The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-01-24
SMITH AND JONES.
Two Democratic Statesmen with Hem-
edies for Financial Ills.


WASHINGTON, Jan. 23.-Senators Jones.
of Arkansas, and Smith. of New Jersey,
each representing most influential ele-
ment in the majority of the Senate, to-day
presented plans for meeting the currency
complication. The propositions differed
widely. Mr. Smiths providing for q
temporary bond issue, pending an in
vestigation by monetary commission.
composed of Senators, members OF the
House and civilians, while Mr. Joness
plan provides for bond issue and condi-
tional restoration Of silver. The two Sem
ators urged their respective measures In
speeches which received close attention
from a well-flled Senate and crowded gal
leries.
Senator Smiths currency bill provides
that the President shall appoint four COM
missioners from civil life, no more than
two of whom shall be members of the
same political party. The President of the
Senate shall appoint four Senators. no more
than two Of whom shall be members OF
the same party. The Speaker of the House
is to designate four members under the
same conditions. The Senators and mem
bers chosen are to be members of the
Fifty-fourth Congress. These are to be
known the monetary commission" 1t
is made the duty of the commission to
take into consideration and to investigate
thoroughly all the various questions re-
lating to the currency so far as may be
cious system Of currency on permanent
basis The commission is empowered to
visit different portions of the country and
make to Congress a final report of the re-
suits of it's Investigations, together with
such recommendations as 1t may deem TO
the best interests Of the United States not
later than the second Monday In Decen-
ber, 1895. The bill also authorizes the issue
of $500000,000 of three-per-cent. bonds, re-
n hi in rr1ld al STaf ion of
Mr.. Smith said that he had hoped to see
emergency. He was convinced however,
that so little time, remained for legislation
that no bill would be passed the present
session. Under the circumstances he pro-
posed this plan. which would set on foot
a full investigation with a view to secur~
ing the proper remedy. 1t was desirable to
have a nonpartisan commission in order
that its work might commend itself to the
new Congress.
argument against any commissions or 9TH
er means of avoiding direct action on the
currency; MT stewart had read an article
rectly to the Secretary OF the Treasury.
and arraigning him for preferring gold to
silver.
SENATOR JONES'S BILL.
Mr.. Jones added to the interest of the
currency question by presenting a bill
which has been discussed in the finance
committee. Its reading was followed with
close attention owing to the prominence
of the Senator in shaping most of the
finance committee work.
The Jones bill gives to the Secretary OF
the Treasury authority to issue bonds OF
the United states to the amount of $5oo0oo.-
GOO, payable in coin of the present standard
value and bearing interest at the rate of
per cent? not TO be sold at less than par.
Bonds to mature thirty years from date
and be redeemable at the option of the
a
tary is authorized to use the proceeds of
the sale of the bonds to defray expenses of
the government and for the redemption of
United States legal tender and treasury
notes issued under the act OF July IL. 1880.
The bonds are TO be of the denomination of
the option OF the purchasers The bonds
are 10 be free from all taxes. Ii Is declared
opportunity for general subscriptions fer
the bonds. Payment for the bonds may he
made in gold coin. but the secretary u ~