The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-01-25
Measure Under Confederation That
Provides for Cancellation of Sher-
man Notes and Coinage of Silver.
REPUBLICAN CAUCUS TO-DAY
FINANCIAL AILLs TO BE DISCUSSED
By MINORITY SENATOR'S.
Encouraging Report as to an Increase
come Tax Payers than Expected.

WASHINGTON, Jan. 24.-The details of
the amended financial plan which Messrs.
Springer and Cox and two or three other
members of the banking committee are dis
GUESSING with Secretary Carlisle were
learned to-day. They had long confer
ence with the Secretary yesterday, and
of the opinion that the notifications to his
plan meet his sanction. The most radical
Of the new propositions, for which Mr.. Cox
stands sponsor, is that for the coinage of
silver. 1t contemplates the cancellation of
the Sherman notes when received at the
treasury and the issue of silver certificates
in denominations of 81, 81 and SO, or of sill
yer dollars, If the receivers prefer. To
back these silver certificates it is proposed
to coin all the bullion in the treasury,
which, including $54,O0O000 seigniorage
amounts to slS1, 100000 1t is calculated that
not more than $40,O0O,00O can be coined in a
year The changes in the banking features
of the plan provide that while the banks
shall hold the same reserve required.
one-half shall be in legal-tender greenbacks,
or Sherman notes. Representative Cox
plains that this arrangement would relieve
the treasury of the raids on gold made pos
sible by the large volume of outstanding
notes. since it would dispose of 5000, 100000 of
notes by using them to form the basis of
banking and $100O00,0OO for reserves in
banks. 1t is conceded that it might be nee
essary to empower the Secretary to issue
low-rate bonds to protect the treasury
against large Withdrawals of gold.
The Republicans Senators will hold a
caucus in Senator Sherman's committee
room, at 1880 tomorrow, which has been
called for the purpose of considering vari-
questions likely to be before the Senate.
The question of most Importance to be
considered Is that relating to finances, and
it is understood that the Republican men,
bers of the finance committee will ask that
they be instructed as to what course to
pursue i'm dealing with the questions in COM
mtttee. There will also be an effort to have
the caucus take position in the matter
OF the election of Senators in States where
the Legislatures are Republican, and where
the contests are apparently unnecessarily
prolonged as in Delaware, Idaho and Wash
ington, but the proposition is likely to meet
opposition There will also be some dis
cnsson e the Republican f97 policy in connee
New Mexico and Arizona.
The announcement of Republican SEN
atorial caucus tomorrow had the effect Of
reviving the talk to-day of the prospect
of compromise between the bond ad-
vocates and the silver Republicans which
would enable the caucus to present solid
front the question. There has been an
effort to secure an agreement on propo-
sition advanced by Senator Allison to issue
Understanding treasury notes to run for
two or three years only, but the silver men
have not accepted this suggestion without
making counter propositions. They agree
with other Senators that a treasury deficit
Is an undesirable thing. and say that in the
interest of the country generally they
would be pleased to see change that
would relieve the situation in this respect.
They think, however, that the most
natural way to bring this relief is to coin
the silver seigniorage If this proposition
Is not entertained they will probably sug-
gest that 1t will be better to authorize an
treasury notes or greenbacks than to issue
the short-time Understanding notes pro-
posed. Their objection is that they believe
that they would probably be collected by
the banks as soon as the interest on them
had reached any appreciable amount and
probably held as a reserve.
This" said Senator Teller in discussing
the question, would have the effect OF
initiating the currency to extent and of
then contracting it, which would not be de-
sirable."
The most that can be said is that a more
concfliatory spirit Is shown over the propo-
sitton to provide a means of relieving the
treasury deficit than has been manifested
In the project to maintain the gold
serve.