The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-30
BOND ISSUE FAVORED
TO PROVIDE PAYMENT
FOR THE CANAL SITE
Bill introduced by Senator Fair
banks Said to Meet the Approval
of Secretary Shaw.
HOUSE REFUSES MONEY
To Continue II. II. Hanna's None
tary CommissiOn-Many lndi-
anians at the Capital.
HOUSE REFUSES MONEY
Special to the indianapolis Journal.

Special to the Indianapolis Journal
WASHINGTON, Jan. 29-The action OF
the Senate to-day in passing the resolu-
tion agreed on by the Democratic SEN
atOrs for obtaining all possible information
respecting the policy of the Roosevelt ad-
ministration toward the Panama Republic
is believed to be the last step in the pro-
gramme before the final vote the canal
treaty. That the debate or the treaty will
run on for few days in open session. and
some discussion Of intricate details will be
held in secret session is certain. but the
preliminary work is practically ended. The
officials of the government are so confident
that the treaty will be speedily ratified
that already plans are under consideration
for caring for the payments to be made on
account of the canal project.
While there is plenty of money with
which to meet payments, there is a dispo-
sition on the part of Secretary Shaw and
his advisers in the treasury to provide a
bond issue as proposed in a bill introduced
by Senator Fairbanks. The reason for this
is twofold one based on the desire to make
unnecessary Withdrawals of funds now de
posted in the national banks ana whlcn
money is In general use throughout the
country. Another reason Is that there is
a desire to have issue of low rate bonds
which may be utilized as basis for secur-
ity Of additional issues of national bank
notes. No plan has been decided upon, and
probably will not be until the canal question
is settled and 1t is known just how much
money will be needed on account of the
project. Moreover, there is likely to be
controversy In Congress as to the status or
the appropriation authorized by the Spooner
act for paying for the canal property.
Senator Fairbanks is scheduled to deliver
a speech on the Panama canal treaty in the
upper house. AS a member of the commit
tee on foreign affairs the senior senator has
given close attention TO this subject and his
address is expected to be noteworthy, espe-
cially in its defense of the position taken by
the administration toward the new Republic
of Panama. Senator Fairbanks will take
the floor tomorrow or Monday.
+
After a vigorous fight the House to-day
defeated the amendment to the deficiency
bill appropriating 100000 TO continue the
work OF the monetary commission, of which
Hugh Hanna, of Indianapolis, is chairman.
Representatives Hemenway and Overstreet
made every effort to have the amendment
retained in the bill, but it was ruled out
on point of order. Senator Fairbanks is
interested in this matter. and he will en-
deavor to have the amendment Incorporated
in the bill when IL reaches the Senate.
Representative Hemenway made a strong
argument in support of the appropriation.
He asserted that the commission was en-
gagged in the task OF establishing uni
form rate of exchange with foreign coun-
tries, which was of great interest TO Amer
lean exporters, and he paid high tribute
to Mr. Hanna and the other men asso-
ciated with him on the commission. He
questioned the point of order made on the
amendment, but ii was sustained by the
presiding officer.
Efforts are being made before the COM
mittee on pensions to secure a favorable
report on the bill which abolshes the
present pension examining boards. substi-
tuting in their place a travelling commits
sion. The fight against the measure is led
by Representative Holiday, who contends
that If tho travelling commission is created
II Will result in great hardship 10 the sol
diers, who are unable to travel the long
distances which would be required under
the provision OF the proposed law that one
commission shall be assigned to each con-
gressional district.
There is much interest manifested in In
diana in the amendment in the urgent de-
ficiency bill, making appropriation au-
thorizing the Geological Survey to ttst the
different varieties of coal, to ascertain their
steam-raising, gas and coke-producing and
briuuetting qualities, and their adapta-
bility to all uses under varying conditions.
Where isolated tests of some Goals have
been made in this country, no such compre-
hensive series of tests as that now proposed
has been attempted. The coal product of
the United States is one-third of that of
the entire world. and its value in 1903 was
approxima tely s425 600 900. Senator Reveridge
has received letter from Charles ID. Wal
colt. director of the Geological Survey of
which the following Is a part: In order
vantage OF the opportunity to make expert
ments, IL is necessary that an appropria-
ton for the purpose should be obtained
promptly and be made Immediately avail
able. as the machinery is now being in
stalled on the exposition grounds at St
Louis Many persons in Indiana, among
them William III. O'Brien, of Lawrence
have written Senator Beveridge urging him
to support the Elkins amendment.
No measure on finance other than that
permitting the deposit of receipts from GUS
toms in national banks. and providing ad-
ditional forms of security for deposits OF
public moneys will be enacted into law al
this session of Congress. As a matter OF
fact. Ii Is not certain that the bill referred
10 will be passed. Hugh III. Hanna AND
other prominent advocates of currency re.
form are not hopeful of inducing the law
makers to act, although Ii is generally adj
mitted that something should be done
Speaker Cannon deems 1t inadvisabe al
this time to enter upon the revision of ever
the amendment of the present financia
laws, and il is quite certain that his in
fluence will be thrown against any sucl
proposition. His idea. as he has informed
the President. is that no radical legisla
ton of financial character should be en-
tered upon at this time.
The trade of the United States with Rus
STA continues TO expand. Our exports tC
that country in the year just ended aggre-
gated about S2O.OOO,OOO worth. This is NOR,
than double the amount of our exports tC
Russia in 1901. the year in which duties
were advanced upon merchandise from the
United States entering Russia, and is also
double the average for many years proceed
ing that date. Imports from Russia have
also greatly increased since that time In
1903 they were S1O.9013l5 against 7.263.S74 IN
1901. Thus the total commerce between the
United States and Russia in the calendar
year 1903 exceeds $50. 900 600. and is doubl,
that of 1901. the year in which such alarm
was felt with reference to our commerc,
with Russia, and is three times as great a:
in 1898.
The report sent to Indiana to the effec
that a hearing on the interstate-commerc,
bill has been fixed for Feb. ? is an error
Notwithstanding the efforts that have beer