Democratic Sentinel, Volume 14, Number 15, Rensselaer, Jasper County, 2 May 1890 — SILVER LEGISLATION. [ARTICLE]

SILVER LEGISLATION.

AN AGREEMENT BETWEEN HOUSK AND SENATE CONFEhRKES. Provision* of the Measure that I* Likely lo Pau Without Further Amendment— Poor and a Half Million Ounce* of the Precious Metal to Be Furch Mil Monthly aid Certificate* Issued Therefor. Washington dispatch: The conference committees of the Houso and Senate on tho silver question liavo como to au agreement. Tho Sooretary of the Treasury is to be empowered to buy 4,500,0*10 ounces of silver per month, and to issue therefor silver certificates that shall be redeemable in silver bullion or in lawful money, at the option of the holder, but the right is reserved to the Socrotary of the Treasury to redeem in bulilon and to give money should ho think best. The theory of tho latter provision la that should the certificate-holder bo able at his option to exchange it for bullion it would cnablo silver speculators to depress the price, buy silver, stimulate the market, sell their silver to tho government, and upon depressing tho market again exchange their certificates for bullion and thus continue indefinitely to make a profit out of tho government in each transaction, Tho Secretary Treasury, having discretionary power, will bo able to proveut this. Tho members of tho Houso cominittoo all agreed to tho foregoing, which Is substantially tho Senate proposition. The following Is tho full text of tho bill as agreed upon: “Section 1. That the Secretary of tho treasury is hereby directed to purchase from time to time silver bullion to tho aggregate amount of 4,500,000 ounces of puro silver in each month, at the market price thereof, not exeooding $1 for 37J \i grains of pure silver and to issue in payment for such purchases of silver bullion treasury notes of tho United States to be prepared by the Secretary of the Treasury In such form and of such denominations, not less than $1 nor more than SI,OOO, as ho may proscribe, and a sum sufficient to carry Into effect tho provisions of this act is hereby appropriated out of any money in the treasury not otherwise appropriated. “Sec. 2. That the treasury notos issued in accordance with tho provisions of this act shall be redeemable on demand in lawful money of the United States at tho treasury of tho United States, or at tho office of any assistant treasurer of the Unitod States, and when so redeemed may bo reissued, but no greater or less amount of such note* shall bo outstanding at any time than tho cost of tho silver bullion then held in the treasury purchased by suen notes. Provided, That upon tho demand of tho holder of any of tho treasury notos horoin provided for, tho Secretary of tho Treasury may in his discretion and under such regulations as he. may prescribe exchango for such notes an amount of silver bullion which shall bo equal in value at tho market price thereof on tho day of exchango to tho amount of such notes. “Sec. 3. That the Socrotary of tho Treasury shall coin such portion of the silver bullion purchased under tho provisions of this act as may bo necessary to provide for tho redemption of the treasury notos herein provided for, and any gain or seigniorage arising from such coinage shall bo accounted for and paid info tho treasury. “Sec. 4. That tho silver bullion purchased under the provisions of this act shall be subject to tho requirements of oxisting law and tho regulations of the mint service governing the methods of determining the amount of puro silver contained, and the amount of charges or deductions, if any, to bo made. “See. 5. That so much of tho act of Feb. 28. 1878, entitled *An act to authorize the coinage of the standard silver dollar and to restore Its legal tender character,’ as requires the monthly purchase and coinage of tho same Into silver dollars of not less than 82,000,000 nor more than $4,000,000 worth of silver bullion, is hereby repealed. “Sec. 6. That this act shall take effect thirty days from and after its passage.” Secretaries Blaine and Windom havo had several consultations on tho subjoct of protection of American Interests In tho Behring sea, but so far ns is kn >wn have not yet decided upon any detinifcj plan of action. Tht re are at prosent however, no indications that the policy of this administration as regards tho seal fisheries will differ on any material point from that of its predecessors. The revenue steamers Bear and Rush are now being fitted out at Sjan Francisco for their annual cruise in the Alaskan waters. The former will start north about May 1 and the latter abont June 1. Tho Bear will carry provisions, etc., for tho men who were left at Point Barrow refuge station last summer. The fish commission steamer Albatross will also soil north from San Francisco about May l, specially charged with the enforcement of the law prohibiting the erection of the dams, barricades, or other obstruction in the rivers of Alaska with tho purpose of preventing tho ascent of the salmon or auadromous species to their spawning-ground. Instructions to the revenue officers have not yet been issued, bnt it Is expected that they will bo ready in a few days. The instructions will probably recognize the same jurisdiction of tho United States over Behring sea as in the past, and will direct a strict compliance with the laws governing the seal and salmon fisheries. It Is expected there will be three war vessels in tho Alaskan territory during the coming season to -assist in the enforcement of the law. One is now at Sitka and the other two are fitting out at San Francisco. The United States ship Alert, now undergoing repairs in San Francisco, may also be ordered to the fleet in Behring sea. TnE New York police have been asked to assist in tho search for Benjamin Newton of Philadelphia, acting assistant superintendent of the Philadelphia t Reading railroad, who disappeared Monday, since which time no trace ot him has been found. He was suffering from overwork. ,