The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1890-12-16
Republican Senators Confer on
Financial Questions.
ATALkWlTH SECRETARY WINDOW
The Plan of Issuing Two Per Cent
Bonds Not Approved.
Bar Silver Goes Up, Owing to Favorable
Outlook--House Passes Indian Depre-
dations Bill--Elections Bill Dragging
Alongs1n the Senate.

WASHINGTON CIry, Dec. 15.-]special.l +
The Republican senatorial caucus COM
mittee today had long consultation with
Secretary Window respecting the formu-
lation of financial relief measure Vari-
ous propositions contained in the Sherman
and Plumb bills were taken up. The sec
retary indorsed the proposition to reduce
the compulsory holding of United States
bonds by national banks, and commended
the purpose to issue per cent bonds. In
regard to the proposition to purchase the
existing surplus of silver bullion now in
the country, Secretary Window took posi-
tive grounds in favor of the purchase as n
means of enhancing the price of silver and
relieving the financial stringency. He sug-
gested, however, that it might be prudent
TO restrict by law the amount of this sur
plus silver purchased in any one month.
The caucus committee referred his sug-
gestions to subcommittee, composed of
Sherman, Allison, Aldrich, Plumb and
Teller. After delibcration the sub-com-
mittee reached decision, which was
promptly ratined by the full committee
and viii be submitted to the caucus to-
night in the shape of bill TO be drafted
by Sherman. The main features will be:
a provision for the purchase of the $12,-
e60,0o0 silver surplus within one year,
not to exceed So, 000sworth in any one
month, in addition TO the purchase of the
100000 ounces per month now required
by law; the issue of 2 per cent. bonds not
to exceed $l00 600, 600 in amount, and the
purchase of sufficient silver bullion in
addition to the foregoing requirements to
make good the deficiency in the national
bank circulation whenever that circulation
falls below sis0,0oo, 900, by means of an
issue of the treasury notes based on the
bullion thus purchased. In case bullion
of sufficient amount to meet this deficiency
cannot be obtained, the deficiency in
circulation shall be made good by the
issuance of ordinary treasury notes
In addition the bill contains clause
providing 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 il with the treasury
and have it turned into standard silver
dollars, or receive treasury notes there
for.
While the COMMITTEES neglected to take
special action upon the subject of reducing
the amount of compulsory holdings of e nj
ted States bonds by International banks, all
the members appeared to be in favor of Leg
islation for that purpose. The report did
not meet with the unanimous approval of
the committee or subcommittee in every
particular.
The president has abandoned sending a
special message to congress in regard to
the financial situation, being satisl4ed, it is
said, that it is the earnest purpose Of the
majority totake prompt steps for an expan-
sion of the currency. Secretary Window
has, however, prepared special report to
congress, indorsing what is known as the
lnterconvertible bonds scheme. The re-
port is now ready, but for some hnex-
plafned reason has not been submitted.
The Republican senatorial caucus to-
night discussed the report of the caucus
committee agreed-upon today. The per
cent. bond project found few friends and
was quickly knocked out The So, ,OO0, 600
bullion purchase seemed to have great
strength, but neither on that nor the other
propositions was bnal action taken. There
was great deal of discussion, which may
be summarized as indicative Of the willing
ness OF strong majority of the Republican
senators to considerably enlarge the
monthly purchases of silver bullion, pos
siby to the extent of S. 000, 900 or 81, 900 ,0OO
Another caucus will be held soon. The
elections hill was not mentioned tonight.
The national silver committee, composed
of Al. Warner, of Ohio Governor West. of
Utah; Edward Curtis, of California; Francis
q. Newlands, of Nevada; j. W. Porter, of
Virginia, and t. n. Nelson, of Indiana
met this morning. The most important
resolution considered was one advocating
the free coinage Of all American silver. but
ievying coinage charges on all foreign
silver that may be offered at any of the
United States mints. This is equivalent
TO the tariff on all imported silver that
may be offered for coinage. Silver ad-
vanced over per cent. today as a result of
this free coinage agitation. This action
of the committee is something new, and
was taken after consideration of the obiec-
tion so frequently made, that the United
States would be made dumping ground
for German boards.