Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1886-01-30

the Nature OF a Compromise-Hoard
Silver Bullion and Issuing Certificates
Mr.. sherman Would Place Gold and
Silver on the Same Basis.
Especial Dispatch to the Boston Journal
WASHINGTON, Jan. 2S.
Tho sensation in the Senate today WAS the
silver bill introduced by Mr.. Sherman. which
was as follows;
Be il enacted, etc, that the coinage of the
silver dollar provided for the first section of
the act to which this is an amendment be dis
continued from and after the passage of this
act.
Section 2. That the secretary of the treas
ury is authorized and directed to purchase,
from time to time, silver bullion in bars not
less than nine-tenths fine, at the market price
thereof, not less than two million ounces trov
per month, nor more than four million ounces
troy per month, and shall issue in payments
therefor coin certificates of the United States
in denominations of not less than $40 each,
corresponding with thu denominations of the
United States notes and the bullion so pur-
chased shall be retained in the treasury for
security and for the payment of the same,
and the amount of such certificates at any
time outstanding shall not exceed the cost of
the bullion purchased by such certificates,
and the certificates thus issued shall be re-
celvable for customs, taxes and all public
dues, and when so received may be reissued,
and the secretary of the treasury shall re-
deem in coin the same certificates on their
presentation for redemption at the office of
os ssta NJ Of tha Iypi,aI IN, ,ba
city of New York, in sums of not less than
$50
Section 3. That any holder of standard
silver dollars or gold coin of the United
States, or gold bullion at its mint value, may
deposit the same with the treasurer or any
assistant treasurer of the United States in
sums not less than ten dollars, and receive
coin certificates therefor, similar in denomi-
nations and legal effect to the certificates
provide. for in the preceding section. The
coin deposited for or representing the certi-
ficates shall be retained in the treasury for
the payment of the same on demand.
MIR. Sherman has been ranked with those
who believed in the suspension of silver
coinage, and, although he has not been of
extreme views at any time, his bill was re-
ceived with great surprise, both by the advo-
Gates and the opponents of silver moaey. 1t
10 III tiiS hatuiS VI d SohPi dud " III Dc
supported by moderate men on both sides of
the question, although very few of them were
willing today to give their opinions upon the
bill till they had been able to study its pro-
visions closely.
Mr.. Sherman proposed this measure with
out consultation with any one, and in con-
versation this afternoon, said he did not see
why any one should express surprise at his
action. His views on the silver question had
been undergoing change for year or more.
He had made no attempt to conceal them, but
in private conversation had advocated such
plan as was proposed in his bill and had done
the same in public speeches which he made
in California year ago and in Ohio during
the last campaign. He was not aware that
any of these speeches had been reported, as
the newspapers last fall paid more attention
to what he said on the southern question than
to his references to financial issues. 1t was
nevertheless true that he had more than
dozen times advocated just such a policy as
was described in his bill.
When asked to explain some of the pro-
visions of the bill he said he preferred to do
so in speech that he intended making in the
Senate, although it seemed to him that the
terms of the measure were very clear. 1t
provided that the government should pur-
chase from two to four million ounces of
silver bullion at the market price each month
and issue certificates against it.
"But there is no provision for the disposal
of the bullion?" was asked
THAT is true" said Mr. Sherman. "But
isn't the treasury good place to keep it?
This bill will make silver as good as gold, by
placing the two metals upon the same none
tary basis; although the coinage of the stan
dard dollar is to be discontinued, the bullion
will be held in the treasury as security for
the certificates issued against it, and the gov
ernment will be benefited by the increased
value of silver"
"You provide that the certificate shall be
redeemable in coin, but do not specify what
sort of COIN
Either gold or silver coin. My object is
to abolish the distinction between the two
metals, to make one as good as the other and
the certificates are to be reissued as fast as
they come into the treasury, provided the
total amount outstanding shall not exceed the
value of the billion on deposit | think the
passage of such bill will strengthen the
public credit, increase the value of the pro-
duct OF silver and put stop to an agitation
which is always disturbing agent" The
silver men would like Mr.. Sherman's bill
better if it did not reduce the monthly pur-
chase of bullion Senator Teller said the
bill was called compromise, but he was un-
able to see that anything had been conceded.
On the contrary, the bill proposed to curtail
the present minimum of silver coinage by
substituting ounces of bullion to be purchas-
ed for actual dollars now required to be
coined There was now coined monthly
minimum of about two million three hundred
thousand standard dollars. That was now
the monthly output, where as under Mr..
Sherman's bill it would be less than two mil
lions in certificates against the
bullion purchased. The silver men would
accept nothing in any matter curtailed the
present coinage of silver. They had the nee
essary votes in both branches of Congress to
maintain the present law, and it therefore
seemed to him that if there was to be COM
promise it should be upon the basis of an ex-
tension of the present minimum limit to the
coinage Of silver. The execution of the law
had always been in the hands of those un-
friendly to silver, as was shown by the fact
that that the monthly minimum of silver di-
rected to be purchased and coined had never
been exceeded. II Mr.. Sherman had made
the minimum number of ounces of silver to
be purchased monthly three millions it might
be regarded as compromise but in its pres
ent shape the bill would not be accepted by
the silver men. Besides, Mr.. Teller did not
believe in the policy of issuing certificates
auainst huilion That was his ohiaction tn