Los Angeles herald., 1890-07-08
SILVER ON DECK.
An Agreement Reached by
the COnferees.
A Substitute Bill Reported to
Both Houses.
The Democrats Not Asked Into the
Final Conference.
An Attempt to Take Up the Tariff Bill in
the Senate Defeated by the
Silver Men.
Associated Press Dispatches. |

WASHINGTON, July An agreement
upon the silver question has been
reached. 1t will provide for the pur-
chase of 100000 ounces of silver a
month; no bullion redemption; certifi-
Gates to be redeemable in coin, and to
be full legal tender.
The full conference committee met
this morning, and report drawn up by
Senator Sherman was adopted. The re-
port was presented to the senate imme-
diately and ordered read.
How the Agreement Was Reached.
AAfter the first ineffective conference
last Thursday, the Republican members
decided that an agreement could be more
speedily and satisfactorily reached by a
party consultation than in conference
open to both political parties; accord
ingly Senators Sherman and Jones and
Representatives Conger and Walker en-
tered upon the task of drafting COM
promise measure. They progressed so
rapidly in this that conference substi-
tute was completed in all essential
points save one, and sent to the printer
yesterday. The one point left open re-
lated to the amount of silver bullion to
be purchased. Sherman, Walker and
Conger thought four million ounces
monthly fair compromise, but Jones
declared for four and a half million
ounces. Such was the state of affairs
this morning when overtures were again
made to Jones to accept four and one
fourth million ounces. The western
senator's were in receipt of kilograms
urging them to hold out for the
full amount of four and one-half
million ounces, and insist upon
the speedy disposition of the bill. So
the overtures were rejected, and when
the 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 un-
less their demand was met. Soon after
ward the Republican members of the
conference were again called together
The words ''fiye hundred thousand
were added to flour million ounces''
contained in the printed conference sub
stitute, and the agreement was COM
pleted.
Senator Sherman spent five minutes
in drafting formal report to the SEN
ate, then notified the Democratic mem
bers, Senator Harris and Representative
Bland. The agreement was formally
ratified, although the Democratic mem
bers refused to sign the report.
What it Provides For.
The substitute provides that the sec
retary of the treasury shall purchase
from time to time silver bullion to the
aggregate amount of four million five
hundred thousand ounces, or so much
thereof as may be offered, in each
month, at the market price thereof, not
exceeding one dollar for 81. .25 grains of
pure silver; the treasury notes issued in
payment to be redeemable in coin, and
be legal tender in payment of all debts,
public and private, except where other
wise expressly stipulated in contract,
and be receivable for customs, taxes and
all public dues.
Upon demand of the holder of treasury
notes, the secretary of the treasury
shall, under such regulations as he may
prescribe, redeem such notes in gold or
silver coin, at his discretion, it being
the established policy of the United
States to maintain the two metals on
parity with each other upon the present
legal ratio, or such ratio as may be pro-
vided by law. The secretary of the
treasury shall each month coin two mil
lion ounces of the silver bullion pur-
chased into standard silver dollars until
the 1st day of July, 1891, and after that
time shall coin out of the silver bullion
purchased as much as necessary to pro-
vide for the redemption of treasury notes.
The present law is repealed.
The last section provides for covering
into the treasury the fund held for the
redemption of national bank circulation.