Mexico weekly ledger., 1900-02-22
GOLD HAD A MAJORITY OF II.
Two Dsmecratie Senators Voted With
the NEUTRALITY-SUSPICIOUS.
Plan Expected to Be
Adopted

WAsHEaroS, FEB. 1.-Two DEM
ocrsts voted with forty-four Rspubli-
cans to adopt the gold standard bin in
the Senate late yesterday afternoon.
The majority Of seventeen for the bill
exceeded expectations. Senator CAT
Trey, Of Loulsiana, and Senator Lind
say, Of Kentucky, vera the boiling
Democrats. Senator Chandler, Of New
Hampshire, Republican, voted with
the Democrats. He is an ardent
blmetAIHst.
Nov that the Senate has recorded
it's Judgment, the subject viii 20 Into
conference between the iva Houses.
The Objectionable feature OF the SEN
ate substitute for the House bin viii
be the amendment declaring that the
measure shall not impose obstacles in
the way OF international bimetAIlism.
II the Senate conferrees are willing
to surrender this sop to Colorado and
Montana, which has effected Its pur-
pose, there viii be no difficulty IN
reaching . prompt agreement. The
compromise bill passed by both
houses will become Law. The refund
ing plan OF the Senate bill viii pre-
vail. It is believed BY experts that
the private holders Of 4 and S per
cent. bonds viii take advantage OF the
proposition. There is uncertainty as
to the reiunding Of 3 per cents, be-
cause Of the difference In the market
price and the premium offered. Sem
ator Aldrich estimates an ultimate
saving to the government OF y mis-
lion dollars.
TIE ESDLEss CHAIN.
The distinct separation OF the uses
on money in the redemption fund,
from that obtained for ordinary ex-
penses Of the government, will be an
important consideration. The Senate
bill provides that the proceeds Of
bonds which are sold to maintain the
gold reserve shall be paid into the
finance division Of the Treasury. 1t
will be proposed that the proceeds of
bonds sold to maintain the reserve
fund shall not be used for current ex-
Penses, thus avoiding possibility of
recurring to the practice of the send
less chain" 90 severely criticised in
the Cleveland administration.
The minor amendment OF Sen
Ator Nelson for the incorporation OF
banks in towns Of 1000 inhabitants
and over with q capital Of s25, 900 lie,
IN fact, part Of the original House
measure.
The bill, as passed, consists OF ten
sections. Itprovidvs that the dollar OF
Is $40 grains OF gold, nine-tenths
fine, shall be the standard unit Of
value, and that all forms OF United
States money shall be maintained at 9
parity with II, and that treasury notes
and greenbacks shall be redeemabIe
in gold. The Secretary Of the Treas
ury lie to set apart q fund Of $50 mil
lion dollars in gold for the redemp-
ton OF these notice, and to maintain
this fund at q figure not below 100
million dollars be is empowered to
sell bonds of the United States bear
Ing interest at not exceeding 8 per
cent.
10 REFUND THE DEB.
Under certain provisions gold GER
thcates shall be Issued against the
gold held In the treasury. No United
States notes or treasury notes shall
be issued In denominations OF less
thsn $40 and no silver certificates In
denominations Of moro than e10. The
Secretary Of the Treasury Is author.
ized to refund the bonded debt Of the
United States In thirty-year bonds
bearing 2 per cent. interest, the prin-
cipal and interest Of these bonds to
be paid In gold. The q per cent.
bonds shall be issued at not less than
par. Any national bank, by deposit
ing with the United States bonds Of
this country, shall be permitted to
issue circulating notes Of the face
value of the bonds deposited, no bank
being allowed to issue circulating
notes in exces OF the amount Of the
amount Of the paid-in capital stock of
the bank.