New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-03-04

which refused reciprocity and imposed uncqud
ard unreasonable duties upon the products
the United States. 90 Materials excusivel!
for ships in the foreign trade were made fre'
OF duty. a Importation OF impure literature
was prohibited as we'll as OF hides and catt'
from countries where contagious diseases pre-
vailed. Such. in substance was this great an'
admirable bill. which never deserved the aDus
so lavishly bestowed upon il by Democrats
Approved October l. 1890 the last day OF tn
session.
Fourteenth-An act. an excellent supplement
to The tariff legislation Of the session provld
ing for the careful inspection Of American Tneat
for expectation, and authorizing retaliation upoi
foreign nations which unjustly discriminate
against wholesome American meats, by eXclud
ing any Of their products III return The Cd
jet Of this bill was 10 provide the basis Tor al
earnest effort to open the markets or Europ
once more to the sale Of American meats
Framed by Senator Edmunds Q4ep, VII, the bill
passed both houses without division. Approved
August 80, 1890
SILVER LEGISLATION.
Fifteenth-The Silver Bullion Purchase law
popularity but enormously known as the Sherman
law" famous for the division it created in Repub
lican ranks and the fact that occupied attention
during most Of the session.
Twenty-eight bills in all were introduced a
this session on the silver question They pro
vided variOusly for free coinage, bullion puI
chases. etc. but the one which formed the DdSl
by action IN both houses was formulated by Ny
Window, Secretary of the Treasury and was pre-
nted in the Senate by Mr.. Morrill, Rep-, vi
and in the House 10y Mr.. Conger Rep. Iowa. /
provided that any holder Of silver bullion mlgn
deposit the same in the Treasury and receive Ger
| tihcates therefor to the market value OF the ST
yer; that the bullion certificates should be re
co.vahle for customs. and, when so received, re
issued. and that they might form a part OF IN
National bank reserves; that they might be re
deemed. at the option OF their holders. al an
time in bullion equal in market value to the fac
I NJ that If silver Ghpull Vllu
until 81. - grains Of pure silver were worth ;
in gold. or If speculation and combination shoul
create fictitious price the Treasury might re
fuse further deposits: that the bullion might b
coined for redemption Of the certificates; and tina
the compulsory coinage of from 2Vb"p 10 1,
100000 silver dollars a north be repealed.
In the Senate the Committee on Finance re
ported the Window bill back. amended so as {
provide for the purchase Of 4.Jr,WJ ounces o
silver bullion per month. at the market pre-
thereof not exceeding 81 for SLID grains o
pure silver. and allowed the purchase Of gol
bullion at not more than 81 for I'D grains o
pure gold "a ratio OF rs to II. Treasury certfl
Gates were 10 be issued in payment Tor this bul
lion 20 the amount Of the market value thereof
which could be redeemed in coin or lawful none
and cancelled. or he received for public dues an
rcissued. and which might form portion OF IN
National banks reserves. The Treasury was 7
coin such portion Of this bullion as was needle
for redemption Of the certificates. the seignorag
TO be paid into the Treasury. The compulsor
coinage Of from 2OcOOO0 to 100000 snve
dollars month was 10 be repealed.
Mr. Sherman (Rep.. ohio. offered an amend
nnent 10 this bll that the money on deposit IN IN
Treasury 70 secure National bank circulation D
paid into the Treasury, and that National ban
notes should thereafter be redeemed dlrectl
from the Treasury.
The Senate debated The various proposition
on silver for nineteen days. Finally on Jun !.
! 1890 the House having passed silver Dill OF IL
own the Senate. In the middle OF its own DEBATE
laid aside ito own bill and took up the House hi
for consideration.
In the House the Window bill was introduce
by Mr. Conger Rep, Iowa.. on January ~ II"
referred 10 the Committee on Coinage. ana dui
reported back The Democratic minority OF IN
! committee reported free coinage bill
A COMPROMISE BILL
FINALLY as the time approached for action /
the House the Republicans Of that body held.
Irns 4 a caucus over the bill. Speaker Reet
Naio, Mckinley and other leaders took the floo
and made speeches in favor OF sound Legislation
After some confusion and long discussion. Ma
| Tor Mckinley offered a compromise. which. Wit
the exception of one feature. was adopted by tn
caucus II provided for the purchase OF 4.JO,Oo
! ou,cee Of silver bullion per month at 81 70
2-1 - grains Of pure silver and the issue OF Gel
| ,ifca.es thereon: no redemption In bullion. bu
,he notes 10 be redeemed in coin; the notes to b
q legal tender for public and private debts. eN
cant whore otherwise stipulated in the contrac
and TO be receivable for public dues and reissueo
funds on deposit for the redemption OF Nationi
| bank notes over the > per cent by law required
70 be paid into the Treasury. National BANK note
| thereafter TO be redeemed from the treasury
and for free coinage upon the ratio OF 10 70
where silver had risen in price sufficiently
make 81 - grains Of pure silver worth o.
,,rains Of pure gold; compulsory coinage OF 81
yer dollars TO be discontinued. The caucus adop
cd every feature of the compromise except tina
:, retained the bullion redemption feature OF tn
! original bill
ON June 3 Mr.. Mckinley moved to take up tn