The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1890-07-08
The Conference Agreement.

WASHINGTON, July An agreement
upon the silver question has been practi-
cally reached. 1t will provide for the pur-
chase of 300, 900 ounces of silver month.
the bullion redemption certificates 20 be re-
deemable in coin and full legal tender. A
meeting of the full conference committee
10 consider the agreement has been called
fnd no doubt it VIII be ratified. The full
conference committee met and the report,
drawn up by Senator Sherman, was
adopted.
After the first Intellectual conference last
Thursday the Republican members decided
that an agreement could be more speed
lily and satisfactorily reached by
party consultation than confer
ence open TO both political par
ties. Accordingly Senators Sherman
sAGu Jones and Representatives Conger and
Walker entered upon the task of drafting a
compromise measure. They progressed
so rapidly in this that the conference sub
stltute was completed in all essential points
save one and sent to the printer yesterday.
One point left open related to the amonnt
of>sllver bullion to be purchased. Sher-
man, Walker and COnger thought 1000, 900
ounces monthly a fair compromise, but
Jones declared for 4, 100000. Such was the
state Of affairs seemingly when oyertures
were again made TO accept 4, 250, GOO ounces.
The western Senators were in re
celpt OF kilograms urging them to
hold out for the full amount of
100000 ounces and insist upon a speedy
disposition of the bill. So the overtures
were rejected and when proposition was
made to take up the tariff biz in the Senate
this afternoon the silver men manifested
their power TO check the flow of party legis
hauon unless their demands were met.
Soon afterwards the Republican members
OF the conference were again called to-
gether The words live hundred thous-
ana" We're aided TO four million ounces
contained in the printed conference substi-
tute, and the agreement was completed.
Senator Sherman spent a few minutes in
drafting formal report to the Senate. ana
then notified the Democratic members.
Senator Harris and Representative Bland.
that the agreement was formally ratified.
although the Democratic members refused
TO sign the report.
The substitute provides that the secre-
tary OF the treasury shall purchase from
time to time silver bullion TO the aggregate
amount of 100000 ounces, or so much
thereof as may be offered in each month.
the market price thereof not exceeding 81
for 81 % grains of pure silver. the treas
ury notes issued il payment to be
redeelnable in coin and legal ten
der in payment of all debts pub
AC anu PIINaVS except Wnefe otnefWlSe
expressly stipulated in the contract and be
receivable for customs and all public dues.
Upon the demand of the holder of treasury
notes the secretary of the treasury shall.
under such regulations as he may prescribe,
redeem such notes in gold or in silver coin
at his discretion. it being the established
policy of the United STATES to maintain the
two metals upon a par 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
100000 ounces of silver bullion purchased
into standard silver dollars until the first
day of July, 1891, and after that time shall
coin out Of all of the silver bullion pur-
chased as much as may be necessary to
provide for the redemption of the treasury
notes. The last section provides for
covering into the treasury and to hold
for redemption. national bank currency.