The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1900-02-27
GOOD PROGRESS MADE
BY THE CONFERENCE COMMITTEES ON
THE CURRENCY BILL.
ONLY TWO POINTS NOW AT ISSUE
House Conterees Refuse to Agree to
Senate Funding and international
Bimetallic Amendments Agreement
Likely To be Reached on These Today.
several Points at Issue settled by
compromise Treasury Division of
Issue and Redemption.

Washington. February 22-The re-
after being together for seven hours
today. practically completed their
work, = full agreement having beer
reached on all the points at issue save
the senate amendment relating to the
refunding of the bonded Indebtedness
n he International bimetaliic clause
and on these the outlook was that a
satisfactory agreement would be reach
ed tomorrow. The concurrence was
so commplete that the senate conferees
prepared to call in the democratic
members. but the house republicans,
Messrs. Brosius and Overstreet, were
MOI quite ready for this step, indicating
a urp to continue their insistance
on the two questions still open.
Already, however, most of the impor-
tant questions have been disposed of
and a complete agreement reached.
The language by which the gold stand
ard is established proved less difficult
tina was at first anticipated. While
the provisions in the house n senate
bills were the same in principle, they
differed entirely in wording, and after
some consideration the senate proVlS-
ion commended itself to the conferees
of both houses. The provision doubt
less will be a part of the final agree
ment and is as follows:
THAT the dollar consisting of 25.S
grains Of gold, min tenthS fine, shall,
as established by section 3511 of the
Revised Statutes of the United States,
continue to be the standard unit of val
ue, and all forms of money issued or
--;~oI -, TT~ifa1 Got -, ehol1 ha Dnoi1
tanned at parity of value with this star
dard, and United States notes n
treasury notes issued under act July
14th, 1890, when presented to the treas
ury for redemption, shall be redeemed
in gold coin of such standard"
The difference as to the maintain
ance of a gold reserve was also speedi-
ly and satisfactorily adjusted. The
senate provision calls for a reserve of
definite amount, namely $3.50, OOO. 900
while the house provision did not fix
a definite sum but made the reserve
rs per cent. Of outstanding notes. On
this question also, the senate provis-
ion met with most avor, because or
it's definiteness. The house conferees
insisted, however, that the senate sec
ton be so changed as to provide for a
division of issue and redemption in the
treasury, as was originally provided
in the house section relating to a gold
reserve. The purpose of this issue and
redemption division is to keep the fiS-
cal banking features Of the treasury
entirely distinct. 1t is understood
that this feature and the senate pro-
vision on the gold reserve will be in
corporated in the final settlement.
Agreement has been also reached on
the provision for national banks with
small capital, and also for the issue OF
bank note circulation up to the par
value of bonds deposited. The agree
ment on the issue Of United States
notes of small denomination was a
compromise. The senate provided that
no notes shall be issued below $40, but
the house conferees insisted that this
would cause a Stringency in small bills.
1t was finally arranged to do away with
the limitation of $40, and to provide
that the small notes of s. and under
should be kept up to the volume now
in circulation which is about S39O,0OO,-
900. The important question OF the re-
funding provision of the senate bill
proved more discult to settle, and UP
to the close of the conference tonight
no actual agreement had been made,
although a compromise was in sight.
The house made no provision for re-
funding the debt, and under the cir
cumStances, the house cOnfereeS 1elt
that if they were to accept SUCH a
provision as the senate
in the bill they should nave d part III
framing it. Instead, therefore, or &C
cepting the senate provision as a
whole, a new form was prepared, and
this is likely to be the basis of the com.
promise. 1t retains the principle OF
refunding, but makes a considerable
alteration Of the original phraseoiogy
Another difficult question has been
the senate provision as to an lnterna-
tional himetauic conference. The
house conferees have been loath to &C
cept this. and up to tonight they had
declined to yield, although the chances
seemed rather more favorable to its
retention than it's rejection