St. Paul daily globe., 1895-12-23
THE LIMITED PLAN
LOW RATE BONDS AND TEMPO
RARY INCREASE OF SOME
SCHEDULES.
REPUBLICANS so DECIDE.
SOLID DEMOCRATIC OPPOSITION
TO THE PROPOSITION Is
CERTAIN.
TWO DESCRIPTIONS OF BONDS
One for RepIenishinE the Reserve,
the Other to Pay Current
Expenses.

WASHINGTON, Dec. 22.-This prom
ises to be an eventful week IN the
house. Before adjournment is reached
next Saturday the Republican leaders
of the house intend that bill shall be
sent to the senate in response to the
demand of the presidents message OF
Friday for some means OF relieving the
treas situation and protecting the
gold reserve. The Republican leaders
determined to act promptly as soon as
the message was sent in and all idea
of taking a recess for the holidays was
abandoned in the face of the situation
presented. The ways and means COM
mittee was organized and last night
the Republican members held a secreI
meeting at the capitol, at which Speak
er Reed was present, to discuss the de-
tails of a bill which, in their opinion,
would furnish the desired relief. AS
preliminary it was decided that, while
the situation in the senate as to the
fate there of any measure passed by
the house should be kept in mind, the
house must act independently of the re-
The general outline Of a measure was
practically agreed upon, but the details
have not been completed. The senu-
ment was unanimous that no gold
bonds should be authorized, but that
bill on the lines of Mr.. Reeds amend
ment of last year should be drawn up,
and with that should be coupled some
tariff changes for the purpose Of rails
oct yr-iT
the Republicans took the stand that
the menace to the gold reserve was
caused primarily by the lack OF reve-
nue. to meet the expenses of the gov
ernment, and this is still the PROPOSE
ton.
MIR REEDS PLAN.
Mr.. Reeds bond proposition, which
the COMMITTEES will adopt, provides,
first, for the reduction of the rate of
interest on bonds to be issued under
the acts of 1870 and 1875, for the pur-
. pose of resuming specie payment and
protecting the specie reserve, from
to per cent, and. second, for low
rate denomina tional bond, which would
practically be a debt certificate, to be
used to supply deficiencies In the reve-
nues. By the terms of the bill 1t Is
probable that provisions will be in
serted to provide that the proceeds of
any bonds issued under the acts of 1870
and 1875 as amended, shall go to the
reserve, and of the latter bonds to pay
current expenses. In this way a sep
arate account can be kept and the pro-
ceeds of bonds sold to maintain the
reserve cannot be used to pay cur
rent expenses.
The details of the tariff changes will
furnish the most difficult task in franz
ing the bill. There is practical unanim-
ity of sentiment, SO far as can be
learned. among the Republican men,
bers of the committee for a duty on
wool and conpensating duties on wool
ems. The Western members want the
duty on wool to be at least eight cents
per pound, but the Indications are that
it will not exceed five cents. There is
some discussion Of a proposition to
make horizontal increase on all the
schedules except sugar Of from Is to
20 per cent, but that is opposed in GER
tain quarters as being not on protection
lines. 1t seems probable, therefore,
F.. that wool and woolens, lumber and va
rious articles will be selected.
A TIME LIMIT.
While there is, it is said, some diff
ference of opinion on this point, it
seems certain that there will be a
time limitation of two years or thirty
months on the life of the tariff propo-
sitions of the bill The point will be
made that it is an emergency measure
for raising revenue, and, therefore,
could meet with the APPROVAL of all
who believe that the treasury needs
additional revenue, no matter what
the individual opinions may be regard
ing protective duties. The house will
probably adjourn Immediately tomor-
row and the Republicans of the ways
and means committee will go to work
to perfect the details of the bill It Is
hoped that it can be ready by Tuesday,
and, if so, it will probably be passed
under a special order of the committee
on rules, probably under suspension of
the rules. Speaker Reed and his lieu
tenants are not disposed to brook de-
lay. They believe the house should do
it's duty promptly. After the bill has
been sent to the senate the question of
whether congress shall remain in ses-
sion for the remainder of the HOLIDAYS
will rest with that body. If the senate
will proceed to the considerat ton of the
bill the house will remain in session
and probably adjourn from day to day;
but II the senate should, after the
passage of the house bill, show that
1t did not propose to go ahead with it
and should deliberately pass a resolu-
ton for holiday recess, it Is probable
that the house would agree to it.
THE OPPOSITION.
AS to the attitude of the Democrats
toward the bill, it seems probable that
it will be opposed by most, if not all. of
the Democrats. The silver Democrats
are not disposed to vote for any bond
proposition, first, because they believe
there is another remedy in the hands
of the executive-tha redemption of
notes in silver. They might vote for
coin bonds to borrow money if the ex-
ecutive said that money was needed
to meet current expenses, but as the
demanfb forJnuthcnty. to issue bonds
Is not based %c4l thASf 20oFslLwhich.i in ::
fact, is distinctly disayS sd-their op-
position to the bond feature of the bill
Is certain. They would probably also
resist the measure on account of the
increase in the tariff schedules. The
administration and sound money DEM
ocrats who might be disposed to vote
for a bond authorization will probably
be deferred from voting for the meas
ure because of it's tariff propositions.
So that the solid opposition of the DEM
ocrats is looked for. The overwhelm-
ing Republican majority insures its
passage however, beyond all question.
1t is likely that several amendments
will be offered by the Democrats If
they can secure recognition for that
purpose-ons to authorize the redemp-
ton Of the treasury notes Of 1890 in