St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-12-16

Senator Sherman Instructed to
Draft Bill for Relief.

Draft Bill for Relief.
WASHINGTON. Dec. 15.-The Repub-
lican senatorial caucus committee smet
at 10 o'clock this morning to consult
with Secretary Window respecting the
formulation of the financial relief meas
ure. with which duty the committee was
charged by the last caucus. The secre-
tary was accompanied by Mr.. Leech,
the director Of the mint. The various
propositions contained in the Sherman
and Plumb bills were taken up for dis
cusslon, and the secretary's opinion was
solicited on each point. He indorsed
the proposition to reduce the comDul-
sorry holding of United States bonds by
national banks, and commended the
proposed issue of per cent bonds.
In regard to the proposition to
purchase the existing surplus
of silver bullion now in the
country Secretary Window took positive
grounds in favor of the purchase as a
means of enhancing the price of silver
aud relieving the financial stringency.
He suggested, however, that it might be
prudent to restrict by law the amount
OF this surplus silver that may be pur-
chased in any one month. The secre-
tary left the capitol early in the after
noon, and the caucus committee re-
ferred his suggestions to its subcom-
mittee, consisting of Senators Sherman,
Allison, Aldrich, Plumb and Teller.
After two or thee hours deliheration
and consultation the subcommittee sue
ceeded in reaching decision as 10 the
nature of their report and their action
was promptly ratified by the full COM
mnttee and will be submitted to the eau
Gus tonight IN the shape of bill to be
drafted by Senator Sherman. The main
feature of this measure will be:
A provision for the purchase of the S12,-
C00,0 silver surplus within one year, the
purchases on this account not 10 exceed
month lin addition to the purchase of
4,5OO.0O' ounces per month now required
by law; the issue of per cent bonds not to
exceed S1OO.0no,O00 in amount, and the
purchase of sufficient silver bullion Gn addi-
ton to the foregoing requirements, to make
good the deficiency in the national bank cir
culatlon whenever that circulation falls be-
low 5 500 1000 (by means of the issue of
treasury notes based upon the bullion thus
purchased). In case bullion in sufficient
amount TO meet this deficiency cannot be CO.
tanned. the deficiency in circulation is to be
made good by the issuance of ordinary treas
ury notes.)
In addition the bill will contain
clause providing that when the price Of
silver shall for one year remain con-
Stantiy at or above the legal par with
gold. any holder OF bullion may deposit
it with the treasury and have it coined
into standard silver dollars and receive
treasury notes therefore. While the
committee neglected to take specific
action upon the subject of reducing the
amount of compulsory holding of
United States bonds by national banks,
all the members appeared to be in favor
of legislation for that purpose, and
such provision will doubtless be in
serted in the bill by the caucus.
1t is learned that the report above
outlined did not meet with the unani-
nous approval of the committee or sub
committee IN every particular, some
members reserving the right to:express
individual views in caucus.
The Republican senatorial caucus
tonight was incOnclusive, so faraS coll
cernei the main purpose-agreemen
upon scheme of financial legislation.
The report of the committee went over
for further action at another caucus to
he held in day or two. The pending
elections bill was not even discussed.
and the understanding is that it will re-
main before the senate at least until the
next caucus makes some order In the
matter.