The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-09-18
MORE COMPROMISE TALK.
Impression That the Repeal Bill May
YET be Modified.

manded-Not a Bank Failure in the
County Since the House Abrogated
the Purchasing Clause.
Washington, Sept. 1.-THE talk Of a
compromise on the silver question con
tinues and with good deal Of plausibility
Representative Tracy of New York, who
is one Of the administration leaders on
the floor of the House, and who is an ar
dent repeal man, paid a visit to the Sen
ate Saturday and had a long talk with
Senator Faulkner Of West Virginia, who
has introduced an amendment to the re
peal bill which silver senator tells me
his faction will be willing to accept if
they cannot get free coinage. The
Faulkner amendment has been
outlined in these dispatches be-
fore It's chief provisions are that
the bullion now in the treasury shall be
coined at the rate of 10000 900 standard
dollars month; that the treasury be
directed to purchase monthly. at the mar
ket price thereof, sufficient silver bullion
to coin 100000 standard dollars, and
coin the same into quarter and half dol
lars and dollars, as the business demands
of the country may require; and that
when the coinage of silver, including that
heretofore coined, Of all denominations
and outstanding, and that pro
vided for under the provisions OF
this act, shall aggregate $500, COO
600, the further purchase and coin
age of silver shall cease. The amendment
also provides for the retirement Of the sill
yer certificates issued underline Bland-Al-
lisOn act of 1873, and also for the retire
meut Of the treasury notes issued in pay
ment OF silver bullion purchased under
the Sherman act. The amendment fur
ther provides that no national bank notes
shall be issued below the denomination of
$40, and that the SIS now outstanding
shall be called in, redeemed and de-
stroyed.
WILL TIE REPEAL MEN ACCEPT
It is not believed that the repeal men
will accept this amendment as it stands,
but it is thought likely that it may be
made the basis for "A compromise which
will be acceptable to the repeal men of
both houses aud even to Mr.. Cleveland
When Mr.. Tracy was questioned as to
the object OF his conference with Mr..
Faulkner, he asserted that it was with
reference to the repeal Of the federal
elections laws; but this is taken in
PiclSwickian sense, inasmuch as Mr. Ira
cy's constituents have no particular in
terest in the federal elections laws one
way or the other, while he is well
known to be one of the
foremost advocates Of the repeal of
the purchase clause Of the Sherman act.
Neither side has rs yet, outside of Mr..
Faulkner, said anything definite with
reference to a plan Of compromise This
much is certain, that if MIR. Tracy and
MIR. Faulkner and others fix up com
promise and propose it, it will have to be
one that has been accepted by the leaders
of both sides of the question. The repeal
men certainly viii not propose a compro-
mise which would require a contest to
bring about. They might just as well
continue the fight Us it stands The whole
object OF compromise would be to put an
end to the contest now going on in the
Senate.
HARD TIMES MIGHT RETURN.
There is a fear in certain quarters that
if the Senate does not act on the repeal
bill before the expiration of this month,
there will be a renewal of the stringency
which operated so disastrOusly to bust
ness during the months of June, July and
August. 10 is known that the import of
gold to New York in August largely con-
sisted of straightout purchases in the
London market, and that some of this
gold was paid for by the certificates
of the New York clearing house
These purchases were made at
time when not only New York, but
the whole country was suffering from
dearth of currency and had to have
money from somewhere, no matter what
price was paid for it. There is nothing
alarming in the situation a t present but
there is fear, rather vague and indistinct
at this time, that, unless the Senate af-
fords the relief the country expects
stringency on the money market which
prevailed during the summer, though it
could hardly under any circumstances
reach the proportions of that period.
SIGNIFICANT FACTS.
The silver senators and the southern
senator's opposing repeal affect to believe
that the Sherman law had little or moth
ing to do with the financial sUringency of
the past few months. As stated in these
heretofore, there were since
the first of November last year to date
l54 national bank failures. 1t is to say
The leaSt,a remarkable coincid ence that
since the House Of Representatives
passed the bill repeating the
purchase clause of the Sherman act.
there has not been a single national bank
failure. In fact the last national bank |
failure occurred on the very day that the !
repeal bill passed the House. Since then |
there has been none. OF the 154 failed |
national banks sixty-two have up to date |
resumed since the last report printed in |
jhese dispatches. Out of these sixty-two |
banks which have resumed operations |
.wenty-eight have resumed since the |
passage of the repeal bill through the |
House.
AN UNAVOIDABLE DEDUCTION.
These facts speak in eloquent and en-
phatic language of the effect the Sher- |
nan purchase law had upon the financial |
affairs of the country. Moreover, since |
lhe House passed the repeal bill factories |
nave resumed operations in all parts of !
,he country, and business generally has |
revived. The promptitude of the House |
n acting upon this matter induced |
bankers and business men generally /
the land to believe, or rather. /
perhaps, to hope that the Senate would |
De equally as prompt in taking action in
he matter Unfortunately, in an
like this, the rules of the
Senate do not permit Of as prompt action
Is those Of the House. Yet there is no
'eason to doubt the final outcome. The
clause of the Sherman act will
De repealed and if any compromise be
attached to it, it viii be one which will
nave no i'll effect upon the business in
.erests Of the country.