The times. [volume] (Richmond, Va.) 1890-1903, 1895-02-02
THE FINANCIAL MIDDLE
SEYA TOR DANIEL SA VS. OUR CREDIT
WILL BE PROTECTED.
Even if the New Banking Bill fs Not Pass
ed-A Charter for Virginia Rail-
way s lid.
TINES BUREAU, RAPLEY BUILDING.
W,suINcTps January ~ 1904


bill expect nothing but facti, as opposi-
tion from many OF their own party, and
that no financial legislation on the lines
Of the present bill can pass the House
without the substantial support Of the
Republicans.
That there IS a strong inclination on
tho part OF the Republicans TO aid in
some kind of legislation is evidenced by
efforts OF Mr.. Walker, of Massachusetts,
and other leading Republicans to lex
the bill in some shape that II Will COM
mand the votes of their colleagues.
do you think there is a probability
of the bill passing the House?' l asked
Mr.. Walker this morning.
A REPUBLICANS VIEWS.
"There is one more amendment, and. in
my judgment, 1t IS a proposition that
will not be opposed by the other side,
which, II added 10 the bill, Will give It
more than an even chance to pass the
House.
My amendment simply proposes 70 in
crease the powers Of the Secretary OF
the Treasury by leaving TO his discretion
and judgment the kind Of bonds 10 be
issued | am opposed TO the issue of a
bond running fifty years, for l do not
believe this Government should be saddled
with an Indebtedness for that length of
time. As soon as the receipts Of this
Government begin to exceed, no matter
how slightly, It's expenditures, this IN
debtedness will be cancelled with sur
prising rapidity. If they do not now
they will I'm year or SO, and If they do
not then they will be made 10. Then,
why not allow the Secretary to issue
shOrt-term bond. payable on a certain
day There are millions Of money in
this country held by executors of estates,
persons residing abroad and men not in
active business life here who would glad
~ lend their money at d low rate OF
interest. provided they were certain they
could get It Just when they wanted 81.
All practical business men know these
are facts, and | believe that the Secre-
tary of the Treasury. If ne were gwen the
opportunity, could dispose Of enough or
these bonds to meet the necessities OF
the Government at even lower rate OF
interest than we would be called upon
u pay on the bonds running Tor my
years.
THE amendment / shall offer will be
on this line, and viii provide that the
Secretary Of the Treasury be allowed to
issue bonds payable at the pleasure of the
United States after one year from the
date OF their issue and upon the g
plratiOn Of three years, or bonds payable
after three years and upon the expiration
of seven years, or bonds due on certain
day within three years from the date
Of such bonds as the Secretary OF the
Treasury may elect such bonds 20 bear
interest at rate per annum determined
BY the Secretary of the Treasury.
AT the proper time | shall offer the
above amendment, and IF it Is adopted the
bin viii, in my judgment pass the
House"
SENATOR DANIELS VIEWS.
Senator Daniel. when asked his opinion
of the situation in the Senate. said:
The discussion has been too panicky.
There IS no danger that the expenses Of
the Government VIII not be provided, II
revenues be insufficient. The credit OF
the Government and the fuinlmcnt OF all
contracts VIII be protected. Whether
permanent system OF finance can be adopt
ed before March attn IS another question.
At this late day, with Congress crowded
with appropriation Bills. emergent IN their
nature. il may we'll be doubted If that
is possible. But the committees entrusted
with preparing legislation are doing their
utmost.
81 shall endeavor TO promote action I'm
every way that one not on the Com
mittee OF Finance can, and with view
to preventing the country being thrown on
the single standard, whether OF gold or
silver. or Of being subjected to the pangs
OF further contraction and lower prices.
NEW RAILROAD FOR VIRGINIA.
At a meeting OF the incorporators of
the Fredericksburg and Lancaster rail
road held to-day, at the Narnum Hotel,
in this city, the charter Tor tnls road
granted by the Virginia Legislature was
transferred to a syndicate OF northern
capitalists who VIII break ground for
this important enterprise early next
spring. There were present on the part
of the incorporatOrs Hons. w. a. Little,
president: Robert }. Washington W. y
Jones, John T.. Mason, Howard Hatha-
way, Lloyd T. Smith. ana Messrs. Med.
Lee. editor and owner of the Virginia
Citizen, and G. NJ. Ward, late general
manager of the South Carolina railroad.
by the terms OF the agreement, the new
incorporation must make an actual com
mencement of the work within six months
from date, huish ten miles of the road
within SIX months thereafter, ana com
plete the whole road within two years
from the present date. They were also
required to give bond in the sum OF nifty
thousand dollars not TO use the charter
for speculative purposes.
The road viii be OF broad gauge ana
operated by steam. and not by electrici-
ty, as has been rumorCd.
The batch OF nominations confirmed by
the Senate on the 10Th OF January, among
which was tnat of Mr.. Wright as post
master at Marion, Va, has not yet been
sent to the President, but viii be to-mor.
row or the next day.
NICARAGUA CANAL BILL.
The House Committee on Interstate
ana Foreign Commerce agreed to-day TO
substitute the Nicaragua Canal bill, which
was some time ago reported TO the House
from this committee, for the Senate bill.
Congressman Wise to-day presented a
memorial from the Richmond Chamber
OF Commerce requesting the House TO
enact some Kind OF financial legislation on
the lines recommended by the President
in his message.
The petition was referred to the Com.
mittee on Banking and Currency.
The following paragraph from the agri-
cultural appropriation bill. reported To
the House yesterday is a handsome tes-
timonial 10 Mr.. a. j. Wedd rblrn, m -ster
of the Virginia State Grange:
And the sum OF five thousand d7l'ars
is hereby appropriated Ito be Immediately
available) to continue the invest gat.on
and reports, of a popular character. h re-
tofore made by Alexander j. WeddeTburn,
special agent Of the Department Of Agri
culture, Of which sum the said special
agent shall receive two hundred dollars
per month. and the remainder shall be
available TO pay the necessary 6XDend-
tureS of Collecting COllatiDC priuting and