New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-10-22
SILVER COMPROMISE SIGNED.
TERMS OF THE AGREEMENT DEFINITELY
FINED UPON
MAJORITY PLEDGED TO THE MEASCRE.
REPEAL TO GO IN FORCE OCTOBER 1, 1891. ALI.
SILVER BULLION IN THE TREASURY TO BE
COINED AND NOTES UNDER TEN Doll
LARS WITHDRAWN FROM CIRCU-
LATION-NO MORE FILIBUS-
[BY TELEGRAPH TO THE TRIBUSE.1
TERING THREATENED.

Is TO repIace Mr. Voorhees, Unconditional Re-
peal bill were definitely settled this afternoon
after two days of difficult negotiation between
the warning party interests in the Senate The
compromise measure, which was signed to-day
by thirty-eight of the forty-fve members of the
majority. is brief and simple in its provisions
and can be summed up in these four captions
% The purchasing clause of the Sherman act
is to continue in force until October 1, 1894.
90 The 450O.OOO ounces purchased monthly
under this clause to be coined into standard
silver dollars.
60 The segnorage arising from purchases
made under the Sherman act is to be coined into
silver dollars and turned into the Treasury as
an asset.
(D All greenbacks and Treasury notes OF less
denomination than $40 are to be retired. and sill
yer certificates or coined silver dollars issued in
their place.
As was stated In these dispatches on Thurs
day, the negotiations for compromise in the
Democratic Steering Committee. and Incl
dentally between the Democratic majority in
the Senate and the representatives of the Ad-
ministration. began with a general acceptance
az a basis of agreement of two Independent
propostions-one for the continuance In force OF
the Sherman law until January l or July l.,
1895. and the other for an authorization OF the
issue Of bonds. either 800 OOOO 900 or 100000
0OO to strengthen the gold reserve In the Treas
ury. The extension of the life Of the Sher-
man act for fifteen twenty months was sup
posed to offer a reasonable concession to the
silver men, while it thought that BOND
issue would prove highly acceptable TO the
Administration and the interests urging uncon-
ditional repeal The President after formally
con nsidering the general terms Of the compro-
mise gave notice to the Senate managers that
ha did not care to commit himself to any par
ticular form Of party agreement but would
not further antagonize the effort To settle the
repeal fight by means OF mutual concessions
in the Senate
NOTIFYING THE SILVER MEN.
r,ro,, Mr. Carlisle or those who spoke for
him. the suggestion was put forward yesterday
that the Administration would be Wiling 10
SOC the sherman law remain on the statute
hooks III July J. 1894. Acting on this hint the
Steering Committee" suggested to the silver
Senators who still held out for longer ex-
,ens,on o,nul January /. 1882 that the DIFF
ference might be split. and the date oil the
cxnIration OF the law fixed at October J. 1871
4, tbts latter date was "A full month III ad-
,.,,c. ~ the Congressional elections through
.,ich ,he silver men assert their desire 10
submit the issue to the people, they were eN-
,renoIv reluctant TO forego the addi'lohai
,hree months. and as a price for this cohces-
s,o,, thev demanded and obtained the abandon
mont Of the whole scheme Of bond issue
which has always been extremely repughaht
,o ,heir financial views and wishes
The bond issue plank having been thrown
ov.rhoard the silver men were further nlo'h-
fled by the direction to the Secretary 10 com
all the seigniorage arising under the purchases
since July. $780, and by the provision that 'he
, 600 900 ounces Of silver To be bought moh'hiy
for the ensuing year shall b" coined into dollars
,os,ead of merely being exchanged FOR silver
o,,iocates covering the bullion or market price
,a,d In return for these two additional con-
cossors the life OF the present law was al
loyed IN he cut short three months. No one
ohiected seriously to Mr. Faukners proposition
% retire all greenbacks and Treasury notes under
,o and to issue in their place silver certii'ai
mr. SILVER dollars such an exchange beinS hrid
,o tend materially toward the desirable r'FHt
, eating the Governments silver and its paper
tokens into wider circulation
coxcEssIONS FROM BOTH SIDES
Tho compromise as finally formulated in the
committee was submitted to representatives of
given that ii was undcniabiy fair To both sides
and unduly partial to neither. The Admnis-
ration men gave up the chance OF uhcon-
ditional and Immediate repeal for repeal WIN
rather burdensome CONDITIONS ."enu "1",ho ~, ,ho
later They surrendered too, the right ol 'hr
sunnosed majority to rule, but they acquired
themselves the right To iillbuster II they choSe
against any effort of the silver men 10 re-enacl
no sherman law or any other friendly silver
LEGISLATION i'm the next Congress. The silver
men. though pressed To the wall and IN an
undcniable minority. were abc To eN'ort
N.ar's truce with additional legislation IN
y,oivinp the addition of at least $lOOOOoOOO In
silver to the country's currency. Techmcaly
victors and with substantial slols 'hey
emerged from the present contest. YET year
ahead or them they could see that they would
have to begin their struggle for silver shorn OF
All the Advantages Of existing legislation.
urMIIJATING FOR MIR. VOORHEES,.
rhe comnromise having been drawn and its
terms definitely settled. the Steering Committee
nrepared a letter to MIR Voorhees,, the signers
., which should pledge themselves to vote for
the compromise after it had been presented
and accepted as a substitute for the pendihs
Voorhees, bill Mr.. Voorhees,. who has on repeated
occasions announced his intention of dying III
the last ditch of unconditional repeal. was 10
be made the victim of one more eXhibitioh "l
Inconsistency and backsdng before ms career
of leadership was over. ON the signature ol "
ma iority Of the Senate, the chairman ol thc
such action the Steering Committee had de-
creed. Signatures to the letter came III iapihy
after the word was passed about that IL was
ready To sign. or the forty-hve Democratic
Senators, thrty-eight attached their signatures
to 1t before p m. Mr. White. OF California
and Mr. Mitchell. of Wisconsin. were two OF the
absentees whose signatures could not be htd'
Some doubt was expressed AS to whether Mr..
Hill would sign the paper but even without ms
vote and that of Mr.. Murphy the Democratic
MANAGERS would have strength enough TO pass
the bill.
The Republican Senators were disnclined TO
commit themselves as to the action they would
probably take on the compromise measure
while the substitute remained In the possession
of the Democratic Steering Committee. Mr.
sherman has been quoted recently as opposed
to the principle Of coming the silver seigniorage,
and he may also have some CRITICISMS 10
make the substitution Of silver certificates
for all greenbacks and Treasury notes OF less
denomination than slO--which would transform
some $50 OO0 900 or 100000 of currency. as II
Is estimated now. redeemable either expressly
or at the discretion Of the Secretary oi the
Treasury In gold. into so much additional cur
rency redeemable solely in silver 1t Is hkeiy