The Miami Cycle & Mfg. Co. wasn't founded until July, 1895, so it is unlikely this bike dates to 1895. My guess would be 1897-1905 era. Also, while not being dogmatic about it, being a pacing bike, the saddle is possibly an add on. Originally it might have had a racing type saddle.
As a side note, when the Miami Cycle Co. was organized, Frank Ray was hired as the company manager who lent his name to the new bicycle brand - Racycle.
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