Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1892-12-17
ARE WAITING ON BRUSSELS.
The FinancIcrs OF Congress Held In by
the Monetary Conference.

! The FinancIcrs of Congress Held In by
the Monetary Conference.
WASHINGTON. Dec 1.-Two committees
of the house are now wrestling with the
proposed repeal of the Sherman law and
watching with close interest the proceed
ings of the international monetary confer
ence at Brussels Those two committees
aredesiGnated as the committee on coin
age, weights and measures and the com
mittee on banking and currency The
functions Of these committees are closely
related, and several times IN the past it has
happened that each was dealing at the
same time with the same subject in a some
what different form. BANDS coinage COM
mittee has before it now the Williams bill,
proposing repeal Of the Sherman law, and
the banking committee, OF which Bacon of
New York is chairman, has had referred to
1t the bill introduced a few days ago by
Andrew of Massachusetts,, entitled "A bill
to increase the circulation of national
banks and for other purposes"
Not Hopeful OF Any Decision.
One OF these other purposes is embodied
in section 4, which repeals the Sherman sill
yer purchase act. 1t thus happens that I'M
der the rules Of the house each committee
I
ing of the banking committee was held
yesterday morning. There was bare QUO
! rum present and no action was taken save
to call up for consideration the Andrews
bill. There was an informal discussion of
the silver question, but the uncertainty of
the outcome of the international none
| tary conference hung like a pail over the
| discussion aud prevented that freedom of
suggestion that might have occurred had
it been known absolutely what conclu-
sions would be put forth at the Brussels
conference. After yesterdays meeting of
the banking committee Chairman Bacon.
when asked about the conference. drily
said: 1T is very respectable BODY OF
gentlemen who will hold a number of
meetings, do great deal of talking and
| adjourn. don't thing they will do nv
| thing"
Bacon's View of the Situation.
Bacon. speaking of the present financial
| situation and the constant outgo of gold
to Europe said: I'VE are sending our
breadstutfs over to Europe and it is paying
us for them in our securities to a large ex-
tent, and we are paying in gold the bah
ance of trade made against Us by imports
and the return OF securities. There is no
doubt that the foreigners are alarmed and
afraid that the Americans VIII do some
thing to hurt them financially. The old
New York Central bonds, paying high
rate of interest, which Europe used To hold
and which we never saw. are Row coming
back and are on the market once more.
There seems to lie no reason for the alarm
for of course President Harrison would not
sign a free silver Dill If congress were to
pass one"
Uncle sam Loses $4,000
about the present Sherman silver act.
II You were Il business man you would not
lose $lG,000,0oo and then keep on in-the
same when you saw what you had accumu-
lated steadily going down. The treasury
has paid out sic, 6,oo0,OOO more than the
silver it now holds is worth, and the price
is still going downwar,fs If YOU had
stocked up with "A lot ot Stutf that YOU had
lost good deal on, and were still losing
on, you would not keep at it, would yous"