New-York tribune., 1899-12-03
MAY REFUND BONDED DEBT
A PROBABLE FEATURE OF THE SENATE
FINANCE COMMITTEES BILL.
REPUBLICAN MEMBERS DISCUSS IhEi"
MEASURE WITH SECRETARY GAGE
IT MAY BE INTRODUCED
ON WEDNESDAY.
ON WEDNESDAY.

Washington, Dec, 2-The Republican mam-
bers Of the Senate Committee on Finance met
In the room Of that committee to-day In ac-
cordance with the call of the chairman. Senator
Aldrich. TO consider financial bill TO be pre-
sented at the approaching session Of Congress.
There present Senator's Aldrich, Allison,
Platt, Of Connecticut; Walcott and Burrows.
Mr.. Platt, OF New York. was the only absentee.
Secretary Gage wes in consultation with the
members until after o'clock. He discussed the
general situation with them, making various
recommendations in regard to the details OF the
measure to be introduced. One of the points
discussed was the advisabty OF a general re-
funding OF the bonded debt of the country at a
lower rate Of interest than now prevails. The
indications that feature Of this kind VIII
be incorporated IN the Senate bill. II can lie
definitely announced that the Senate measure
will provide for the maintenance Of the gold
standard. 1t is also understood that 1t VIII
differ from the bill prepared by the House Re
publican Caucus Committee in phraSeology ana
detail. and cover some points not included IN
that measure This will have the effect Of re-
quiring a conference committee to settle the dif-
fcrcrces in case both bills are passed.
LOWER RATE OF INTEREST.
The proposition to refund the outstanding 4
per cent bonds OF 1907 and the 5s OF 1904 was
discussed at some length. Secretary Gage. It
is understood. has had this subject under con-
sideration, and it is learned that his views prac-
tcally agree with those Of the committee. Ihe
proposition involves at least two amendments TO
the National Banking act. One is to reduce the
circulation tax from l to one-half or L per
cent and the other authorizes the issue OF cir
culation OF National banks up to the par value
of bonds deposited. There are now outstanding
OF the per cents due in 1904 about S9O.OOO.OOO,
and Of the 4s due in 1907 about So4o'ooo'ooo'
taking into account those purchased by the
Government under the Secretarys recent oner'
making a total Of $635, 100000 which are pay
able 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 re-
funded for others running for long period OF
time bearing per cent interest, and II Is pc
leYed that proposition of this KIND VIII De III
corporated in the Senate bill before II Is intro
duced. - .
The members Of the committee refused 70
make public any details concerning the Dill
which is to be introduced. Inquirers were re-
ferred TO Chairman Aldrich, who said that the
bill would not be made public until 1t was IN
troduced in the Senate He would only say tha'
the Senate would have an Independent measure,
| not basing It's action on the House Dill, ana tna'
| # probably would be introduced on Wednesday
| To this statement he added that the Dill wouIo
| probably not be more satisfactory TO the oppo-
! sition than the House bill
GOOD PROSPECT OF PASSAGE.
speaking of the probability of early consider
| alton of the bill by the Senate Mr.. Aldrich said
| no decision had yet been reached as to whether
the bill would be taken zip Immediately or the
! date postponed unt after the House should act
| upon its measure. He was Of the opinion, now
| ever that the latter course would be pursued.
He thought there would be no flibustering on
! the part OF the opposition 10 defeat the OH.
| and that there would therefore he no necessity
for a change Of the rules. Possibly month
time would be required to debate the Dill, the
disposition being TO allow ample time, put MT;
Aldrich had no doubt that in the end the Dill
would be passed.