The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1890-12-17
FINANCIAL SCHEMES
For the Relief of the Stringency
in the Money Market
NOT MEETING WITH MUCH SUCCESS
The Republican Senatorial Caucus is Not
Entirely Observation-Disclosures Silver
Men an Element of DiScord.

WASHINGTON, Dec. 10 Special tele-
gram to The HERALD. THE necessity for
financial legislation to restore a better
equilibrium to the unsettled business con-
dillon of the country is likely to result in
speedy action on the part Of the Republican
Senators, who have taken the initiative in
the matter. The caucus held last night to
consider the agreement reached by the
special committee of eleven, adjourned, as
] telegraphed you, without final action.
The various members of the committee
held an informal meeting in the Senate
cloak room today with view to a better
understanding among themselves, but
nothing definite was agreed upon. Another
caucus will be held tomorrow evening
al Don Cameron's house. This caucus
viii. it is believed, he final. Before
1t will come the different propositions
which were examined and Enacted upon at
last nights meeting, These are in brief
the purchase of the l., 600, GOO ounces of
surplus silver within the next year; the
ofsetting Of the national bank note retire
ment with additional purchases Of silver
v AOANA OA bl1S OhlLaCl4Ou 4dllS DSlON GlNU,-
C00,000; allowing banks to issue notes to
the par value Of their bonds, and to con-
tinue their charter with minimum bond
deposit of s., COO: and Mr.. Sherman's2 per
cent bond proposition, which a majority of
the caucus opposed at least now in connec-
ton with the other matters. The op-
ponents OF the national bank plan feel
that MIR. Sherman's purpose was to use the
new bonds as q basis for circulation. This
query was plumply put TO MIR. Sherman
but he evaded direct reply. The PROPOSE
ton was then amended so that the bonds
could not be used in that manner and after
that had been done the whole plan was
thrown overheard.
learn today that the free coinage Re
publicans, Messrs. Stewart, Teller and
Mitchell particularly, are responsible for
the failure TO agree to the remaining propo-
sitions last night. What they want
is not so much the purchase of
the 100000 ounces of surplus
silver, as an increase in the present
monthly purchases to about seven million
ounces. Until these gentlemen fall into
line nothing can be done a refusal on
their part to bind themselves to the caucus
decision might result in a free coinage
amendment to whatever financial legisla-
ton may be proposed, and this would un-
doubtedly be carried in spite of all the op-
position of the conservatives. It's believed
however, that at Wednesdays caucus
they may be persuaded to accept the fore
going compromise as a matter of party
policy, leaving the subject of free coinage
over until the next Congress convenes.
The Stars review of the financial situa-
lion this evening contains the following
paragraph: 1.-The reports from Wall street
were not satisfactory this morning and the
lower quotations for silver seemed mex
plicable to the treasury department. 1t had
been expected that at least the prices of
yesterday would hold. Reports indicate
that plenty of money is to be had on the
right sort Of security, but money is not seek
ing investment. There are indications also
that the people are doing less business
through the banks, while on the other hand
the banks are holding large reserves to
secure them against q run. The unusual
thing of treasury drafts being cashed bv
TIE payees at the sub treasury instead of
through the banks is another evidence of
the general timidity. The department has
difficulty in complying with the demands
for small notes and for the quick exchange
Of large sums Of money between CONNER
cIal points,