The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-27
$5OO,OOo;OOO 3PERCENT.B BONDS
TO RUN TEN-TWENTY YEARS ONE OF
THE PRINCIPAL FEATURES.
Little Time to BE Wasted in Discus
sion-Judge Day Appointed Secre-
tary of State and Confirmed.
Special to the Indianapolis Journal.

Special to the Indianapolis Journal.
WASHINGTON, April 26.-At 4 o'clock
p. M on Friday next the House will vote
on the war revenue and bond bill and pass
it up to the Senate. There is small proba-
bility that any important changes will be
made in the bill. 1t will be agreed to sub
stantially as it came from the ways and
means committee. The opposition in the
House reached an understanding among
themselves not to oppose captious obstruc-
ton to the measure, but to be satisfied with
making record, as they did when the
Dingley tariff bill was up for passage last
year. AS matter of fact, the House lead
ers on the Democratic side of the chamber
are not in hearty sympathy with the OBJ
struction scheme which will be undertaken
by the free-silver majority in the Senate
They do not subscribe to many of the
vagaries which are so earnestly advanced
by the extremists in that body. Mr.. Bailey
and his followers do not wish to be party
to or responsible for action which they feel
is predestined to ignominous and Illuminating
failure The Senate and House wings do
not agree in this matter.
If the obstruction programme is carried
out there will be a wild time in the Senate
and a. deadlock between that branch of
Congress and the administration, the latter
being backed by the House 1t Is the pur-
pose of the Democrats, Populists and free
silver Republican combination in the Senate
to prolong the discussion over the war reve-
nue. propositions until the congressional
campaign is far advanced and they expect
to make a, great deal of political capital out
of it, 1t is their hope that they may be able
to starve the treasury into ccquiescence m
some of their imitation projects. Their par
ticular desires are t6 compel the coinage of
accumulated silver seigniorage, amounting
to $42 600, 0O0 and in. connection with this
they will insist on the issuing Of $58,O00,OOO IN
greenbacks, enough to make with the
seigniorage) an even S1OO,OOOOOO new
money" all profit The originators and pro-
meters of this scheme pretend to really be-
lieve that the House will agree to such a
plan and the President can be bulldozed into
approving it. So long as the secretary or
the treasury can issue and sell bonds TO
maintain the gold reserve the treasury will
never be starved out or this government
suffer from lack Of funds with which to
carry on the war. Neither now, nor at any
time during the incumbency of William
Mckinley in the presidential chair can the
secretary of the treasury be deprived OF this
authority. The next Congress may be Dem
ocratic, but in one branch or the other there
will be sufficient Republicans to prevent the
passage of a bill over the Presidents veto
taking that authority away from the treas
ury. The great financial interests of New
York and other financial centers are
pledged to stand by the treasury through
any siege to which it may be subjected by
the free silverites and other inflationists.
DIV NIL
assurance that it will be provided with all
the money that may be required to protect
the national credit and conduct the war to
victory. With such assurance there is not
the slightest danger of weakening by the
administration or by the Republicans of the
House. The Senate can talk on forever
without disturbing the President from his
impregnabIe position.
The Senate will also attempt to add an in
come-tax feature to the revenue bill. If a
plan of taxing incomes can be devised
which will hold water it may be favorably
considered by Congress and the President.
The Senate majority has been anticipating
great pleasure in attacking the word gold
in the clause authorizing the issuance Of
$780, COG, 600 of war bonds. It is with disap-
pointment that they discover that the word
gold is not in the bill. No attempt will
be made to pass a gold-bond measure
through Congress- The matter was dis
cussed by leading Republicans representing
the administration and Congress. The con-
clusion was reached that 1t would be I'M
wise to force the issue at this time, the
Senate being so strongly against the prin
ciple involved. The President was anxious
to avoid the appearance of injecting an is
sue into the discussion which could only
produce irritation without arriving at the
desired result. What row there may be
will have to be organized by the opposition.
1t will be none of the Presidents doings,
nor will it be promoted by the Republican
majority in the House.
The last official statement shows an avail
able cash balance in the federal treasury
of $219, 900. In order to avoid disturbance
in financial waters, Secretary Gage may
keep large working balance ON hand. He
will be perfectly safe, however, in letting
it run below $1O0OO0, coo, and he may con-
clude to do this in the hope that Congress
will authorize the issue of war bonds before
awaiting himself of the authority vested in
him by existing law to borrow money On
bonds to protect the gold reserve. He may
wish to use this power only as last resort,
and not until it becomes absolutely certain
that Congress will not extend to him the
patriotic help he and the country have
right to expect at its hands.