Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1895-02-07
AWAITS THE VOTE.
President Puts Off the Bond Is.
sue for a Time.
WANTS TO HEAR FROM THE HOUSE,

What IL VIII Do with the AdminIstration
Currency BiIl-some Republicans Who
Find Fault with the Reed Idea-Bland
Proposes n Free Silver Scheme with
Tri,nmings-Hendrix Hopeless-Cleve-
land Settles boundary Question.
WASHINGTON, Feb. 1T seems now to
be settled that no announcement of an
other bond loan will be made until to-
night or later, when the house will have
vDted on the pending administration bill.
Morgan and Belmont, of New York, who
have been here during the last several
days in consultation with the officials ON
tne bond question, have returned home,
and it is believed without any positive
knowledge as to what the administration
would do. Close observers however, are
of the opinion that these gentlemen on
behalf Of their London clients made the
president a definite offer to take the
whole slOu, coo, 600, but at a rate Of inter-
est considerably in excess of per cent. if
not as high as three and a half. 1t is this
high rate demanded that causes the presi-
dent to hesitate
Hss Faith in the People.
1t is we'll known that he is disposed to
delay matters in the hope of congressional
action. 1t is understood that while here
Morgan and Belmont expressed grave
fear of the result should the gold reserve
be permitted to go much lower, and
strongly urged upon the president the
necessity for speedy action. The pres:-
dent, it is understood, did not share their
fears. He believed that the American
people and those with most at stake had
sufficient confidence in our government
and its institutions not to entertain any
doubts OF it's ability and purpose to faith
fully perform every obligation.
Opposition to Reeds Plan.
Some opposition to Recd's financial plan
Is developing among the Republicans in
the house, but what proportions Il will
assume is a matter of doubt. Ultra high
tariff men are asserting that the first Sec
ton of the substitute, that which provides
for the issue of bonds, amounts to a recess
sion from the Republican contention that
the only trouble with the finances is the
insu.ficiency of the revenue. They say
that the Democrats have assumed the re-
sponsibility of running the government
and should be compelled to bear the bur
den. Three Pennsylvania Republicans
have come out openly against the Reed
measure, and with two or three silver
men are working against it.
Hands Solution of the Problem.
Chairman Bland, of the coinage COM
mittce of the house, has prepared n pro-
posed amendment intended as a substi-
tute for the financil bill now before the
house. 1t provides in br,ef that all coin
obligations of the government shall be
paid i'll standard gold or silver coins as
may be most advantageous to the govern
ment. For the purpose of providing the
treasury with such coins the duties on i'm
ports are to be paid one half in gold and
one-half in standard silver coins.
Free Coinage and no Bonds.
To redeem the treasury notes issued un.
der the Sherman act the bullion pur-
chased hereunder is to be coined. not less
than Si0, ,00O, coo every month. The treas
ury notes redeemed are to be paid into the
treasury. The free coinage act of 1887 is
revived and all authority to issue bonds
or to increase the Understanding debt is
revoked. To meet the deficiency accruing
in the treasury and to enable the secre-
tary To set apart coin to meet obligations
of that character the secretary is author
izcd to issue treasury notes which are to
be receivable for all demands of the
United States except duties on imports
and other coin demands.
Bland offered his scheme in the house,
but it was ru'ed out on points of order in
every shape it NSs presented.
Prospects Are Nearly Hopeless.
Brosius of Pennsylvania, who is q men,
Der of the banking and currency commit
tee. says that he believes most of the Re-
publicans will vote for the administra-
tion measure in the end, after recording
themselves for Reeds bill, but he fears
that the Democratic detection will be
strong enough To defeat it. Hendrix Re-
publican, who cndcavored to bring about
the compromise by which the Democrats
would accept the second section of Reed S
plan, says that the prospects for legisla-
tion are nearly hopeless.
His View Of the Dole Revolution.
WASHINGTON, Feb. 1-During the de-
bate on the Hawaiian cable item in the
diplomatic bill in the senate, Gray upheld
the course of Secretary Herbert, citing
many authorities on international law
He was glad to hear Teller concede the
Amcricanism of the Democratic party.
'But," said Gray. that party does not
show its Americanism by being party to
mean, paltry conspiracy on a distant
island. 1t does Lot trail the United
States flag in the mirc in order to exhibit
its Amcricanism. 1t docs not drag a
poor dusky queen from her throne to