The Providence news. (Providence [R.I.]) 1891-1906, 1895-02-05
TOM REED
A Plan to Relieve Financial
Distress.
Free Siyeriies Still Hopeful as They
Always Are.

WASHINGTON, Feb. 5.--Calculatfons OF
the supporters and opponents Of the new
administration financial bill were upset
yesterday by the interjection Of now fac.
tor into the campaign.
Mr.. Reed of Maine brought forward
new plan for which he Is endeavoring to
enlist the entire strength OF his party. and
which he will offer as substitute for the
administration scheme II he thinks his
plan can command sufficient support to
make &c factor in the eight.
There are but two sections to the Reed
plan In the form in which he has sub
mitted 1t TO his colleagues The first pro-
poses to restrict the law Of 1875, which
authorizes the secretary OF the treasury to
issue bonds &c redeem the greenbacks to
3 per cent bonds.
The second section authorizes the secrc-
tary of the treasury. when there Is do
ficit, TO issue certificates OF indebtedness
to pay current expenses, the certificates to
be in sums of s25, $50 and 500, and any
multiples thereof bearing interest ut 3
per cent and payable in coin.
The bill, rs Mr.. Reed explained to the
Republicans whose support he sought, Is
but n temporary expcdient to tide over
the present distress The substitution OF
'coin" for tho gold provisions OF the ad-
ministration plan is expected to win for
it the toleration, If not the support, of the
FREQ silver men. Its comparative simplic-
ity, ii Is expected. will commend the bill
TO the house in preference To more COM
plex plans.
Mr. Reeds plan is to offer the bill as
substitute for the administration bill, and
by polling the solid Republican vote, whtlo
the Democrats are divided on the admin
istration bill, make IL a more formidable
proposition in the field, and perhaps in
duce the Democratic opponents OF the ad-
ministration bill To rally to its support.
Chairman Springer and his colleagues
have counted on most OF the Republican
votes for the administration bill, and have
prophesed that it would poll about tho
same support that was given to the repeal
OF the purchasing clause OF the Sherman
act. Accordingly, Mr.. Reeds move over
turns their calculations TO n great extent.
The Silver Interests.
Interest In the financial question abodt
the senate yesterday ccnterol In the ac-
tivity of tho silver senators snd the fro
quent consultations held by uhem. This.
taken I'm connection with tho call issued
by Senator Voorhees,. chairman OF tho
finance committee, for meeting OF the
commlttcc led to the general suppostion
that an attempt woald bc made by the
silver advocates on the committee TO So
cure the reporting of free silver bill.
Inquiry among hc.pcmbors of the COM
mittco failed 20 develop absolute assur-
ance that tho effort would be made, but
enough was said in many quarters to i'm
dicato that the general supposition was
not without good foundation and to justify
the statement that the silver mon are
very hopeful OF bringing free coinage
bill out Of the committee, II not at this
evenings meeting nc tho next ono to be
held. They believe that Senator Jones OF
Nevada will unite with Senators voor-
hces, Harris, Vest, Jones of Arkansas and
White I'm support Of some measure that
will be satisfactory To the silver mon.
A spirit oi Serenity
pcrvadcs the treasury department that Is
quite I'm contrast with the anxious looks
and hurried movements Of tho officials
last week.
Secretary Carlisle and Assistant Sccre-
tary Curtis were accessible To all callers,
but both insisted that they had nothing to
my on the financial situption. One ~