The record-union., 1893-01-11
Special to the REcoRD-UN1ox.

Special TO the RECoRD-UNIoS.
WASHINGTON, Jan. 10.-The Senate
Finance Committee to-day began an in
formal discussion of the silver question,
that indicated thoroughly that it was
bent on the outcome of the proposed re-
peal of the Sherman Act of 1892. 1t was
developed that there is no perfect unan-
unity among the Republicans regarding
the strategic move yesterday on the part
of Aldrich. Sherman, although it is un-
derstood he is opposed to such aggressive
action on the part of young members, is,
however, in favor of the repeal of the law
which bears his name, and so expressed
himself on the floor of the Senate.
Senator Morrill, is also in earnest in
supporting any proposition that will tend
TO remove the danger of free coinage, and
also favOrs its repeal. While the stand
ing of Allison on the money question is
too well known to need explanation,
party lines were obliterated in the dis
cussion of the matter, and the attack in
dulged in by the Senators who were at
the meeting showed that the proposition
was being considered upon broad basis
of craftsmanship rather than the narrow
plan of party policy or political expedi-
ency.
Representative Gate of Arkansas has
prepared report of the majority to ac-
company the Sherman silver bullion
purchase repeal bill agreed upon by the
House Committee on Banking and Cur
rency yesterday. 1t asserts that the cir
culation will be increased between SI5.-
O00,OO0 and Sl6,OC0,O0O by the first section
of the bill, which provides that national
banks may issue bills to the par value of
the bonds deposited.
The committee submits its report OF the
bullion-purchase clause of the Sherman
Act with no other comments than that
the experience Of the past two years has
demonstrated that the policy entered
upon at the time of its passage has failed
to afford substantial benefit to any one,
and its continuance is a menace to the
prosperity OF the country.
The committee realizes that its PROPOSE
ton will stop the increase of the circulat-
ing medium by the issue of Treasury
notes in the purchase of silver, but the
first section of the bill furnishes a large
increase in the circulation, and one which.
III its opinion, is much safer and more
likely to supply the needs OF the country
at large.
The committee also believes a cessation
of all silver purchases by the Govern
ment will not merely efficiently aid in
the effort to reach an International agree
ment fixing the ratio of gold and silver
Tor coinage purposes throughout the civ
llized world, but that such legislation as
1t proposes is prerequisite to reaching an
international agreement.
With respect to the Cate amendment
providing for the coinage of silver bull
ion now in the Treasury into dollars. the
report says this viii also furnish con-
siderable increase to the circulating me-
dunn.
Friends of the Andrew Cate banking
and silver repeal bill are confident thew
can get it up in the House for considera-
ton, but are in doubt as to their ability
to bring it to vote. They expect a
special order from the Rules Committee
giving the bill a day in the House.
OPINIONS OF WALL-sTREET FINANCIERS.
New York, Jan. 10.-Prominent fnan-
cial men i'll Wall street express a decided
opinion that the Sherman bill will not be
repealed this session of Congress, and
seem 10 have generally concluded there
Is more alarm than is justified regarding
the continuance in force of the bill a
while longer. a Wall-street journal also
holds this opinion and quotes Senator
blackburn in a Washington special as
saying: There is not the remotest
chance of the repeal of the Sherman bill
by the Senate"