Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1890-12-18
FINANCIAL RELIEF MEASURE
The Republican Senatorial Caucus
Agrees Upon the General Features
Of a Money Bill.
It Practically Provides for the Free
and Unlimited Coinage of
Silver.
The Increased Demand for the White
Metal, it is Expected, Will Raise
Its Price.

WASHINGTON, Dec 15.-The republi-
can senatorial caucus committee today had
a long consultation with Secretary Win
dom respecting the formulation of 2 fnan-
cial relief measure. The various PROPOSE
tions contained in the Sherman and Plumb
bills were taken up. The secretary en-
dorsed the proposition to reduce the COM
pulsory holdings of United States bonds
by national banks and commended the
purpose to issue two per cent. bonds.
In regard to the proposition to purchase
the existing surplus of silver bullion now
in tho country, Sec'y Window took posi-
tive grounds IN favor of the purchase as a
means of enhancing the price of silver and
relieving the financial stringency. He
suggested however, that he might be
prudent to restrict by law the amount of
this surplus silver purchased in any one
month. The caucus committee referred
his suggestions to the subcommittee,
consisting of Messrs. Sherman, Allison.
Aldrich, Plumb and Teller. After DELHI
GRAFTON the subcommittee reached de-
cision, which was promptly ratified by the
full committee and will be submitted to
the caucus tonight ir the sha pc of a bill
to be drafted by Mr.. Sherman.
The main features will be; provision
for the purchase of S12 100000 silver sur
plus within one year not to exceed So, OOO,-
900 worth any one month Tin the addition
to the purchase of four and half million
ounces per month now required by law.
The issue of two per cent. bonds not to
exceed $100,000,000 in amount aud the
purchase of sufficient silver bullion lin
addition to the foregoing requirements
to make good the deficiency in
the national bauk circulation
whenever that circulation falls
below $I80,000( by means of the issue of
treasury notes based upon the bullion thus
purchased.) In case the bullion is insult
fcient in amount to meet this deficiency
and cannot be obtained, tie deficiency of
the circulation will be made good by the
issuance of ordinary treasury notes. In
addition the bill contains a clause provid-
ing that when the price of silver shall
for one year remain constantly at
or above legal par with gold, any
holder of bullion may deposit it
with the treasury and have it coined into
standard silver dollars or receive treasury
notes therefor.
While the committee neglected to take
any specified action upon the subject of
reducing the amount of the compulsory
holding OF United States bonds by the
national banks, all TIE members appeared
to be in favor of legislation for that pur-
pose,
The report did not meet nth the unan-
imous approval OF the committee or sub
committee in every particular.
LATER-The republican senatorial eau
Gus tonight discussed the report the caucus
committee agreed upon today. The two
per cent. bond project found few friends
and was quickly knocked out. The twelve
million bullion purchase seemed to have
great strength, but neither on
that nor on other propositions was
final action taken. A great deal of
discussion, which may be summarized as
indicative of a willingness of a strong
majority Of republican senators to con-
siderably enlarge the monthly purchases
of silver bullion, possibly to the extent of
six or seven million dollars. Another eau
Gus will be held soon. The election bill
was not mentioned tonight.