Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1890-04-17
SILVEK'S BIG RISE.
The Republican Members of Congress
Getting Together ON Western
Interests.

WASHINGTON, April 1.-THE house
Republican committee on the silver cues.
ton yesterday heard the report of the
subcommittee to confer with the sub
committee of the senate Republican COM
mlttee, with a view of coming to q basis
of agreement. The sub commtte reported
that it had been agreed that the bill
should provide for the purchase of 4 ,5OU,-
900 ounces of silver every month, certif-
Gates to be issued in payment thereof, to
he redeemable in lawful money" At
| first, 1t is said, the members of the full
committee were inclined to adopt this
basis and voted to do So Afterward
however, in discussing the manner of
redeeming the certificates, a sentiment
was developed making them redeemabe
in bullion. The proposition was adyo-
Gated by majority OF the committee, and
the sub-cOmmitte was instructed to again
| confer with the senate subcommittee and
endeavor to induce them to provide for
the redemption of certificates in ac
cordance with the views of the house
committee. A member of the senate
subcommittee said, in conversation upon
the subject that no such agreement as
he did not believe that there were five
senators who favor the redemption of
certificates in bullion. The senator said
it was expected at first that the silver
purchased would be less than $4,000, 900
per month, but under the operation OF
the bill the price will be so enhanced that
in short time the cost of silver would
probably surpass that sum. 1T is also
expected" he said, "that for at least
other silver than the product of the mines
OF the United States, it will be necessary
to make up the amount OF monthly pur.
chases." Another senator said that 1t
was rapidly becoming manifest that an
agreement must be reached by the Re-
publlcans, or else proposition will be
made for an unlimitated free coinage and
this would pass both houses.
AT the present price 4,500,0O0 ounces
would be worth $4 300 900. Ii silver goes
to par-and the western men fully believe
II VIII, under the operations of the law |
the purchase will amount to
month, or $4,000, 900 per
year, thus increasing the government
consumption over the present by almost
two-thirds in amount.
IL Is also agreed that the joint commit
tee Will agree upon proposition to have
certificates redeemed III law ful money. Ii
this be accomplished it will amount to
Tree coinage, though it will not be that in
name. There is no donbt that a free coin
aye bill could be fixed in both houses OF
but in the fa:e of the presidents
opposition and the certainty of a veto,
OF the impossibillty of passing the bill |
over be, VETO ani 90, ,ea.;;ant dasnnt ..
the whole scheme for legislation en- the |
subject, this will not be attempted.
The president has said he would not
sign free coinage bill now, not believing
it was for this country to try the expert
ment alone.
There is small element in the senate |
that is inclined, even in the face of those
difficulties, to stand out for free coinage
but all except Plumb, of Kansas, will ac
cept the theory that half loaf is better
than no bread" and will support the
scheme as outlined above.
New York.-In the stock market one
OF the features OF the day was the bidding
up of silver certificates from 96A TO 1907,
on the strength of the action OF the senate
finance committee.