The Providence news. (Providence [R.I.]) 1891-1906, 1895-01-30
MONEY QUESTION
Finance Committee Cannot
Reach Agreement.
Discussion on Springer's Bill by the
House Committee.

WASHINGTON. Jan. 30-The proceeding
of the session Of the senate finance COM
mittee yesterday were based upon bill
which had been prepared by Senator Voor-
hees.
This bill provided simply for tho issu-
ance of short time certificates which were
TO be used for the purpose Of making good
the reserve and of meeting the revenue
deficiency bill. When the afternoon ses-
sion opened, he had added clause proyid-
ing for the free coinage OF silver.
There was motion to strike out the sill
yer provision, which was lost on tie vote
of to 8, all the Republican members and
Senator Mcpherson (Dem.) voting for the
motion and all tho Democrats opposing
it, There was also a tie vote on motion
to substitute the Springer bill for the
Voorhees, bill. A vote was then taken on
the proposition as whole, and it was lost
by vote OF to 8, Senators Vest ana
White, as we'll as Mcpherson, voting with
the Republicans.
The committee adjourned without agree
ing upon any definite time Of meeting,
and some of the Republican members
said afterward that they saw no reason
for any moro meetings, as 1t had been
made evident that it would be impossible
to accomplish anything in the committee.
There was full attendance OF the COM
mittee, except that Senator Jones OF Ne
vada was absent. 1t was his absence thas
caused the tie vote. II he had been pres
ent, his vote would have been cast with
the silver Democrats.
The Banking and Currency Committee
adopted an amendment to the administra-
tion bill to reduce the tax on bank circu-
lation to u Of per cent yearly, payable
i'm two installments Of q Of per cent
each.
Several amendments were defeated. 1t
was voted to strike out section Of tho ad.
ministratios bill providing for the pay
ment Of customs duties in gold.
When the committee adjourned the two
amendments were pending. One offered
by Mr.. Russell (Rep., Comm stipulates
that the retirement and cancellation OF
legal tenders for each month shall not be
greater than the increase In amount Of
national bank notes under the operation
Of the plan. This amendment was carried
when first offered, and then there was
successful, motion to reconsider and post
pone action for day.
Mr.. Walker Rep., Mass.) stands sponsor
ior tuc obuci WhiCu
Is to require one-half Of the reserve funds
Of banks to be held In gold coin or gold
certificates, the other half In silver coin or
silver certificates Ten per cent of the re-
serve Is to be held i'm this stipulated form
on July /, 1895, 20 per cent ut the end of
three months, the change being made at
the rate of 10 per cent a quarter until COM
pleted. The discussion on this amend
ment hinged on the point whether forcing
the banks TO secure. gold for deposits
weald not cause a greater demand upon
the treasury for gold than the raids which
are now In progress.
Several amendments were proposed
which failed. Most important OF their
number was ono to substitute the word
''coin' for gold" In the provision for pay
ment of the bonds, which commanded
four votes. its opponents numbering six.
Another unsuccessful amendment was
one to give the secretary of the treasury
discretion to fix the rate of interest on the
bonds and to make them payable after
various short terms.
Considered by Congress.
President Cleveland's financial message
has again started the cddies and currents
of sentiment on the financial question In
into definite action, several incidents oc-
currod in the senate yesterday which indi-
cate the general tendencies.
Mr.. Manderson (Rep., Neb) presented
compromise plan. The senator empha-
sized the need of concession and compro-
mise in vigorous speech, urging senator's
to give and take in order that some com.
mon ground for meeting the financial
oh ha Tn
ing, Mr.. Teller (Rep., COLI made the sig
niflcant declaration that no such compro-
mise legislation could be effected at this
session of congress.
Among the measures passed during the
day were those for the Incorporation of the
National Association of Florists and for
the sale of interchangeable mileage tick
cts to commercial travellers, known as the
commercial travellers bill. Most of the
day was given TO the bankruptcy bill.
Work In the House.
A special order was invoked i'm the house
to bring to vote on the bill to repeal the
lilo cent diffcrential duty imposed by the
new tariff law on sugars imported from
bounty paying countries, and 1t was passed
without amendment by a vote OF 239 to 81.
a series of amendments-two looking TO
fctulluUlutlOn III CtiSe 1tEfnti1y
admit our meat products after the repeal
Of the diffesential; one to repeal the u
cent differential on refined sugar; one
TO provide that this act should not be con.
strued to mean that the United States sur.
rendeII the right under treaties contain
ing favored nation clauses to affect boun-
ties by tho imposition OF equivalent differ
ential duties, and one to place all sugar,
H..
lost by practically party votes.
The debate touched quite extensively on
the treasury situation and the remedies to
be applied. Mr. Dineley made long
statement of the receipts and expenditures
To show that the treasury was suffering
from lack of revenue, and that the first
duty OF the government was to increase
the receipts.
Mr.. Reed took similar view OF the sit
uation, which was controvcrted by Mr.
Wilson The attempts to amend the bill