Weekly expositor. (Brockway Centre, Mich.) 1882-1894, 1890-05-02
FROM WASHINGTON
NOW The SILVER BILL is THE
THING.
A Scheme For Great Grain EIeva.
tors.


vote TO offer the silver bill agreed upon in
caucus Wednesday night in place of the
modlned Window silver bill already re-
ported by the committee, when the after is
taken up for consideration in the house.
Mr.. Bland offered several amendments TO
the bill which were rejected One Of them
proposed to base the issue and redemption
or the treasury notes on the coinage
value OF the silver bullion deposited instead
OF the market value. The chief opposition
shown 10 the bill is because of the failure
of the caucus bill to give free legal tender
quality TO the treasury notes. The feature
which distinguished this bill from the
former silver bills is the restoration to cir.
culation or about $4,000 900 now in the
treasury as reserve fund under the ma.
tional bank act held to redeem national
bank circulot ton. The provision for the
redemption of the notes in lawful money is
not particularly satisfactory to the silver
men, but they seem well satisfied with the
provision for the Purchase OF four and a
half millions silver bullion. Senator Nc
MILAN, who has been an active member Of
The senate caucus committee, expressed
himself as in the main very well pleased
with the bill as agreed to. Generally
speaking the senator has acted on the com
mittee with Senators Sherman, Morrill,,
Aldrich and Allison, although he has diff
fered from them materially on some impor-
tant points. The senator personally favor
month, which would have been about equal
TO the American output He was also in
favor OF making the silver certificates a
full legal tender, as he does not believe in
having currency OF unequal purchasing or
debt paying power.
The silver bill which has been agreed
to in the house Iucus and which has also
received the approval of the senate confer
ence committee, was the le ding topic of
discussion about the capitol today. The
chief opposition shown to the bill is be-
cause OF the failure OF the caucus bill TO
give free legal tender quality TO the treas
ury notes. The feature which distinguish
es this bill from the former silver bills is
the restoration TO circulation Of about
SIS, 0O0, 900 now in the treasury as a reserve
fund under the national bank act held to
redeem national bank circulation. The
provision for the redemption Of the notes
in lawful money is not particularly salts
factory TO the silver men, but they seem
well satisfied with the provision for the
purchase of four and half millions silver
bullion. Senator Mcmillan, who has been
an active member of the senate caucus
committee, expressed himself as in the
main very well pleased with the bill as
agreed TO. Generally speaking the
senator has acted on the committee
with Senators Sherman, Morrill, AID
rich and Allison, although he has differed
from them materially on some important
points. The senator personally favored
the purchase of but 35OO.OOO ounces per
month, which would have been about equal
TO the American output He was also in
favor of making the silver certificates
full legal tender, as he does not believe ia
having currency of unequal purchasing or
debt paying power.
The arguments before the committee on
agriculture having under consideration
Senator Vances bill 10 provide for sys-
TEN of warehouses for farm produce
throughout the country, TO be operated by
the government, which is TO issue its notes
upon deposits of grain therein, by Colonel
Polk, president of the National Farmers
Alliance, and DIR. & w. McCune, chair
man OF the national committee on legisla-
ion of the alliance, were interesting as
voicing the views of the farmers ALI nee.
Col. Polk sketched the decline in agricul-
tural values in the face OF the marvellous
progress and development of other indus
tries and interests daring the last two de.
cades, and insisted that something should
be done for the farmer He charged the
fault upon the financial system Of the gov
erIment which had resulted in high priced
money and low-priced products. The rem.
edy Col. Polk suggested was three-fold:
/. Restore silver to its dignity and place
as money metal, with all the rights of
coinage and all the qualities OF legal tender
winch gold possesses.
2. Issue sufficient amounts OF currency
direct to the people at low rate of inter
est, to meet the legitimate demands OF the
business of the country and which shall be
legal thender for all debts, public and
private.
3. Secure to such issues equal dignity
with the money metals, by basing it on
real, tangible, substantial values.
DIR. McCune addressed himself more par
ticularly TO the merits and det ills OF the
system of warehouses as outlined in the
bill. He asserted that the merchandise
thus stored would not deteriorate below
market standard and that the system had
proved feasible and practicable in Califor-
MIA where the Changers bank in 1889 loan
cd 5000, 900 on certificates issued to farm
ers on wheat deposited in warehouses
owned and controlled by them.
TO those who demand more money" -
offers an annual increase of from $50, 900, 0OG
to $50, 600, 900. TO those who insist upon
sound currency it gives the amplest guaran-
tees against degradation of the Americ n
dollar. But TO those who would initiate the
currency by injecting into it large volume
of money without adequate safeguard
against depreciation it offers no comfort
whatever And right here is found the
secret of much of the opposition TO some Of
its redemption features.