Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-03-14
CONGRESS
House Adopts Conference Report on
Financial Bill.
Vote was l66 YEAS TO 120 NAYS
Nine Democrats Were on the Re-
publican Side.
SEC. CAGES EXPLANATION

The debate on the conference report on
the new currency bill continued in the
House yesterday afternoon, and the re-
port was adopted-166 yeas. 100 nays.
Mr.. Maddox tGa.) criticised the bond fea-
lures of the bill and the gradual increase of
the interest-bearing debt.
Messrs. Noonan Qll) and Shafroth (Col.)
also spoke against the bill.
Mr.. Little (Ark.) closed the debate
against the report. He severely arraigned
the infamies of this bill' and the stealth,
deceit, fraud and corruption by which this
conspiracy has forced its Shiny course along
the pathway of legislation, until now we
are to witness in the light of day its tri
urnph over a free people," He declared it
would mark the blacklist page in our legis-
lative history. He closed as follows: 1.-The
forces of patriotism and integrity have Sc
lected their leader in advance of the con-
vention, which will be ratified on July 4,
and with that leader-the incorruptible, in
vtncible and fearless tribune of the people,
William Jennings Bryan-they will drive
you and the cohorts of corruption from
place and power forever" democratic ap-
plause)
Mr.. Brosius Pa). chairman of the COM
mfttee on banking and currency, and one
of the conferees on the financial bill, closed
the debate in support of the bill and report.
After pointing out the points of the bill
establishing stable system of finance, he
concluded in part as follows: This meas
ure Is long step toward the splendid pre-
eminence we are achieving as a world
power. American credits are affecting the
finances of the world. The British war loan
and the Russian loan have sought Ameri-
can takers and we supply these calls as
we did the payment to Spain, without
strain out Of our abundant commercial
IVA fn1tS
events. They show the marvellous develop
ment of the United States and the power to
command the markets and control the
finances of the world. Financial empire Is
before us, and following in the wake of
commercial superiority New York will ere
long have supplanted London as the clear
ing house of the world This is but part
of our great forward movement. 1t Is but
one terrace in the height Of destiny this
nation is climbing. Let us then go forward.
achieving primacy among nations and
taking that position assured by our great
opportunities and manifest destiny
The Vote.
At the appointed hour, 4:3O, the vote was
AIKEN, and the conference report was agreed
to-yeas 1G6. nays 120. present and not
voting 10. Nine democrats voted with the
republicans to agree to the report viz:
Clayton. briggs Fitzgerald, Levy, Scudder,
all of New York; Denny (Md.). McAleer
Pa), Thayer (Mass) and Underhill tN.Y.l.
In other respects the vote was on party
lines.
The Speaker announced the appointment
of Mr. Clayton (Ala.) to succeed Mr.. I'm
derwood (Ala.) on the judiciary committee:
Mr.. Brewer to succeed Mr.. Clayton on the
inslllar committee and Mr.. Polk on the
military committee.
Secretary Cages Statement.
Secretary Gage has made the following
statement in explanation of the provisions
| .-l-
House yesterday: .,..
The financial bill has for its first object
what its title indicates-the fixing of the
standard of value and the maintaining of
parity with that standard of all forms of
money. issued coined by the United
States 1t reaftirms that the unit of value
is the dollar, consisting of % and S-10ths
grains of gold of nine-tenths fine, but from
that point 1T goes on TO make it the duty
of the Secretary of the Treasury to MAIN
tain all forms of money issued coined
at parity with this standard, 1t puts into
the hands of the Secretary ample power to
do that. For that purpose the bill pro-
vides in the treasury bureaus of issue and
redemption, and transfers from the gene--
al fund Of the treasury's cash $50, 900, 900
in gold coin and bullion to the redemption
fund, that gold to be used for the redemp-
ton of United States notes and treasury
notes. That fund is henceforth absolutely
cut out of and separated from the cash
| balance in the treasury, and the available
cash balance will hereafter show a reduc-
| ton of s15O, OO0,O0O from the figures that
have heretofore prevailed. This $50. 900, 900
redemption fund is to be used for no other
purpose than the redemption Of United
States notes and treasury notes. and those
notes redeemed may be exchanged for
gold in the general fund or with the pub
| lie, so that the reserve fund is kept full
with gold to the s15O,00O,000 limit.
Power Given the Secretary.
fsTba Seprptarv piyap
! If redemptions go on so that the gold in
| this reserve is reduced below s1O0, 900, 900
and he is unable to build 1t up to the
| $50, 100000 mark by exchange for gold in
the general fund or otherwise, he IS given
power to sell bonds, and 1t Is made his
duty to replenish the gold to the $3.50, 900, 900
mark by such means.
Endless Chain Broken.
1.-The endless chain is broken by pro-
vision which prohibits the Of notes so
redeemed to meet deficiencies In the cur
rent revenues. The act provides for the
ultimate retirement of all the treasury
notes issued in payment for silver bullion
under the Sherman act. AS fast as that
bullion is coined into silver dollars treasury
| notes are to be retired, and replaced with
an equal amount of silver certificates.
1.-The measure authorizes the issue of gold
certificates in exchange for deposits of gold
coin, the same as at present, but SuSpendS
that authority whenever and SO long as
the gold In the redemption fund is below
s1c9, OC0, 900. and gives to the Secretary the
option to suspend the issue of such certif-
Gates whenever the silver certificates and
United States notes in the general fund Of
the treasury exceed $G0,000,000. -
Silver Certificates.
1.-The bill provides for larger issue of
silver certificates. by declaring that here
after silver certificates shall be issued only