Omaha daily bee., 1890-06-08

THE HOUSE PASSES A SILVER BILL.
The house of representatives has re-
corded its verdict on silver, and it is
against free coinage. This result was
foreshadowed by the action OF the re-
publican caucus last Wednesday night
and by the vote in the house Thursday
on the resolution to proceed to the con-
sidcration of the silver bill, but still
there were threatened defections which
caused some apprehension regarding the
outcome. A few of the more stubborn re-
publican advocates of free coinage
| seemed determined TO insist upon recon-
mitting the proposed bill to the commit
tee with instructions to report a free
coinage measure, and ii was feared that
by making an alliance with the demo-
Gratis they might carry their point. The
majority of twenty-five against the mo-
tion to recommit was consequently u
more decisive defeat of the free coinage
men than was expected, and even
after this the majority of sixteen
by which the caucus substitute for
the house bill was passed was prob
ably larger than had been counted
on. 1t is ample as an assurance to the
country that free coinage has no hope in
the house.
The bill passed provides for the pur
chase by the secretary of the treasury of
silver bullion to the aggregate amount of
four and one-half million dollars worth
of fine silver in each month at the mar
1, Il
lar for three hundred and seventy-one
and q quarter grains Of pure silver,
to be paid for in treasury notes.
Such notes are to be re-
deemed in coin and may be reissued, but
the amount of such notes outstanding
shall not at any time be greater or less
than the cost of the bullion in the
treasury purchased by the notes. They
shall be legal tender in payment of all
debts, public or private, and when re-
ceived for customs, taxes and public dues
may be reissued. They may be counted as
a part of the lawful reserve of any
banking association holding them. The
secretary of the treasury may in his dis
cretion exchange silver bullion for these
notes on the demand of the holder.
Whenever the market price of silver is
one dollar for three hundred and seventy
one and quarter grains of pure silver
the owner of any silver bullion may de-
posit the same at any coinage mint of
the United States to be coined into stan
dard silver dollars for his benefit.
This measure differs from the
original house bill in the essential
matter of the redemption of the
ment for silver bullion, providing that
they shall be redeemed in coin instead
of in bullion. If it becomes a law the
treasury will take nearly the entire an
nual silver product of the country and
the increase in the use of silver Us a
basis of currency will amount to about
thirty million dollars year. If
the effect of this shall be to
advance silver, as there is every
reason to believe it will, until the mar
liet price is one dollar for three hundred
and seventy-one and a quarter grains,
free coinage ensues at the option of the
owner of any silver bullion who may de-
sire to have it coined, for his benefit,
into standard dollars. The measure is
most liberal to the silver interest of the |
country, conceding really everything
but absolute and immediate free
coinage, it would insure as rapid |
an increase of the currency as
conservative financiers believe to be |
safe, and it would not seriously disturb |
our monetary system at home or our
financial relations with other countries.
1t ought to be acceptable to a majority
of the republicans of the senate, but its
chances in that body cannot be pre-
dicted with any degree of certainty. In
any ev ent, however, the country can feel
confident that there will be no free coin
age legislation by this congress, and
this assurance will be of great value in
an apprehension that has had
u more or less depressing influence.
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