The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1890-12-16
SILVER SURPLUS.
Steps Taken to Relieve the
Financial Strain.
Window ConferS With the Republican
Senatorial Caucus Committee.
A Proposition 10 Issue Two Per Cent Bonds
to the Amount Of 100000 600
Knocked Out.
Special to THE MoRNINe CALL.

WASHINGTON, Dec. 15.-The Republican
Senatorial Caucus Committee today had
long consultation with Secretary Window
respecting the formulation of financial re-
lief measure. The various propositions
contained in the Sherman and Plumb bills
were taken up. The Secretary indorsed the
proposition to reduce compulsory holding of
United States bonds by national banks, and
commended the purpose to issue per cent
bonds. In regard to the proposition to pur-
chase the existing surplus Of silver bullion
now in the country, Secretary Window took
positive grounds in favor Of such purchase
as means of emancipating the price of
He suggested, however, that it might be
prudent to restrict by law the amount of
this surplus silver to be purchased in any
one month. The Caucus Committee re-
ferred his suggestions to subcommittee
consisting of Sherman, Allison, Aldrich,
Plumb and Teller
After deliberation the subcommittee
reached decision which was promptly rati-
fed by the full committee and will be SUBJ
mitted to a caucus, in the shape of q bill to
be drafted by Sherman. The main features
will be: A provision for the purchase Of H.
000,000 ounces of the silver surplus within
one year, not to exceed S3.00O,OO0 worth in
any one month, in addition to the purchase
Of the 4,500,0 COO ounces per month now re-
quired by law; to issue per cent bonds not
TO exceed 0,000, 600 in amount and to pur-
chase sufficient silver bullion, in addition to
the foregoing requirements, to make good
the Deficiency in the national hank PlrpuIa-
tiOn, whenever that circulation falls below
S1SO,O00,C00, by means of Issuing Treasury
notes based upon the bullion thus purchased.
In case bullion in sufficient amount to meet
this deficiency cannot be obtained, the def
cheney in the circulation will be made good
by the issuance Of ordinary Treasury notes.
In addition the bill contains clause provid-
ing that when the price Of silver shall for
one Year remain constantly at or above
legal par with gold, any holder of bullion
1t coined into standard silver dollars or re-
celve Treasury notes therefor.
While the committee neglected to take
specific action upon the subject of reducing
the amount of compulsory holdings of
United States bonds by national banks all
the members appeared TO be in favor of leg
islatiOn for that purpose. The report did
not meet with the unanimous approval of
the committee or subcommittee in every
particular.
of the Caucus Committee. The two-per-
cent bond project found few friends and
was quickly kn0ckedout The S12 600, 900 bull
ion purchase seemed to have great strength,
but neither on that nor the other PROPOSE
tions was final action taken. There was
lengthy discussion. which may be summar-
lied as indicative of the willingness of a
strong majority of Republican Senators to
considerably enlarge the monthly purchases
of silver bullion, possibly to the extent of
SC. 600 to S7,000,000. Another caucus will
be held ston. The Elections Bill was not
mentioned tonight.
The President has abandoned the idea of
sending a special message to Congress in
regard to the financial situation, being salts
fed, so it is said, of the earnest purpose of a
majority in Congress to take prompt steps
for the expansion of currency. Secretary
Window has, however, prepared special
report to Congress, indorsing what is gen.
orally known as the inter-convertible bond
scheme. This report is now in print, but
for some unexplained reason has not been
submitted.
Senator Sanders to-day introduced bill
to amend the silver coinage law so as to
authorize the Secretary of the Treasury to
purchase all the silver bullion offered at
price not exceeding 81 for 371.25 grains of
pure silver, and TO issue Treasury notes in
payment thereof.