The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-03-01
Explanation by Mr.. Aidrich Of the
Changes Made I'm Financial Bill
by Conference Committee.
COLLOQUY WITH MR.. ALLEN
WHO RESENTED THE INITIATION
THAT HE Is A DEMOCRAT.
Speech by Senator McLaurin I'm Favor
of Retaining the Philippines
Will Benefit the south.

4
| ing the agreement made by the Senate to
vote the Hawaiian government bin at
to-day's session, the final vote on the meas
ure was postponed until o'clock to-mor-
row. Practically no progress was made on
| the bill to-day, although IL was under con-
sideration nearly four hours Mr.. Aldrich.
chairman of the finance committee, at the
| opening OF the session made an explana-
ton of the work OF the conferees on the
financial measure. his statement resulting
| in an unexpected and spirited debate. The
first change, Mr.. Aldrich said, was in the
section defining the standard. 1t was pure
| ly a verbal change. and undoubtedly
strengthened the section.
The second change was a provision in
serted in the bill making it the express
duty of the secretary OF the treasury to
maintain the reserve fund in order that the
parity of United States money should be
preserved. Mr.. Aldrich thought the Sen
ate bill did impose that duty, but the
House conferees insisted that the injunc-
ton should be incorporated in the bill in
| terms.
The next change provided that the gold
| reserve might be held in gold coin ''or bull
lion," the last two words being added be-
cause the facilities for the coinage of gold
would not at present admit of coming the
gold in sufficient quantities to maintain at
all times the reserve in gold coin.
The next change. Mr.. Aldrich explained.
| provided distinctly that the secretary or
the treasury should not use the money
| raised by the sale of bonds for the payment
of the current expenses Of the government,
so as TO destroy all possibility that the So
called endless chain might be established
new section was inserted providing that
nothing in the present act should affect the
legal-tender quality of the silver dollar or
of any other money of the United States.
so as to remove any possible doubt as TO
the retention of the legal-tender quality or
silver.
The next amendment provided that two
new divisions should be established IN me
Treasury Department; one of issue and the
other of redemption.
| SILVER CERTIFICATES.
The mex. amendment provided that SO
long as the aggregate amount of United
States notes and silver certificates IN the
general fund of the treasury shall exceed
sixty millions of dollars the secretary may
suspend the issue of the certificates. This.
Mr.. Aldrich said. was simply another way
of protecting the reserve.
The next amendment provided that the
secretary of the treasury might issue ~
per cent of the total volume of silver GER
tificates in notes of large denominations
for convenience TO banks and those nam
ding large sums of money.
The next amendment provided Tor the
issue first of silver certificates of small de-
| nominations Mr.. Aldrich explaining that
the provision in the Senate substitute, IN
the opinion of the secretary OF the treas
try, might cause a contraction OF the cur
rency. The next amendment proVioeu LOT
the coinage of subsidiary silver 10 the
amount of $20,000,000, in addition 10 the
$4,000, 900 now in circulation.
| The next amendment provided that ma
| tional banks with a capital Of $4,000 might
be organized in towns of 1900 Inhabitants.
| instead OF 400. .
An amendment also was made to permit
| banks to issue one-third of their circulat-
ing notes IN denominations OF 70, agreed 10
because banks in remote parts OF the coun.
| try needed a good deal of currency In small
| bills to accommodate customers.
| Mr. Allen interrupted that there was
no such demand from his section of the
| country. and the amendment was simply
| in line with the committees policy cater
| to the desires of the banks.
| A lively political colloquy ensued between
the two senator's during which Mr.. Aldrich
said that as Mr.. Allen had Just returned
from a Populist conference and a CONFER
| ence with his candidate for the presidency,
| he was presumably speaking with authori-
ty He also intimated that Mr. Bryan
| might have changed his views on the mon
ey question since the last report
ALLEN AROUSED.
| This aroused the Nebraska senator, who
denied that he had been in conference with
Mr. Bryan, and said the sneers OF the SEN
ator (Aldrich) directed at a man who was
in every respect his equal were unwarrant-
ed and uncalled for. Mr.. Allen said he
wanted to enter his protest against the as
sumption Of Mr.. Alerich that he was
| Democrat and he explained wherein ne
differed from the Democratic policy
In response to a question from Mr.. VOL
| colt, Mr.. Allen said: Il do not want 10
| handy words vith the senator for the
| benefit of the galleries. There have been
some boodling Republicans In our party
| referring to Mr.. Wolcott reference 10 the
| middle-of-the-road Populists). but like st.
| Patrick did with the snakes, We swept
them at our recent conference INTO the
| ocean"
| Resuming his explanation OF the changes
| I'm the financial bill Mr.. Aldrich said the
| last amendment was a slight change IN the
section relating TO bmetallism. He thought
II eminently desirable 20 say 10 the nations
| of the world that the United States was on
the gold standard and would remain In
that position until they were prepared 10
| enter into an agreement with regard 10
| the use of silver.
At the conclusion OF Mr.. Aldrich's state
ment Mr.. McLaurin, OF South Carolina,
| was recognized 10 deliver duuDuuNCu
speech upon the Philippine question. lie
| is the first Democrat in the Senate to de-
| clare himself for expansion. He secuted
| what he called the "bugbear OF imperial
| ism" with which some OF his colleagues
| were trying to Brighten the people. de-
| clared the question was not one OF poll
| tics. and maintained the acquisition of the
Philippines would be OF immense advan-
tage TO this country, especially the South.
| by opening 10 the United States the trade
| OF the Orient. "Our Southern manufac-
| turers" he said have already reached out
| to the markets OF the Orient and discov-
| cred their advantage. The Southern farmer
| needs such markets for his raw cotton
| 10 make it's production remuneratfve. BY
| the acquisition Of the Philippines we hold
| the key OF the Eastern situation. We need
| not rely solely upon treaty rights TO Sc
| cure the open door but can demand equal
| commercial opportunity with other ma
| lions, and II necessary with the vantage
| ground we have assert that demand. VIII
| the United States throw away the golden
| opportunity by giving up the Philippines?
| I am in favor OF holding them and I he
| lieve the Southern farmers and manufac-
| tUrers will sustain me In my position. be-
| lieve further that the presence of the
| United States and OF its flag. the emblem
| OF human freedom. progress and civiliza-
| ton, Will carry TO the millions In the Orient
| unnumbered blessings which I'm the coming
| years Will be for their betferment and
| ameioration and Will conduce 10 the per-
| petuity and glory OF our free institutions
| and the commercial supremacy OF the Ma
ton"