, and as it
is done at considerable risk people will not
hold it, as they will certificates, for if the
certificate is defaced or mutilated they
can get another.
When Mr.. Dockery inquired IL the re-
peal of the law authorizing gold certiti-
Gates would not improve the condition of
the treasury, the Secretary said that it
go toward relieving the situation, he con-
tinued, because there was no way to re-
cell the outstanding notes. The treasury
was not issuing any more becarse the act
authorizing them provided that their issue
should cease when the geld reserve was
reduced to $lO0,0UO,0aW In order to be on
the safe side he had ceased their issue
when the reserve touched s102,0O0,0OO, and
only resumed it temporarily at the last
issue of bonds. On taking charge of the
treasury he had found $3,O0O,OOO in gold
certificates, carried as part Of the assets
there, and had cancelled them and liberated
tie gold behind them. Certificates We're
being Cancelled whenever brought in. and
none were being issued to replace them.
Few We're being rec eived-y however, for
customs duties, and the Secretary was
convinced that they were being boarded.