The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-12-08
SHERMAN'S SILVER ACT.
THE MOVEMENT FOR ITS REPEAL
UNDER WAY.

OANOE1Lh w u l.
Senator Hill Introduces a BIZ on the
Subject in the Senate-Represent
tive George Fred Williams Leads the
Movement In the House Committee
on Coiuage-Bland Takes Part In the
Debate.
WASHINGTON, Dec. THE repeal Of the
silver purchase act of 1890, in
accordance with the pledges Of
tie democratic national platform, was
proposed by democrats to-day at both
ends OF the capitol. A bill repeating the
first four sections of the law was intro
duced in the Senate by Senator David B.
Hill, the first bill be ever introduced, whilo
Representative George Fred Williams was
making a game fight for repeating bill
in the Aouse committee on coinage. Nine
of the thirteen members of the coinage
committee responded to Chairman Bland's
notice for a meeting this morning and Mr..
Williams opened the battle at once. The
bill which MIR. Williams has ready pro-
vides that the Secretary Of the Treasury
shall suspend purchases of silver bullion
under the act OF July IA, 1890. Another
national banking associations for the re-
demption of their circulating notes shall,
after Feb. / 1893, be placed with the treas
uror Of the United States 20 the credit Of
the national banks making such deposits.
Mr.. Williams explained that the first section
ooviated some o the difficulties raised by
the other bills proposing the repeal Of the
whole of the act of 1890, or various parts Of
it. His bill does not impair the legal tender
quality of the notes which have been issued
or prevent their reissue when paid into the
treasury. 1t simply calls halt in the pur-
chaSes of silver and the issue OF new notes
in pay ment for such purchases.
CoYFIsCATIoN OF THE TRUST FUND.
The other section of the bill puts a stop to
the dishonest oonfiscation of the trust fund
paid into the treasury by the national banks
when they 60 into liquidation for the re-
demption of their outstanding notes. Mr..
Williams used some very strong language
about the section OF the act Of 1890 which
permitted this confscation and called atten-
tion TO the fact that these bank notes, still
floating about the country to the amount
of S25, 100000. have absolutely no specific
security behind them.
Chairman Bland suggested that they had
the general security OF the credit OF the gov
ernment.
Mr. Williams attacked this
POSITION vigorously and practically con-
victed Mr.. Bland of favoring a fiat green
back currency resting upon the act. MIR.
Bland was the only democratic member OF
the committee who undertook the defense
OF this feature Of the Sherman act. The re-
publican members did not seem particularly
jealous ia its defense aud no objection wes
made to the resolution which Mr. Williams
offered calling upon the controller OF the
currency for information as to the amount
OF money confiscated by the treasury under
hia ha al Maid IN md
received for the redemption of notes and
the amount now due. This resolution was
the only tangible result of to-day's
meeting. The hour of adjournment
arrived while the discussion
was still going on regarding the repeal Of
the Sherman aot and the subject will come
mp again next Wednesday, The bold at
tack OF Mr.. Williams upon the System of
silver purchases seemed Co take the friends
of the Sherman act by surprise and only q
few and feeble words were uttered In its de-
Tense.
HILLS BILL.
Senator Hills bill leaves the section con-
hscatinR the bank notes redemption fund in
full force aud also the section repeating the
silver coinage provisions Of the Bland act OF
1877. Mr.. Williams in discussing the bill
pointed out that it had the same defect as
the Stewart free coinage bill
which was railroaded through
the republican Senate at the
last session. 1t made no provision for
maintaining the legal tender quality Of the
treasury notes issued under the first and
second sections of the act Of 1890, and no
provision for their reissue. The second
section of the act provides that the notes
shall be reissued when paid into the treasury,
and the repeal Of this provision would re-
suit in their accumulation and q great con-
traction of the currency. Mr, Williams IS
not stickler for giving the legal tender
quality to printed paper. but he thinks IL
would be little unusual 90 suddenly with
draw that quality while the notes were in
the hands Of the people, and still more
unusual to provide for contraction by lock-
ing up the notes while the governments still
held the silver bullion for which they we're
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