The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1890-07-08
Purchase of Four and q Half
Million Ounces Monthly.
LEGAL TENDER CERTIFICATES.
Coinage Of Two Million Dollars q
Month Until July, 1891.
Western Mems Demands satisnsd-sil-
yer Senators Vote Down Tariff Bill.
House Begins Debate on Land Grant
Forfeiture.

WAsHISGToN CrrY, July An agree
ment upon the silver question has been
reached, and the report of the conferees
was read in the Senate to-day.
After the first Intellectual conference last
Thursday the Republican members decided
that an agreement would be more speedily
and satisfactorily reached by a party con-
sultation, that conference not to be open to
both political parties. Accordingly Sena-
tors Sherman and Jones and Representa-
tives Conger and Walker entered
upon the task of drafting q COM
promise measure. They progressed so
rapidly in this that the conference SUBJ
stitute was completed in all essential
points save one and sent to the printer
yesterday. The one point left open related
to the amount of silver bulliop to be pur-
chased. Sherman, Walker and Conger
thought 100000 ounces of money fair
factor OF compromise, but Jones
decided on 100000 ounces. Such was
the state of affairs when an overture
was again made to Jones to accept ,250, 600
ounces. The Western senator's were
in receipt of kilograms urging them to hold
for the full amount 100000 ounces. and
to insist upon speedy disposal of the bill, so
the overtures we're rejected. and when a
proposition was made to take up the tariff
bill in the afternoon, the silver men mani
Tested their power to check the flow CT
party legislation unless stheir demands
were met.
Soon afterwards the Republican members
of the conference were again called to-
gether; SOC, 900 ounces were added to the
4.000, 600 ounces contained in the printed
conference substitute, and the amendment
was completed. Senator Sherman spent a
few minutes in drafting formal report to
the Senate, and then notified the Demo-
cratic members, Senator Harris and Rep
resentative Bland. The agreement was
formally ratified. although the Democratic
members did not sign thOreport.
The substitute provides that the secre-
tary of the treasury shall purchase from
time to time silver bullion to the aggregate
amount of 4,5O0,0o0 ounces, or SO much
thereof as may be offered each month at
the market price, not exceeding 81 for
S11.25 grains of pure silver. Treasury
notes issued in payment shall be redeema-
BILE in coin, and shall be legal tender in
payment of all legal debts, public and pri-
vate, except where otherwise expressly
stipulated in the contract. and shall be re-
ceivable for customs taxes and all public
dues. Upon demand of the holder of the
treasury notes the secretary shall. under
such regulations as he may prescribe, re-
deem such notes in gold or silver coin at
bis discretion, it being the established
policy of the United States to maintain the
two metals on 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 the silver
bullion purchased into standard silver dol
lars until the 1st day of July, 1891. and
after that time shall coin out of all the sill
yer bullion purchased as much as may be
necessary to provide for the redemption of
treasury notes. The present law is re-
pealed.
The last section provides for covering
into the treasury the fund held for redemp-
ton of national bank circulation.