Democratic Northwest. [volume] (Napoleon, Ohio) 1869-1894, 1890-05-01
THE NORTHWEST
THE SILVER QUESTION.
House aud Senate Republicans Fin
ally Reach an Agreement.

WASHINGTON, April 23.-The Repub.
licans of the House and Senate have
agreed on the basis for the preparation
of a silver bill. The agreement is In
harmony with the measure adopted by
the Senate caucus committee with one
important amendment. The following
is the full text of the bill as greed upon:
That the Secretary of the Treasury is
hereby directed to purchase from time
to time silver bullion to the aggregate
amount of 4,5O0,00 ounces Of pure sill
yer In each month, at the market price
thereof, not exceeding 81 for 81 25-10O
grains Of pure silver, and to issue In
payment for such purchases of silver
bullion Treasury notes of the United
States to be prepared by the Secretary
of the Treasury in such form and of
such denominations. not less than 81
nor more than 1000, as he may pre-
scribe, and a sum sufficient to carry
the provisions OF this act is hereby ap-
propriated out of any mOnev In the
Treasury not otherwise appropriated.
Sec. 2. That the treasury notes issued
in accordance with the provisions of
this act shall be redeemable on de-
mand, in lawful money of the United
States at the treasury of the United
States or at the Office of any assistant
treasurer ofthe United State, and when
so redeemed may be reissued, but no
greater or less amount of such notes
shall be outstanding at any time than
the cost of the silver bullion than held
in the treasury, purchased by such
notes, and such treasury notes shall be
receivable for customs, taxes and all
public dues, and when so received may
be reissued, and such notes when held
by any national banking association
may be counted as part of its lawful re-
serve; provided, that upon the demand
of the holder of any Of the treasury
notes herein provided for, the Secreta-
ry of the Treasury may, in his discre-
tiOn and under such regulations as he
may prescribe, exchange for such notes
an amount of silver bullion, which
be equal in value at the market price
thereof on the day of exchange to the
amount of such notes.
Sec. 8. That the Secretary of the
Treasury shall coin such portion of the
silver bullion purchased under the pro-
visions of this act as may be necessary
to provide for the redemption of the
Treasury notes herein provided for, and
any gain or seigniorage arising from
such coinage shall be accounted for and
paid into the Treasury.
Sec. 4. That the bullion purchased
under the provisions of this act shall be
subject to the requirements of the ex-
isting law and the regulations of the
mint service governing the methods Of
determining the amount of pure silver
contained, and the amount of charges
and deductions, fany, to be made.
Sec. 5. That SO much of the act of
FEBRUARY %, 1878, entitled "An act to
authorize the coinage of the standard
silver dollar and to restore its legal ten
der character" as requires the monthly
purchase and coinage of the same into
silver dollars of not less than $4,000. 900
nor more than 1900, 900 worth of silver
bullion, is hereby repealed.
Sec. 8. That this act shall take effect
thirty days from and after its passage.
Senator Teller, of the Senate SUBJ
committee, did not agree with his asso-
ciates in the conclusions they reached,
but they were adopted by the full COM
mittee of thirteen, with his single dis
senting vote. Speaking of the matter
later Senator Teller said he had an
nounced his purpose not to support a
bill that gave to the Secretary of the
Treasury the option of redeeming the
certificate in bullion and he wold not do
so. He would, for himself, he said,
make an effort to secure free silver
coinage; failing in that, he would ac-
cept the next best thing he could get.
When the measure came up in the
Senate for action he said he W ould
move to make the certificates legal ten
der.