The sun. [volume] (New York [N.Y.]) 1833-1916, 1890-07-08
AN AGREEMENT ON SILVER.
100000 OUNCES TO M PURCHASRD
EACH MONTH.


No Balboa Redemption-The Certificates 10
be FUN Legal Tendcr, Except When
Otherwise Expressly Stipulated in che
Contrnct-Two Milton ounces 20 be
Coined MonihIy Into silver Dollars.
WASHINGTON. July The conferrees on the
part OF tho two Houses this afternoon reached
an agreement on the points uf difference on
the Silver bill This result which was hardly
expected to be reached o soon. was brought
about in this way After tho first Intellectual
conference on Thursday last tho Ropul lichn
members decided that an agreement could be
moro speedily and salts actor,ly reached hv n
party consultation rather than in conference
open 10 both POLITICAL rnrties. Accordingly
Senators Sherman and Jones and ReDr esenta-
tives Conger and walker entered upon the task
OF drafting n compromise measure. They
progressed so RAPIDLY Ia this that tho confer
ence substitute vas completed In all essential
points snve one, and sent TO tho printer yester-
day Tho one point lett open related to the
amount OF silver bullion to be purchased
Messrs. Sherman. Conger. and Walker thought
that 4, 900. coo ounces monthly would be fair
compromise but Senator Jones declared for
4.500.00O ounces.
Such wns the state OF affairs this morning.
when overtures were again made to Senator
Jones 10 accept 425O,00O ounces. The Western
Senators were in receipt OF kilograms urging
them to hold out for the full amount OF 4.50OO 900
ounces and to insist upon u speedy disposition
OF the bill. So the oveituros were rejected,
and when tho proposition was made to take up
the tariff bill in the Senate this afternoon the
silver men manifested their power to check the
flow OF party legislation unless their demands
were met. Soon nlterwhrd the henubllran
men.be Of tho conference were again called
wers added to the 1000. OG0 ounces contain ned
IN the printed conference substitute. and the
ngreem mt was completed, Senator sherman
port TO the Senate, and then notified the Demo-
cratic momhers-Senutor narris and Repre-
senate chamber, Tint another conference was
to be he H. This time the Conference Com
nttse WINS in session about hai on 10nr Ike
Dcmocrntic members refused TO slgn the re-
port. The substitute reads as follows
recsd t" one pnTehso from M time 20 tme SILVER Gnion to
the Aggregate amount OF t3vD,tn ounces or 80 mneh
1 Ss
such S% 30 silver bullion treasury notes
United sntes to 10 PREPARED by The Sesrssy 81 inc
iess tSan s. nor more than 500 10 may pIo,eriOa
Of This act 10 HEREBY spSf5pf"ed out Of any money III
the Treasury not Otherwise appropriated ,,
.n s.s1 With The plaisions S
or on al ina ono. SI :" f Of The tasd
safes and when rede emrd may be re,ssued but no
cost he :y:r SqGn 5 ana
sne Ss syer re.sd Sg e notes. snd such
treasury shs Be esa tender n psyneai q Al
P pTS p spG s"S tS the ha Be
oS 1917 mn S c &n h
by any national banking association may be counted As
sdE s.' s ses.n.y
ne e. S6 ssf Fed or
SILVER coin at his discretion II being The established
ratio BE- Of n. shall each
month coin million ounces OF the silver bullion pur
SRs%' M Ss' si'
me he Of h s o ue1 S S
necessary TO provide for the redemption Of tho Treas
age Arising rom such Coinage shall 30 accounted
!hss SSo aver bullion purchase. under tn.
fRes ~ m.iSods q S
sss.. ss a%s tho amount Of
act TO GI The The 81 s
ard silver dollar esaI tender e6srae
I ,o sS G ana
doars nor more than four million dollars worth OF tt'
ao passage Of O, ths HS ths bal
to s
made to redeem tho circulating n"es Of s1e1 banks:
shall be Covered into treasury miscsilansou;
and s 9I on. IN IL. sa h
iatng notes banks which como Into his pos
session subject redemption and upon the certificate
Of tho Comptroller OF the Currency that such notes have
been received by him. and that they have been
destroyed and that notes viii be issued In their
place reimbursement OF their amonnt shall be made to
under such regulations IS the Secretary
OF the Treasury prescribe. from an appropriation
hereby created 10 be known National bank notOS
redemption account" but tho rrovsona OF this act
shall not pply to the deposits received under section
OF tho act Of Juno 20 1879. REQUIRING every national
bank keep In Lawful money with the Treasurer OF the
United states sum equal TO five per centun Of its cir.
circulating notes! and the balance remaining OF the do
posts covered shall at the close Of each month DO
reported tho monthly public debt statement debt
OF the niteh states bearing no interest
SIC THAT this act shalt take effect thirty days from
md after Its passage.
Senator Sherman presented the report to the
Senate this afternoon. and gave notice that he
would call it up for action tomorrow. as the
report must be acted upon by the Senate be-
fore it can be considered In the House. Chair
man Conger. who will make the report to the
House, could not say when 1t would be pre-
scented 10 that body. but is disposed o have
speedy action. He is we'll pleased with The
outcome OF the conference. as indeed is every
one connected with 1t except the Democratic
members