The record-union., 1893-08-04
Special to the REcoRp-UN1ox.

" %A'AAA-fpAD-Nf mug IAp "a Ciibht4hO .
Springer of Illinois, Chairman Of the
Ways and Means Committee of the last
Congress, was at the Capitol to-day. In
brief his opinion is that Congress will
not be in session for more than a week or
ten days in August. In that time hope
ful Mr.. Springer thought the silver pur-
chase clause of the Sherman Act would
be repealed, and the Ways and Means
Committee empowered to draft tariff
bill for submission to Congress when it
re-convenes, which should be some time
in October. AS to the tariff, it would be
impossible for the Ways and Means Com
inittee to do justice to the subject while
the House is in constant session. There
were too many disturbing elements and
surroundings not favorable for wise and
safe legislation, but if the committee was
empowered to prepare a bill and allowed
TO 60 to some quiet place on the seashore
elsewhere and pursue their labors un-
molested, the result would be a satisfact-
ory bill. Touching the course of the Ways
and Means Committee in dealing with the
tariff, Springer said it would doubtless
report one general tariff bill instead of
f7NA iSS VI St'CItiA DlAlSs ne Iltll6 IL UOW
at hand when the Democratic party must
redeem its pledges and reform the entire
tariff system.
IF the President parts company with
the Chicago platform, believe his party
viii part company with him" W ere the
significant words uttered by Representa-
tive Oates this afternoon. 1.-The Chicago
platform called for the repeal of the Sher-
man law and the maintenance of gold
and silver as money upon parity. Any
scheme which contemplates the abandon
ment of the use of silver is antagonistic
to that declaration of principles, and will
not be supported by Congress. There
can, in my opinion, be no unconditional
repeal OF the Sherman law. If the Presi-
dent has set ont to repeal it without Of
fering anything in its place he has set up
platform not i'll accord with the one
upon which he went before the people,
Oates looks for the repeal of the Sher-
man law with condition that will pro-
vide for the free coinage of silver at an in
creased ratio.
Senator Squire of Washington takes the
ground that the President should be al
bwed to deal with the silver question in
his own discretion. lie believes it to be
a good policy for Congress to pass a Joint
resolution permitting tho President to
suspend the operation of the silver pur-
chase section of the Sherman law in his
discretion.
Bland arrived to-day. He said the
friends of silver had agreed upon no plan
of campaign other than that they were
opposed TO the repeal Of the Sherman law
unless given free coinage of silver.
ISSUE OF CERTIFICATES STOPPED.
WASHINGTON, Aug. 3.-No more silver
certificates will be issued by the Treas
ury Department for the present, as the
limit prescribed by law has been reached:
that is to say, so many silver certificates
are now outstanding as there are stand
ard silver dollars coined in the Treasury
to redeem them. Under the Bland Act
$50. .936, ,374 standard dollars have been
coined.
The reduction in the number of stand
ard dollars in the Treasury has been
brought about by the large demand re-
Gently for silver dollars from the South
to move crops in Georgia and the Caro-
linas and pay off the hands at work on
the cotton crop.
SCARCITY OF CURRENCY.
New YORK, Aug. 3.-The banks here
have shut down on the shipment of cur
rency to the interior The scarcity is so
pronounced that agents are bidding a
premium OF $40 per 81, ,O0O to-day. Insti-
tutions with large pay-rolls have been
compelled to resort largely to the use of
silver. One bank is reported to have
paid l per cent. for all the currency re-
ceived at a big retail establishment.
The banks request depositors to use
checks as much as possible, and where
cash is required are paying a large
portion in silver dollars. The supply of
bills at the Sub-Treasury is growing linz
tied and has caused refusal on the part of
the Sub-Treasurer to receive checks from
the banks in payment for silver dollars
and currency for shipment and payroll
use. The Sub-Treasury collected checks
through the Clearing house.
The order of the Sub-Treasury to-day
that banks must deposit cash against the
withdrawal of currency and silver is one
OF the results of the conference yesterday
0dbNtS CSNAttdiN OdIIiSlO anu Assistant
Sub-Treasurer Jordan.
\ STRANGE SITUATION.
FALL RIVER (Mass.), Aug 3.-The mill
situation has reached the strangest condi-
tion ever known in the history of the local
cotton industry. y Yesterday morning sew
eral treasurers of mills received notices
from the banks that there was difficulty
in paying checks IN currency. Substan-
TALLY these notices say the banks will
hereafter honor no checks in money, but
will endeavor as far as possible to take
care Of the deposits already made. The
effect of this action viii be widespread.
and may call for the total suspension OF
operations on the part of the mills.
Treasurers receiving checks daily from
Boston, New York and Philadelphia will
find them of no value in procuring cur
rency to pay wages.
VIEWS OF c. P. HUNTINGTON.
NEW YORK. Aug. 3.-Collis p. Hunt.
ington. President OF the Southern Pacific,
has dictated the following upon the situa-
ton: IF Congress will repeal the Sher.
man Act and make say $40 legal tender Of
silver and not allow any paper issued un-
der s., that would put large amount o.
silver in circulation. Then let the GOV.
ernment issue S300, 900, 600 in gold bonds
bearing interest not exceeding 3 per cent
they 10 be used as collateral for the ma.
tional currency, and let the banks hav,
mar in currency on the old fours. Tha
would restore confidence. make money
plenty, and, believe, be good thing
for silver. l am for silver and woulC
7il-a 20 La1-e IL treated kindly, but don;