The Providence news. (Providence [R.I.]) 1891-1906, 1895-01-14
INCOME TAX,
TO Occupy Considerable Of
the Senate's Time.
Jones OF Arkansas Has a Bill Likely
to Meet Approval

WASHINGTON, Jan. 1i.-The prospect IL
that the time OF tho senate will be divided
this week between the discussion Of the
income tax based on the urgent deficiency
bill and the continuation of the debate
on the Nicaragua bill.
Senator Cockrcll, chairman OF the COM
mittee ON appropriations, Is very hopeful
ot being able TO dispose of the income tax
question by the time the week shall be
hall gone, and II he should succeed In this,
Senator Morgan, who Is In charge Of no
Nicaragua bill, thinks there will be no
uinlculty In securing "a vote on the canal
bill before tho close Of the week thus leav-
Ing the way clear for the bankruptcy and
territorial admission and other bills, as
well as the other appropriation bills.
Chairman Cocsroll does not regard Sc
rlously the prospect Of a prolonged discus.
sion of the income tax question. There
Will be several speeches, which, while
based ON the deficiency BILL will be di-
rcctcd 10 the discussion of the general
financial questions There Is no disposi-
ton on the part OF the appropriations COM
mittoe To curtail these speeches, but there
has comV to be some talk'of night sessions
In case they get 10 be too numerous, or II
the disposition TO hlihuster should appear
10 he more pronounced than now appears
probable
senator German will probably find OPP
portunity to make the speech which he in
tended to make Saturday. 80 far as known,
there arc only throo more general speeches
10 be made on the Nicaragua bill, but II
is probable that others viii be announced.
Senator Turpie will speak again on the
LII 4
have expressed desire To be heard before
the vote shall be taken. Saturday will be
given up 10 eulogies on the character Of
the late Senator Vance.
Tho Week In the House.
Thore is no definite program before the
house this week. There is a bare possibil-
ity that n new currency bill will be thrown
into tho arena OF debate, but it Is only a
possibility. The consensus of opinion
seems 10 be that any proposed currency
legislation, to be successful, must be initi-
ated AT The other end OF the Capitol
Today is District Of Columbia day, and
tomorrow the house probably will take up
the consideration OF the Indian approprla-
tion that was reported Saturday. which is
the only appropriation bill on the calen.
dar. III the sundry civil appropriation bill
tthe most important OF the appropriation
bills) Is not reported before the Indian
bill is disposed OF, the committee on rules
probably will give the intervening time to
business from various committees. A day
may be given TO the consideration of the
findings OF the court of claims.
The probabilities are that the beginning
of the week will see the introduction OF
still
Another Currency Brl
In tho senate. Senator Jones of Arkansas.
who mt the critical stage OF the tariff leg.
islation took thar matier In hand and har-
monized tho different clements so as to
bring definite results out OF decidedly
chaotic condition, is the author OF the new
bill. and he comes TO the front this time as
compromiser and harmonizer.
There has been objection made TO the
bills prepared by Senators Vest and Me-
Pherson, on the ground, in the case OF the
Vest bill, that it leans too much toward
silver, and In the case OF the Mcpherson
bill that it is too exclusively in the inter.
est of bonds. Senator Jones realizes that
silver and bonds are the two antagonizing
elements in this question, md his effort
has been to prepare measure which,
while it will not bo all that the friends of
either cause would naturally demand, will
In the end secure the support of both ele-
ments.
He has been in consultation with many
of the leaders OF both these contending
elements in the senate and it is under.
stood that his bill, as outlined Co them
has received very favorable endorsement
from tine representatives Of all the conflict
ing interests It is also understood that
the terms of the bill are not unfamiliar to
leaders in the house. Furthermore, it Is
probable that 1t has been brought TO the
attention OF the proper authorities I'm the
executive branch of the government.
Its Provisions.
The bill viii frst provide for the is
suance Of 2x per cent bonds to the amount
OF $500 00o, 0O0, which are to be paid in gold
and are To be used both for the purpose of
meeting the current expenses of the gov.
ernmcnt and the redemption Of United
States and treasury notes.
The bill will also provide for the issu-
1nce OF bank notes o take the place of the
treasury notes In such way as not TO pro
duca u contr tc'i N of the currency.
Annther provision Ia that tho national
bank' shall be allowed TO issue ND to their
par va ur, AMI tia tax on mn ional bank
clrcula ion is iixd a a of pc cent
In ne IN ernst rt silver. the bill pro-
vides for It's M I cd coinage under the
con iitnu thnf the hnlder OF silver bullion
may telo it to the mint and have 10 coined
int 81 v. dollars, tho government retain
ing as scignorage the diff renee botwecn
th coinage value Of tho bullion and its
market value on the day that the bullion
Is taken To che mints.
Tho bill also provides for tho with.
,lrawal from circulation OF all green
backs, treasury notes and national bank
no',s below - J, and the substitution OF
silver certificates IN denominations OF less
than 81, which AFRO to be payable In silver
The bill Will "ou'ain provisions providing
AGAINST either undue imitation or contrac-
tion.
A..