Los Angeles herald., 1890-06-05
A SILVER CAUCUS.
THE REPUBLICAN REPRESENTA-
TIvES ADOPT A NEW BILL
1t is a Compromise Measure, and Major Nc
Kinley is It's Author-The Bullion Re-
demption Provision Included.

WASHINGTON, June 4.-The Republi-
can representatives went into caucus inn
mediately upon the adjournment Of the
house this afternoon, to consider the sill
yer question. 1t had been announced
in advance by the leaders that the real
purpose was conference rather than a
caucus. 1t was suggested that there
was no definite proposition before the
caucus, so Representative Buchanan
submitted motion that the caucus bill
as it stood be re-endorsed. Much
talk followed, and developed a di-
versity of views. Representative Walker
submitted proposition, which in effect
proposed the reference of the bin back
to the former caucus committee, with
instructions to report bill which will
place gold and silver on parity by al
lowing the issue of certificates to an un-
limited extent on deposits of either
metal, at the market value.
Representative Dorsey, OF Nebraska,
submitted as a substitute for the caucus
bill, a draft of bill which he proposed
to introduce in the house. 1t provides
that any holder of American silver may
deposi. it in the treasury and receive
full legal tender certificates on the basis
of the market price OF silver; that suf-
ficient bullion be coined to meet the
need of redemption, and that the ma
tional bank note redemption fund shall
be covered into the treasury.
Representative Perkins, mono-metal-
list, in vigorous speech noted his objec-
tions to the bullion redemption feature
of the caucus bill.
Finally Mckinley came to the front
with compromise proposition. He
proposed that the treasurer shall pur-
chase four and half million dollars
worth of American silver each month ;
that the certificates in payment therefor
shall be of full legal-tender quality, re-
deemable in lawful money, and silver
bullion may be coined to meet the de-
mand for redemption, and when gold
and silver reach par there shall be free
coinage.
1t omits the bullion redemption pro-
vision of the caucus bill, and was there
fore Immediately assailed by several
members on that account. A vote was
taken resulting in its insertion in the
Mckinley substitute.
When the caucus adjourned there was
good deal of confusion in the minds OF
the members as to whether or not they
were bound to support the caucus prop
osition. The committee on rules will
decide when the bill will be brought UP
in the house.
The text OF McKinley's substitute
reads as follows
Resolyed, That it is the sense of this
caucus that the Conger bill, as modified
by the special committee, should pass
the house, with the following amend
ments:
First That the amount of silver bull
lion to be purchased monthly shall be
$4, 800, 900 worth.
Second. That the bullion redemption
feature of the bill shall be stricken
out.
Third. That the treasury notes shall
be legal tender for private and public
debts.
Fourth That said notes shall be re-
deemable in coin.
Fifth. That the funds held for the re-
demption of national bank notes shall
be covered into the treasury.
Sixth. Free coinage when the ratio
of silver is sixteen to one.
The second proposition was voted
down. The other five were adopted.