The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1890-07-16
SILVER BILL WILL PASS.
a COMPROMISE AGREED UPON
By CONFERREES.

Provisions of the Amended Measure,
Which VIII Probably re Accepted by
Both Houses-Two Million Ounces of
silver To he Coined Each Month for the
Next Year.
Washington dispatch: Congress Is
going to pass n law for the free com
age OF the silver product in the
United States. That is what the com
promise bill reported TO tho Senate
by Mr.. Sherman says. The silver men
have got practically everything they
want except unlimited coinage of the
worlds product. The conservative Con-
gressmen are fairly satisfied. They
think, In view OF the strong silver sem
ment, they have done well 10 get a
stop short OF outright free coinage The
House conferees yielded. as everybody
knew thew would, the bullion redemp-
ton clause and agreed that the coin
certificates should be legal tender and
that the product taken up every month
should be 4 500, 900 ounces instead OF
81. 5O0.Op0, The Senate yielded free
coinage. The compromise bill reported
is elaborate, and some of the silver
Senators i'm view of Sherman's hand
In its makeup want TO think OF 10 over
night TO make sure that there isn't
something dangerous In it's provisions
which would nulify the plain object Of
the bill. But In part the language is
that OF Senator Tellcr's own measure
All but three or four Republican Sena-
tors signed the agreement to support
the bill, circulated by Senator Mander-
son, an original free coinage man. In
the House large number of Republi-
can members did the same. Some de-
clined TO commit themselves to a writ
ten agreement, but stated that the pro-
visions met with their approval. There
Is now little question that the Senate
will adopt the report and that the
House will follow.
The substitute provides that the Sec
rotary of the Treasury shall purchase
from time to time silver bullion TO the
aggregate amount of $500. 900 ounces,
or so much thereof as may be offered in
each month at the market price thereof,
not exceeding 81 for 81 25-l00 grains of
pure silver. The treasury notes issued
In payment for the bullion shall be re-
deemable in coin and shall be a legal
tender in payment Of all debts, public
and private, except where otherwise eX-
presslv stipulated in the contract, and
shall be receivable for customs. taxes,
and all public dues. Upon the demand
Of. the holder Of tho treasury notes the
Secretary of the Treasury shall. under
such regulations as he may prescribe.
redeem such notes in gold or silver
coin at his discretion, IL being the estab-
liShed policy of the United States to
maintain the two metals on parity
with each other upon the present legal
ratio, or such ratio as may be provided
by law.
The Secretary OF the Treasury shall
each month coin 1000, 900 ounces OF
the silver bullion purchased under the
provisions of the act into standard sill
yer dollars until the first day of July,
1891, and after that time he shall coin
OF the silver bullion purchased under
the provisions OF the act as much as
may be necessary TO provide for the re-
demption Of the Treasury notes.
The present law is repealed. The
last section provides for covering into
the Treasury the fund held for the re-
demption of national bank circulation.