Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1890-12-16
FINANCIAL RELIEF.
PROPOSITION THEREFOR OF THE
REPUBLICAN, seNAT ORAL CAUCUS
Main Features OF the Measure Agreed
Upon-The Purchase Of silver-fhe
Interconvertible Bond Scheme.
lBy telegraph to the Dispatoh.l

with Secretary Window respecting the
formulation OF financial relief measure,
with which duty the committee was
charged by the last caucus. The Secre-
tary was accompanied by Director-of.
the-Mint Leech. The various PROPOSE
tons contained in the Sherman and
Plumb bills we're taken up for discussion,
and the Secretary's opinion was solicited
on each point. He endorsed the propo-
sition to reduce the compulsory holding
OF United States bonds by national
banks, and commended the proposed
issue OF per cent. bonds.
PURCHASE OF SILVER BULLION.
In regard to the proposition 10 pur-
chase the existing surplus Of silver bull
/ lion now in the country, Secretary Win
dom took positive grounds in favor of
the purchase as a means Of enhancing
the price of silver and relieving the
/ financial stringency. He suggested,
however, that it might be prudent to re-
strict by law the amount of this surplus
silver that may be purchased in any one
month.
THE SUBCOMMITTEE REPORTS.
! The Secretary left the Capitol early in
the afternoon, and the caucus committee
referred his suggestions to its sub-com-
mittee. consisting OF Messrs. Aldrich,
Plumb, and Teller. After two or three
hours deliberation and consultation the
subcommittee succeeded In reaching
I decision as to the nature OF their report.
Their action was fully ratified by the
committee and will be submitted to the
caucus tonight in the shape of bill to
be drafted by Mr.. Sherman.
THE PROPOSED MEASURE.
The main features of this measure
will be q provision for the purchase
of twelve millions of the silver surplus
in one year, the purchases on this ac-
count not 10 exceed $4,000, 600 worth OF
bullion in any one month lin addition to
the purchase OF 100000 ounces per
month now required by law the issue
of per cent. bonds not to exceed $780,
900. 900 in amount, aud the purchase OF
sufficient silver bullion lin addition to
the foregoing requirements) to make
good the deficiency in national bank cir
culation whenever that circulation falls
below $3.50, 900, 000 by means of the is
sue OF Treasury notes based upon the
bullion thus purchased. In case bullion
in sufficient amount TO meet this deti-
cheney cannot be obtained the deficiency
in circulation is TO be made good 10y the
issuance OF ordinary Treasury notes.
FOR HOLDERS or BULLION.
In addition the bill will contain
clause providing that when the price of
silver shall for one year remain constant
" 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 Treasu-
~ notes therefor.
While the committee neglected to take
specific action upon the subject of re-
ducing the amount of compulsory hold
ings of United States bonds by national
banks, all the members appeared to be
in favor OF Legislation for that purpose,
and the provision will doubtless be in
serted in the bill by the caucus.
1t is learned that the report above out
lined did not meet with tho unanimous
approval of the committee or sub-com-
mittee in every particular, some mem
bers reserving the right to express their
individual views in caucus.
SILVER PURCHASES.
The amount OF silver offered for sale
To the Treasury to-day was 91S,0OO
ounces, and the amount purchased $685.
600 ounces, at prices ranging from !. %
to 1.09. Forty-tive thousand ounces
we're bought at or below 1.05l. All the
remainder was at 1.0Si or above.
To-day's silver purchases bring the
total for the month to within 300,0 900
ounces of the quota of 1850, 900, and it
is expected that that will be met this
week.
The amount Of ~ per cent bonds re-
deemed to-day was S345, $50. Total to
date, 81, 1854, $50.
NO SPECIAL MESSAGE.
The President has abandoned the idea
OF sending a special message to Con-
gress in regard to the financial situation.
being satisfied, so it is said, Of the earnest
purpose of the majority in Congress to
take prompt steps for expansion OF the
currency. Secretary Window has, how
ever, prepared a special report to Con-
gress, endorsing what is generally known
as the interconvertible bond scheme"
This report is now in print, but, for
some unexplained reason, has not been
submitted.
THE PER CENT. BOND PROJECT REJECTED.
WASHINGTON, December 1S.-The Re-
publican senatorial caucus tonight was
inclusive as far as concerned the main
purpose-the agreement upon the
scheme OF financial legislation. The re-
port Of the caucus committee as agreed
upon to-day WAS presented and discussed
in every particular as thoroughly as the
time permitted. The per cent. bond
project was eliminated in short order,
appearing to find few friends.
THE BULLION PURCHASE REVISION STRONG.
The twelye-million bullion purchase
revision seemed to have great strength,
but neither in its case nor in that of the
remaining propositions contained in the
caucus committees report was final &C.
ton taken, owing, it is said, to lack OF
time. There was great deal OF discus
sion and expression OF individual views
which may be summarized as indicative
of the willingness of strong majority of
Republican senator's to considerably en-
large the monthly purchases OF silver
bullion, probably to the extent of six or
seven millions OF dollars. The report
of the committee went over for further
action at another caucus to be held in
day or two.
THE FORCE BILL NOT DISCUSSED.
The pending elections bill was not
even discussed, and the understanding
is that it will remain before the Senate
at least until the next caucus makes
some order In the matter.
AGlN-HoUsE DESTROYED.
One Negro Fatally Bu,ned-Young Thad.'
| Cherrv,s Yerrthle Accfdenf