The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1890-05-01
An Agreement on Silver.


question is practically decided. The
House and Senate Caucus Committees
to-day agreed on compromise bill. 1t
was reported to the Republican House
caucus tonight and adopted with only
six dissenting votes. Afterwards the
vote was made unanimous. AS the meas
ure agreed on is practically the Senate
bill, there is no question but that the
Republican members of that body will
also accept it in their caucus. The com
promise bill is as follows:
Sec. 1. The Secretary of the Treasury
is directed to purchase from time to time
silver bullion to the aggregate amount
of 4,5OO,O ounces of free silver in each
month, at the market price, not exceed
ing one dollar for 81 IS grains of pure
silver, and to issue in payment for such
purpose Treasury notes of denomina-
tions not less than one dollar nor more
than one thousand dollars
Sec. 2. The Treasury notes issued in
accordance with the provisions of this
act shall be redeemable on demand. in
lawful money of the United States, at
the Treasury or at the Office of any as
sistant treasurer of the United States,
and when SO redeemed may be re-issued,
but greater or less amount of the notes
shall be outstanding at any time than
the cost of the silver bullion then held
in the Treasury, purchased by the notes
and such Treasury notes shall be receiv-
able for customs, taxes and all public
dues, and when SO received may be re-
issued; and such notes when held by
any national banking association may
no anuntn1 a. MORT Of 70 10 f,,l
serve; provided, that upon the demand
of the holder of any of the Treasury
notes herein provided for, the Secretary
of the Treasury may in his discretion,
and under such regulations as he may
prescribe, exchange for such notes an
amount of silver bullion, which shall be
equal in value at the market price there
of on the day of exchange, to the amount
of such notes.
Sec. 3. The Secretary of the Treasury
shall coin such portion of the silver bull
lion purchased under the provisions of
this act as may be necessary tor the re-
demption of the Treasury notes herein
provided for and any gain or seignior-
age arising from such coinage shall be
accounted for and paid into the Treas
ury.
Sec. 4. The silver bullion purchased
UAiNNi oAiO PlOf VI Ull1O dCU SIlCtlI OC
subject to the requirements of existing
Laval the regulations of the Mint Ser
vice governing the methods of determin-
ing the amount of pure silver contained
and the amount of charges or deduc-
tions, ii any to be made.
Sec. 5. So much of the act of Februa-
ry %, 1878, as requires the monthly pur-
chase and coinage of the same into sill
yer dollars of not less than $2,0O0,O00 nor
more than $4,0O0,O00 worth of silver bull
lion is hereby repealed.
Sec. s. This act shall take effect thirty
days from and after it's passage.
Provision is also made for covering
into the Treasury the money held to re-
deem National bank circulation, in the
case OF liquidations, reductions, or tax
ing out new charters, where the full cir
culation is not redeemed. This fund,
which it is proposed to restore to circu-
lation, it is estimated, amounts to $7S,-
100000. This is the proposition intro
duced in the House last week in the
shape of bill.
When the Republican House caucus
met tonight, Chairman Conger present
ed the compromise bill as a report from
the committee. 1t was adopted by a
standing vote, without the fosmality of
an aye and nay call. Only half dozen
members voted in the negative, and
their opposition was mainly based upon
the failure Of the bill to give full legal
tender quality to the Treasury notes.
While the certificates are made receiva-
BILE for all customs and public dues, they
are not full legal tender for private
debts, but being redeemable in lawful
money they will serve that purpose.
The bill seemed to meet with general
approval as being fair compromise. The
conservative element was satisfied with
the restrictions placed upon the quail
ity of the Treasury notes, and the silver
men felt that they had secured the sub
stance of their claims, in that the notes
must be redeemed in lawful money.
The bill was laid aside with the under
standing that the Committee on Rules
will report a resolution requiring its
consideration by the House at it's earliest
possible moment, with strict limita
ton upon the length of debate.