The Portland daily press., 1890-05-15
A DEMAND FROM EAST and WEST.
Change In Opinion on the Subject
Of Silver Coinage.
FinahcIers of Gotham Who Believe
in the White Metal.
Differences In the Senate and House
Bills on the Subject.
Especial to the Press.l

WASHINGTON, May l4-Ine silver QeDate
in the Senate has begun, just as the tariff
debate gets under way in the House. Of the
two questions the tariff enjoys the greatest
prestige so far as Importance goes; but it is
doubtful if 1t is much more important so far
as results are concerned than the silver Ques-
tlon. There has been revolution of feeling
On the silver question within a few years
The free coinage sentiment no longer comes
exclusively from the West The East also
is beginning to think of it, and this senti-
ment centres not in any small knot of doc
trinaires or enthusiasts, but among the fnan-
ciers of Wall street. There is a feeling that
the freer coinage of silver will stimulate our
foreign trade as we'll as domestic trade; that
it may, and probably will. enable our farm
ers to sell their wheat in the markets of the
world at an advantage over the wheat grow
ers Of India, who are hard competitors in
the market of London. In New York city
some Of the most prominent financierS are
out and out in favor of free coinage or at
least of more liberal silver legislation. The
Chamber of Commerce has in its public ac-
tion held to its old position, but a strong mi
nority made dissenting report. Men like
for liberal silver legislation.
The silver, under which we have been liv-
ing since 1878 is the "Bland" law, as it is
called after Mr.. Bland of Missouri, the au-
thor of the scheme. This law, which was
regarded in the East at the time of its pas
sage as dangerous and unwise piece of leg
islation, provided that "there shall be coined
at the several mints of the United States, sill
yer dollars Of the weight Of 4125 grains
Troy of standard silver" and the Secretary
Of the Treasury was directed "to purchase
from time to time. silver bullion at the mar
ket price thereof not less than 100000
worth per month, nor more than $4,ooo,O0o
worth per month, and cause the same to be
coined monthly as fast as purchased, into
such dollars" These dollars were made
illegal tender at their nominal value" I'm
der this law coinage has been going on up to
this time and is still continuing, The dol
lars are not worth dollar in gold, the differ
ence being about twenty cents. Because the
dollars were found to be bulky, the plan was
formed OF issuing paper certificate which
should circulate for the silver dollars while
the latter were retained in the treasury. So
today the greater part of the silver dollars
that have been coined are in circulation in
the form of certificates, although in their
material presence they are piled up in the |
vaults OF the treasury. Inasmuch as who |
one OF these dollars, the people had rather |
use the certificates while Uncle Sam keeps |
the coin for them.
The proposition now before Congress is to |
discontinue the coinage of these dollars of |
412a grains, and instead regulate our silver |
currency according to a plan something like |
the Window plan. Just what the plan will |
be Is not certain. since the Senate and House |
are not agreed. The Senate are now discuss. |
ing what is known as. the Jones bill, which |
This Senate bill provides that "any owner of |
silver bullion, the product of the mines of |
the United 3 ates or of ores smelted or re- |
fined in the United States, may deposit the |
same at any coinage mint or at any assay Of |
fee in the United States that the Secretary |
OF the Treasury may designate, and receive |
therefor treasury notes hereinafter provided |
for, equal atsthe. date of deposit to the net |
pGce to be- m fhs By neTs n
Of the Treasury under rules and regulations
prescribed, based upon the price curi ent in
the leading silver markets of the world"
The notes issued for this bullion would be
receivable for customs, taxes, and all Gus
soms dues, when received into the treasury
might be re-issued, and when held by any
national banking association might be count
ed part of the lawful reserve. Upon demand
these notes would be redeemed "by the issue |
of certificate of deposit for the sum of the |
notes SO presented, payable at one of the |
mints of the United States. in an amount of |
silver bullion equal in value, on the date of |
said certificate, to the number of dollars |
stated therein, at the market price of silver"
or. "such notes may be redeemed in gold |
coin at the option of the government; pro-
vided, that upon demand Of the holder, such |
notes shall be redeemed In silver dollars"
Further provisions of this Senate bill are
That when the market price of silver, as deter |
mined by the Secretary of the Treasury, shall |
exceed one dollar for 37125 grains of pure silver
it shall be the duty of the Secretary of the Treas
ury to refuse to receive deposits of silver bullion
for the purpose OF this act.
That the silver bullion deposited under the act,
redeemed in gold coin or in silver dollars, may |
be coined into standard silver dollars or any otheI
denomination OF silver coin now ,authorlzed by |
law, for the purpose of replacing the coin used in
the redemption Of the notes.
The House bill, which has been approved |
by caucus of the Republican members, is |
similar in its general plan, but differs in |
certain particulars which make it less ac-
This bill provides that "the Secretary of the |
Treasury is hereby directed to purchase |
from time to time silver bullion to the ag-
gregate amount of 100000 ounces of fine |
silver in each month. at the market price |
% grainsl of ipure silver, and to issue: in |
payment for such purchases of silver bullion |
treasury notes of the United States" 1t |
Will be observed that there Is limit to the |
amount of the purchases, which does not |
exist in the Senate bill Also in regard to
the redemption there is difference, the pro-
visions of the House bill being as follows:
That the treasury notes issued in accordance
with the provisions OF this act shall be redeem
able on demand. in lawful money of the United
States, at the Treasury of the United States, or
at the ONCE of any assistant treasurer of the
United States, and when so redeemed may be re-
issued; but no greater or less amount of such
notes shall be outstanding at any time than the |
cost OF the silver bullion then held in the treas
ary purchased by such notes; and such treasury |
notes shall be receivable for customs, taxes and |
all public dues, and when so received may be re-
issued; and such notes when held by any rational |
banking association may be counted as part of |
its lawful reserve: Provided, that upon demand |
of the holder of any of the treasury notes therein
provided for the Secretary of the Treasury may |
at his discretion and under such regulations as
he shall prescribe, exchange for such notes an
amount of silver bullion which shall be equal in
value at the market price thereof on the day of
exchange to the amount of such notes presented.
That the Secretary of the Treasury shall coin
such portion Of the silver bullion purchased under
the provisions of this act as may be necessary to
provide for the redemption of the treasury notes
herein provided for.
There is also provision for the use of the
certificates for reserve by national banks,