Los Angeles herald., 1890-12-16
DODGING THE ISSUE.
Republican Finesse in Finan-
cial Affairs.
Desperate Stradling of the Sill
yer Question.
All Sorts of Schemes Except Free
Coinage Proposed.
The President Decides Not to Send a
Special Message to Congress- AZ
The President Decides Not to Send q
Special Message to Congress at
Present.
Associated Press Dispatches,

WASHINGTON, Dec. 15.-The president
has abandoned the idea of sending a
special message to congress in regard to
the financial situation, being satisfied,
SO 1t is said, of the earnest purpose OF
the majority in congress to take prompt
steps for the expansion of the currency,
Secretary Window, has, however, pre-
pared a special report to congress, en-
dorsing what is generally known as the
"inter-convertible bonds scheme" This
report is now in print, but for some un-
explained reason has not been sub
mitted.
The Republican senatorial caucus
committee today had long consultation
with Secretary Window respecting the
formulation of financial relief measure.
The various propositions contained in
the Sherman and Plumb bills were taken
up. The secretary endorsed the propo-
sitiou TO reduce the compulsory holding
of United States bonds by the national
banks, and commencing the purpose to
issue two per cent. bonds.
In regard to the proposition to pur-
chase the existing surplus Of silver bullion
now in the country, the secretary took
positive grounds in favor OF its purchase,
as means of enhancing the price of sill
yer, and relieving the financial strin-
gency. He suggested, however, that it
might be prudent to restrict by law the
amount OF this surplus silver purchased,
in any one month. The caucus commit
tee referred his suggestion to a sub
committee composed of Sherman, ALI
son, Aldrich, Plumb and Teller.
After deliberation, the subcommittee
reached decision, which was promptly
ratified by the full committee. and will
be submitted to the caucus tonight in
the shape of a bill to be drafted bv
Sherman.
The main features OF the bill are the
provision for the purchase OF 100000
ounces of the silver surplus, within one
year, not to exceed $3,000,000 worth in
any one month (in addition to the pur-
chase of 100000 ounces per month
now required by law; the issue of two
per cent. bonds, not to exceed $l0U,000,-
600 in amount, and the purchase of
sufficient silver bullion, in addition to
the foregoing requirements to make
good the deficiency in the ma
tional bank circulation whenever that
circulation falls below $160,000, 900, by
means OF the issuance of treasury
notes, based upon the bullion thus pur-
chased. In case bullion in sufficient
amount to meet this deficiency cannot be
obtained, the deficiency in the circula-
tion shall be made good by the issuance
OF ordinary treasury notes.
In addition, the bill contains clause
providing that when the price of silver
shall for one year remain constantly at
or above legal par" with gold, any
holder OF bullion may deposit it with
the treasury and have it coined in stand
ard silver dollars or receive treasury
notes therefor.
While the committee neglected to make
specific actions upon the subject OF re-
ducing the amount of the compulsory
holding of United states bonds by
national banks, all the members ap-
peared to be in favor OF legislation for
that purpose. The report did not meet
with the unanimous approval OF the
committee, or subcommittee in any
particular.