The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1893-10-25
All At Sea.

arraignment of the party In power
seems to have had the effect to spur
the democracy up to an attempt to end
the controversy in some decisive action.
The leaders have put their heads to.
gether in an attempt to formulate a
compromise measure upon which the
democracy could unite. After much
conference, this plan has been evolved:
Q) The purchase clause of the Sherman
act shall be repealed, to take effect October
1, 1894 (2) The seigniorage of silver bullion
now in the treasury and which may here
after accrue shall be coined as soon as
practicable and silver certificates issued
therefor. (@ All treasury notes and legal
tenders below the denomination of ten dol
lars shall be retired and silver certificates
or silver dollars issued in place thereof. 1t
was further provided that the silver bullion
now in the treasury or which may be pur-
chased hereafter shall be coined as may be
directed by the treasury, except so much as
may be necessary to redeem silver certifi-
Gates already issued.
The original compromise scheme con-
templated the repeal of the purchase
clause on July l, 1894, and the issu-
ance of S100,000,000 in bonds for the
purchase of gold to maintain the parity
between the gold and the silver dollar
The time for the repeal was extended
to October l, 1894, as concession to
the silver senators, and the provision
for the issuance of bonds for the pur-
chase of god was stricken out. Some
thirty-seven democratic senators were
committed in writing to the sup
port of this compromise. 1t had been
maintained that the support of the
president was assured, and there were
high hopes that before this the dead
lock in the senate would be finally
ended by the passage of this proposed
substitute for the Voorhees, bill. Pres
ident Cleveland, however, promptly
made known his unalterable opposition
to compromise measure of any kind,
and particularly to a measure that pro-
posed to largely increase the silver cir
culation without providing for a cor
responding strengthening of the gold
reserve. The presidents opposition
seems to be fatal to the compromise
plan, and it has been made apparent that
unconditional repeal of the purchase
clause of the Sherman act cannot be
passed unless the majority of the senate
pursues heroic course in asserting
the right the majority to do business.
Thus the situation is still clouded by
uncertainty as dense as that which has
for weeks lowered upon the senate.
What the end will be, no man at this
writing can foretell.
Any measure of compromise, and
particularly measure that does not
provide for an increase of the gold re-
serve, will encounter the opposition of
the republican senators, except the
handful that hail from the mining
states. 1t is not at all certain that any
measure of compromise, however con-
sentative, would receive the vote of the
republicans, who have stood up reso-
lutely for repeal. The Sherman act
itself is infinitely better than the sub
stitute of the democratic compromis-
ers, and it is difficult to see what meas
ure of compromise can be framed that
can be preferred to the Sherman act.
The compromise proposed would in
volve an imitation of the currency dur
ing the next eleven months amounting,
in round numbers, to about 100000
900. The amount of money in circula-
ton October l, as reported by the treas
ury department, was, in round num-
bers, S1,13S,000, 1000 To redeem this
money, the treasury had about $S1 $780,
900 in gold. The compromise the demo-
Gratis propose would make an enormous
addition to the circulation of the cOun-
try, but would hot strengthen what is
already merely nominal redemption
fund. Now, if the Sherman act should
continue in force, even until the close
of the present administration, at the
market price of silver there would be
added to the currency of the country a
sum not materially larger than would
be added under the compromise pro-
posed. But, under the compromise
the total initiation would take place in
somewhat less than eleven months,
whereas under the continuance of the
Sherman act the infusion of some one
hundred odd millions of new currency
would be distributed over a period of
more than three years; so that, if there
must be further initiation, it would be
much safer under the continued opera
ton of the Sherman act than under such
a measure as the democratic compro.
misers propose. Thus the republicans,
nv standino for unconditional renaal