Pawtucket tribune. (Pawtucket, R.I.) 1890-189?, 1893-08-11
BUT LITTLE PROGRESS
Toward Settlement Of Sill
yer Problem.
COMPROMISE ASKED FOR.
And the Treasury Issue $4,000 900
OF Legal Tender Notes.

WASHINGTON, Aug 1.-THE senate COM
mittee on finance held its first meeting
yesterday. Every member was present
After brief discussion, Chairman Voor-
hees informed the Republican members
that a majority Of the members Of the
committee were not ready to present any
measure, nor did they wish 10 discuss the
matter. He intimated that they would
probably be ready to lay before the com.
mittee a proposition at the meeting on
Tuesday next It is expected that the
Democratic members are engaged in map
ping out a plan that will lead TO measure
relating to silver aud other financial legis-
lation upon which their party In the SEN
ate can unite.
In order that the time might not be al
together wasted, however, the committee
took up and discussed the proposition to
allow the national banks to issue circula-
tion to the full face value of the bonds
deposited In the treasury. instead Of limit
ing to 90 per cent CT the value of the
bonds. az at present II was urged that
the result OF this legislation would be
more Immediately beneficial than any
other that had been suggested, as It would
tion as quickly as the notes could be
printed
Stumbling Blocks.
IL was made clear that for the first time
In many years there is possibility Of leg
islation favorable to national banks In the
line indicated, for, although no vote was
taken, the discussion appeared to indi-
cate a leaning toward the measure by q
~ ha mi ha NJ
danger, however, lies In an attempt to
cumber the bill with amendments that
will involve the whole silver question and
prevent a disposition OF the measure on
It's own merits.
In the Democratic senatorial caucuses
the diverse opinion expressed gave little
encouragement that the recommendations
contained in the presidents message will
receive the support Of that body. Some
say that there are not more than IL or 10
Democratic senator's who favor the un.
conditional rcpeal of the silver purchasing
act.
Compromise Insisted Upon.
Senators Voorhees,, Turpie, Black burn,
Vest and Cockrell, who have been counted
a. favoring the administration policy in
formed their colleagues In the caucus that
they would not vote for the unconditional
repeal Of the existing purchasing law.
They will insist that there must be COM
pensative legislation coupled with the re-
pealing clause. This announcement as
tonished those of the senators who are
strongly supporting the presidents poll cy
There were many Democratic represen-
tatives In the silverites' caucus who were
not In favor of free coinage. but who be-
lieve In bimetallsm. These will vote for
the repeal Of the purchase Of silver but
Insist upon some satisfactory additional
legislation.
1t has been ascertained that large
number Of Democrats Of the south aud
west will insist upon the repeal act being
coupled with specific recognition of silver.
Senators Allison, Sherman, Hoar aud
Hawley In the senate, and Representatives
Reed, Burrows and Henderson, in speak
ing Of the situation yesterday, remarked
that the prospect Of agreeing upon any
legislation on a line with the presidents
recomm endation Is not very promising.
Tho Latest Plan.
After the adjournment of the senate
finance committee the Democratic and
Republican members came together and
new proposition was submitted, which
was virtually agreed to by all the mem
bers Of the committee. Il provides for the
unconditional repeal of the Sherman act
and authorizes the secretary to issue at
once CSC, ,000. .ooO Of legal tender notes.
The latter, In the Judgment of members
Of the committee, will give the needed re-
lief to the present stringency in the money
market and tend largely to restore conf
dence throughout the country. OF course
IL is not known as yet how this PROPOSE
tion will be received by the silverites II
they should antagonize 1t, its passage will
be delayed for while Senators Sherman,
Hoar. Lodge, Allison and others on the
Republican side will support 1t.
which IL Right
The free silver Democrats have sub
mitted to the Democrats Of the house in
caucus their proposition. They agree to
close debate and come to vote on all propo-
sitions in three weeks from the beginning
of the debate and agree to desist from
nlibustering and abide by the result IL they
shall be outvoted. This proposition is
based on the confident belief of the free
silver men that they have majority in
the house The anti-silver men claim
that they have the majority. One Of the
factions Is, Of course, mistaken.
From a Popuiist Standpoint
George r. washburn, chairman Of the
eastern division national committee Of the
Peoples party, stated to q reporter last
night that a break In the silver forces had
occurred. The cause of the trouble was
that some Of the silver producers Of the
west are advocating q compromise meas
ure on ratio of 90 to ], which the Pop
ulists claim Is an abandonment OF princi-
pie for selfish ends Mr.. Washburn said;
"Our fight is for the free aud unlimited
coinage OF silver and gold on a ratio Of
10 to |, because IL II the money Of the con-
tract on which our bonds were issued, and
any change of ratio renders the payment
of these bonds In gold alone We are
fighting for a larger volume Of circula,
tion, not for a large dollar. Twenty to
one would benefit the silver producers
alone and would not help the farmers or
wage earners by increasing TIE price of
products which a ratio Of is TO would
do. hence we must part company with the
silver men who favor the change The
Populists will stand for 10 TO TO the end,
believing that the repeal Of the Sherman
act In preferable to a change of ratio. A
canvass Of Populist and silverite members
will be made and list prepared Of those
who will pledge themselves 70 unalterably