The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-12-22
Members OF the Ways and Means
Bonds of Low Denomination.
SEVERAL CONFERENC CES HELD
REPUBLICANS WANT TO HELP
CLEVELAND OUT OF HIS HOLE,
But Realize the Uselessness OF Making z
Great Effort In View Of the Atti-
tude OF the Senate.
special to the Indianapolis Journal

Special to the Indianapolis Journal:
WASHINGTON, Dec. H.-Public interest
here has turned from the Venezuelan dis
pute to the treasury situation. Certainly
Mr.. Cleveland must feel appreciative of the
readiness of the Republican House to hold
up his hands and to assist him as Loyalty
as though a Republican President had
written last nights message. Every one
recognizes the absolute uselessness OF the
presence of Congress in Washington dur
ing the Christmas holidays. Only yester-
day afternoon the free silver men in the
Senate gave an exhibition of their strength,
and to-day Senator Dubois. of Idaho. de-
family read the lesson of yesterdays vote
on the absurd Allen resolution. Every
body must recognize the uselessness of at
tempting to do anything that the silver
men do not want was the practical eff
feet Of his words. and, unfortunately, he
has expressed the situation exactly as it
now exists in the Senate. Indeed, the
friends Of restoration Of confidence in
business circles agree that 1t will be the
part Of wisdom and of safety to ,ermit no
occasion to arise when decisive vote must
be taken in the Senate on any financial
proposition.
cally hopeless. Fortunately Mr.. Reed has
placed all the committees interested In
financial legislation in the hands of strong
men, The committee on ways and means.
on coinage. weights and measures and on
banking and currency are composed Of
men who can be depended on to protect
the financial honor OF the Nation, and
consequently, the Senate is powerless to
rapl fv,fx In, -
silver majority. But, on the other hand
the House can accomplish but little good
Mr.. Dingley the chairman of the ways and
means committee. called his committee to-
gether to-day, and frankly discussed the
situation with them. 1t was agreed that
If the President wishes Congress to re-
main in Washington during the holidays
Congress will remain. This lies in the
hands of the ways and means committee
as all adjournment resolutions are referred
to that committee. Even the Senate must
bow in unwilling obedience if the ways and
means committee determines that Congress
shall not adjourn for, under the Constitu-
ton, neither house can adjourn for more
than three days without the concurrence of
the other house. But 1t was conceded in
committee that Congress could do no good
by remaining here. The committee will IA
vor no bill which carries out the adminis-
tration's pet project for the retirement of
the greenbacks. Indeed, the general senti-
ment of the committee this afternoon was
that Congress would cause more confidence
by going home than by remaining here to
give daily exhibition of the hopelessness
of currency reform legislation. The propo-
sit.on for popular low-rate short-term
bond issue syill be considered by the COM
mittee IL bill to that effect Is introduced
in the House. but nothing is expected from
II. 1t cannot pass the Senate, and, If 1t did
become a law. it is not believed that the
people who have been boarding gold dur
ing all the years Of profound peace will ex-
change it now at par for bonds with
the possibility of great war. 1t is recog-
nized in the committee that the only solu-
ton is another issue of bonds and an issue
too that must be arranged with q foreign
syndicate, which will obtain the gold part
ly at least from abroad and will guarantee
protection to the reserve for a stipulated
period. 1t is not impossible that the House
committee will report resolution con-
ferring direct authority on the Secretary
of the Treasury to sell bonds when occa-
sion requires, and thus give him statute
authority for bond sales. which have been
even such resolution would be only
moral support, since it would never pass
the Senate. The committee. for these rea-
sons, are hopeful that Mr. Cleveland will
speedily release Speaker Reed from his
promise made yesterday that he would di-
rect the ways and means committee to
hold Congress here at the Presidents pleas
ure.
ANOTHER VIEW ;OF THE SITUATION
An Associated Press dispatch says: Most
OF the members of the House were "all
at sea" to-day as to what should be done
in response 10 the appeal Of the President 8
message for means of protecting the gold
reserve, but there was unanimity that Con-
gress should stay here and face the situa-
ton. The Democrats were disposed to
await the action Of the Republican majority
and the latter seemed ready to shoulder the
burden Here and there member was found
who was willing to vote for gold bonds.
but the overwhelming sentiment on both
sides Of the hcuse was that the passage of
a gold bond bill was impossible, as 1t would
be bitterly fought by the silver men. Some
Republicans were inclined to couple with
any bill to enable the government to bor-
row money propositions for raising revenue
by amending the tariff law. but the general
sentiment seemed to be In favor of low
rate, interest-bearing. long time coin bond
Of small denominations, which, II was
thought. the people of the country would
eagerly subscribe for to aid the treasury in
| its emergency. Just such a proposition, IL
will be remembered. Mr.. Reed offered in
the last Congress. Speaker Reed feels the
responsibility very keenly. He realizes that
the situation IN the Senate and the majority
for silver there in no wise relieves the
House, and the action OF the House must be
independent Of the action and result at the
other end OF the Capitol The House COM
mittees were announced to-day and the
committee on ways and means viii. imme-
diately go to work. Tt is not impossible
that the Republicans Will hold a caucus.
partial canvass OF the silver men In the