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 been able to borrow at lower rates but had in vain besought Congress to grant the necessary authority.