New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-12-19
PRICE THREE CENTS.
WHAT THE CAUCUS DID.
THE NEW FINANCIAL MEASURE PRESENTED
TO THE SENATE.
CHANGES MADE IN THE FIRST DEAFT-oPPosI.
TIoS OF THE SILVER SENATORS AND
WHAT 1T MAY LEAD To-CoNDtTIoSs
on WHICH THE BILL WILL
BIZ TAKEN UP.
icy TELGUGAPI 10 TIE TRtBuNEI


icy YELTJGAPI TRtBUNEl
Washington, Dec. ls.-Thr first tangible result
of the agreement reached at last nights conference
of Republican Senators was the presentation to-
day of the Schele Of financial relief formally
adopted at that meeting a part of the Repub-
lican programme for this session.
Mr.. Sherman, who had drawn the original bill
presented by the Committee of Eleven TO the first
Of the recent finance conferences, and who was
entrusted last night with the task Of revising it
TO meet the final views of the caucus. offered the
new measure during the morning hour to-day, and
had il promptly referred to the Committee on
Finance, which is to meet tomorrow to consider
it, and. unless the present agreement is violated to
report il back at once 10 the Senate for action.
The revised bill differs only in a few slight par
tculars from the earlier draft, as il came out 81
Mondays conference. printed in full in Wednes-
days issue of The Tribune. In the second sec
ton the reduction TO 81, 900 Of the amount Of
bonds arbitrarily required 10 be deposited by Ma
tional banks with the Treasurer of the United
States is made to apply solely to banks with
capital stock of not more than S50,o00. Banks
with a capital of over $4,000 will continue to
make compulsory deposits under existing law. the
amounts running from $4,000 TO $4,000 This
alteration in the proposed law is important one.
since it will have the effect OF keeping at least
81 90, 900 900 in bonds outstanding for some time
10 come and will have decidedly steadying effect
on the volume Of bank note circulation. 1t will
also help TO post ponc still longer the extinction
of the National banking system.
No change made in section \. providing
for the replacement of National bank notes with
drawn from circulation by issues Of Treasury
notes. so as to keep the nominal amount Of bank
notes outstanding at SlsO,oOo,oO0.
The draft of Wednesday, it will he remembered.
authorized the Issue of silver notes. in the first
instance TO take the place of retired bank notes,
but providing that if sufficient silver bullion for
this purpose could not be obtained. simple legal
tender notes should bc used. This last clause was
lookcd upOn with some diSfayOr as step toward
".recnh.ok" currency, but the change In Section
> will practically make IL imperative, ana IL
was consequently retained without much once
ton The bank note circulation, It IS es'lmated'
is NOT likely to shrink more than 81 100000 in
any one year. and silver to this amount can ne
found without great difficulty Mr use as oaslS
IN slpplemouting the shrlnkase.
An additional section, numbered :. is inserted
to cover the issue of Treasury notes to the market
,,lrc Of the bullion now held. or hereafter TO ne
offered. in the form of trade dollars, and upon
rio hulIion value of Slo.O00,000 in abraded
or uncurrcnt subsidiary coin. Tie sixth section.
il Will bc remembered. authorizes the coinage ot
thc rest Of the uncurcnt silver coin in the Treas
urv into standard silver dollars.
To the end of the former draft Of the Dill Is
amended an entirely new section, looking 70 inc
uarticipation of the United States In any rnHr-
national conference that may be hein LOT 'ne
purpose Of agreeing upon common silver ration'
The text Of it is as follows:
o. 10 That +. the continued policy ~ the Unlted
STATE, Government both gold and silver as fill legal
,.naar money under The ratio now eNi>tnc ~ ,ne ,na
state. or that may be her,aiter established BY the Cnted
states, acting n accord with oher nations ana the 'h'd
,., il willing ,o Ion with other commercial nations in
conference - adopt common ratio between god Au >'
m , ,ir n, ,.t,ll.hng internationally. the Use of both
metal, a, full lo:al-tonder money ana securing hNS VI
lat,e ,alu. between them. And when IN me Judgment
, rho p-de1t sufficient number Of such nations snail
have n.fod into such uto,natonnl arrangement ne may
t.,,o .ne ratio 80 aN,d be hc existing ratio In ue
,. states all hereafter shall ne az s''n
ratio until changed law. The President snail p' 'h"
. ~, advice and consent of the senate appoint conIn>
,r. not >c,n. nrcc who sha.l at M any sich con-
~ on behalf u the United >tl'es. and they shall report
.r DOM, To- ne President who shall transmit 'he same
10 Con.c,-. said commissioners snail f'c'Ne n' sum "
= oo, ard tb.lr reasonable expense De approved by ths
r.trv II state. aud the amoun, necessary 10 pay sucn
,,.,t,, and cxicase, i, hereby appropriated oGt of
,y money ia the not otherwis" Appropriated
Ti,. p,,y biil. as has been said. has been adopted
b. the Rcpuhllcan Conference as a hnal ana
dctritc measure on which Republican Senators OF
all shades of opinion may unite. II II receives,
- il should receive. the unconditional support
M every Republican, il can be passed through the
Sor.,t, without difficulty or irlctlon' lhousn
far from representing the views of the Finance Com
miit.c. II will I've reported without dissent al"
pushed promptly 10 vote. II the silver Scha'oiS
and all other senators 10 whose votes IL Is Gu
,i,lcI ~ fair and generous compromise and
N
Will rive II their honest support IN open Senate
There has been all day, however, growing sus-
p,,ion that some of the extreme friends of Sill
,.cr~ will resort to their old tricks and try TO
convert the proposed law into one for the Tree
and unlimited coinage of silver, II a favorable
ch,nc, il, Offered for making the change. Several
Scrotor, notably Mr. Teller. Mr. Stewart and Mr..
pIumb are understood 10 think that they cannot
q trord 10 vote against any frce-conage amendment
10 the bill which may be proposed on the Demo-
cratic side and they are AT present unwilling 10
,.i,, themselves 10 stand together with the other
pcnuhlican senators in defence of the conference
hill Naturally. other Republican Senators, espe-
riolly those who have already yielded a good deal
:, meet the demands of the advocates oi ireccoin-
oqc are indsposed 10 go ahead and try 10 carry ont
an agreement which apparently is TO DC plhdihs
,,l, ON one side The Republicans on the Finance
Committee VIII, therefore, oc 'h"'S "''"o iePoi"
,rc the bill unless they can IN assured OF us
unconditional support by all the Republican SEN
ators II pledges cannot he obtained Tom more
than clear majority of the Senate to stick 10 the
,trr of the new BILL i, safe 10 say ttat IL VIII
p.yer he reported from the Finance Committee.
fl is believed, however that promises 'can oe Sc
cnrcd promptly from enough Republicans to In.
surr the integrity of the caucus measure against
all attacks. ... T., ,,,
p,fhv with Mcssrs Teller, Stewart and Plumb IN
their assertion OF indifference TO che agreement
a,r,' movement will probably tn checked short
he absence OF senator Jones, OF Nevada is greatly
10 be regretted in the present crisis As the real
.entati,r an the Finance Committee. he was able
Io c\rrt controlling ia0ucncc in the counsels Of
the frcc-coinagc advocates and impress upon them
the necessity of standing up 10 n compromise
whom once i; has been agreed On. Mr Jones. how
"' w ~, on ,hn p.cinc Slopc looking after