New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-07-08
PRICE THREE CENTS.
AGREED ON A SILVER BILL.
THE SENATE AND HOUSE NAY TAKE FINAL
ACTION TO-DAY.
THE BULLION REDEMPTION FEATURE OF THE
HOUSE BILL WIPED oUT-PRACTICAL FREE
COINAGE FOR AMERICAN SILVER
TEXT OF THE MEASURE.
tBY TELEGRAPH TO THE TmBrSE.r

WASHINGTON. July =. Ile senate ana House COM
ferees have at last reached an agreement on the
silver question, and vote will probably be taken
tomorrow in both branches on the bill reported
from the Conference Committee late this afternoon.
As was predicted in these dispatches last week. tho
compromise follows the general lire Of the earlier
senate bill reported from the Finance Committee
by Mr.. Jcnes, OF Nevada, rather than that Of the
Congcr House Caucus measure The peculiar
feature OF the House bt"at OF bullion redemption
is eliminated entirely while the only marked change
from the Finance Committees proposition Is tho
substitution of 1,5OO.OOO ounces Of silver for
silver bullion TO the value Of s4j0OOO0 rs the
limit for each months purchases. The compromise
practically offers free coinage for all the American
silver product The act that Messrs. sherman,
Conger and Walker, Of Massachusetts,, ali sign it, Is
evidence that they consider it satisfactory Q
solution of the lliculty was possible under tho
circumstances, and that they regard the adjustment
finally reached, although liberal 10 the silver interest,"
as sound enough in its provisions TO Justify itself
10 the conservative OF the country. That
senator Jones gives his assent to the bill proves
that it contains substantially all that he and his
friends could ask. Messrs. Harris and Bland do
not sign the bill at all. with the Republicans in
both branches united on this question, their occupa-
ton as silver advocates is entirely gone.
Briefly, the bill authorizes the purchase Of 100000
ounces of silver month at the market price, not to
exceed Al for 81 2j1o0 grains OF pure silver.
and the issuing O certificates therefor the CcrfC atcs
to be full legal tender for all debts public private
except when expressly stipulated to the contrary, and
edeeuabe, in COIN OF the bullion purchased 81 oOo
600 month is to De coined into silver dollars until
July |, 1891; after that much is to be coined as
is necessary tp redeem outstanding certificates lilo
sherman paragraph, turning the national hank note
fund into the general Treasury account, is
retained In the new bill. The text OF the measure
is follows:
lat he crpfar Of Trc1S is
reced to purchase from time to time silver bullion to
the agslc-atc amount Of 100000 ounces. or muca
thereof may be offered, In eacn month. al the market
price thereof, not exceeding one dollar for 3712I
gains of pure silver, and TO issue In payment for such
tntd states to he prepared by the Secretary Of tho
Treasury In such form and OF such denominations.
dollars, he may prescribe, and sum sufficient 10
cary into eject the provisions of this act is hereby
Appropriated out Of any money IN the Treasury not
otherwise Appropriated.
see. =. rh,t the Treasury notes issued in accord.
ance with the provisions OF this act shalt be
able demand in coin at tie Treasury Of the United
>tate AT the Office Of any assistant Treasurer Of tho
tn"d states, ana When so redeemed NAV be relsSuei.
but greater or less amount Of such notes shall be
outstanding at any time than the cost Of the silver
bullion and the standard silver dollars coired tefrom
then held in the Treasury purchased By such notes
and Such Treasury notes snail be legal tender in
payment Of all debts public and private. except wher,
otherwise expressly stipulated IL the contract, and
shall be recoverable for customs taxes and all public
dues and when received NAV be reSSucd ami such
notes when held by ANY National banning association
may be- c,uated part of it hwful .e.erve. That
upon demand Of the holder Of any o; Treasury
notes herein provided for the Secretary of the Treasury
shall. under such regulations as he may prescribe,
redeem such notes in gold or silver COIN at his dis
lction il being the established policy United
states maintain the two metals parity with each
other upon the present legal ratio or such ratio ss
may be prov ded by law.
each month coin two million ounces OF the silver
buliion purchased under the provisions OF this act
into standard silver dOllr, until the first day Of July.
1891. and after that time he shall coin OF the silver
bullion purchased under the provisions of this act a'
fiF ny lfa IA
lion Of the Treasury notes herein provided for and any
1ain segnIoagc arising from such coinage shall DO
accounted for and paid into the Treasury.
:. That the silver bullion purchased under
the provisions Of this act shall e Subjec1 to the r.
mint service governing the method, of determining
the amount of pure silver contained and The amount
o; charges or deductions. II any IN be made.
sec J. Thai so much Of the act of February o.
ISIS. entitled An act to authorize the coinage OF the
standard silver dollar and to restore its legal tender
character. ~ requires the monthly purchase ana coin
age OF the into silver dollars OF not less thaa
S1oOOOOO more than Si0000OO worth OF silver.
ec D. rhat np9n the he passage Of = ths is act ,,S ,hs
state. to the respective CREDITS Of National banks fog
deposits made to redeem the circulating notes ot ncn
pose shall lie covered into the Treasury mscc
ancou, receipt and the Treasurer o The United states
circulating notes IL said banks which may come into
his possession subject 70 redemption and npon the eer
notes have been received BY him and that thew have
been DESTROYED and that no new notes VIII be issued IN
made 10 the Treasurer. under sach rcgralous as tho
SECRETARY Of the Treasury prescribe. from ap
propIiaiiOn heI-sy created. 10 b. known National
iank Notes Redemption Account" bmt the provisions
II this act shall not apply Ia IN" dcnoSS reccved
under section Of the act ~ June 20: 1874. rcquir-
ing every National bank - Keep ~ l1"'n money WIN
n l,. Treasurer Of the United states sum equal fo
per rcntum of iis circulation. 70 b. held and used
for the redemption Of ,> circulating notes: and The
balance ,maiuing ~ the deposit, covered shall, at
he close Of each month b" reported on ne monthly
public debt statement As debt Of the United states
bearing no interest.
See = Tha, this act shall take eject thirty DAYS
from and after it. passage.