The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-01-26

PROMPT ACTION NECESSARY
THE ADMINISTRATION ALARMED AT
THE OUTFLOW OF GOLD.
Springer and His Committee Still
yer Men Don't Care n Straw For.
Special to the Indianapolis Journal.


WASHINGTON, Jan. 25.-The Democrats
in Congress are no longer in doubt as to the
present opinion and desire of the President
in relation to financial legislation. He has
distinctly declared to Democrats who have,
by authority of their colleagues in Congress,
conferred with him on the subject that
there is only one thing left for this Con-
gress to do, and that is, to authorize the
issue of bonds running for a short term Of
years and bringing a low rate of interest.
The President is convinced that there is no
hone of any action by this Congress pro-
viding for a general, but permanent system
of currency. Therefore. he holds that the
only means to be adopted is to enact a
bond law and to leave further legislation
to the next Congress. The President main
tains, with Secretary Carlisle, that there is
no necessity for any legislation to increase
the revenue; that the new tariff law, in the
course of a few months. will supply all
the revenue required. But ~ he meantime
and, indeed, at present, under the system
prevailing. the treasury is confronted with
danger. He would have Congress authorize
the issue of bonds and vest the Secretary
of the Treasury with such discretion in the
matter as to enable him to successfully
overcome any exigency. The drain of gold
continl es without diminution, and it is that
WHICH dIftf1nS the ADMINISTRATOR. me SUD
ject was considered at the Cabinet meet
ing to-day and the conclusion was that a
bond issue, authorized by Cong,t SIS in def.
mite terms, is the one immediate remedy.
Chairman Springer's committee bank
ing and currency, however, is still engaged
in framing currency bill which it hopes
may pass the House. The House commit
tee has at last arrived at the conclusion
which the Democratic leaders in the Senate
have understood from the outset, namely,
that concessions must be made to the sill
yer men. Instead of meeting the situation
boldly, however, the committee is making
puerile attempts at Concessions which
only excite the contempt of Mr.. Bland and
his followers. The latest project is one
that will make friends nowhere and excite
scorn even among the Democrats who have
hitherto been willing to accept the Carlisle
bill. Mr.. SprIr gers committee intends to
press the old Carlisle bill again, with two
amendments which are to be the commit
tees Concessions to silver. The first of
these is the amendment providing for the
coinage of all the silver bullion in the treas
ury which, in round figures. amounts to
about 13000O,OO0. All notes of denominations
below $40 are to be withdrawn from circu-
. lation and their places supplied by silver
certificates OF dt nomination of ST. S. S., $40,
ana CIV, IOT winch the cOlneu silver collars
are to remain in the treasury. The second
''conce ssion'' is an amendment coming the
segniorage. This in round figures will
amount to about sos, 100000. From this latter
provision the treasury would of course de-
rive substantial benefit. 1t is plain that the
silver men in Congress will laugh at the
very suggestion that these amendments are
Concessions Everyone ought to recognize
by this time that all the silver men mean
by their demands for legislation for the
white metal is legislation that buys their
silver They have absolutely 10 concern
over what the treasury will do with the
stuff after it has once paid the bullion own
ers for it. Hence any propositions which,
like these of Mr.. Springer's committee,
looking simply to coming the silver already
bought and not contemplating the purchase
of any more, is not regarded by the silver
men with anything short of contemptuous
mirth at the committees simplicity.