The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-01-08
1t VIII Provide for the Issue of $780,
100000 in Bonds and Coinage of
$5O,OOO,OOO i'm Silver n Year.
APPROVED BY SENATORS
WHO THINK 1T WILL PLEASE BANK
ERS AND WESTERN SILyERITES
No PrOba ability that Hi1rs Plan Will
Be Supported-TenOr of Speeches.
in Yesterdays Caucus.
Special to the Indianapolis Journal.

on Speaker Crisp's motion that the Car
Isle bill should be passed showed almost
conclusively that the bill is doomed in
the House. The vote was a painful sur
prise to Mr.. Carlisle and his friends.
They had expected much better show
ing The strength of the bill is shown
to be among the South .rn members
along the coast and the gulf, and it is
evident that their support of the bill
is due to it's free State bank features,
the very feature that makes it most OBJ
jectionable to the Democrats from the
East, the North and the interior West.
Mr.. Carlisle is willing to make any sac
rifice to jettison his struggling craft,
and it is known that he is willing to
throw overheard the free State banks
if he can thereby save the remainder
of the bill. But to abandon the State
banks means to lose so many votes that
the outlook becomes more doubtful than
ever. Certain it is that the result of
the caucus does not look very promis-
ing for the eagerly sought "vindication"
of the administrations financial scheme.
This is the opportune moment for a
compromise. 1t is evident that the Car
lisle bill has slender chance of success
in the House, and it is conceded by the
administration that it has no chance at
all in the Senate. Speaker Crisp recog-
nized these facts before he went into
{ the caucus. and there was conference
between the Speaker and several of the
leaders of the Senate. AS the result of
their conference there is strong prob
ability of the introduction of COM
promise bill.
THE COMPROMISE BILL.
The two elements in the Democratic
party that must be placated before a
currency bill can be passed are the
friends of silver and that large body
of Eastern and Northern Democrats
who insist that the government guaran-
tee in the shape of a bond deposited in
the treasury shall stand behind every
note. In other words. the two factions
in the House are represented, respective
ly, by the Bland bill and the Sperry bill.
1t was the representatives of these two
distinct propositions that made the
caucus to-day a failure. and it is recog-
nized that they must be brought in line
before anything can be done Hence
the compromise which was the result of
and Senators German. Gray and others
undertakes to satisfy both the silver
men and the bond men.
The compromise is. in effect, the fa-
nous Faulkner compromise which was
offered during the fight in the Senate
over the unconditional repeal Of the pur-
chasing clause of the Sherman bill. 1t
will be remembered that the bill con-
templated the issue of five hundred mil
lions of low-rate bonds. two-and-a-half
per cent. if possible, per cent. if neces-
sary, these bonds to be redeemable at
the pleasure of the government, but
not before twenty years: the bonds to
be sold to the national banks at par and
the banks to be permitted to take out
currency TO the full par value of the
bonds: the tax currency to be re-
duced to one-quarter of 1 per cent in
stead of l per cent. as at present. ma
tional banks are to be permitted to or
ganize on a minimum capital of $25OOO
instead of $4,000 as at present to en-
courage the establishment of national
banks in small country towns OF the
five hundred millions obtained from the
bond issue one hundred millions are to
government if necessary. The legal
tenders are to be redeemed as promptly
as possible. and bank notes to be
hereafter issued for less than $50, all
currency of lower denomination to be
silver certifica tes.
These provisions it will be seen are
essentially in the spirit of the Culber-
son plan, embodied generally in the
Sperry bill. The Eastern Democrats be-
ing thus satisfied. the silver men are
sought TO be won by providing for the
coinage of silver not to exceed $50 0OO-
600 per year. Incidentally, too, the press
ing needs of the treasury would be in a
measure met by the seigniorage accru-
ing from this coinage of silver All sill
YER certificates thus issued will be re-
deemable in silver only.
WOULD PASS THE SENATE
These are the broad outlines of the
compromise which 1t is believed could
be passed through the Senate. Demo-
cratic leaders of the Senate say that a
disposition is beginning to manifest
itself in that body for some measure on
which all the Democrats in that body
can agree. and this compromise en-
bodies the views of all the Democrats
1t will be remembered that the Faux |
ner compromise was the result of |
long conference between Senators Cor |
man, Faulkner. Gray. Villas, White of |
Louisiana. Cockrell. Blackburn, Ren- |
som and Walthall-a gathering. it viii
be observed. which embraced AZ shades