Daily new dominion. [volume] (Morgantown, W. Va.) 1897-1906, 1900-01-05
BEYERIDGE TO SPEAK.
Will Talk on Philippines on
Tuesday.
HOOsIER ORATOR GAVE NOTICE.
Aldrich Made the Opening Statement In
the Senate the Financial BiII-Pet-
iigrew Resolution Went over Until
Monday Sezt.

WASHINGTON, Jan. 5.--In accordance
with the notice previously given by him
Senator Aldrlch opened the discussion
of the financial bill in the senate with o
speech in explanation of the senate sub
stitute for the house bill The speech
was carefully prepared and was read
from manuscript. 1t was delivered in
flear and distinct language, but without
any eff 9rt at oratory.
Senators present gave him careful at.
tenslon, but no one interrupted him
with questions or otherwise during the
delivery. nor did any one manifest a
disposition TO reply after he had con-
cluded. After Mr.. Aldrieh concluded
the senate adjourned over until Monday
for the purpose, it is understood. of CIV
ing those who may wish to reply to the
Rhode Island senator an opportunity to
study his presentation Of the subject.
The Pettlgrew resolution concerning
the Philippine war went over until Mon
day, when. it is understood some sena-
tors will be asked to be heard on the
general Philippine question. Senator
Beveridge also gave notice of a speech
for Tuesday on the Philippine question,
prefacing his notice with a resolution
declaring his own position ON the sub.
Jeet.
The first section con tains clear and def
mite declaration that the gold dollar is and
shall continue To be the standard unit Of
value; new and more emphatic pledge on the
part of the United States that all forms OF
money IL may issue or coin shall be at all times
maintained at an equality of value with the
gold coin adopted as the standard and spe-
cifc provision that United States notes and
treasury notes shall, upon presentation at the
treasury, be redeemed in standard gold coin
The bill now before the senate contains no
disavowal of the position heretofore taken
upon the question of international bimetalism
and places obstacles in the way of It's ac
complishment in the future. II it is possible
to secure permanence of relative value to gold
and silver coins with the free coinage of both
metals at fixed ratio, this permanence can
only be secured by concurrent action of all
leading commercial nations.
Mr.. Aidrich said that the Dem ocrats while
masquerading as the friends of bimetalism
have for the past four years been enga ed in
a crusade in behalf of the single standard of
silver, in serious attempt to place the
money and business of the country upon
silver basis that the assertion that the free
and unlimited coinage of gold and silver at
the historical ratio of l6 to |. without wait
ing for the consent of any other nation on
earth. will be the supreme issue in 1900 as it
WIS in 1896, has not been contradicted.
He further said In part;
No sas4e man can be found. outside Of the
ranks of the small band of bold, and
aggressiys leaders who at present dominate
the policy of the Democratic party, who be-
heyes for an instant that the opening of our
mints to the free coinage of silver at the ratio
of l6 to i will raise the value of silver bullion
from its current commercial price to it's mint
price measured with relation to gold.
The second section provides for reserve
fund of St50,090000 in gold to seea ;e the prompt
and certain redemption of outstanding United
States notes and treasury notes This fund is
increased s50,0J0,O0J over that which is now
held by the treasury for redemption purposes
The amount of silver certificates in circula.
ton on Dec. |, $780, was sv94 292 So and of
standard silver dollars s5S,232. 454 total of
$4I2,520 2o4. This amount will be gradually in
creased by the silver coinage, which will take
place under the provis ons of the act of June
IL. 1898. Both silver dollars and silver certifi-
Gates are by law receivable for all public dues
and as long as the ordinary receipts of the gov
eminent are more than 50 00Oo, 000 per annum
1t is very evident that silver certificates are
not likely to go to discount.
Nhe third section makes it the duty of the
secretary of the treasury. as fast as standard
silver dollars are coined. as required by law,
from the bullion purchased under the act of
July IA. 1890. to retire and cancel an equal
amount of treasury notes and provides that
upon the cancellation OF the notes silver GER
tlficates Shall be issued against the silver dol
lars coined.
The fourth section authorizes and directs
the secretary of the treasury to receive de-
posits of gold coin and to issue gold ce riff
Gates therefor in denominations of not less
than SxO. The provisions of tins section are
In most respects the same as those contained
IN the twelfth section of the act of July IL.
1882
The fifth section provides that no United
Strtes notes or treasury notes shall hereafter
be issued or reissued IN denominations of less
than $40, and that all such notes of a smaller
denomination, when redeemed shall be can
celed and notes OF $40 upward substituted
therefor. IL also provides that no silver GER
titicates of higher denomination than $40
shall be issued
The sixth section of the substitute gives to
the secretary of the treasury authority to
convert portion of the national debt into
bonds bearing per cent interest. The propo-
sltlon contemplates a profitable anticipation
of interest payments and consequent reduc
tion of the public debt.
The seventh SECTION provides that upon the
deposit of United States bonds by any ma
tonal banking association in the manner pro.
vided by Jaw, such association shall be en-
titled to receive circulating notes equal to the
par value of the bonds deposited. 1t also pro-
vldes that aay national banking association
now having bonds deposit shall be entitled
to the same privileg e.
The eighth section provides that any ma
tional banking association having on deposit
as security for its circulation notes bonus of
the United States bearing interest at per
cent per annnm shall pay tax upon such cir
culating notes of q of | per cent annually, in.
stead of tbs tax of per cent now Imposed by
law.
HOAR APPARENTLY FOR QUAY.
Replied to Letters Urging Him Not to