The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-02-13
WOLCOTT'S FINANCIAL VIEWS.
HE INSISTS ON A DECLAR ALTON AS
TO BIMETALLISN.

Abandonment of PrincipleS-El-
xins Discussed the National Bank
observation-disclosures Butler of North
Carolina Also Heard ON the Meas
ure-GeneraI Bill Passed.
Washington, Feb. n.-The final weeks
discussion of the pending financial bill
was begun in the Senate to-day. The
speakers were two Republicans Mr.. Ell
kins of West Virginia and Mr., Wolcott of
Colorado, and one Populist, Mr.. Butler of
North Carolina.
Mr.. Elkins advocated the passage of the
pending Senate measure in a brief but
forceful argument. Mr.. Wolcott, chair
man of the International Bimetallic Com
mission of 1897, spoke for many Republic
cans who adhere to bimetallism, and his
speech, earnest and eloquent, was accord
ed unusual attention. MIR. Butler advo-
Gated the adoption of his amendment pro-
viding for an issue of paper currency by
the government.
A House bill for the preservation of the
frigate Constitution was passed. the meas
ure providing that the ship should be re-
stored as nearly as possible to its original
condition.
bill was also passed extending the pow
ers and functions OF the Court of Private
Land Claims until June so, 1902.
EIIxins on Financial Bill.
The financial bill was then called up and
Mr.. Elkins addressed the Senate. He said
Mr.. Gamblers speech of Saturday would
be distributed by hundreds of thousands
of Mr.. Gamblers political enemies. Mr.
Elkins commended the general provisions
of the bill but criticised the sixth section
providing for the funding of the public
debt
I'VE should not" he said, reach con-
illusions and legislate from the standpoint
Of vision or the highest wave of prosperity
the country has ever had. The conditions
which surround us in the financial and
commercial world are extraordinary. Pres
ent favorable conditions win be followed
naturally by a reaction that will bring
new experiences
The Senator suggested that the govern
ment might find it difficult at some, time in
the future to keep the proposed per cent
bonds at par and asked If it would not be
better and in public interest to make the
rate of interest higher, say 8 per cent, and
offer no inducements to the national
banks. |
In closing he said that even under more
favora BILE conditions than are promised in
the pending bill, note circulation of ma
tional banks may disappear, partly be-
cause it is not profitable now to the banks
and may not be under the provisions of
this bill, and partly because of the pre-
judice and opposition on the part of
large proportion of the people to national
banks issuing currency; but largely and
more than all this, for the reason there
will be no need of bank note circulation
in case the increase of certificates against
gold deposits in the treasury should con-
tinue.
ITO my mind" he said, gold certif-
Gates and silver certificates under proper
limitations are the money of the future.
and the very near future. This would
leave with the government the sole power
of issuing money; therefore, | conclude
that it is not needful to offer inducements
to national banks to take two per cent.
bonds, nor to fund the public debt before
our bonds mature by giving bonus to
national banks and putting out a bond
that cannot be redeemed under thirty
years"
General Bills Passed.
The following bills on the general calen-
dar were passed:
To construct road to the national GEM
etery at Dover, Tenn, at a cost of 81 800;
to carry into effect two resolutions of the
continental congresses directing monu-
ments to be erected to the memory of Gen.
Francis Nash and William l.. Davidson of
North Carolina, appropriating $1,000 for
each; to encourage enlislments in the navy
by providing successful applicants with an
outfit valued at $45 to authorize Hon. A.
at mir iGfp of ha
United States to Greece, Roumania and
Servia, TO accept the decoration rendered
him by the Shah of Persia; 10 authorize
the following naval officers to accept ord
ers and decorations rendered to them by
the government of Venezuela: Rear Ad-
C. Taylor, Capt. f. A. Cook,
Capt C. ID. Sigsbee. Capt. f. e. Chad
wick Capt. C. F. Goodrich Commander
w. W. Mead, Commander j. II. Deyton,
Commander F. M. Symonds and Com
mauder c. c. Todd.
senator WOIcott's Position.
Mr.. Wolcott, whose position as chair
man of the International Bimetallic Com
mission made his utterance of more than
usual importance, then spoke. Referring
to the first section of the Senate bill de.
claring the gold dollar should continue 10
stand as the standard unit of value, Mr..
Wolcott said:
"Of course, it willard it would so con-
tinue if this section were eliminated from
the bill. The section has been the law
since 1873 and is hardly worth discussing
now.
1.-THE provision requiring the payment
of the principal and interest of the new
bonds, in gold, represents. ! think a
mistaken view as to our national credit. I
can but express my regret that the COM
mittee felt that the exigencies of the
money market required departure from
the terms heretofore used in government
Adverting to national banks and the
other provisions of the bill which afford
them opportunity to increase their circu-
lation to the par value of oil government
bonds deposited, Mr.. Wolcott said
Succeeding years have only more firm
ly implanted them as an integral part of
our financial system, not TO be uprooted
without a more radical change of policy
than any party or administration should
care to attempt
1T is estimated that within the next
few months at least S200,e00OO0 of addi-