New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-01-01
IMMEDIATE ACTION URGED.
THE REPUBLICAN PROGRAMME FOR
FINANCIAL LEGISLATION.
MEETING OF THE SENATE FINANCE COM.
MITTEE CALLED FOR TOMORROW TO CON.
sIDER THE BOND AND REVENUE BILLS
THIS ACTION MAY DELAY THE
BOND ISSUE FOR TIME
SENATOR sHERMANs
RESOLUTION

lBY TELEGRAPH TO THE rRIBUNE.]
Washington, Dec. Silt will not be the fault OF
the Republican members of the Senate Finance
Committee If the Senate does not make prompt
and decisive answer to President Clevelands ap-
peal for legislation to relieve the Treasury's en-
barrassments. Mr.. Morrill, the chairman Of the
reorganized committee gave notice to-day in the
Senate that meeting Of the committee would be
held on Thursday and that the emergency Bond
and Revenue bills passed by the House In re-
sponse to the Presidents message Of December
20 would be reported. If possible. at next Fridays
session. Mr. Aldrich. another member Of the
committee said subsequently that It was the
purpose of the Republican managers to secure
some decision the bills In committee whether
favorable or unfavorabe, in order that the Ad-
ministration and the country might know what
measures OF relief might be expected from the b.
partisan free silver combination which now con-
trolls the action both Of the Finance Committee
and of the Senate
1t had been the intention Of Senator Voorhees,.
the retiring Democratic chairman, to call a meet
ing Of the old committee to-day, but he was per-
suaded by Mr. Morrill, and the other Republican
members to allow the reorganization ordered yss-
terday to go into effect before an attempt should
be made to consider the Houses emergency legie-
lation. From the composition Of the new commit
tee IL seems evident tnat the House Bona Dill Will
be reported with free silver coinage amendment
without any special recommendations from the
committee The real and final character Of the
Revenue bill II it passes the Senate at ALL will be
determined in the subsequent conferences be-
tween the Houses. The decision of the Republic
can members of the Finance Committee to urge
immediate action on the Bond and Revenue bills
is due to a desire to cooperate with the Admins
tration as far as practicable in sustaining the
public credit as well as to a feeling that the
country should know the extent OF ;he opposi-
ton in the Senate to any and all measures OF
remedial financial legislation.
The programme adopted to-day may also serve
to stave Oft the expected oond issue for few
days longer. II is understood that Mr.. Carlisle
has informed some OF the Republican Senators
that the Administration will wait on Congress
as long az possible and that while the Senate
shows signs of earnestness in an effort to adopt
relief measures there will be no Independent
bond issue if it can be helped. but he has added
that a long wait will BE- impossible. 1t Is said
that the offer Of bonds will be In form to In
vite private bids. but the conditions of the bid
Will be apt to operate as an exclusion. NO mes
sage to Congress is expected until It is decided to
be absolutely necessary to issue bonds without
further delay. and then the message VIII be
merely an announcement Of the issue with an
effort to put the responsibility on Congress.
1t is the present intention Of the President TO
hold off ult after Thursdays meeting OF the
Finance Committee. IN alarming word from
New-YorA however. would At any time trecpi-
tate the bond issue.
Mr. Sherman introduced in the Senate to-day
an important financial resolution on which ne
expects 10 speak on Friday. 1t in effect severely
critic'ses the Administration for depicting the
greenback redemption fund by indire,-iy using
the gold reserve to- pay revenue dehciencles
and seeks tO block the operation Of Mr. Carlisle's
endless chain" by requiring greenbacks re-
deemed from the reserve fund to be held until
again issued in exchange for gold coin or bull
ion By this easy device small quantity OK
greenbacks might occasionally be used tempo
rarily as gold certificates. Out the drain on the
gold reserve could be checked. and no such Jug
Cling as Mr.. Carlisle has INDUCED in TO make
good his monthly deficits would be possible
Mr. Shermans speech Friday Is looked for
ward TO with much interest. The text OF his re-
solution is follows:
Resolved That by injurious legislation by the
LIIId Congress the revenues of the Governmene
were reduced below It's necessary expenditures, and
the fund created by law for the redemption OF
United States has been invaded 70 supply such
DEFICIENCIES Of reserve that such misappication OF
the redemption fund is Of doubtful legality and Is
greatly injurious TO the public credit ana should Dc
prevented by restoring said fund to the sum OF not
less than SlO0O0.000 in gold coin or bullion to be
segregated from all other funds to be paid out only
in the redemption of United States notes, and such
notes when redeemed to be ressued only in ex.
change for gold coin and bullion