New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-01-25
,SPRINGER'S ULTIMATUM.
A CABINET MEETING CALLED TO CON
SIDER IT


A FLOOD OF SILVER INTO CALCULATIONS
[BY TELEGRAPH TO THE TEIBrNE.l
Washington. jan A-"What progress Is the Cur
rency bill making asked Tribune correspondent
.o-day of John De Witt Warner. OF the Committee
on Banking and Currency
"Oh, l cannot tell. You should ask Skipper
Springer. who is keeping the log" the prompt
rep,y.
Skipper" Springer was asked, and he replied
We'll | have seen Secretary Carlisle again to-day
and l think that matters will be far enough au
vanced so that conference OF the Dehoera'c
members can be he'd late tomorrow afternoon vi
on Saturday at the latest. to conlGer the poposeu
amendments. Several Of them still have TO De re-
formulated and modified somewhat In order 10
barnoniza diversities OF opinion and secure general
assent"
1t was ascertained that the propositions mentioned
by Chairman Springer were submitted and explained
to the Secretary Of the Treasury yesterday ana %
him laid before President Cleveland who no" mas
them under consideration. meeting or the eao
met Is 10 he held tomorrow and 1t is understood
that the President considers IL OF so much I'M
portance that all the members have been sul'no''e'
to attend, Including Secretary Morton whose 'oui
of official inspection In the West has been cut Sho'
In order TO enable him 20 do so. The hnancal ST.
uation and proposed legislation viii undoubtedly
be the subject Of discussion at tina: meeting Ihere
IA pretty good reason TO believe that the propositions
submitted by Chairman Springer ana NJ 'oN' "
the Banking ana Currency Committee 10 secretary
Carlisle and by him laid before the President are
in the nature Of an u.timatum-that rs. THESE prop
ositions in the opinion Of the two Representatives.
referred to. must be accepted and approved py '"e
Administration before favorable action by the f0uar
of Representatives can be expected or hoped io''
Even in case of such acceptance ana app!o'' '"e
passage OF the bill! Will not BE- assured
one requirement Is that provision snail be mace
for mach larger proportion of silver and SILVER CIR
oriat order 10
bullion owned by TIE Government. Including tha'
which is held as a deposit 10 secure the treasury
notes OF 1890 must be coined into standard doiiafs'
Another requirement is that as fast as lfedsu''
notes Of 1897 are received by the Treasury IN pay
nent Of customs dues. internal taxes. ETC. 'hey
shall be retired and cancelled and silver certicA'es
issued and paid out in lieu thereof until Inc e'''e
issue of Treasury notes shall have been redeemed
and cancelled and replaced by an equai amount
of silver certificates Silver certnca,es are "'So
70 be issued to the amount q ue ses"-
forage as the bullion is coined. 1t II est
mated that the coinage Of ali the SILVER ou'
ion owned by the Government VIII occupy
The rints about four years and aa1 ABOUT
Sl0co0OU 20 the amount OF standard silver do'"'H
and silver certificates in circulation. ana tha' "a
this about So 10000 viii! be an actual gam 10 the
assets Of the National Treasury on account oil
seigniorage.
II Is also proposed. in order still further to en-.
large the amount and proportion Of silver In actual
daily circulation. TO retire and cancel all green
backs Of a lower denomination than 40 IA purpose
which 1t is expected 10 accomplish d! o'''''''s
from III. Sundry civil act the usual proviso "m'h
requires the Secretary OF the Treasury 10 Ie'Ss"'
IN lieu Of all greenbacks redeemed. retired ana can
ca,,4a notes Of the same denomnatiors), and also
IN compel the retirement and cancellation OF an
National bank notes OF denominations !o"e' ma.
SO and issue ST. g and $ silver cer,lhca'es 70 NJ
the void thus created This process when competed
ls. -
culaton by transforming an equal amount Oh p'.'',
certificates Of larger denominations into 81 - an"
s. certificates There were Outstanding on 'aHua''
10 silver certificates In denominations oil ~ anu '
ward ebout 81 10000. and the amount OF FlV S''"
certificates outstanding on that date waS Soi'ff'-
s5I Secretary Carlisle said to the House commit
tee on Appropriations that all OF the s2oo'Soe|' III
silver certificates OF so and larger denominations
could be put into certificates OF less than >lo II the
other small notes were out OF the wa! ,o, ,o,v
Mr. Cox also proposes (3ut IL ls not known -
many other members Of the committee agree win
himI that the National banks shall continue 10 pe
sna tbat one-haf Of said reserves shall con
sjst OF greenbacks and Ireasury hoteS VI io' 10
Re n csn suaIan,ee funds Of ali National banks
and the 50 per cent guarantee iunds OF 1me b
hanks shall consist OF deposits OF Lawful Honey
saRSes would withdraw from circulation sso"cW"
to sOooo Of the legal,iender ae'dnu no great
extent prevent constant nroads upon the g3ln re-
IN tbe new and revised Currency bill will be one
repeating the law authorizing and requlring ,ns
ascre,arv OF the Treasury 10 Issue gold certncates
Of deposit for gold coin whenever me goa
mended and urged BY Secretary Carlisle ana III
Coombs Of NewYork. has already inUonueel d
hill 10 carry out the Recommendation
In consideration OF the demands upon the ADMIN
,straton in behalf Of an enormous increase OF cur
rencv redeemable silver dollars only, IL ~ pro-
nosed TO authorize the issue and sale OF coin bonis
bearing interest at rate not excsenns ps th
existing Treasury deficit and any future dehct
which may occur, and also TO maintain tie go,I
the sections relating to State banks. 50 far az can
~ .scsr,ained 4. that the guarantee fund shall be
AZ nsr cent instead OF 30 per cent OF the total cir
culson Of each bank nasmuch as they are NOT 10
he renured 10 establish and maintain q safety Iund
amounting TO 5 per cent OF their circulation.