St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-01-11
BENEFITED No one.
Opinion Of the House Com
mittee on the Sherman
Silver Law,
Friends Of the Repeal noubt
if They Get a Vote in
the House.
Discussion OF the Question
by the Senate Finance
Committee.
Defeat of the Bill to Change
the Time Of the Meeting
Of Congress.

1--WE CaIe, OF AThdIISdSs has pLOPoASo
the report of the majority to accompany
the Sherman silver bullion purchase re-
peal bill agreed upon 10y the subcommlt-
tee on banks and currency yesterday.
1t asserts that the circulation will be IN
creased between $15, 100000 and $l6,O00,-
600 by the first section of the bill, which
provides that national banks may issue
bills to the par value Of bonds depos-
ited 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
that its continuance is menace to the
prosperity of the country. The COM
mittee realize that is proposition Will
stop the increase of the circulating
medium by the issue of treasury notes
in purchase of silver, but the first sec
ton of the bill furnishes large in
crease Of circulation, and one which, III
its opinion
rs Much Safer
and more likely to supply the needs or
the country at large. The committee
also believe that the cessation OF all sill
yer purchases by this government Will
not merely efficiently aid in the effort to
reach an international agreement fixing
the ratio between gold and silver for
coinage purposes throughout the civil
lied world, but that such legislation as
it proposes is prerequisite to reaching
an international agreement.
With respect to the senate amend
ment providing for the coinage of silver
bullion now in the treasury into dollars.
the report SAYS this will also furnish
considerable increase to the circulating
medium of the country. There were on
Dec. 81, 1891, in the treasury 34,631,-
72O standard silver dollars coined out
of bullion purchased under the Sherman
act None of these dollars have ever
been issued. On Dee. 81 last there re-
manned in the treasury, of the bullion
purchased under the sherman act, an
amount which has cost the government
S96. 499. 999. The market value of this
bullion on the date named was $50, 446,-
064, showing loss on the pur-
chase of Sll ,O53, 925 to that date. Its
coinage value was $133, 1O3,205.
will Increase Circulation.
There will remain in the treasury,
therefore, after the coinage of enough
bullion to provide for the redemption of
all the treasury notes, an amount of
bullion out of which silver dollars
amounting to more than 40.000.000 are
required to be coined and converted
into the treasury for its use In the
payment of appropriations hereafter to
he made. These coins will not be
mere commodity stored in the vaults of
treasury, but actual circulating medium
to be used by the people as soon as and
whenever they elect to take the same,
and will, with the added ma
tional bank circulation, supply
all the increase of circulating
medium needed by the country until
this bullion Shall be absorbed or until
congress shall provide ful Their legisla-
ton. 1t will also provide fund out of
which deficiencies in the revenue can
be supplied. if any such should arise.
The friends of the silver repeal bill
are confident that they can get it up in
the house for consideration, but are in
doubt as to their ability to bring it to
vote. They expect special order from
the rules committee giving the bill day
in the house, and so ardent silver
man as Mr.. Pierce, of Tennessee, says
he thinks this expectation we'll found
ed. The free coinage men believe that
in the house an attempt will be made TO
amend tile special orders so as to fix
day for a vote on the bIll and amend
ments. This would be closure by vote
of the house and NOT closure by means
of report from the rules committee.
The free silver men believe they are
strong enough to prevent such thing.
An Informal Discussion.
The senate finance committee today
began an informal discussion of the
silver question that indicated thor
oughly the bent of the committee and
the outcome of the proposed repeal of
the silver purchase law, commonly
known as the Sherman act Of 1890. The
members present were Senators Nc
Pherson, Harris and Vance, of the
Democratic, ana Senators Sherman,
Morrill, aud Allison, of the Republican
side. A regular meeting of the COM
mittee will be called for day later in
the week, when the Mcpherson resolu-
ton will be called up for serious con-
sideration. 1t developed that there
was Ito perfect unanimity among the
Republicans regarding the strategic
move OF yesterday on the part of Mr..
Aldrich.
Party lines have been obliterated in
the discussion of this matter, and the
attack INDUCED in by the senators who
were at this meeting showed that the
proposition was being considered upon
the broad basis of craftsmanship, rather
than the narrow plane of party policy or
political eXpediency. 1t was freely as
serted in the committee room that the
Sherman act was what the Democratic
party in It's platform called 1t,
"a makeshift." but the Republicans
pointed to the fact that such measure,
or something akin to it. was absolutely
necessary to prevent the passage of
free coinage legislation at the time the
Sherman act was passed, or at least to
prevent legislation that would have
been far more pernicious in its effect