The Washington times., 1895-02-09
Congress Asked to Authorize Is
sue of Bonds Payable in Gold.
IT WOULD SAVE MILLIONS
Securities Gould Re Floated at Three Per
Cent, Whereas Otherwise 1t Will Cost
Three and Three-fourths- Likely That
It Will Be Done-springer Deposed as
Financial Leader-Wilson Succeeds Him.

II Congress within ten days passes bill
making the bonds which the President pro-
poses TO issue payable in gold, it will save
the people, for the thirty years they are to
run, 5000, 900 in interest.
This really is the gist of the message sent
to Congress yesterday by the President. al
though the silver men see in his recommended
tions not so much an anxiety TO save money
as a desire to commit the country irrevocably
10 a gold policy.
Senator Teller did not hesitate TO say that
the message was entirely unnecessary, as it
simply announced what the President had al
ready done. As for authorizing the issue of
gold bonds, he said. the President ought to
be aware by this lime that no bill of that COM
plexion could pass the Senate.
DOUBTS ITS PASSAGE IN THE HOUSE.
He doubted If it could get through the
House 1t was his opinion moreover that
the gold obtained from the sale of the pro-
posed issue of bonds would no more stay in
the Treasury than the proceeds of previous
issues had done.
So far as the Senate is concerned, Mr.. Tel
Ter pretty clearly outlined the feeling with ref
erence TO such a bill as the President would
like TO have passed. The friends of The ad-
minisJration are no more hopeful than its an
taConIsts on this question are positive that
no bill authorizing an issue of gold bon
has the remotest chance of becoming law
One OF the most significant things in con-
nection with the pessage was its reference
TO the Committee on Ways and Means. This
means that Mr. Wilson viii now be the leader
in the financial fight, as he had been in the
tariff battle, and that Mr.. Springer has been
placed on the retired list. In view of the
fact that the latter gentleman had called
upon the President yesterday morning. and
bad declared his readiness and ability TO re-
port bin 10 suit the Executives views in
short order. b relegation 10 the rear is any
thing but agreeable TO him, although, of
course. he took pains to conceal his chagrin,
and was measurabiy successful in doing so.
VOTE on THE REED SUBSTITUTE.
The vote in the House on the Reed substi-
tute TO the administration bill may be taken
as an indication of how bill framed 10y the
Ways and Means Committee in accordance
with the President S wishes will fare IL will
be remembered that Mr.. Reed was appealed
10 10 allow the word coin to be substituted
for gold in his proposition. The intima-
tion was conveyed TO him that with such n
change his measure might go through. he
refused. and it was rejected by vote Of 107
ayes 10 l89 noes.
President Cleveland asks the House to do
in the matter of the impending bond issue
just what il refused TO do in regard TO the
Reed substitute. In the opinion of a number
of members. on both sides Of the House. the
result is likely TO be approximately the same
1t may be taken for granted, therefore, that
the proposed S62, 400. GOO OF bonds will not be
floated for less than 3$4 per cent, as the in
sertion of the word 'gold" will not be author
lied by the FIfty-third Congress.