The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-10-23
THE COMPROMISE MEASURE.

After week the Democratic managers
in the Senate have practically agreed upon
a so-called compromise for the bill re-
pealing the Sherman silver-purchase law
To repeal the Sherman act a year hence,
to provide for the coinage of all the silver
withdraw all the notes Of the United
States in circulation below the denomina-
ton of SO seems not to be such an amaz-
ing result as to require the best states
manship Of the Democratic party in Wash
ington a whole week to bring about. 1t GER
tainly is not a brilliant conception. 1t
does a year hence in regard to the pur-
chase clause of the Sherman law. what
should be done now. 1t turns the silver
bullion in the treasury, bought each month
at it's market value, with about $50, 600
of coin notes into standard silver dollars
worth now less than 60 cents each. Unless
the compromise bill repeats the second
ton of the Sherman act these silver dol
lars can be issued only to the extent that
the coinage value Of the silver bullion held
by the treasury exceeds the outstanding
notes, that section provides that only
as many coin certificates shall he issued
as there is value of bullion and dollars
made from such bullion in the treasury.
Therefore, as fast as the bullion is coined
and put into circulation the coin notes
ShoI1 ha oil cd nd dactr
tires all greenbacks and coin notes of s.
and less, to the end that silver dollars may
be substituted. but this provision cannot
affect the fve-dollar notes of national
banks. 1t adds to the coin notes the
amount which may be necessary to pur-
chase 54000,0O0 ounces of silver bullion dur
ing the next year. 1t makes provision
to strengthen the already depleted gold re-
serve and for the time being rather in
creases than decreases the coin notes
which can be used to further deplete that
reserve.
The silver States Senators must feel
that they have been most cavalierly
treated by their late allies-the Southern
Democratic Senator'S. True, they are given
another years market for silver bullion.
but what is that? They have not been con-
suited in any respect, but simply dropped.
This certainly is not considerable treat
ment to the Senators who betrayed the
Republican party when it was trying to
pass a federal election law to make a
coalition with the free-conage Senator's
Having used Messrs. Stewart, Teller,
Jones. Wolcott and associates, they have
cast them aside as of no further con-
sequence. AS for the Southern Senators
who have been attitudinizing as champions
Of free silver coinage the compromise en-
ables them to say to their constituents
who are bowling for more money that they
have resisted wicked Wall street and the
gold bugs and have secured a measure
which will compel the coinage of the
bullion in the treasury vaults, which, at
the present price. turns out five silver dol
lars from 50 worth of bullion. The COM
promise is a sop to the constituents of
the Southern Democratic Senators who are
| now threatening to join the Populists
The wishes of the whole country have
been ignored in order that the Southern
Senators may have a pretext with which
to cajole their constituents. 1t is a victory
of the twenty-three free-coinage Demo-
cratic Senator's of the South.