Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1890-07-08
THE SILVER BILL.

An Agreement Reached By the Con-
ferees-The Report OF Senator Sher-
man Adopted-Delay Caused on the
Point Relating TO the Purchase Of
silver Bullion - The Report 90 be
Called up for Action To-day.
WASHINGTON, July THE conferees on
part of the two houses this afternoon reached
an agreement on the silver bill. The one
point on which there was longest delay re-
lated to the amount of silver bullion to be
purchased. Messrs. Sherman, 0opger and
Walker thought that fonr million ounces
monthly would be q fair compromise but
Senator Jones declared for four and a half
with the aid of little coercion by other
western senators, when the senate attempted
to consider the tariff bill this afternoon. The
committee then met and the agreement was
formally ratified although the democratic
members refused to sign the report. The
substitute reads as follows:
That the secretary OF the treasury is hereby di-
rected to purchase from time to time silver bullion
to the aggregate amount OF soc 600 ounces or so
much thereof as may be offered In each month at
the market price thereof not exceeding 81 for
for such purchases OF silver bullion treasury
United States to be prep ared by the
than 81 nor more than 81 600, as he may prescribe
and sum sufficient to carry into effect the provi-
sons of this act is hereby appropriated out OF any
money 10 the treasury not otherwise appropriated.
Sections That the treasury notes issued in &C
co5dance with the provisions OF t ms ses r, o ~
the United States at the office OF any assistant
bnt no greater or less amount OF such shall be
outstanding at any time than the cost or silver bul
from all 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
contract. and shall be receivable for custom.
aS be en nesued and SUCH notes when held any
national banking association as part q us iswin
| reserve. That upoa demand Of the holder OF any
of the treasury notes herein provided forths secre
tary of the treasury shall under su regulations as
hs coin S hs BEING the
| policy of the United States % maintain the two
legal ratio, such ratio mar be PROVIDED by The
| law. --
| silver bullion purchased under the provisions o.
this act into standard silver dollars until July
1881, after that time he shall coin OF the silye
bullion purchased under the provisions of this act
as may pc necessary to provide for the rsdemp
shall be accounted for and paid into the treasury
| Section 4-ThAt the silver bullion purchased un
der the provisions OF this act shall be subject to ih
requirements of existing law, and the regulations
ter mi the amount Of pure silver contained am
the amount of charges or deductions. IL any to b
Section 5-That so much of the act Of Februar,
es,1s7s. entitled IAN Act to Authorize the Ceinag
of the Standard Silver Dollar and to Restore IL
Legal Tender Character" as requires the month";,
purchase ard coinage OF the same into silve
dollars Of not less than two million dollars no
section 6-That upon the passage Of this act tn
balances standing at the treasurer to the respective
credits of the national banks for deposits made z
deposits thereafter received for like purposes shsl
be- covered into the treasury as mis-
Of the United States shall redeem from
the general cash in the treasury the ciTcniasinl
session subject to redemption; and upon the certn
| cate Of the comptroller OF the currency that sue
notes have been received by him and that they nav
| been DESTROYED and that no new notes shall be is
| sued in their places, reimbursement OF thei
| amount shall be made to the treasurer under sue
| regulations the secretary of the treasury ma
prescribe from an appropriation hereby cTeaesa,t
account" but the provisions OF this act shall nc
appy to the deposits received under section OF IN
act Of June 90 1874, requiring every national ban
| to keep in lawful money with the treasurer or u
United States q sum equal to per centum OF i
lis circulating notes. and the balance remaining
the deposits so covered ehall at the close OF sac
month be reported the monthly public del
& statement debt OF the United States bearing
Section THAT this act shall take effect thiri
n days from and after its passage.
b Senator Sherman presented the report
a the senate this afternoon and gave noti'
' that he would call 1t up for action to-morro
g as the report must be acted upon by the Del
1 ate before 1t can Be considered In the hous