, 1890-07-10
AN AGREEMENT
The Substitute Silver
Bill Presented.
REDEMPTION.
That Clause Eliminated In
Conference.
LEGAL TENDER CERTIFICATES
Purchase of Four and a Half MIL.
ion Ounces Of Silver Monthly
Provided.

WAsniNoTos, July IAN agreement
on tho silver question has been reached,
II provides for the pur ,hsse Of 4,5oO,oU
ounces Of silver month, with no hull
ion clause, tho certificates to DO 70.
deemablo in coin and be full legal tender.
Tho report was presented to the senats
Immediately. After tho first Intellectual
conference last Thursday the republican
members decided that an agreement
would be more speedily and satisfactor
lily reached by party consultation thar
by conference open tn both politica
parties. Accordingly Senators sherman
and Jones, and Representatives Congei
and Walker entered upon the task OF
drafting a compromise measure. They
progressed 50 rapidly In this that
the conference substitute was completed
in all the essential points, save one, and
sent to the printer yesterday.
One point left open related 10 tha
amount Of silver bullion to be pur.
chased. Messrs. Sherman, Walker and
Conger thought that 100000 onncei
monthly was fair compromise. but
Mr.. Jones declared for 4,500. 900 ounces
Such was the state of affairs this
morning, when oyertures wero agair
made to Mr.. Jones to accept 4. go, coo
ounces. The Western senators were 10
receipt OF kilograms urging them TO hold
for the full amount. i,50O. 600 ounces,
and to insist upon the speedy disposal oi
tho bill. so the oyertures were rejected,
and when the proposal was made to take
l.III l..
silver men manifested their power TO
check tho How OF party legislation, un-
less their demands were met. Soon
afterwrad the republican members Of the
conference were again called together.
The words Ave hundred thousand'
we're added to the t,000,O0O ounces con-
tanned In the printed conference substi--
tute, and the amendment was COM
pleted.
Senator Sherman spent a few minutes
In drafting q formal report to the senate,
and thee notified the democratic mem
bers. Senator Harris and Representative
Bland.
The agreement was formally ratified,
although the democratic members signed
the report.
The substitute provides that the sec
retary of the treasury shall purchase
from time 10 time silver bullion to tho
aggregate amount oil 1900 ,0O ounces
or so much thereof as may be offered In
each month, at the market price thereof,
not exceeding 81 for 27i,26 grains OF
pure silver. The treasury notes issued
in payment shall be redeomable in coin
and shall be legal tender In payment Of
all legal debts, public and private, ex-
cept where otherwise expressly stipu-
lated In contract, and shall be receivable
for customs, taxes and all public dues.
Upon demand the secretary shall
under such regulation as he may pre-
scribe, redeem such notes in gold or
SILVER coin at his discretion, IL being tho
established policy Of the United States
to maintain tho two metals on par
with each other upon legal ratio, or on
such a ratio as may be provided by law.
The secretary OF the treasury shall
each month coin two million ounces OF
the silver bullion purchased into stand
ard silver dollars until the LIST day OF
July, 1891, and after that time shall
coin out OF all the silver bullion pur-
chased as much as may be necessary to
provide for the redemption OF the treas
ury notes.
The present law II repealed.
Inc last section provides for the COW
sring into the treasury and holding for
redemption Of tho national bank circu-
IatiOD.