St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-07-08
Sill YER men ON TOP.
Friends of White Metal Force
a Recognition Of Their
Demands.
Major Quinn Wants Some
Money to Improve West
ern Waterways.
Seal Fisheries Troubles, Says
Sir Julian Pauncefote, Will
Be Settled.
Car Reed Continues to Count
a Quorum to Facilitate
Schemes.

WASHINGTON, d. c., July THE
conferrees on the part of the two houses
this afternoon reached an agreement OH
the points of difference on the silver
bill. This result, which was hardly eX-
pected to be reached so soon, was brought
about in this way: After the first inef-
fectual conference last Thursday, the
Republican members decided that an
agreement could be more speedily and
satisfactorily reached by party con-
sultation rather than in a conference
open to both political parties. Accord
ingly Senators Sherman and Jones, and
Representatives Conger and Walker
entered upon the task of draft
ing compromise measure. They
progressed so rapidly in this, that the
conference substitute was completed in
all essential points save one and sent to
the printer yesterday. The one point
left open related to the amount of silver
bullion to be purchased. Messrs. Sher-
man, COnger and Walker thought that
100000 ounces monthly would be a
fair compromise, but Senator Jones
declared for 100000 ounces. Such was
the state of affairs this morning when
OyertureS were again made to Senator
Jones to accept 4. 250, 600 ounces. The
Western senators were in receipt of tel
egramS
Urging Them to Hold Out
for the full amount of four and a half
million ounces and to insist upon a
speedy disposition of the bill. So the
overtures were rejected. and when the
proposition was made to take up the
tariff bill in the senate this afternoon
the silver men manifested their power
to check the flow of party legislation
unless their demands were met. Soon
afterward the Republican members of
the conference we're again called to-
gether; the words five hundred thou
sand' were added to the four million
ounces contained in the printed confer
ence substitute and the agreement was
completed. Senator Sherman spent
few minutes in drafting the
formal report to the senate
and then notified the Demo-
cratic members-Senator Harris and
Representative Bland (who happened
to be III the senate chamber)-that an
other conference was to be held. This
time the conference committee was in
session about half an hour. The agree
ment was formally ratified, although
the Democratic members refused to
sign the report. The substitute pro-
vides that the secretary of the treasury
shall purchase from time to
time silver bullion to the ag-
gregate amount of 100000 ounces,
or so much thereof as may be
offered. in each month, at the market
price thereof, not exceeding 81 for
371.25 grains of pure silver. The treas
ury notes issued in payment for the
bullion shall be redeemable in coin and
legal tender for the payment of all
debts, public and private, except where
otherwise expressly stipulated in the
customs, taxes, and all public dues
upon demand of the holders of the
treasury notes the secretary of the
treasury shall, under such regulations
as he may prescribe,
Redeem Such Notes
in gold or silver coin at his discretion,
it being the established policy of the
United States to maintain the two
metals on parity with each other upon
the present legal ratio, or such ratio as
may be provided by law. The secretary
of the treasury Shall each month coin
100000 ounces of the silver bullion
purchased under the provisions of the
act into standard silver dollars until the
1st day of july 1891, and after that time
he shall coin of the silver bullion pur-
chased under the provisions of the act
as much as may be necessary to provide
for the redemption of the treasury
notes. The present law is repealed.
The last section provides for covering
into the treasury the fund held for the
redemption of national bank circula-
ton.