The times. [volume] (Richmond, Va.) 1890-1903, 1896-01-18
LINNEY'S UNIQUE BILL.
.IN ORIGINAL PLIN TO FORcE THE
FREE COIN.fGE or SILTER.
The Treasury il offered All the Gold
Necessary tn Maintain Gold
Payments.

bfJ by reducing all tNe HdidtleS "a bvf-
crament officials until The mints Of the
COZ ntry are thrown open 10 free coinage
is PROBABLY one OF the most remafkaote
propositions yet hit upon 10 promote the
silver cause.
Mr. Linrey's bln With preamble, is as
follows:
10 reduce the compensation of all per
sons In public service and thercoy 10
I meet tne de.cieucy in the treasury
Whereas. tie deHcI citation ct silver
/ has resulted i'm the depreciation OF land,
| labor. and products, ana zine stdenauon GA
/ business and the depression Of all IN
dustries, and has thereby reduced the
peOples means of meeting the expenses
! Whereas the enforced under-consump-
| tion mas resulted In the revenues or
/ the Government falling beiow It's eN-
/ pcnseg, and
Whereas the salaries of an Govern
ment officials and employees We're uNeu
J and based upon prices ANA cohdiNohs
existing prior 10 the decentralization Oh
/ Whereas an Government officials and
employees are receiving salaries ana wage.
/ in excess OF what the same service would
command in any other neld OF employ
Whereas there is deficiency IN the
Treasury which should De met pg pfat-
/ tical economy rather than by Lne III
crcasiug OF taxes or ihe.seiih5 OF noN"7'
Be ii enacted by the Senate and House
/ OF Representatives OF the Jmted states
/ OF America in Congress assempira' ii@'
al compensation whether pald as saitt-
Z les fees per diems mileage, or olnetWlat5
i OF any person, otncer, or empioye ih any
/ branch OF the public service fhaD Dc "i"
/ is hereby. reduced 10 the extent o. thif-
4 ty-ihrec ana Cne-thlru per cchtnh OF
! their present amounts.
! Section 2 That on and after the pas
sage OF this act an compensation ot Pc
/ sons employed in any branch oI me pun
] H..
! on a basis of the reduction poNoeo
for i'm section ! OF this act. r
/ Section g. That the law which shan
/ hereafter Dee passed authori1ius sie
/ opcnine of tine United States mints for
/ the free and unlimited coinage oil ar'rI
] al the ratio OK sixteen 10 one, sliail
work and operate as reFeai 4,s,, ON l,l9
/ act. and restore TO all persons, olucrls'
] or emplJyes I'm any brancn Oh tne puD
| lic service the same salaries ana WAGES
/ that they received prior 20 the p"asase
section 4. That an laws or clauses OF
laws in conflict with this act are hefeoy
s1''''' PLENTY OF GOLD.
The financial situation. so far as the
! Treasury is concerned, has cleared up
/ su0~enlv Within the past tWcnty-iour
| hours Secretary Carlisle has received no
( fewer than nifty kilograms from Ieapihs
/ tarkers of New YORK clty teNdeilh5 lnSW
/ assistance ID IL be needed 20 secure 70 lnr
1 Treasury an the gold necessary 20 enable
that institution TO maintain gold pay
| ments.
| They express confidence I'm the success
| of the pending popular loan, and pledge
! themselves TO see that hereafter there rs
| no more trouble Ia securing an rae soi"
! the Treasury may need lnesc telttfaih7
! have teen called out by the stttene u.e
| Contained in Mr.. j. lierpont Morgan
/ remarkable circular letter 10 the now ue-
! funct syndicate in that statement he
! sought To- convey the impression tudl no
| had come here on the invitation Oh lne
! administration. either that Of the fftni-
/ dent or the Secretary of the Treasury, TO
/ arrange for another bond contra e similar
! 10 that which he engineered lael y ftDiu ~
| AIRY. lie aid not state tndt lu SO maHy
| words but that was what ne meant or
! IL he did not mean that he meant NOM
| ing The bankers IN question nave pf-
| come restless under this state OF aNAli',
! and now that Ar Morgan mas anmlllea
/ that he has no further use for hls syunl-
| cate. or blind pool of bankers. to manipu-
late Government loan, they have come
/ 10 the front with their own offers. Ihtt
l are in the nature OF direct .~nd aDso-
| lufo repudiatlOn of the financial leadership
| of Mr. Morgan. who has heretofore posed
| ass the great American hnancicr the only
| living American who could hoat loan
| based on coin bonds. Their action cuts
| the ground out from under Mr.. Morgan 3
| pretension's 10 the financial leadership
| Of the western world.
GALL AND WORMWOOD
| The truth is that Mr. MOrgans as
| SUMPTION of financial leadership has been
! offensive tO many New Ork hankers.
| who hold themselves as at least his equal
| in financial circles. IL has been as gan
| and. WOrmW0Od 20 them 20 see Mr. Nor
| gan accepted by the country as the great
| financial leader Of New York.
| They resented his assumption of the
! dignity OF the position of financial presi-
| dent Of the country, without whose help
| the Treasury would become bankrupt
! I'm view Of his recent remarkable letter
| with It's astounding statements reject
| ing on President Cleveland, they have
| felt themselves impeiled TO come TO the
| front with their offers OF help au1 as
| surances OF connde~ce In the administra-
tion and IN the management OF the Treas
| ury.
These constitute their answer TO Alr
| MOrgau's letter, and their declaration OF
| independence Of him. some OF these gem
| tlemen who are now rendering their esd
! We're members Of the Morgan syndicate.
| which they Joined, not that they liked
| Morgan, but that they wanted the pros
! pective profits. Chagrln al The loss of
| them 40 doubt has had something 90 do
! with their sudden zeais 20 ensure the
! success of the popular loan, which they
! practically admit IS success already
| that Is, before they came 10 the rescue,
| for IN is noteworthy. nrsf thai these
| late offers We're not made until 81 was
! definitely known that the loan would
| succeed. and, second, that they were not
| made uutft Mf. Morgan ndH tftHHtftfi
| the dissolution OF his syndicate and re-
| leased its members from their ohiga-
! tion 10 furnish him with the gold 60
| make good their subscriptions. This OF
! course. released the gold that had been
| tied up in the syndicate thus enabling
| these gentlemen 10 make their proncr
| which is after all. in Ell sct only another
| syndicate It is well FOR the Treasury
| 10 have two syndicates 10 play against
each other when necessary.
BANKERS JEALOUSY
II is amusing 10 witness this Jealousy
! between such men as bankers. with
| whom We associate an idea Of heavy Dig
| nity One would suppose them above
! such a feeling. which H. believed 10 burn
| fiercelv only in the bOsOms OF imoecu-
| Nous artists and actors. But that they
| are not this action demonstrates What
| ever their reasons. personal, political or
| business the Treasury rs likely 20 be- the
| gamer. There is no question but both
| President Cleveland and Secretary car
| Isle have felt keenly the statements m
| the press that they were playing into The
| hands Of Mr. Morgan In the matter OF
! Government loans. IL cannot De denied
! that a mistake was made by Mr.. Car
| Iisle I'm not making statement promptly
| DENYING the malicious stories published
| touching this matter IL Is believed that
| he will now take an early opportunity
| Of making public "A full statement OF the
/ whole aTair. and that II Will show thft
! Nr. Morgan magnihed himself and exae-
J gerated, RI ne de- not mistake his rela-
I tions with the administration and the
| Secretary of the Treasury IN particular
| II would certainly be great thing for