Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-02-13
DISCUSSION OF
FINANCIAL BILL.
Continued from Page L.

pear, partly because 1t is not profitable
now to the banks. and may not be UNI
ucr the provisions of this BILL and part
~ because OF the prejudice and opposi-
people ITO national banks issuing cur
rency, put largely, and more than all
TINS, Tor the reason there will be no
need OF bank note circulation in case
tne increase OF certificates against gold
deposits In the Treasury should con-
tinue To my mind. gold certificates
ana silver certificates, under proper
limitations. are the money of the fu-
ture, anu the very near future This
would leave with the Government the
sole power OF issuing money; therefore,
l conclude that it is not needful to Of
Ie; inducements TO national banks to
take TWO per cent. bonds nor refund tho
public debt before our bonds mat urc by
giving bonus 20 national banks and
puttinS out bond that cannot be re-
deemed under thirty years.
BILLS PASSED.
The following bills on the general
calendar were passed:
ITO construct Il road to the National
cemetery at Dover. Tenn, ut a cost of
81, 5O0; to carry into effect two reso-
iutlons OF the Continental Congress di-
recting monuments to be erected to
the memory of General Francis Nash
ana William l.. Davidson, of North
carolina, appropriating $1,000 for each:
10 encourage enlistments in the navy
by providing successful applicants with.
an outfit valued at SIS; to authorize
lion: ~. s. Handy. at present Minister
Oh the United States to Greece Rou-
mama and Servia, to accept the decora-
ton rendered him by the Shah of
Persia: to authorize the following ma
val officers to accept orders and dccora-
ions rendered to them by the govern
ment OF Venezuela: Rear Admiral w
1. sampson. Captain II. c. Taylor
captain +. y. Cook, Captain c. D. Sigs-
nee Captain r.. Il. Chadwick, Captain
Mead, Commander J. II. Dayton Com
mander f. NJ. Symonds and Command
er c. C. Todd
MIR. WOLCOTT'S SPEECH.
Mr.. Wolcott, whose position rs chair
man of the Internal ional Timetable
Commission made his utterancc of
more than usual Importance. then
spoke. Referring to the first section
of the Senate bill declaring the gold
dollar should continue to stand as the
standard unit of value, Mr. Wolcott
said:
"Of course 1t willard 1t would So
continue if this section were eliminated
from the bill. The section has been
the law since 1878 and is hardly worth
discussing now.
A MISTAKEN VIEW.
THE provision requiring the pay
ment of the principal and interest of
the new bonds, In gold represents, L
think, Il mistaken view as TO our ma
tionn credit. cannot but express my
regret that the committee felt that the
cXigencics of the money market re-
CURED departure from the terms
heretofore used in government obliya-
tions.'
Adverting to national banks and to
the provisions of the bill which affords
them opportunity TO increase their cir
culation to the par value of all gov
ernment bonds deposited, Mr.. Wolcott
said:
succeeding years have only more
hrinly implanted them as an integral
part or our financial system, not To
be uprooted without q more radical
change OF policy than any party or
administration should care to at
tempt.
ct is estimated that within the next
few months, at least, 200 millions OF ad-
ditional national bank circulation will
follow the passage of the bill.
The enactment OF this measure into
law, without at the same time accom-
panying it, with Il rcaflrmance of the
position of the Republican party re-
would be an apparent abandonment OF
the principles and policy of the party;
and the amendment reported by the
Finance Committee conveys u positive
assurance To the world that this coun-
try, able TO hold its own among the
nations of the earth, With gold as It's
standard. is still ready to meet and
tTehL WIth The oJner IcauIn.y commercial
countries looking to an international
agreement to omen the mints OF the
world TO silver as we'll as gold.
MIR BRYAN CENsURED.
I'm this country bimetallism has re-
ceived its greatest Injury and suffered
its scverest blow ut the hands OF the
Bryan Democracy"
Mr.. Butler then spoke on q substi-
tute for the Senate bill entitled AN act
TO establish u unit OF account" He
maintained that under the constitution
Congress had unlimited authority to
manufacture money out Of gold or sill
YER or paper, or of either or all.
He declared that there was bat one
question in the making of money and
that was how much" Congress had
authority to make the money out of
anything it desired and 1t happened
that the wealthy classes always de-
sired it made of the dearer material
No matter what the money was made
of, he said, the country would pros
per, provided Congress would so regu-
late its supply as to meet the demands
of business.
In concluion, Mr.. Butler said his
amendment provided that the green
back-the patriotic friend OF the peo-
ple-the kind of money that did not
desert the people when trouble came
should be used as money instead of
gold. In five years, he said, the ma
tionai debt could be cxtinguished This
plan was not received with favor by
those who control the finances of the
government, but he believed it would
be best for the people.
The Sepatp wont into oxacutiye oac