The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-01-11
STOP BUYING SILVER.
House and Senate Committees
Getting Bills Ready.
SHERMAN AGREES TO REPEAL.
Progress OF the Quarantine Law-vilas
on the Anti Option Bill-A Chance
for the Nicaragua Bill.

WARRINGTON CITY, Jan. 10-The senate
finance committee today began an in.
formal discussion of the silver question
that Indicated thoroughly the beat of the
committee and the outcome of the pro-
posed repeal of the Sherman act of 1890.
II developed that there is not perfect una
nimity among Republicans regarding the
strategic more Yesterday on the part of
Adrich. Sherman, although he is under
stood to be opposed to such aggressive ac-
ton on the part of the younger members,
is, however, in favor of repeal of the law
which bears his name, and has so ex-
pressed himself on the floor of the senate
Senator Morrill, is also IL earnest in sup
porting any proposition that will tend to
remove the danger from coinage, and also
favors repeal, while the standing of Ali
son on the money question is too well
known to need explanation. Party lines
were obliterated in discussion of the mat
ter and the talk INDUCED in by the sena-
tors who were a. the meeting showed that
the proposition was being considered upon
broad basis of craftsmanship. rather
than the narrow plane of party policy or
political expediency.
Representative Cate, of Arkansas. has
prepared the report of the majority to &C
company the Sherman silver bullion pur-
chase repeal bill, agreed upon by the house
committee on banking and currency yes
terday. Il asserts that the circulation will
be increased between $15, 0O0, 900 and $751;
O00, 900 by the first section of the bill,
which provides that national banks may
issue bills to the par value Of the bonds de-
posted. The committee submits the re-
peal 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 realize that its proposition will
stop the increase of the circulating me-
dunn by the issue Of treasury notes in
purchase of silver, but the first section of
the bill furnishes a large increase in circu-
lation and one which. in its opinion, is
much safer and more likely to supply the
needs of the country at large
The committee also believes that the
cessation of all silver purchases by the
government will not merely efficiently aid
in an effort to reach an international
agreement fixing the ratio of gold and sill.
yer for coinage purposes throughout the
civilized world but that such legislation as
1t proposes is prerequisite to reaching an
International agreement. With respect to
Gates amendment providing for the COIN
age of the silver bullion now in the
treasury into dollars. the report says
this will also furnish a considerable in.
crease to the circulating medium. The
friends of the Andrew Cate banking and
silver bill are confident they can get it up
In the house for consideration, but are in
doubt as to their ability to bring it to q
vote. They expect a special order from
the rules committee giving the bill q day
in the house.