ion of 45,761 had the same voting power as New York with
5,997,853. Hence, at first, it looked as if the passage of a repeal bill
might be impossible. Finally, the habit of compromise prevailed and a
majority agreement was reached postponing the date of repeal for twelve
or eighteen months during which the treasury stock of silver bullion
was to be turned into coin. Cleveland made it known that he would not
consent to such an arrangement, and the issue was thereafter narrowed
to that of unconditional repeal of the Silver Purchase Act. The Senators
from the silver-mining States carried on an obstinate filibuster and
refused to allow the question to come to a vote, until their arrogance
was gradually toned down by the discovery that the liberty to dump
silver on the Treasury had become a precarious mining asset. The law
provided for the purchase of 4,500,000 ounces a month, "or, so much
thereof as may be offered at the market price." Secretary Carlisle found
that offers were frequently higher in price than New York and London
quotations, and by rejecting them he made a considerable reduction in
the amount purchased. Moreover, the silver ranks began to divide on the
question of policy. The Democratic silver Senators wished to enlarge the
circulating medium by increasing the amount of coinage, and they did not
feel the same interest in the mere stacking of bullion in the Treasury
that possessed the mining camp Senators on the Republican side.
When these two elements separated on the question of policy, the
representatives of the mining interests recognized the hopelessness of
preventing a vote upon the proposed repeal of the silver purchase act.
On the 30th of October, the Senate passed the repeal with no essential
difference from the House bill, and the bill became law on November 1,
1893.

But although the repeal bill stopped the silver drain upon the Treasury,
it did not relieve the empty condition to which the Treasury had
been reduced. It was manifest that, if the gold standard was to be
maintained, the Treasury stock of gold would have to be replenished. The
Specie Resumption Act of 1875 authorized the sale of bonds "to prepare
and provide for" redemption of notes in coin, but the only classes of
bonds which it authorized were those at four per cent payable after
thirty years, four and a half per cent payable after fifteen years, and
five per cent payable after ten years from date. For many years, the
Government had b