The Washington times., 1895-02-06
Confusion Rules the Financial
Situation in Congress
NO FINAL RELIEF IN SIGHT
Debate on the Administration Bill Begun
Mr. Reed Offers His Exchequer Bill Sub
stitute-0pposltion to Bond Issue Strongly
Marked Among Democrats-Free Coinage
Bill Will Probably Be Soon Reported.

Confusion-that is about the only word
which correctly describes the financial stua-
tion in Congress at this writing. SO far as
any practical results are concerned, it is lia-
bic to be the proper word when the national
legislature adjourns less than four weeks
hence.
The debate on the administration bill, as
amended in the Banking and Currency Com
mittee. was begun in the House yesterday
and Mr. Reed offered the substitute outlined
in THE TIMES. He made u very admirable
speech from his standpoint which was sin
gularly frea of that caustic quality that not
infrequently characterizes the ex-Speaker's
utterances.
There will be more talk to-day and to-mor-
row and then u vote. What the nature of
that vote will be is one OF the most uncertain
things of the hour, but the preponderance of
opinion even among the Democrats them
selyes-is that it will be negative so far as
the pending bill is concerned. AS for Mr..
Reeds amendment. it will hardly receive
much support on the Democratic side, and he
may not even be able to command the full
vote OF his party.
SENATE ALSO BADLY MINED.
As for tho Senate, there are fully as many
differences Of opinion as In the House, only
they are more emphatic against any PROPOSE
ton that involves the issue of a gold bond.
This was clearly developed at the meeting OF
the Finance Committee yesterday morning,
when bill offered by Mr.. Mcpherson, pro-
posing TO authorize the Secretary OF the
Treasury to issue a short-te:m 3 per cent.
bond, to keep the gold reserve up to the
standard and prevent Il deficiency, was re-
! iected by vote of 6 to 5.
1t was shown, however, at this meeting
/ that there is no unanimiiy of opinion among
/ the silver men when II comes to the framing
| of a measure which is to eInbodJ their views.
/ BY the more conservative OF these PROPOSE
/ tion was advanced TO coin silver at higher
ratio than 16 10 l. They took the ground
! that bill with the old ratio had no chance
4 whatever of passing, and expressed them
selves rs inclined to the policy OF taking a
( half LOAF rather than no bread at all.
The ultra-silverites however, like Senator
/ Jones, of Nevada, antagonized this line OF
argument with the suggestion that l6 TO
was the shibbo!elh of the silver pRrty-I
4 there be such--and that any ether coinage
/ proposition would be a mere makeshift.
They contended that the silver men should
not be governed by considerations of expedi-
]
Before any positive action could be taken
/ the hour for the meeting OF the Senate ar
| rived and the committee adjourned.
FREE COINAGE BILL ~ PROSPECT.
| 1t is quite probable that at the next meeting
a free coinage bill will be agreed upon. When
| the bill passed by the House cones to the
1 Senate, this silver bill W i'll be reported as
substitute and the remainder of the session
or rather so much of it as is not devoted tc
appropriation bills, will be consumed with
/ financial debate. But no bill will pass.
In this connection it is worth while to note
a rumor af1oat at the Capitol yesterday. Il
was TO the effect that the 800 bond negotia.
tion would not be positively concluded by
/ Secretary Carlisle until after the House haJ
! taken some action and the Senate had bad Z
/ day or two to concur. Failing TO do so would
! give the President his warrant for makiDs
another bond issue, which would then be dont
Immediately.
Congress reminds me Of a lot OF children
playing blindman's buff" said member o
the House who has seen many years service
Everybody is tumbling over everybody else
! and it is a helter-skelter business. withou
rhyme, reason. system, or anything else.