Omaha daily bee., 1899-12-03
SENATE'S FINANCIAL BILL
Will Make Provision for Maintenance of tie
Gold Standard.
GAGE MEETS WITH THE COMMITTEE
Discuss Advisability of n General Re-
funding of Bonded Debt of
Country at Lower Rate
of Interest.

WASHINGTON, Dec. 2.-The republican
members of the senate committee on finance
met today in accordance with the call OF
the chairman, Senator Aldrich, to consider
a financial bill to be presented at the ap-
preaching session of congress There were
present Senators Aldrich. Allison, Patt OF
Connecticut. Wocott and Burrows, Mr..
! Platt of New York being the only absentee.
Secretary Gage appeared before the commit
tee and was in consultation with the mem
bers until after l o'clock He went over the
general situation with them, making various
recommendations as to the details of the
measure to be introduced. One of the points
discussed was the advsability of a general
refunding of the bonded debt OF the country
at a lower rate OF interest than now prevail
ing. The indications are that feature OF
this kind will be incorporated in the senate
bill.
1t can be definitely stated that the senate
measure will make provision for the main
| tenance of the gold standard. 1t is also
quite definitely understood that the senate
bill will be an entirely different measure
from that prepared by the house republican
caucus committee. 1t will necessarily cover
much of the same ground, but will differ
from the house bill in phraseology and de-
tail and cover some points not included in
that measure. This difference will have the
effect OF requiring a conference committee
to settle the differences in case both bills
are passed each by it's respective house,
Gage Favors Refunding Bonds.
The proposition to refund the outstand-
ing per cent bonds OF 1907 and the 5s of
1904 was gone over at some length at to-
days conference Secretary Gage, it is
understood, has had this subject under con-
sideration, and it is learned that his views
practically agree with those entertained by
the committee The proposition involves at
least two amendments to the national bank
law, one is to reduce the circulation tax
to one-haf Of / per cent and the other
authorizes the issue OF circulation OF ma
tional banks up to the par value OF bonds
deposited. There are now outstanding OF
the per cents due in 1904 about 10000
900, and OF the As due in 1907 about Sj45,
O00, 900, taking into account those purchased
by the government under the seCretarys
recent offer, making a total OF $685., 900 900,
which are payable within the next seven
years. The members OF the senate finance
committee are OF the opinion, which is fully
shared by the secretary of the treasury,
that these bonds could be refunded, run
ming for a long period of time. bearing
per cent interest, and probably a propO-
sition of this kind will be incorporated in
the senate bill before It is introduced,
The members of the committee refused to
give out any details concerning the Dill
which is to be introduced. All other mem
bers referred inquiries TO Chairman Aldrlch,
who stated that the bill would not be made
public until introduced in the senate. He
would only say that the senate would have
an independent measure, not baslng its
action upon the house bill and that II would
probably be introduced on the first bill day
next week probably Wednesday To this
statement he added the one remark that
the bill would probably not be any more
satisfactory to the opposition than TO the
house bill.
Speaking Of the probability of early con
sideration OF the bill by the senate, Mr.
Aldrich says no decision has yet been
reached as to whether the bill will be taken
up Immediately or the date postponed until
after the house should act upon It's measure,
He was OF the opinion however, that the
latter course would be pursued. He thought
there would be no important opposition 10
the bill and that there would therefore,
be no necessity for change Of the rules,
Probably a months time would be required