The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1895-12-24


exceed $50 900, 900 in amount, and to be
disposed of at the discretion of the secre-
tary of the treasury to meet current
deficits in the revenue.
These are to be offered for sale at the
sub-treasuries and repositories of the gov
ernment.
1t is possible that there may be added to
this bill a plan to increase the currency by
authorizing national banks to issue circu-
latiOn to the par value of all the govern
ment bonds deposited by them with the
government as security for their notes.
the plan outlined was not agreed to
without much reconciliation of differences
and compromises, but the leaders are as
sured that both bills will pass the house
without material opposition, having made
thorough canvass by state delegations
and there are strong hopes that the senate
! will act upon them favorably.
Saturday nights meeting showed a gen.
eral sentiment in favor of incorporating
| the whole plan into one bill, but reasons
were advanced today which led to the di-
vision of the tariff and bond issues. Sew
eral Western free silver Republicans held
q conference during The day and
decided to oppose any bill containing bond
features. Their votes will be cast against
the bond bill, but it is expected that it will
receive enough votes from the Democratic
side TO Offset the Republican detection. On
the other hand, the tariff bill will probably
be passed by strict party vote.
by the same division the house Rspub,i-
| cans hold some hopes that their plan
can carry in the senate, mastering all the
Republican and two Poputist votes for the
tariff bill and a combination of Repubi-
Calls and Democrats for the bond bill, al
though the supposed free silver majority of
Tie senate makes the SUCCESS of the second
bill much more doubtful.
There have been conferences of Repub-
licans from both houses preliminary TO tlle
present plan, 80 it is not altogether the
prouuct of Speaker Reed.
Among the rank aud file of the house
Republicans there is "a movement on foot
TO hold caucus on Thursday morning TO
pass upon the bills, but the leaders look
upon the caucus with dlstrust, for other
combin ii 1ns may lie formed to change
the tariff features, and once the special
interests find the doors to tariff changes
open, much time Is likely to be consumed.
10 all OF the members who have come to
him today to secure consideration for the
particular interests of their constituents,
Chairman Dingley has replied that the bill
under consideration was not a tariff bill
but a temporary revenue bill. The same
argument has been used in committee
with those members who opposed the hor-
jzontal raise of 3 per cent on the ground
that it was opposed to the protection the
Ory. The advance on livestock and cereal
breadstuffs was secured by the efforts of
tended in part as reply. said one COM
mitteaman, to the charge that Republican
tariff measures favored the nj anufdcture-
rather than the farmer.
How much debate will be allowed has
not yet been decided, but not more than
two days at most is planned. The bill will
be laid before the Democratic members of
the committee Thursday morning, and be
introduced in the house that day, with a
rule TO limit debate and bring vote not
later than Friday night. On this point the
remark Is attributed to Speaker Reed,
This house is not debating school," and
arguments for long debate will meet with
the response that the bills are emergency
bills which should be passed at once if at
ALL
DEMOCRATIC. OPPOSITION
|. Tho Democrats of the house will oppose
unanimously, as far as can be ascertained.
the revenue bill which the Republicans
will bring in on Thursday. Both the silver
and anti-silver Democrats assert that there
is no necessity for an increase in the reve-
nues, as they claim that the available cash
in the treasury over and above the gold re-
serve is amply sufficient TO meet any de-
.fciencies that may occur for the next two
years. when they expect the receipts from
the present tariff law to equal or exceed
the expenditures. Up to this point Demo-
Gratis seem to agree. AS TO an authorize.
ton for coin bonds they differ. The gold
iucu WOuiu Dc Wi.iillS 10 VOte IOr DOIllSy
preferably gold bonds, to fortify the re.
serve, but they point out that in their
opinion no bond will meet the situa-
ton. The trouble, they declare, Is
the existence of the greenbacks, which
can be used to pump gold out of the treas
ury, and unless their redemption is pro-
vided for the gold purchased with bonds
would simply be used to increase the in
terest bearing debt without moving the
active agent for weakening the reserve. 1t
is not improbable that some of the Demo-
Gratis will offer as a substitute compre-
hensive plan for the retirement of the
greenbacks. including an authorization for
an issue of 100000, 900 in bonds for that
purpose and the reduction Of the tax on
national bank circulation, the increase of
currency to be issued on deposits of bonds
from 80 to 100 per cent. This latter, they
say, would increase the national banking
system and prevent q contraction of the
currency.
The silver Democrats, of course, are op-
posed to bonds to increase the gold reserve
and will resist the measures presented by
the Republicans both on that and tariff
grounds. The silver Democrats of the
house, discussing the situation. have about
decided to offer as an amendment or sub.
stitute for the bill joint resolution MAX
ing 1t mandatory on the secretary of the
treasury to redeem greenbacks and treas
ury notes in silver when the gold reserve
falls before q certain point. Mr.. Bailey of
Texas will probably offer the resolution.