Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-01-30
BOND ISSUE SOON.
That Is, Unless Congress Acts Quick
ly on the Presidents Proposition.
SYNDICATE OF FOREIGN BANKERS.

IL Is Headed by August Belmont,
and II Ii Believed VIII Take n
Huge Block of the Forthcoming Sc |
curities--Congressio Views.
NEW YORK, January 2s.-The con-
tinued heavy Withdrawals of gold have
caused general belief that a bond issue
Will have to be shortly made, unless Con-
gress takes quick action on the proposi-
tion Of the President for an issue of
3-per-cent. gold bonds. 1t was expected
that the Issue would be made this week,
but the President decided to make one
last appeal to Congress for 3-per-cent.
gold bond before sacrificing the credit OF
the government by the sale of or
per cent. gold bonds.
II Congress does not accomplish any
thing this week in the direction of the
Presidents gold-bond scheme, 1t is un-
derstood that 800, ,00o0 600 4 per cent. bonds
will be issued next Monday. or at all
events before the close OF the week. III
the scheme should be killed this week,
the issue may come before next Monday.
Notwithstanding the denialS OF August
Belmont 1t Is believed that he will be
at the head of a syndicate of foreign
bankers which will take a huge block or
the bonds.
1t is apparent that large portion
Of the issue must be placed abroad II the
Treasury is to make any permanent gain
I'm gold and in no other way can an
|. effectual halt be put upon the gold eX-
port movement.
The withdrawal Of slOo,OOo,O0o from cir
culation will also cause an active money
market, and In this way add to the
check upon gold shipments.
THE SPRINGER BILL.
WASHINGTON, ID. c.. January o.
at now looks" said Mr.. Walker. of Mas
sachusetts "as though the administration
banking-bill introduced by MIR. Springer
yesterday may be amended so az TO make
IL acceptable to the business interests OF
the country
appearances indicate that the bill Will
be reported from the committee In such
shape" said Mr. Russell. of Connecticut.
that 1t will receive the support of all or
nearly all the Republicans in the House"
Both gentlemen are members OF the
House Committee on Banking and Cur
rency, TO whom the bill was referred. and
the foregoing declarations were made BY
them when the committee adjourned at 4
O'clock
The amendments adopted by the commit
tee were these Permitting the bonds TO
be redeemed after ten years, at the plea
sure Of the government; reducing the tax
on nationa-bank notes from per cent, to
4 Of per cent. per annum; striking out
section five, which provides that customs
duties shall be paid In gold.
Another amendment, providing that the
bonds should be paid I'm coin instead Of
gold was lost.
Two other amendments were offered
and debated at some length. without any
| final conclusion being reached. one was
offered by Mr.. Russell. OF Connecticut. 1t
provides that the amount Of Treasury
notes cancelled in any one month shall
be Offset by corresponding issue of ma
! tional-bank notes. This amendment was
carried, and then reconsidered. Another
amendment, offered by Mr. Walker. pro-
vides that the reserve to be held by the
banks shall consist one half In gold coin
or gold certificates. and the other half in
silver coin and silver certificates.
The discussion upon this proposition was
purely an economic one, turning upon the
point whether the forcing Of the banks
10 procure gold would not create a greater
demand upon the Treasury than now
exists Mr. Walker met these objections
with the argument that IL would put the
7 banks in a more solvent condition by
requiring them TO keep specie on hand.
REPORT PROBABLE TO-DAY.
These latter amendments will be con-
| sldered tomorrow, and the indications
this evening are that the bill, as amended,
will be ready to be reported to the House
tomorrow afternoon.
The discussions did not follow party
lines and 1t Is said that none of the
several votes taken were what are known
as strict party votes
Representative Tracey. OF New York.
who is a conspicuous champion OF the
administration, and who was active at
the extra session of 1898 in helping to
secure the repeal Of the Sherman silver
law. SAYS he believes the bill Will pass
both houses of Congress.
All OF the members OF the committee
were present at to-day's session except
Messrs. Johnson, of Ohio; Johnson, OF
Indiana: Ellis, of Kentucky, and Cuber-
son, OF Texas.
THREE VOTES.
Three separate votes were taken. The
first was on a motion to strike out the
third section, which provides for the un-
limited coinage of silver, etc. This re-
suited in a tie vote, as follows:
To strike out-Messrs. Aldrch, Allison,
Sherman, and Morrill, Republicans) and
Mcpherson OemocraU. Mr.. Jones, or
Nevada. was absent and not paired. Those
voting to retain the provision were:
Nessrs. voorhees,, Jones, OF Arkansas;
Harris. White, and Vest Democrats).
The vote to report the bill as submitted
by Mr.. Voorhees, was as follows:
For Reporting-Messrs. Harris. Voor-
hees. and Jones.
Against Reporting -Messrs. Sherman,
Morrill, Aldrich, Allison, Mcpherson vest
and White.
The vote was then taken on Mr.. Al
drchs proposition TO report the first two
sections Of the bill. and 1t was defeated
by a tie vote--ths same as that taken on
the free-coinage section.
FREE-COINAGE BILL.
After this action was had, Mr.. Vest
pulled from his pocket free-coinage bill,
prepared by Mr. ST. John, OF New York,
and offered IL for the consideration OF the
committee.
Mr.. Aldrich offered as n substitute the
Springer bill, drawn 10 meet the wishes OF
the President, but the committee ad-
iourned almost Immediately without taxi
ing any action.
NO AGREEMENT POSSIBLE.
A prominent member of the committee
| said after the meeting that the result
showed that the Senate Committee could
agree to no proposition looking to the re-
lief Of the Treasury, and that all 1t could
now do was to await the action OF the
House and consider such bill as IL
| might see III 10 present.
The committee adjourned without fixing
any time for a special meeting. The situ-
ton, which appeared somewhat cleared
| during the earlier hours OF the day, Is