Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1890-12-18
Washington Letter.
lFrom onr Regnlar Correspondent.l

| WASHINGTON. ID. c.. Dec. II. 1890.
The President has for several days
been holding conferences on the tinan-
cial situation with republican leaders,
in and out of Congress. and it has been
determined that immediate relief is
necessary. The Secretary of the
Treasury has gone as far as he possibly
could both in the purchase of bonds
and of silver to relieve the striDgency in
the money market, and it now devolves
upon Congress to devise quick method
of putting more money in circulation.
Every body favors bringing about that
result, but so far, unfortunately, there
is no unanimity as TO the ways and
means of dong 1t. More than dozen
methods have been proposed in bills
introduced in the House and Senate,
and it is to arrive at some conclusion,
which will embrace the composite views
of leading republicans, that these con-
ferences are being held.
Senator Shermans idea, which has
been introduced as a bill, and which is
receiving the closest attention because
of his well known conservatism in finan-
cial matters is to reduce the amount
of United States bonds required of
National banks. and thus to restore to
active circulation between Sl5. 100000
and S20.000,000 But the idea which
seems 10 promise the quickest relief,
and which also seems to have the most
supper tiers, is that the Secretary of the
Treasury be authorized to purchase all
Of the silver bullion now on storage in
this country. watch is estimated to be
about thirteen million ounces. and to
issue in payment therefor silver treasury
notes authorized by the silver aci which
became a law at the last session of
Congress.
Representative Peters, of Kansas,
says: Il intend to introduce bill pro-
viding for the issuance by the Treasury
of notes on all bonds deposited for that
purpose TO an amount equal to the full
face value of the bonds, and in addition
sum equal to about three and a half
per cent interest up to date of maturity
of the bonds-that is to issue notes on
bonds and interest
Senator Plumb has introduced a
compound bill to reduce the amount of
bonds to be required of National banks;
to replace their surrendered notes and
for the free coinage Of silver. He has
also offered the same matter as an
amendment to bill now on the calen-
der, SO that he may be able to bring the
matter before the Senate without wait
ing for report from the finance COM
mittee He also gave notice that if the
Federal election bill was not soon dis
posed of, that he should move TO lay it
aside for the time being, in order to
consider his bill and others relating to
the financial condition of the country.
Speaking of financial matters, Sena-
tor Gormon is being very sharply criti-
cised for language he used on the floor
of the Senate, in order to make political
capital against the election bill. The
language being calculated to add to the
| financial scare already existing through
out the country, and worst of all,
causelessly. Many democrats have
condemned the lack of judgment on
Mr.. Gormon's part, and expressed the
fear that ii would iniure their party
with the business men. If it doesn't
it will be strange. just now every
man should be trying to inspire conf
dence, instead of trying to create a
panic.
The Census committee of the House
has agreed 10, and will report an APP
portlonment bill providing that
after the Sd of March, 1898,
the House of Representatives
shall be composed of $50 members.
apportioned as follows: Alabama 8;
Arkansas z; California 7sColorado 2;
Connecticut 4; Delaware 1; Florida >;
Georgia IL; Idaho l; Illinois p; Indiana
Is; Iowa Il; Kansas s. Kentucky IL
Louisiana 6; Maine 4; Maryland g.