Wichita eagle., 1890-03-01
THE SENATE SILVER BILL.

The money question being one OF the
most prominent of the current economic
problems that are being discussed in the
public prints, the action of congress upon
the subject is looked forward to with an
unusual degree of interest. The senate
has the following bill now before it and
it seems to be the opinion, of many at
least, that it is likely to pass in its pres
ent shape as a compromise between the
extreme advocates on that question. The
bill reads as follows:
abe it enacted, etc., that the secretary
of the treasury is hereby directed to pur
chase from time to time silver bullion to
to the aggregate amount of $4,500,0O0
worth in each month at the market price
thereof, not exceeding 81 for 32l.25
grains of pure silver, and also to pur
chase such gold bullion as may be offered
at the treasury or any subtreasury of the
United States at price not exceeding
81 for 3d. % grains of pure gold. and to
issue in payment for such purchases of
silver and gold bullion, treasury notes to
be prepared by the secretary of the treas
ury in forms of such denominations. of
not less than 81, nor more than $1,000,
as he may prescribe: and sum suffi-
cient 70 carry into effect the provisions
of this act is hereby appropriated out Of
any mony in the treasury not otherwise
appropriated.
Sec. Q That the treasury notes is
sued 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 of the United States, and when
so redeemed shall be Cancelled, and such
treasury nO!es shall be receivable for
customs. taxes and all public dues, and
when so received may be reIssued: and
such noes, when held by any national
banking association, may be counted as
a part of its lawful reserve.
"Sec. 3. That the secretary of the
treasury snail coin such portion of the
gold or silver bullion purchased under
the provisions OF this act as may be nee
essarv To provide for the redemption of
the treasury notes herein provided for,
and any gain Of seigniorage arising
from such coinage shall he accounted
for and paid into the treasury.
"Sec. + That the gold and silver bull
lion purchased under the provisions of
this act shall be subject 10 the require
ments of existing law and the regula-
tons of the mint service governing the
method of determining the amount OF
pure gold and silver contained and the
amount OF charges and deductions, if
any, to be made.
Sec. 5. That so much of the act of
February, 1873. entitled An act TO au-
thorize the coinage of the standard silver
dollar and TO restore its legal tender
character, as requires the monthly pur-
chase and coinage of the same into silver
| dollars OF not less than 50 COO, 600 nor
more than $4,000, 000is hereby repealed.
Sec. 6. That this act shall take eff
feet thirty days from and after its pas
sage"
This is understood TO be substantially
what is known as the Window bill, and
| in explaining IT before the senate COM
mittee lie stated that it provides for the
| increase of the coinage of silver some
thing like S20 900, 900 a year more than
the present law. But in view of the sec
retary's policy under the present law of
coming the minimum amount of - .000.-
| O00 a month, and the further fact that
the new law repeats the clause IN the old
one thar compels the coinage of the
lesser amount, thereby leaving it wholly
to the discretion Of the secretary whether
, ne shall coin any az all. the bill is not
" hat the people want. This il. in one
sense, unlimited coinage. but the limit
| is removed from the wrong end to suit
| the popular demand Just now.