Evening star. [volume] (Washington, D.C.) 1854-1972, 1890-12-16

| As SOON AS IT rs IT WILL BE CALLED Up IN THE
| SENATE AND THE YEDERAL ELECTIONS BILL BE
] LAID AsIDE-snvER MEN WANT EVERYTHING
AND WILL GRANT NOTHING.
The failure of the caucus last night to finish
their consideration of the financial measure re-
ported by the caucus committee effected the
continuance of the force bill discussion in the
Senate today. There was nothing ready for the
displacement of the elections bill, but the hour
Of its abandonment depends merely upon the
time taken in the preparation of the financial
bill. ''
The bill will not be laid aside without a
struggle, but that it must give way is rs GER
tain anything can be which has not already
happened. As soon as the compromise silver
bill is fully agreed upon it will be called up in
the Senate. The postponement of this from
ono day to another day is in no way significant
us affecting the final result.
THE FIERCE SILVER STRUGGLE.
The struggle between those who favor free
and unlimited coinage and the non-conserva-
tive and cautious financiers of the east is fierce
slowly in the matter of increasing the currency
of the country are being backed to the wall by
superior numbers on the other side, but their
tirmness is retarding the progress of imitation.
aside and trampled By the clamorous crowd who
are crying out for more money. The purchase
of the surplus sl3 600 900 of silver and purchase
OF additional amounts Of silver to replace retir-
ing bank circulation would not be advocated
Ivy the conservative men, except in lieu of what
they consider the greater evil of free coinage
all at once Mt this time.
POLICY OF THE FREE COINAGE MEN.
The action of the caucus discloses clearly
what has been known to those who have OBJ
served the situation closely, that the general
policy of the silver men is to accept any propO-
sition which has general tendency toward the
enlargement of the circulation OF silver. but
not TO permlt any proposition to be coupled
with I which would be In the nature of a con-
cession by them.
The agreement reached by the Senate caucus
committee yesterday coupled with the silver
propositions, the issuance OF longer time bonds
and the reduction of the minimum deposit of
bonds for national banks to $1,000.
An agreement was readily secured to the
feature of the measure which provides for the
purchase OF the surplus silver and for the sub
shutting Of silver for the retiring bank notes.
THERE WAS HITCH.
But there was a hitch when it came to the
other propositions. There is no disposition on
the part of the silver men to grant anything
which will delay the expansion of the silver
currency or to deprive them of the advantage
they derive from the present stringency Of
money.
1t is not their policy to permit the adoption
OF any measure of relief except upon the vehicle
OF silver. They will oppose anything which
proposes relief through the national banks.
ANOTHER CAUCUS TO BE HELD.
The question is to be further discussed at
another caucus, and whatever the silver men
agree to is pretty sure to pass the Senate. As
soon as they decide on this bill they will vote,
llo.a
election bill aside and take up finance.
UNCERTAINTY AS TO HOUSE ACTION.
1t is still a matter of grave doubt what
Speaker Reed will permit to be done in the
House. The chairman of the coinage commit
tee. to succeed Mr.. Conger. is yet to be named,
and the House stands az a check on the Senate
unless there is such an agreement az shall be
regarded as wise under the circumstances.
The Speaker is confronted by the danger of
having the silver men go the full length Of their
theory if a more moderate compromise propo-
sltlon Is Obstructed in its course.
WHAT THE PRESIDENT WANTS.
The President and the Secretary of the Treas
ury are anxious that the purchase of the sur
plus silver be authorized soon as possible, SO
to bring about immediate relief and silence
the clamor for more money, which might lead
to an unhealthy imitation.
PUBLIC CONFIDENCE MUST BE RESTORED.
The most important thing to be accomplished
at this time is a renewal of the confidence of
the people, which will lead them to let 20
money they are holding in reserve The mil
lions OF dollars that have been been put out by
the treasury Ill one way and another have
been sucked in like water on q sponge and il
is not believed by any financial experts Of the
grows out Of any lack Of money out
standing; that the difficulty lies in
the general lack Of confidence and the
consequent storing away of money they have
no doubt. A very great imitation of the cur
rcncy might counteract this. but when the re-
lease of money now held in reserve was accom-
plishcd the question Of too much imitation
would come in to disturb conditions. For this
reason the temporary relief Of large silver pur-
chases at once ID favored.
THE WANT OF CONFIDENCE.
The want Of confidence is not due
to the want Of money. 1t is due more, doubt
less TO the fact the general of the
people with the economic conditions produced
by LEGISLATION. leads to general impression
that there must be n change-an upheaval-
and that the reaction may lead to
rccklessness. The policy OF the conservatives
/, to gain time and to endeavor to overcome
this feeling before excessive imitation of the
currency Is brought about and they are work
ing to this end III the caucus.
The reports from Wall street we're not salts
factory this morning and the increasing num-
Der Of failures augments the seriousness
Of the situation. The lower quo
tations for silver seemed unexplicable
to the Treasury Department. 1t had been ex-
pected that at least the prices OF yesterday
would hold. Reports indicate that plenty OF
money is to be had on the right sort
OF security, but money is not seeking invest
ment. There are indications also that people
are doing less business through the banks
while on the other hand the banks are holding
large reserves to secure them against II run
The unusual thing of treasury drafts
being cashed by the payees at the
subtreasury instead of through the
the banks is another evidence of
the general timidity. The depart
ment has difficulty in complying
with demands for small notes and for the
quick exchange of large sums Of money be-
tween commercial points.
THE DISTRICT IN CONGRESS-.