Evening journal., 1890-06-06
A COMPROMISE MEASURE
The Caucus Silver Bill in the
House.
TEXT OF THE SUBSTITUTE BILL.

bate-Alr. Conger Says the Substitute IL
Not Entirely Satisfactory But Is Much
hotter Than No Bin at AL
WASHINGTON, June 6-Nr Mckinley pro
yoked one Of the most spirited debates Of
the session when he reported from tho com
mittee ON rules a resolution providing that
the house should proceed az once to con-
slider the silver bill agreed upon Wednesday
night and that the previous question
should be ordered at p. IN. One hundred
and twenty voted to make the silver bill
the special order and III against II. Messrs.
Anderson, Bartine, Connell, Dehaven,
Featherstone, Funston, Kelly, Morrow,
Hermann and Townsend (Colo) voted /
with the democratic in the negative. Mr..
Blount was beaten on a motion for recon
sideration by vote OF l24 to 1la The
pending bill was then read, after which
Mr.. Conger offered the caucus bin as a sub
stitute. It was discussed at considerable
length but no vote was reached The eau
Gus bill Is as follows:
BE 1t enacted, etc, that the secretary Of
the treasury is hereby directed 20 purchase
from time 10 time silver bullion to the az
gregate amount of a, 10000 worth OF fine
silver fn each month, at the market price
thereof, not exceeding 81 for 81 and 25-l00
grains of pure silver, and 10 issue In pay
ment for sHch 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 81 600, as he
may prescribe and a sum sufficient to
carry into effect the provisions of this act
is hereby appropriated out Of any money
in the treasury not otherwise appropriated.
Redeemabie In Coin
Sec. 2-That the treasury notes issued In
accordance with the provisions OF this act
shall be redeemable on demand In coin at
the treasury Of the United States, on at the
| office OF any assistant treasurer of the
United States, and when 10 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
then held In the treasury purchased by
such notes, and such treasury notes shall
be legal tender in payment Of all debts
| public and private, except where otherwise
| expressly stipulated in the contract, and
shall be receivable for customs, taxes, and
all public dues, and when 50 received may
be reissued, and such. notes when held by
any national banking association may he
counted as a part Of its lawful reserve
Provided that upon demand Of the holder
Of any Of the treasury notes herein pro
yided for The secretary "a the treasury
may, at his discretion and under such reg
ulations as he shall prescribe, exchange
for such notes an amount Of silver bullion
which shall be equal In value at the mar
ket price thereof on the day Of exchange
to the amount Of such notes presented
The Coinage Clause.
Sec. 3-That the secretary OF the treasury
shall coin such portion Of the silver bullion
purchased under the provisions Of this act
as may be necessary to provide for the re
!, dempuon Of the treasury notes herein pro
vided for, and any gain or seigniorage aris
ing from such coinage shall be accounted
for and paid into the treasury.
Sec 5That 30 much Of the act Of Feb
2s, 1873, entitled "An act TO authorize tn,
coinage of the standard silver dollar anc
to restore its legal tender character as re
quires the monthly purchase and coinag,
Of the same into silver dollars Of not les.
than 2,0O0,OOO nor more than "a, O00,0Ol
worth of silver bullion is hereby repealed.
Sec 6-That whenever the market price
OF silver is determined in pursuance Of sec
tion of this act is one dollar for 37l q
grains of pure silver, it shall be lawful fol
the owner Of any silver bullion 20 deposit
the same at any coinage mint Of the United
States to be coined into standard silve
dollars for his benefit, as provided in thl
act OF Jan. Is, 1887,
National Bank balances.
Sec. 7-That upon the passage Of this ac
the balances standing with the treasure
Of the United States to the respective cred
its Of national banks for deposits made t.
redeem the circulating notes Of such banks
and all deposits thereafter received for lik
purpose, shall be covered into the treasury
as a miscellaneous receipt, and the treas
ureF Of the United States shall redeem
from the general cash in the treasury tn
circulating notes Of said banks which ma.
come into his possession subject to redemp
tion, and upon the certificate Of the comp
troller OF the currency that such notes havl
been received by him and that they havi
been destroyed, and no new notes will be Is
I sued in their place, reimbursement Of thei
amount shall be made to the treasurer, un
der such regulations as the secretary of tn
treasury may prescribe, from an appropria
tion hereby created, to be known as "Na
tional bank notes redemption account,
but the provisions of this act shall not ap
ply 20 the deposits received under section
Of the act Of June 20, 1874, requiring ever
national bank TO keep in lawful none
with the treasurer Of the United States
sum equal to 5 per cent. Of It's circulation
to be held and used for the redemption o
it's circulating notes, and the balance re
naming Of the deposits so covered shall
at the close of each month, be reported OF
the monthly public debt statement as deb
of the United States bearing no interest
Section provides that the act shall tax
effect thirty days from and after its passage
Proposed Amendments.
Mr. McComas (Md) moved 10 amend tn
substitute by adding TO section s the word
''and the purchase Of silver bullion shal
be suspended while Il is being so depostes
for coinage" Mr.. Taylor Qllsl offered al
amendment to the original bill providing
that if the net amount Of silver bullion re
ceived shall be less than s2,0OO,0OO in an,
month the secretary Of the treasury shal
on the succeeding month purchase suffi
cient amount TO supply the deficiency. MI
O'Donnell (Mich.) moved to amend tn
amendment by striking out 100000 ant
inserting S, 600 600 This exhausted all th
amendments which can be offered unde
the rules, and, although Mr.. Bland was ol
his feet demanding recognition, he wa
ignored by the speaker.
A Compromise Bin.
Mr.. Conger Ia) said that all genera
legislation must of necessity be a sort 0
compromise. So the bill before the hous
was not entirely satisfactory to every one
Il I 4.