The record-union., 1896-01-07

sion this afternoon at 1:3O o CLOCK. BE-
fore that time the silver members of the
committee were in conference in the
room of Senator Harris and agreed
upon the text of the bill they proposed
to submit to the full committee. This
bill was laid before the full committee,
and provided for the free and unlimited
coinage of silver at ratio of 16 to i,
the coinage of the seigniorage in the
treasury and the application of that
coinage to the payment of the current
and other obligations of the treasury.
A clause is also inserted that directs
the Secretary of the Treasury, in re-
deeming both treasury notes and green
backs, to use his option in redeeming
them in either in gold or silver, and not
take the option of the holder.
This bill was agreed to by the solid
vote of the silver men, and the report
viii be made to the Senate tomorrow.
After this had been accomplished, a re-
cess was taken for thirty minutes, and
the Democrats again went into confer
ence, presumably on the tariff bill,
which is to be taken UP next.
The bill also provides for the retire
ment of all National bank notes of de-
nominations of less than so and the
Gates. the bank notes to be replaced by
notes Of denominations above $40.
FEELING OF RELIEF.
WASHINGTON, Jan. Ga feeling of
relief is experienced in political and
financial circles over the fact that the
Administration has at last announced
its position of selling bonds. The ten
sion Of the past ten days has been ex-
trene.
The present bond proposition differs
from all the other three that have gone
before it, in that it is alternative in
character. 1t opens the way for the ac-
ceptance of the bonds on terms pre-
scrib.d by Congress, should Congress
see fit to act before February 9Th.
Under the clause reserving the power
to reject any or all bids. the Admins
tration can sift out from the proposals,
should Congress act before February
9Th, whatever bids may be considered
most favorable to the Government,
and should Congress not act. then un-
der the Administration popular loan
proposed, those propositions most ia
vorable can also be accepted and those
not can be rejected.
Thus, while inviting proposals for
$780, 100000 percent. thirty-year
bonds, less than that amount may be
accepted should the terms proposed be
considered unfavorable.
The bonds sold to the Morgan Bel
mont syndicate are now bringing in the
open market 115 and over. The public
is now given an opportunity to deter
mine the disputed proposition whether
popular loan at present market prices
can be fioated by the United States
within the United States. So far dur
ing this Administration three bond is
sues have been made aggregating
S162, ,31j,4 400 for which S1S2, 900 in
gold was received.
On March l, 1893, the public debt in
the United States, including certifi-
Gates and treasury notes, aggregated
81 90 110,09S, and on January I, 1895,
the public debt, including certificates
and treasury notes, aggregated 81, $685.
349, 1875, or an increase of $12S, 239, ,037.
On March 1, 1898, the general cash
balance Of the treasury was S124, ,000,-
600, of which S100,000,000 was in gold,
and on January I, 1896, the general
treasury balance was $17S, 100000, of
which S63 100000 was in gold Since
July /, 1892 and up to January 1, 1896,
three and a half years, the expenditures
of the Government have exceeded the
receipts in round numbrs by $127, 000,-
000
Following is the substitute offered
by Senator Voorhees,:
Section / From and after the passage
of this Act the mints of the United
States shall be open to the coinage of
silver. and there shall be coined dol
lars of the weight of 41215 grains troy.
of standard silver nine-tenths fine as
provided by the Act of January IS.
1887, and upon the same terms and sub
iect to the same limitations and pro-
visions of law regulating the coinage
and legal tender quality of gold. and
whenever the said coins herein pro-
vided shall be received into the treas
ury certificates may be issued therefor
in the manner provided by law.
Section ? That the Secretary of the
Treasury shall coin standard silver
dollars as soon as practicable accord
ing to the provisions of Section i of
this Act from the silver bullion pur-
chased under the authority of the Act
of July IA. 1890. entitled "An Act di-
recting the purchase of silver bullion
and the issue Of treasury notes thereon
and for other purposes" That portion
of said silver bullion which represents
the Se1SnlOra2e or pF0II 10 the SON-
ernment to wit, the difference be
tween the cost of the silver purchased
under said Act and its coinage value
and said silver dollars so coined shall
be used in the payment of the current
expenses of the Government, and for
the purpose of making said seigniorage
Immediately available for use as money
the Secretary of the Treasury is hereby
authorized and directed to issue silver
certificates against it, as if it were al
ready coined and in the treasury.
Section 3 That no national bank note
shall be hereafter issued of a denomina-
ton less than so, and that all notes of
such banks outstanding of denomina-
tions less than that sum shall be, as
rapidly as practicable, taken up, re-
deemed and cancelled, and notes of so
and larger denominations shall be is
sued in their stead under direction Of
the Comptroller of the Currency.
Section 4 The Secretary of the
Treasury shall redeem the United
states notes commonly called green
backs, and also the treasury notes is
sued under the provisions of the Act of
July IA, 1890, when presented for re-
demption, in standard silver dollars or