The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1890-07-08
THE SILVER BILL.
Agreement Reached by the Con-
ference Committee.
The Democratic Members Refuse 10 Sign
the Report.
Provisions of the Compromise Substitute as
Formally Ratified and Pre-
Sented to the Senate.
Special Dispatches to THE MORNING CALL.

WASHINGTON, July 7.-After the first
Intellectual conference last Thursday the
Republican members decided that an
satisfactorily reached by party consulta-
ton than a conference open to both politi-
cal parties. Accordingly Senators Sher-
man and Jones, and Representatives Con-
ger and Walker. entered upon the task of
drafting a compromise measure. They
progressed so rapidly in this that con-
ference substitute was completed in all the
essential points, save one, and sent TO the
printer yesterday.
The one point left open related to the
amount of silver bullion to be purchased.
Sherman, Walker aud Conger thought
4,000,0 600 ounces monthly fair compromise,
but Jones declared for 100000 ounces.
Such was the state of affairs this morning,
when overtures were again made to Jones
to accept 1000, 600 ounces. Western Sena-
tors were in receipt Of kilograms urging
them to hold out for the full amount of
4,500,000 ounces, and insist upon 81 eedy
disposition of the bill So the overtures
were rejected and when the propositi on
was made to take up the Tariff Bill in the
Senate this afternoon the silver men mani
tested their power to check the flow of party
legislation unless their demands were met.
Soon afterward the Republican members OF
the conference were again called together,
and the words five hundred thousand"
were added to The four million ounces con-
tanned in the printed conference substitute,
and the agreement was completed.
Senator Sherman spent few minutes in
drafting formal report to the Senate and
then notified the Democratic members
Senator Harris aud Representative Bland,
and the agreement was formally ratified,
although the Democratic members refused
to sign the report.
The substitute provides that the Secre-
tary of the Treasury shall purchase from
time to time silver bullion to an aggregate
amount of 100000 ounces, or as much
thereof as may be offered. in each month,
at the market price thereof, not exceeding
81 for 81 2j-100 grains pure silver. Treas
ury notes issued in payment are to be re-
deemable in coin and be legal tender in
payment of all debts. public and private,
except where otherwise expressly stipu-
lated in contract, and are to be receiya-
bic for customs. taxes and all pub
lie dues. Upon demand Of the hold
er of treasury notes the Secretary
shall, under such regulations as he may
prescribe, redeem such notes in gold or sill
yer coin, at his discretion, it being the es-
tablished folicy of the United States to
maintain two metals on parity with each
other upon the present legal rates or such
rates as may be provided by law. The
Secretary of the Treasury shall each month
coin 9,00O, 900 ounces of the silver bullion
purchased into standard silver dollars until
the first day of July, 1891, and after that
time he shall coin out OF the silver bullion
purchased as much as may be necessary for
the redemption OF the Treasury notes. The
present law is repealed. The last section
vii dnc for hn inn inf IN rnnC mr.
the fund held for the redemption OF
national bank circulation.
Western Senators Pleased With the Bill.
The Conference Committees agreement
on the Silver Bill was just as it was pre-
dicted it would be by the California Asso-
ciated Press correspondent 1t is conceded
by Western Senators and Representatives to
be a good measure, and they are congratulate
ing themselves on the outcome of the mat
ter. 1t is conceded on all sides that the bill
will pass and receive the Presidents sigma
ture. Senator Stewart said: at is good
5ill-a better one than was expected. / do
not quite like one point, however-viZ,
the invitation to usurers TO make usurous
contracts. 1t provides that Treasury notes
shall be legal tender. exert when
ever provided otherwise by contract.
This does not change the existing
law, but is an unnecessary sugges-
tion to people to be dishonest and
oppressive. Unfortunately for the Dem
ocratic party. Senator Harris and Repre-
sentative Bland did not vote for the bill.
1t was therefore carried by Republican
votes. l think, however, the Democrats
will all vote for it. 1t is such an advance
step that no friend of silver can afford to
vote against it. The people of the whole
country should be congratulated upon OBJ
tanning partial relief FROM the exactions OF
bond-holders. This step is sure to lead to
the full reconciliation of silver. Its bene-
ficial results will be such as to make it i'm
possible for holders of fixed capital to OBJ
tain further legislation to make money dear
and property cheap"