The Providence news. (Providence [R.I.]) 1891-1906, 1896-01-07
THECONTRACT
Holds Good II People Do Not Re
spond to Popular Loan.
THE FIGHT FOR FREE COINAGE
Shows Its Effect Upon Senate
Finance Committee.
iE FIGHT FOR FREE COINAGE

For months every person who in any de-
gree reflected the administration views
and policy has declared in unmistakable
tones that popular bond issues did little
good, and that the syndicate contract was
the financiering from which the country
really benefited most, and with which the
administration was best satisfied. The
whole argument for greenback retirement
rests upon this idea.
But the syndicate contract plan was not
popular either with congress, the press or
the country. Only small class under.
stood the necessity or agreed with the ad.
ministration's contention. Some OF the
popular newspapers had already fallen into
Mysteries mt the prospect OF repetition of
last February's contract, and such u deal
would not have been supported by 20 votes
in the house or 10 In the senate. AS a re-
suit OF this failure of the country TO en-.
dorse the syndicate contract idea, the
president decided To give the country
popular bond issue, or what will appear at
the start as one
IL the popular loan becomes m actuality
by prompt subscription TO the full
amount, the administration will rely
upon its failure to produce the permanent
relief OF the treasury needs as the best pos
sible object lesson upon the necessity OF
grecnback retirement. Should the popular
loan feature fail TO materalize, as il did
two years ago, it will still he possible for
the government to accept a lump sum for
the full sum, or what amounts to a syndi-
cate contract.
This is what the insiders really expect
will happen, and in this way hostile critl-
cism will have been avoided by the first
offer, while the "string attached" will
bring about the results which the admin
istration would have sought straightway
had it been indifferent to public opinion.
1t would be absurd to suppose that the
administration disingenuousy believed
popular bond issue at this time the best
thing. This would be to stultfy their ut
terance of u year past, from which they
have given no sign of recanting.
Members of congress are generally dis
inclined to say anything over their names
upon the merits of the proposed bond issue.
A popular loan meets with approval, but
some insist that certain features of the
proposal will thwart that end, such rs tho
large size of the issue, and the fact that it
must be paid I'm five 20 per cent install
ments. one on acceptance OF bid and the
others 10 days apart. the syndicate was
given a number of months instead of 40
days in which To make their deposits
Some question still exists rs to the wis
dom and the legality OF the dating back
for one year of this issue.
For Free Coinage.
The finance committee of the senate
met yesterday afternoon for the purpose
of resuming the consideration OF the bond
and tariff bills.
Republican members of the committee
say the bond call of Secretary Carlisle is
carefully drawn and capable of covering
every contingency. While they will not
permit themselves to be quoted, they say
that the call bears upon Its face an evil
dence of the desire of the treasury to be
fair in the matter and place the loan In
the usual manner.
Previous TO the meeting of tho finance
committee, the silver members of the
committee were in conference and agreed
upon the text Of the bill they proposed to
submit in full committee. There was no
debate in the committee over the measure.
IL was read, and Mr.. VOORHEES, CDem,
Ind. moved that il be substituted for the
bond bill that came from the house. This
was done by yea and nay vote.
Following is the full text Of the subst.
tute for the bond bill adopted by the SEN
ate finance committee:
That from and after the passage OF this act
the mints of the United States shall be open to
the coinage OF silver. and there shall be coined
dollars OF the weight OF al21s grains, troy, of
standard silver, Cloths fine, as provided by the
act Of Jan. Is, 1885, and upon the same terms
and subject TO the limitations and provisions
OF law regulating the coinage and legal tender
quality of gold and whenever the said coins
fn, .l,,l a..
treasury, certificates may be issued thereon in
the manner now provided by law.
Sect. 2-That the secretary of the treasury
shall coin into standard silver dollars, as soon
as practicable, according to the provisions of
section of this act, froia the silver bullion
purchased under authority OF the act of July
IA, 1920, entitled: "An act directing the pur.
chase OF silver bullion and the issue of treas
ury notes thereon and for other purposes"
that portion of said silver bullion which repre-.
sents the seigniorage or profit to the govern
ment, 60 wit: The difference between the
cost OF silver purchased under said act and its
coinage value; and siid silver dollars so coined
shall be used In payment OF the current ex.
penses OF the governments; AMI for the pur.
pose Of making the said seigniorage immedi.
ately available for use as m 0ney, the secretary
OF the treasury is hereby authorized and iii.
rooted Go issue silver certificates against IT, a.
AZ 10 was already coined and in the treasury.
sect. o--lnat no national b1nknOts shall be
hereafter issued for denomination less than
SO. and all notes of such banks now outstand.
ing of denominations less than that sum shall
be. rs rapidly as practicable, taken up, re
deemed and cancelled. and notes OF $40 and
larger denominations shall DO issued In their
stead under the direction OF the comptroller OF
the currency.
Sect 4-That the secretary OF the treasury
shall redeem the United states notes, com
monty called groenbacss. aud also the treasury
notes issued under the provisions OF the act Of
July IL, lSgo. when presented for redemption,
IN standard silver dollars or in gold coin. using
for redemption Of said notes either gold or
silver coins, or both. not at the option OF the
holder. but exclusively al the option OF the
and said notes, commonly called
greenbacks, when 50 rcdoeSSed. shall be re-
issued, rs provided by the act of May 81. 1858.
The substitute was adopted without dis.
cussion, the vote being s To D. Senator
Walcott was absent, but his vote was
counted for tho bill. The yeas wore:
voorhees,, Harris. Jones (Ark.). Vest
White. Walthnll. Democrats; Jones (Nev.)
Populist. and Walcott, Republican. The
nays werc Morrill,, Sherman, Allison
A II