St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-01-01
Being Convinced That Silver Suspension
Cannot Be Carried, Ooagressmsn Seek
Some Middle Ground
Speaker Carlisle Has a Plan for Calling
n erssnbacks and Issuing Silver
Certificates.
Judge Geddes Favors the Payment OF
Bonds IN Equal Parts or Gold
and silver.
Secretary Manning Inrimates That
There WIZ BE Four More Bond
Calls Before JuIyI.
The coinage Dilemma.


WAsMNGToN, Dee S1.-Senator Nc
Pherson OF New Jersey IS preparing a
speech upon the financial question. It is
n0ttrue That he IS 70 reply 10 Senator Beck
The senator said this morning:
There IS 10 way now of putting In an
answer 20 Nlr. Books srrumept. Tbe reso-
lution Introduced Dy him, and upou which he
made his speech. has been referred 70 the
finance committee, and unless the senate
should ask 20 have the resolution returned
there viii be no opportunity or replying 20
Mr. Seek. lt vas Oniy becguse rhe speech
vas ulale ar che particular tine q was it has
attracted 60 nluch attention. II 81 practl-
cally the same speech Ar. Beck hss been
making Tor a number % years. Wher ths
senate finance cCulnlittee decides 90 report
bis resolution on ms btu srspendinF coinage,
then there wiz Be an opportunity for the dis
cussiCu Cf this question. / may then take
occasion 90 point cut
SONS or THE ERRORs
Of Mr. Beck's speech. tt is certain that con-
gress must % something this winter ou tine
silver question. Everything COW teuds 20
force this country into ilc position of having
a single standard. and that OF silver only. II
the coinage goes on much LONGER. gold VIII be
driven out and there viii follow a consecuent
contraction Of the currency. caused By the
enforced retirement of the gold certifcates.
Ihis VII bring about tire very distress
which Mr. Beck Is predicting "a The
event or the stoppa-e of coinage.
Tue logical seousHca - the present slgor
policy win be the payment of tho bonds lu
silver and the estsbIshment Of silver mono
metallic standard iu this co1utry. We viii
thon become the dumping ground Of the sil
yer of al the civilized countries, and viii be
releS1ted 20 the position or India, which, on
account Of her silver standard, has con-
stantly % pay tribute 10 England.
A COMPROMISES HOPED FOR
The senator IS not very hopeful about
suspenaing the silver coinage absolutely,
but be believes IS many do. that some sort
Of compromise measure can be passed
through congress. There is talk OF 4 COM
promise IN every direction. The spea ker
fav0rs compromise. his friends say he has
talked this matter over with the president
and hopes that the treasury department and
congress may be able % get together on this
question some time this winter. Treasurer
jordan has plan which he
viii probably submit to the financial
committees OF congress later IN the winter.
lie believes that If the subsidiary coin had
the standard OF It's value raised to the ratio
OF $50 grains to the dollar il would be
shipped to Cuba and the West Indies in
large quantities, and that large amount OF
silver might be put cut in this way lie
thinks he can raise the present output OF
silver from $40. 000, 600 70 $50, 600, coo.
TIE SPEAKER
Is said to favor second plan, which might
work tremendously alongside of the treas
msr's scheme. de Is said 10 be in favor of
retiring ali tie gTeeAbaelil ID e. $50 and
then retiring al the small notes OF the na-
tiOnal bank issues up T. $40. he would
then have the national banks given suthOr-
ity TO issue silver certificates 10 take the
place OF the denominations retired,
based upon silver deposits in
their vaults. While this would not
put into circulation a single one Of the
silver dollars in the vaults Of the treasury,
ii would get them ont into the hands Of the
banks and afford a good basis for circula-
ton of paper. II IS believed by those who
have examined this plan that upwards OF
one hundred and thirty millions of silver
could be gotten out of the
VAULTS or THE TREASURY
by this scheme. 1t is proposed further by
those who favor this plan that there should
be some agreement as 70 the amount that
could be absorbed by the adoption Of the
above plans, and that coinage should cease
after that limit was reached. Mr. Jordan's
plan involves the recoining Of a part Of the
present silver reserve. If the estimates re-
ganding both plans are correct.
such legislation would empty the
treasury vaults OF the silver which
has been boarded up for so long a time.
There IS now in the neighbOrhood OF $780,
900. 900 on hand. Ii Is understood Mr..
Bland viii be the chairman Of the coinage
committee in the house and that his com
mittee win be made up In the interests OF
some compromise plan. 1t is certain that
no proposition 10 absolutely suspend coin
age can be carried through.