The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-02-07
Foreigners Will Take Fifty Millions
and the Remainder VIII Probably
Go to New York Houses.
CLEVELAND'S BILL CHANGED
SEVERAL IMPORTANT AMENDMENTS
MADE BY THE HOUSE YESTERDAY.
Provisions of the Measure as 1t Now
Stands-Mr. Reeds Substitute Not
Accepted by All Republicans.
Special to the indianapolis Journal.

Special to the Indianapolis Journal
WASHINGTON, Feb. 6.-It was said at
the Treasury Department this afternoon
that all the details for the bond issue have
been completed and the Secretary only
awaits the final action of the House on the
pending currency bill to send out the formal
circular inviting proposals for the bonds.
The issue will be one hundred million thirty
year four-per-eents, and the price has been
fixed at a figure that will virtually make the
interest 3as per cent. Had the President
possessed the authority to stipulate that
the bonds should be payable in gold and
not "coin," it is believed the entire hundred
millions could easily have been f1oated
abroad at per cent. Money is lending in
London at less than 11s per cent. per anrunl.
and transactions have recently been closed
at the rate of five-eighths of ! per cent
per annum for thirty days and three-quar-
ters of 1 per cent. for three months As il
is, fifty millions of the bonds will go abroad
and the remainder will be taken by bankers.
Among them are the Morgans, and Mr. Bel
mont will also be prominent. 1t is not ex-
pected that the late Stewart syndicate will
participate.
Another report is to the effect that Morgan
and Belmont on behalf of their London
clients made the President a definite offer
to take the whole $100, 900, ,Ooo but at a rate
Of interest considerably in excess of per
cent If not as high 49, The same report
says it is this high rate demanded that
causes the President to hesitate 1t is we'll
known that he is disposed to delay matters
in the hope of congressional action. 1t is
understood that while here Mr.. Morgan and
Mr. Belmont ez pressed grave fear of the re-
suit, should the gold reserve be permitted to
go much lower, and strongly urged on the
+ President the necessity for speedy action
The President, it is understood, did not share
their fears---Res believed that the American
people, and those with most at stake, had
sufficient confidence in our govarnrr ent and
its institutions not to entertain any doubts
OF its ability and purpose to faithfully per-
form every obligation.
THE ADMINISTRATION BILL
The proceedings in the House progressed,
to-day, to the stage of voting on the amend
ments The whole business is degenerating
into farce. No one, except Mr.. Springer.
takes the situation seriously Mr. Springer
is actuated by the faith that moved the
early martyrs He suffers much for the
sake of a glorious hereafter, the hereafter
in his individual case being the new federal
Judgeship which has just been created by
Congress in southern Illinois. 1t is general
ly conceded that Mr.. Springer has earned
this reward and there is no doubt that with
his squirrel-like versatility he will soon
acquire as much knowledge of law as he
has now of finance. The amendments to-
day were almost Iudicrous in their range
Mr. Bryan wanted to forbid national banks
to charge more than per cent interest
Mr.. Stone, of Kentucky, was eager to pro-
hibit the national banks from contracting
n cIJ
had an amendment fixing a retaliatory inn
post duty of SO per cent on all goods from
countries that did not grant free coinage of
silver. Mr.. Breckinridge had an amend
ment for free coinage, gold bonds and free
State banks.
When the House adjourned this afternoon
it had practically cleared the decks for ac-
ton Tomorrow The bill proposed by the
administration, and amended almost be-
yond recognition by the banking and cur
rency committee, had been pared down into
the shape on which it's friends will ask a.
vote tomorrow. AS now amended the bill
authorizes the Secretary of the Treasury
to issue three-per-cent. gold bonds. in de-
nominations of twenty and fifty dollars and
multfples thereof, payable at the pleasure
of the United States after ten years. and
due fifty years hence. Legal tenders or
treasury notes, when redeemed, are not to
be reissued, provided that the amount of
United States notes retired shall not ex-
ceed, in the aggregate, an amount equal
to the additional circulation taken out bv
national banks after the passage of the act
National banks may take out currency to
the full par value of all bonds deposited
excepting per cent, instead of 90 per cent
at present. The tax on circulation is
decreased to one-quarter Of per cent. per
annum, instead of ! per cent, as at pres
ent, and the minimum sum of the capital
of a national bank is fixed at $4,000, in
stead of $4,000. as at present All laws are
repealed which limit the amount of national
bank circulation that could be withdra wn
for any month. prohibit an Increase of
circulation for six months after withdra wal
OF circulation.
This is the bill as it will be voted on. II
VIII be seen that if Mr.. Reed had adopted
Mr.. Springer's suggestion of a compromise
by making his proposed excheGuer bills
payable in gold, the compromise would have
been all on Mr.. Springers side and the sur
render on Mr. Reeds. Mr. Springer states
tonight that he will accept no more amend
ments tomorrow but will fight any at
tempts to alter the bill from its present
shape. AS It was he was defeated three
times to-day. His amendment to pay cus-
tom duties in gold was defeated: his amend
ment that a portion of the reserve OF ma
tiona banks should consist Of one-half gold
and one-half silver was defeated. and in an
tagonz.ng members of his own committee
who desired TO strike out the amendment
abolishing bank notes under ten dollars and
issuing other certificates for sums Of ten dol
lars and under he was again defeated Mr.
Bland will probably carry his fight for his
free-sIlver substitute from the committee
OF the whole into the House.
Corrected figures from New York show
that $7O6.S70 in gold was to-day Withdrawn
from the subtreasury IN exchange for legal