The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-03-06
FINANCIAL BILL DISCUSSED.
Vote ON the. Conference Report to
he Taken This Afternoon.

Washington, March 5.-Speeches on the
financial bin were made in the Senate to-
day by Mr.. Fairbanks of Indiana, and
Mr.. Butler of North Carolina.
The Indiana Senator defended the gold
standard and generally applauded the ac-
ton of the Conference Committee. while
Mr.. Butler attacked the pending measure.
particularly of the power 1t conferred up
ON national banks. A final vote on the
conference report will be taken tomorrow
afternoon at o'clock.
When the routine business had been con-
cuded, Mr. Aldrich called up the financial
bill conference report and Mr. Teller re-
sumed his speech begun last Saturday.
Mr.. Teller believed that the effect of the
pending bill would not be ruinous although
1t would be- in his opinion. disaster
greater than the Civil War. The rich
would become richer, he said, great for
tunes would be built up, but the affilction
would come by the making of the poor
poorer.
MIR. Fairbanks spoke on the pending re-
port of the Conference Committee on the
financial bill. The enactment Of the bill
he said, will put at rest the monetary
question in the United States for years
to come, for II is incredible that the finan-
cial wisdom which the people have ac-
quired during the pas4 few years can SOON
be forgotten. The vast industrial and
commercial interests win have period on
repose, secure against the menace of mon
etary doctrines.
The maintenance of the gold standard
with silver circulating as currency at
parity with gold, is abe only bimetallism
possible with so vast difference exist
ing between the value Of the two metals
in the markets.
Mr.. Fairbanks maintained that whatever
had been done 10 favor Of silver had been
done by the Republican party. The oppo-
sition are bimetalsts In theory only. The
policy, however, which they advocate de-
feats their professed object and they are
in fact silver monometallists.
He declared the adoption of the silver
standard would result in a contraction OF
the currency. He vigorously attacked the
governments issue of fiat money and OPP
posed the issue of money by state banks.
Referring to the refunding provision OF
the pending bin MIR. Fairbanks said:
IL Is doubtful if any government in
the world has ever been able 20 borrow
such tremendous sum OF money at so
low rate of interest. No such conversion
could be effected with an annual saving
TO the government of nearly $4,000, 900 with
the country upon the silver standard, or
If we we're to incorporate in the pending
measure free silver coinage as proposed
by the opposition"
Mr. Foraker in charge Of the Porto Ri
can tariff and government bill gave notice
of amendments TO the measure imposing
a duty of five cents a pound on coffee,
chcory roots and chcory imported into
Porto Rico and to prevent the importa-
ton from Porto Rico to the United States
Of goods or products not actually of Por-
to Rican origin.
Mr. Butler Of North Carolina followed
with a brief general discussion of the
financial question. He particularly attack
ed the power which ne said was conferr-
ed upon the national banks by the pend
ing bill. He declared that under the pro-
visions of the bill the banks could initiate
the currency Of the country $Si00000OO.
This was a dangerous power to put in the
hands Of a few men. He maintained that
the currency should be issued by the gov
ernment and not by the banks and every
dollar should be government paper.
After a brief executive session the Sens
ate at 4:40 D. IN adjourned.