New-York tribune., 1891-02-19
SILVER HEARINGS TO END.
THE COMMITTEE LIKELY TO VOTE ON The
BILL FRIDAY AFTERNOON
UNCERTAINTY AS TO THE NATURE OF ITS RE-.
PORT TO THE HOUsE-LITTLE HOPE OF
coNppoN1sE-MR NEwLANDS's BILL.
TBY TELEGRAPH TO TIE TkIBUNE.l


WASHINGTON Feb 1s-After the hour Of noon on
Friday the Uouse Committee Coinage will hear
no more arguments from persons not members ol th't
committee either for or against thc oehae ffec
silver Coinage bill This was the unanimous decision
of the committee to-day. after discussion which, III
some respects was hardly polite The decision car
rios with II an understanding that vote on the pend
ing bill will be taken III the coihml'ee au "'io'N
Friday and it seems to be the general expectation that
renort viii he made to the House not later than
Monday February 23.
While there is no doubt whatever that majority Of
the committee is opposed to the pendlg Dlli thcfe
seems TO be feeling of uncertainty aS To the nature
of the report 1t suggested by some Democrats
late this afternoon that the committee probably would
Icport the senate bill without any recommendation
There does not seem to be any good ground fop that
suggestion: neither does there appear to be any
good reason 10 expect that the committee will agree
upon sOcalcd compromise bill substitute for the
pcndug measure Mr. Bland to-day distinctly declared
that lie would agree 10 no compromise whatever lie,
at least has no doubt that the next Democratic House
will promptly pass bill providing for free and un
limited silver coinage, and he thinks that the Demo
cratic party afford 10 wait few months Tor that
one or two other Democratic members Of the committee
have shown some disposition TO favor compromise
which would provide for free coinage Of the entire silver
product Of the United staes-thus surrender
ing a fundamental principle in which " sound money"
Democrats profess to believe. but limiting, or trying to
limit its application to the domestic product. 10
such a compromise" Messrs. Bartinc, Carter and
some other freesilver Republicans would give most
earnest and cordial support They fully realize that
the free-silver senators committed grevOus error
when they failed to make better terms as condition
Of their alliance with the frcesvcr Democrats to de-
feat the Election bill. Whether the members who are
favorTibly disposed toward compromise OF the sort
indicated are powerful enough 10 control the action Of
the committee remains TO be seen probably they will
not be able TO do Indeed, ii now seems altogether
probable that the committee will report the senate
bin adversely and that minority will dissent from the
recommendation In that case the minority VIII be
composed probably. Of Mes>rs. Bland, Williams Bar
tine and Carer-two Democrats and two Republicans
while in the majority will probably be MeSsrs. Wick
ham, Walker. Comstock. Knapp. Taylor. Of Illinois;
Tracey Wilcox and Vaux-fve Republicans and three
Democrats 1t is still possible, however, that Mr..
