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.