The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1893-01-11
ON A BROAD BASIS.
How Senators Have Approached
the Silver Problem.
Partisan Advantage and the Question
of Expediency vii! Not Enter Into
the Matter at All.
Special TO THE MORNING CALL

WASHINGTON, Jan. 10. - The Senate
Finance Committee to-day began an in
formal discussion OF the silver question
that indicated thoroughly the bent of the
committee and the outcome OF the proposed
effort 10 repeal the Sherman act Of 1890. 1t
developed that there was not perfect unan-
unity among Republicans regarding the
strategic move of yesterday on the part Of
Aldrich Sherman, although 1t Is under
stood that he is opposed TO such aggressive
action on the part of the younger members,
is, however, in favor of the repeal Of the
law which bears his name, and so expressed
himself on the floor Of the Senate. Senator
Morrill, is also in earnest in supporting any
proposition that will tend to remove the
danger of free coinage. and he also fav0rS
the repeal, while the standieg of Allison ON
the money question is too well known to
need explanation. Party lines were obIit-
Grated in the discussion of the matter, and
attacks were INDUCED in by Senators al the
meeting which showed that the proposition
is being considered upon the broad basis Of
statesmanshif, rather than the narrow
plane of party policy or political expedi-
ency.
Representative Cate Of Arkansas has pre-
pared the report of the majority of the
committee 10 accompany the Sherman silver
bullion purchase repeal bill agreed upon
by the House CoH mittee on Banking and
Currency yesterday. 1t asserts that the
circulation will be increased between S15.-
o0e, Geo and S16,000,0 eco by the first section of
the BILL which provides that national banks
may issue bills to the par value Of the bonds
derosiied. The committee submits its 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 en-
tered upon at the time Of its passage has
failed to afford substantial benefit to any
one, and its continuance is menace TO the
prosperity OF the country. The committee
realizes that Its proposition will stop the
increase of the circulating medium by the
issue of treasury notes in the purchase of
silver, but the first section of the bill fur
nishes large increase in the circulation,
and one which in lis opinion is much safer
and more likely 10 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 aid in the effort
to reach an International agreement fixing
the ratio Of gold and silver for coinage pur-
poses, but is prerequisite TO the reaching of
such an international agreement. With re-
speet TO the Cate amendment providing for
the coinage of the silver bullion now in the
treasury into dollars, the report says that
this will also furnish a considerable increase
to the circulating medium.
The friends of the Andrew-Cate bank
ing and silver repeal bill are confident that
they can get it up ia the House for consider
alton, but are in doubt as TO their ability to
bring it to a vote. They expect special
order from the Rules Committee giving the
bill day in the House.
New YORK, Jan. 10.-Prominent financial
men in Wall street express decided opin-
ion thar the Sherman bill will not be
repealed at this session of Congress- and
seem TO have generally concluded that there
is more alarm than is justified regarding
the continuance in force Of the bill while
longer. The Wall-street journal still holds
this op nion and quotes Senator Blackburn
in Washington special as saying: There
is net the remotest chance of the repeal OF
the Sherman bill by the Senate"