Wilcox will side with the frec-silvcr men
The free-coinage men are divided some fayoring tho
proposed compromise, while Others arc against It and
in of the free coinage Of every ounce OF silver
delivered at the mints Of the United states and tho
issue Of certificates therefor. Among the former Is
Mr. Ncwlands, 6f Nevada. who has prepared bill on
the subject which, at hi, request, was introduced in
the House by Mr. Morrow, of California, on February
IL Tie bill is an elaborate one, designed not only to
provide of the free coinage Of all silver which is the
product of Tthe mines mills smcltrrS OF the United
states" but also for the untcaton oi the currency
and against the contraction OF the currency Among
other provisions are these:
The free coinage of all domestic silver. including the
products Of the mines. miuts and smetcrs' Of the
United States: the retirement Of the National bank
notes at n rate not exceeding S3.OOO,OOO IN any one
MONTH and the substitution therefor OF Trca ury notes
issued IN payment for silver bullion "at the market
price thereof" the imposition upon al foreign silver
bullion and coin which may be presented for free coin
age Of mint charge equal 10 the diIcrncc between
the market value Of said silver bullion in London at
the time Of It's deposit and the coinage valuc thereof
the Treasury notes 20 be redccmable In geld or silver
coin at the discretion of tho secretary of the Treasury
the issue OF Treasury notes TO amount equal To the
market vane Of the trade dollars I'm the Ir'a,-
ury and OustandlnG and also equal In amount 10 uo
bullion value Of SlOOOOOoO Of the abridcd ana Other
wise uncurrent subsidiary coins IN the Treasury
the present greenback Of SlOOOOOOOO In gold
to stand as part of the against the new Tras
ury notes, as we'll for the greenbacks-the gold
reserve % DO equal 10 30 per cent Of the entire note
issue the retirement Of all gold and silver certificates
the setting apart of all gold coin hereafter received
either from the cancellation Of gold certificates or other
wise, a. a reserve against Treasury notes tne h-e
Of efforts 10 obtain international himetalic agree
ment: tho issue If emergency notes ~ ds'o'li''u
National banks upon the deposit Of United Sialc7 bonus
tO Of their market Ndllc up'h 7'''' "'lN
10 20 per cent Of their market valuc. and upon munich
nal bonds 10 30 per cent Of their market value-and 10
charge interest upon said emergency notes at the
rate Of g. or per cent per annum according L" The
amount loaned Jr issued until such emergency notes.
or their equivalent shall be surrendered 10 Inc bee
rctary of the Treasury for cancellation
This outcome Of Mr.. Ncwlands's plan VIII suffice TO
show that IT is an ambitious one lie asserts that 1t
i, REGARDED with favor by some eminent financial
tirapt
has been submitted.
The hearing today consisted chiefly Of what mish,
be called cross examination Of Mr.. Ncwand', by Nr
Walker Of Massachusetts,, who had list OF questions
before him. which he said he had prepared with great
care. Mr. Walker favors tho socratic method ana he
had not gone far before Mr. Ncwland' realized that II
is one thing u make an eloquent frec-conagc speech
and indulge In big, sweeping, general statements ana
quite a different and much more difficult thing TO
answer plain questions aud give exact definitions.
Mr.. Ncwlauds, accordingly, soon became extremely
caution, and deliberate in his replies, but e"n then
and with all the prompting Of Mr. bartlne ana General
Warner lie fell into several bOg- ana evidently nt
a strong sense Of relief when the ordeal was ended
as al,g did his friends who present lie said the
silver men proposed 10 the European cOur
tries to continue binciasm instead of abandoning IT,
Mr. Ncwlands and Mr. Walker combatted each other
on the assertion OF the former that the prices ~
products always rose and fell with the advance and
decline i'm the price of silver
After a long wrange over the length of the cA-
animation, IL finally decided to close the hearing
on Triday and Mr. Walker then resumed his cXamina-
ton Of Mr.. Newands. After II had been decided 10
take recess for hour Mr.. Warner, OF ONO, called
attention to The charge which lad been made that tho
advocates Of free coinage were not willing tD be
questioned, and stated that he was willing 10 answer
any inquiries which might be made
Mr.. Walker asked him If he were not The head of
the National silver Executive COMMITTEE ana Wmcn Mr.
Warner responded in the Affirmative. MIR Walker in
qurcd hoy much money had been expended To promote
silver legislation.
Mr.. Wand, interrupted with the remark that hc
had given "A statement OF expenditures 10 the silver
Pool Investigating Committee, and advacd Mr warner
not To answer the question.
Mr.. Warner declined to give the amount but declared
that - had been expended by he gold pool and the
bank pool for every dollar spent by the silver men.
Mr.. Warner declared that he represented no poO
and said he had been advocating the cause of silver
ever siaco hc had learned Of its demOnetzatOn.
Mr.. Walker several times pressed Mr. Warner for
Information as TO his knowledge Of the cAisence Of any
gold pool or bank pool.
Mr. Warmers respn,e was. In effect. that he had no
know ledge except that which In the public press
and that he Intended 10 say simply that the National