Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1890-06-13
The Silver Bill Passed by the House.

The passage by the House, Saturday, of a
silver bill modelled upon the Window bill,
and wholly unlike what the Senate desires,
probably settles the silver question during
the present session Of Congress by insuring
that nothing shall be done. The bill re-
peals SO much of the Bland act OF February,
1878, as authorizes the coinage of the stand.
ard silver dollar and requires the monthly
purchase of from $2,000,000 TO $4,000 900
worth Of silver. In lieu OF this provision OF
silver dollars the bill requires the Secretary
Of the Treasury to buy $4500,O00 worth of
silver bullion every month at the market
price, issuing in exchange therefor bullion
treasury notes, which shall be legal tender
for all debts, public and private, and re-
| ceivable for customs and all public dues.
These notes are redeemable ain coin" on de-
mand. When redeemed or received in pay
ment of public dues the notes shall be re-
| issued, but not to such an extent that the
amount outstanding shall exceed the cost
of the silver bullion purchased with such
notes. At the discretion of the Secretary,
| upon the demand of the holder the bullion
treasury notes may be redeemed in bullion
at the market price of the latter on the day
of redemption. Only So much of the bull
lion shall be coined as may be necessary for
the redemption of the bullion treasury notes.
The purchase of $54, 100000 worth of silver
a year-the silver product of the United
States in 1888 was worth but $43, 100000
and the worlds product was worth but
$109,932 000-is expected to put up the
price of silver. The bill, accordingly, pro.
vides that whenever the market price Of
silver is one dollar for 371.25 grains of pure
silver" (the amount in the standard dollar
the coinage of silver shall be free. At pres.
ent the ratio of silver TO gold is about 21,50
Whenever silver advances to such a price
per ounce that the ratio is 16, then any one
owning silver can have it coined into dol
lars at his option. At the same time the
purchases of bullion by the government
shall cease. A clause of the bill provides
further that deposits in the treasury to re-
T deem the circulation of national banks shall
, be covered into the treasury, the govern
ment undertaking to redeem the notes when
presented 1t is putting it mildly to say
that the bill as passed was unsatisfactory tc
q majority of the House 1t does not pro
, vide for the free coinage of slver-the aim o.
the silver mine-owners and other Western
interests On the contrary, it stops the
| present coinage of silver. 1t will add to the
/ circulating medium a new variety of silver
, certificate. 1t makes market for the en-
tire silver product of the country. The sill
yer men would like the bill better if it die
} not contain the section enabling the Secre
, tary to redeem the bullion notes in bullion
at his discretion. The majority in the House
in favor of the bill was forthcoming only by
reason of the general belief that the Senate
: will remodel it and make it a free coinage
8 measure. This is probably fond delusion
The Senate will pass its own silver bill, and
the two bills will confront each other in
!, conference committee. AT that stage of thu
proceedings Speaker Reed will doubtless
use his autocratic power to prevent the
agreement upon any measure essentially
: different from the House bill.