The times., 1899-12-07
CURRENCY BILL ADOPTED.
Republican Caucus Sends the Meas
10 the Public Printer.

Republican Caucus Sends the Meas
urc 10 the Public Printer.
The Republican members Of the House in
caucus yesterday afternoon without a dis
senting vote adopted the Administration
currency bill Ito define and fix the stand
ard OF value, to maintain the parity of all
forms Of money issued or coined by the
United States" etc.
The caucus, which was continuation Of
the one held Tuesday night, was called 10
order at > o'clock by Chairman Cannon
lie called Representative Hepburn of Iowa
TO the chair, and took the floor to make
some observations on the measure He
spoke for half an hour. d51oting his re-
marks TO that section Of the bill authoriz-
iag national banks TO issue circulating
notes up 10 the par value Of the bonds de-
posted TO secure their circulation He was
very free in his criticism of this section
of the bill, and expressed his willingness
to see it omitted. He had prepared an
amendment which be had intended TO offer
20 the section Of the bill, but at the sug-
sestiOn CT the caucus committee which was
appointed during the closing hours Of the
last Congress 20 draft the bill, he re-
Trained from doing So
The only other criticism made was by
Representative Warren Of Illinois. who il
is said, forced the adjournment Of the eau
Gus Tuesday night. He doubted the wis
dom Of the section impoundiEg greenbacBs
exchanged FOR gold until they are released
for another exchange for gold. He wss OPP
posed to this feature Of the measure, be-
cause in his opinion IL meant the retire
lngHt Of the greenbacks.
Representative Hill Of Connecticut. who
has been most pronounced in his view on
the currency question, took exception TO the
criticism made by Mr. Warner, and con
tended that this provision OF the bill did
not retire the grecnbacks, which he desired
10 have done.
Speeches Ia favor OF the bill were made
hy Representative D0lliyer OF Iowa and
Payne of New York. The former made
ringing speech in favor OF the gold standard
and iu support OF the measure.
In section I Of the bill, TO obviatc any
possible misunderstanding the word re
dempti0I' was inserted to identify without
question the fund TO be held for that pur-
pose. An additional section was added,
changing section 10 OF the national banking
act so as 70 make the limit Of the issue Of
circulating notes to any bank to 100 per
cent OF its capital stock. As originally
drawn the bill provided that the amount OF
notes 10 be issued 10 a bank should be in
creased from 90 to leo per cent of the par
value Of bonds deposited to secure their
redemption. 10 mention was made of the
capital stock restriction, ana il was feared
by some that il might be held to be re-
pealed by implication, thus removing all
restriction upon the amount 10 be issued.
except the ability Of the bank TO deposit
bonds.
The bill. with the foregoing changes.
which we're made by the caucus committee
that drafted the measure, was sent TO the
Public Printer last night with an order for
The printing Of TWO thousand copies for
the use Of the House.
Today Representative Diversified having
charge of the bin. viii introduce d resolu-
zion asking the Committee on Ru.e5 when
appointed 10 report a special order fixing
period for d discussion OF the measure.
| Unless q change is made in the programme,
the House viii take up the bill next Mon
day and vote on ii the latter part Of the
| week.