The morning call., 1892-07-05
Disappointed in the Provisions Of The
Stewart Bill.
UNAVAILABLE UNLESS IT is AEEKDEa.
Their Anxiety to Pass Free-COinage Measure Eeads
Them Into a Dilenlma-The Probable
Outcome.
Special to THE MORNING CALn

NEW YORK, July 4-The Times Wash
ington special says Some free silver men
are beginning to wonder whether tie free
coinage measure which the Senate passed
on Friday would really accomplish what
they have been aiming 10 bring about if it
should become law. Apparently yery
few OF them knew, previous to Friday, that
Senator Stewart proposed to offer substi-
tnte for his original measure, and most of
them seem to have been ignorant of the
provisions of the new bill. Now that the
bill is in cold type, the impression is grow
ing that should it finally become law the
free silver men would soon realize that they
had been led into ridiculous position.
One Senator, who voted tor the bill with
out examining it, said tonight to the CORE
spondent of the Times that he believed
serious mistake lad been made. "The
bill" he said. provides that the uncoined
bullion in the treasury must be coined.
Taking the amount on hand and the capac-
ity of the mnts into consideration. figure
that over three years would eIapse before
any bullion not yet delivered could be used
by the Government. The man who drew
up the substitute which was accepted eyL-
IDENTIFY did not think of this
Denounced by Harter.
Representative Harter I'D of Ohio saws
1t is the most bungling measure which ever
passed legislative body. SHOULD it be-
come law" said he, ''the most ardent free
silver men would soon begin to upbraid Its
trainers. First, it provides for the st0ppage
of the monthly purchases of silver, and
also stops the issue of silver certificates.
This ends the accumulation of silver month
by month and puts a period to the vicious
increase of silver certificates. Observe, it
absolutely closes the monthly market for
silver bullion ami is likely to cause the pries
to drop away below IS cents per ounce.
So far, you see. the free-siver people
have, in their zeal, killed the goose which
laid the golden-or silver-egg and if their
bill should ever become a law the curses
from mining camps would be loud and deep.
Go step farther and you will notice tnat
the bill orders the uncOined bullion iu the
treasury to be coined. This will cost saw
81, 500. coo, which is, so to sneak, thrown away,
and will occupy the mnts on Government
coinage probably not far from two years.
Meanwhile our free silver friends can keep
their silver to cool their heels with ON ths
sidewalks. Suppose you had 500, 900 in sill
yer bullion and proposed to get the benefits
OF this bill. You would take it to the mint:
but, as the mint has not storage room, is
would be wholly mpOsslbie-thOugh legally
and in PckwIckian9or technical sense
possible-for the Government to taks it,
In other words. it may be two years before
the Government could take your bullion,
and it may be five years. But suppose the
Government does take il. Will it be kind
enough to tell me when you would get your
silver dollars in return? Here is a nice
sum IN arithmetic for the silver men, and
after they have figured il out they can go
and buy their OK teams and be ready 20
transport their coin. I am satisfied / nave
said enough to cause any man TO see thas
the whole bill is deluSion and a snare."
Bland in Doubt.
WASHINGTON, July 4.-Bland is here
ready to take hold Of the silver fight He
believes that Stewards bill will have to be-
amended in order to prevent its being
practical reputation of the silver certifi-
Gates now outstanding A meeting of the
Committee on Coinage. Weights and Meas
ures will be called for Wednesday 30 cou-
slider the silver bill and a speedy report is
expected. To Star reporter to-day Bland
said although he had not talked with the
members of the committee or Senators iu-
terested in silver, nor yet investigated the
subject, on looking the bill over he
feared it would have to be amended, as is
appeared TO him by repeating the act OF
1890 the bill deprived over SS000o,000 in
silver certificates of their legal tender quail
ity. This. he said, would admit of veto
by the President without reference to the
question of silver coinage Of course there
is no Intention on the part of the gentlemen
proposing the bill TO destroy the legal ten
der character of the cel tificates. and it.maY
be that they have looked into the matter
and discovered 1t to be all right. So far as
the passage of the bill is concerned. Bland
was sure shat it could be accomplished if
brought TO vote. II it proves necessary
to amend it it will be done and sent back 10
the Senate for consideration. If it needs
no amendment the matter will be very SIM
pie.
Representative Calberson of Texas, one
of the legal lights Of the House, said to THE
CALL correspondent tonight that, in his
opinion, the Senate made fatal oversight
in passing the silver bill, in that it failed to
reserve in the repeal of the act of 1890 the
legal-tender quality of the coin notes issued
authority of the Secretary OF the Treasury
to redeem them. The effect OF the Senata
bill, he says, will be to demonetizs more than
SI00,U00,000 of the coin notes aud postpone
their redemption until Congress authorizes
it. The House will be compelled TO ameRd
the bill, and thus the session of Congress
may be prolongued.