The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-01-29
Jones's Compromise Bill to BE Pushed
TO the, Exclusion of All Other
Currency Measures.
THE ADMINISTRATION BILL
1T PROVIDES FOR THE ISSUANCE OF
BONDS PAYABLE IN GOLD.
To Run Fifty Years and Bear Not
Over 3 Per Cent. Interest-Rumor
that Springer Is TO BE Rebuked.
Special to the indianapolis Joarnal.

Special to the Indianapolis Joarnal
WASHINGTON, Jan. 2S.--There is no adj
vantage in mincing words regarding the
effect of the powerful message which Pres
ident Cleveland sent TO Congress to-day.
In spite of the intense earnestness with
which Mr.. Cleveland portrays the gravity
OF the financial situation, and in spite Of
his plea that Congress take the proper
steps to maintain the credit of the gov
ernment there is not the slightest hope
for believing that the administration bill
which he outlined will become law. Not
even the most sanguine Democrat in the
House believes more can be accomplished
than the possible passage of the bill in
the House. 1t will certainly die in the
Senate But there is even grave doubt Of
its fate in the House. Mr.. Springer, in
introducing the bill drawn the lines Of
the Presidents suggestions, buoyantly
promised to have the bill reported back
from his committe in a few days. Unless.
the Republican members of the committee
come to his aid Mr.. Springer may not even
succeed in getting the bill out of the COM
mittee. Several Democratic members OF
the committee have not -hesitated to an
nounce to-day that they will not support
the BILL The majority of the committee,
it must be remembered, are Southern and
SOUTHWESTERN men. MISSOURI, NIeOfSlde
Kentucky, Alabama and Tennessee furnish
the bulk of the majority, and it be
imagined how they regard proposition
so openly and radically setting up the sins
gle gold standard without the slightest tan-
gible concession to silver, as is the Presi-
dents bill Still, if all the Republican
members will vote for 1t in committee and
Mr.. Springer can persuade two other DEM
ocrats to vote with him he can get the
bill before the House. Then, perhaps, with
the aid of a rule from the committee on
rules and the votes of the Eastern DEM
ocrats and the majority of the Republicans
the bill might be passed through the House.
And that will be the cpd OF the chapter.
DOOMED IN THE SENATE.
The bill is doomed in the Senate. Tho
silver Senators on the Republican side, led
by Mr.. Teller, have announced that they
will fight the bill to the end of the ses-
sion. Their threat would not prove final
were there a compact majority on either
side, or composed from Senators both
sides who are determined that the bill shall
pass. But there is no such majority. The
bill will find no such majority in the finance
committee. Messrs Voorhees, of In
diana Jones of Arkansas, Har-
ris of Tennessee, Vest of Mis-
souri,, leading members of the majority
side of the committee, have all shown how
friendly they are to silver. 1t must never
be forgotten that the men behind the Jones
compromise bill announced. significantly
that unless their bill passed no bill should
pass These men are the men who control
the Senate, and it needed only careful
reading of the administration bill for them
to decide at once that the bill can never
pass the Senate.
And, finally, it remains only to add that
the immediate surrounding of Secretary
Carlisle does not expect the bill to pass.
1t was said to-day, in a quarter generally
we'll informed, that if another issue of
bonds was forced on him, Mr. Carlisle would
put out such amount that the gold re-
serve would never give him trouble again.
There will be, it intimated, no more
dribets of fifty millions, but one hundred.
or even two hundred millions, would be
sold at the best price that could be OBJ
tanned, and that Messrs. Carlisle and cieve-
land would throw the responsibility where
it beiongs-on their party, which seems 10
have disowned them.
THE ADMINISTRATION BILL.
After Mr.. Springer had introduced the
bill to carry into effect the recommends
tons of the Presidents message he notified
his committee to meet tomorrow morning
and consider the message. The bill follows.
An act TO authorize the Secretary of the
Treasury to issue bonds to maintain
sufficient gold reserve and to redeem and
retire United States notes, and for other
purposes.
of Representatives of the United States
of America, in Congress assembled, that
in order to enable the, Secretary OF the
Treasury to procure and maintain q snfti-.
cient gold reserve, and TO redeem and retire
United States notes and treasury soo notes
issued under the. act OF July IA. 1890 en-
titled IAN act directing the purchase OF
silver bullion and the issue of treasury
notes thereon and for other purposes" he
is hereby authorized to issue and sell at
not less than par, in gold, except as pro-
vlded in section of this act United states
registered or coupon bonds, in denomina-
tions of twenty dollars and fifty dollars,
and multiples of said sums, respectively,
United States of the present weight and
fineness and bearing interest at rate
not exceeding per cent. per annun pay
and interest thereon shall have like quail
tes. privileges and exemptions as tho
bonds lssueu under the act approved July
n, 1870, entitled .An act TO authorize the
refuadng of the national debt. Such
United States or elsewhere. may be
deemed most advantageous to the interests
of the government.
States legal-tefder notes or treasury notes
shall be redeemed in gold, they shall be
tary of the Treasury is hereby authorised.
in his discretion to receive United
States legal-tender notes and treas
ury notes issued under the afore-
said act of July II. 1890. in payment
for any OF the bonds issued, under the pre-
ceding section of this act. and the notes
so received shall be cancelled and not re-
issued
Section 3-That hereafter national bank
ing associations may take out circula sfng
notes IN the manner now provided hy law
10 an amount equal 10 the par value or
the bonds deposited TO secure the same.
But this provision shall not apply to any
bonds outstanding, bearing interest at
the rate of per cent. only.
Section 4-That hereafter no national
hank note of less denomination than ten
dollars shall be issued. and as rapidly A.
such notes OF denominations less than ten