New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-03-01

MIR. ALDRICH GIVES REASONS FOR THE
CHANGES MADE IN CONFERENCE.
[BY TELEGRAPH TO THE TRIBUNE. ]

lBY TELEGRAPH TO THE TRfBUSE.l
Washington Feb. 2S.-In accordance with his
promise of Thursday last Mr. Aldrich. the chair
man of the Senate Finance Committee. explained
to-day in detail the alterations agreed on by the
conferrees on the so-called Currency and Refund
ing bill The sections of the new compromise meas
were taken up IN succession. and reasons were
succinctly given for the changes in scope OF
phraseology authorized py the conference AS was
indicated these dispatches last week. the confer
ence report differs only slightly in form or contents
from the measure drawn by the Senate FINANCE
Committee and passed by the Senate, and MI Al
drichs task was, therefore, an easy and sratty-
ing one The critics of the report will have their
saw Tomorrow The opposition made will be highly
formal and perfunctory however. and the report
will he adopted In both houses without delay or
friction.
MR.. ALDRICH'S STATEMENT.
Mr. Aldrich said that the first change was IN
the section defining the standard 1t was purely
verbal chenge-a change In phraseooe'-aAU
undoubtedly strengthened the section
The second change was provision ihser'ou III
The bill making II the express duty Of the secretary
of the Treasury maintain the reserve iuhu III
order that the parity of United States money shouu
he preserved. Mr. Aldrich thought the SENATE piii
did impose that duty. but the House conferrees IN
sisted that the injunction should be Incorporated III
the bill In terms.
The next change provided that the soo reserve
might be held in gold coin 'or bullion the iast
two words being added because the facilities for tne
coinage of gold would not at present admit OF coih-
ting the gold in sufficient quantity to maintain at
all times the reserve IN gold COIN
The next change, Mr.. Aldrich explained PROVIDED
distinctly that the Secretary of the treasury
should not use the money raised by the sale OF
bonds for the payment of the current expenses OF
the Government. the purpose being to destroy any
possibility that the so-called endless chain might
be established.
The next amendment was the insertion of new
hat
should affect legal tender quality of the silver
dollar of any other money of the United states
This section deemed desirable, In order to re-
move any possible doubt as 10 the retention OF the
legal tender quality of silver.
ISSUE AND REDEMPTION DIVISIONS.
The next amendment provided that two new d.
visions should be established in the treasury De
partment one of issue and the other of redemp-
ton The funds established in these divisions were
to be regarded trust funds and should he USED
for the redemption of notes and certihcates Tor
which they were respectively pledged, and for no
other purpose. Mr.. Aldrich did not think the Sec
ton changed the existing law.
The next amendment provided that as long as
the aggregate amount of United States notes and
silver certificates the general fund of the Treas
ury shall exceed 500 ZOO. the Secretary may sus-
pend the issue of certificates. This, Mr.. Aldrich
said was simply another way of protecting the
The next amendment provided that the Secre-
tary of the Treasury might issue 10 cent OF the
total volume of silver certificates IN notes OF large
denominations for convenience 10 banks and those
handling large sums of money
The next amendment provided for the issue first
Of silver certificates of small denominations, Mr.
Aldrich explaining that the provision in the Senate
substitute, in the opinion OF the Secretary OF the
Treasury. might cause contraction of the cur
rency.
The next amendment provided for the coinage OF
subsidiary silver TO the amount OF S-nVN"o IN al
dtion 10 the $50 10000 now in circulation MI Al
Eich said that the committee did not thlnk at TINS
time IL wise to increase the additional amount
but he of opinion that in view of the needs
OF the island possessions 1t soon would have to be
The next amendment a section provid-
ing for the coinage of worn, uncurrent subsidiary
silver coin. and was purely administrative in CHAR
acter.
The next amendment provided that National
banks with capital of 5000 might be organized In
towns Of three thousand inhabitants. instead of
four thousand.
Another amendment administrative in it's nature.
the making OF an appropriation TO pay for
the printing and exchange of bonds issued under
the bill.
An amendment also made to permit banks
to issue one-thrd OF their circulating notes in de-
nominations OF S. This was agreed TO because
banks In remote parts of the country needed good
deal OF currency In small bills In order 10 accom-
MEDIATE customers
In connection with this amendment Mr.. Aldrch
interrupted by Mr.. Allen. of Nebraska. who
said there was no such demand from his section OF
the country and the amendment was In line with
the committees policy 10 cater to the desires OF the
banks.
LIVELY POLITICAL DISCUSSION.
a lively political coIloquy ensued between the two
Senators In which Mr. Aldrich said that Mr..
Allen had Just returned from a Popustic confer
ence and n conference with his candidate for the
Presidency. presumably speaking by author
lily. He also ntmated that Mr.. Bryan might have