Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1900-03-17


meaning Of the countrys new hnan.
cial bill, signed by President Mckinley
on Thursday Of this week and the
"News' has received numerous re-
! quests for an Interpretation OF 1t or the
publication Of the bill in full. The
measure has not yet come TO hand, but
the following excerpts from Wash
ington special TO the Chicago Times
Herald Of Wednesday last. will doubt
less be sufficient TO answer all queries
In relation to the matter, containing
as they do explanations from Mr.. over
! street, who introduced and had charge
Of the bill, and from Secretary Gage OF
| the treasury department, from whom
II emanated;
EXPLAINED BY MR.. oVERsTREET.
Mr.. Overstreet said that President
Mckinley will sign the bill tomorrow,
and this VIII be the finishing touch.
Gold viii then be the standard Of value
beyond question or dispute.
Mr.. Overstreet Qnd) explained In
detail the modification Of the House
and Senate bills agreed upon by the
conferees. Mir. Oyerstreet said that
every principle contained In the House
bill had been preserved in the con-
ference report except the provision
relative TO the taxation OF national
bank franchises The establishment Of
the gold standard into law was stili
lts all important and essential feature.
This law would. he said, become the
foundation Of business prosperity OF
the country.
Has the secretary Of the treasury
the power TO redeem a silver dollar in
gold under the amalgamated billY'
asked Mr.. Shafroth (Colo.).
He has not" replied ar. overstreet,
and he did not have the power under
the original House bill.
Under this bill Will private oblIga-
lions be made payable IN gold?' in
Quired Mr.. snodgrass (Tenn.).
PRIVATE OBLIGATIONS.
Under section Of the original
House bill replied Mr.. Oyerstreet,
public and private debts were made
conformatlve TO the gold standard. That
section Is omitted from the report, first,
because II is a question in law wheth-
er IL would not be retroactive, and, Sec
ond, because. having fixed the gold
standard and recognized It by convert
ing all public obligations into gold obli-
cations there viii be no necessity TO
leglslate ctncernlng private obligations,
as they will Invariably reflect the char
acter Of government Obligations.
Mr. Williams Clll) asked whether Il
would not be impossible In case an In
ternational bimetalilc agreement was
reached. TO escape paying the refunded
thirty-year per cent gold bonds in
gold and such being the case. whether
the bill could be considered an en-
couragement TO international bimetal-
lism
THE bonds could be paid only in
gold" responded Mr. Overstreet.
This bill holds out not the slightest
hone Of international bimetallism I'M
der present conditions.
BIMETALLIsM IMPOSSIBLE.
Il say frankly that this bill will
make II practically and absolutely i'm
possible ever TO have interna tional BIZ
metallism az the ratio Of Is to l."
MIR. GAGE INTERPRETERS 1T.
Secretary Gage today made the fol-
lowing statement In explanation Of the
provisions OF the financial bin which
passed the rouse:
THE financial bill, which now awaits
only the signature Of the President TO
become O law, has for its first object
what It's title indicates, the fixing Of
tho standard OF value and maintains
ing al "A parity with that standard Of
all forms OF money issued or coined
by the United States.
1T reaftrms that the unit OF value is
the dollar. consisting OF twenty-five
and cight-tenths grains OF gold nine
tenths fine. but from that point II goes
on 10 make II the duty Of the secretary
OF the treasury TO maintain all forms
Of money, issued or coined al a parity
with this standard. II puts into the
hands OF the secretary ample power to
do that. For that purpose the bin
provides In The treasury bureaus % is,
sue and redemption. and transfers from
the general fund Of the treasury's cash
$50 900 900 In gold coin and bullion to
the redemption fund, that gold TO be
used for the redemption OF United
states notes and treasury notes.
HE fttDEMf IlON FUND,
THAT fund Is henceforth absolutely
cut out OF and separated from the cash
balance In the treasury. and the avail
able cash balance will hereafter show
n reduction OF $3.50. 900 from the fig
ures that have heretofore prevailed
| This $3.50 1000 COO redemption fund Is to
/ be used for no other purpose than the
! redemption Of United states notes and
! treasury notes. and those notes so re-
| deemed may be exchanged for gold In
the general fund or with the public, so
that the reserve fund is kept full with
| gold TO the $3.50. 0OO, 600 limit.
THE secretary Is given further pow
or. II redemptions 60 on so that the
gold In this reserve fund Is reduced
below 100000 600, and he Is unable 10
| build II up 20 the $50. 000. 900 mark by
exchange for gold In the general fund
! or otherwise, he Is given power 10 sell
| bonds, and II Is made his duty % re-
plenish the gold TO the $3.50 900 900 mark
by such means.
ENDLESS CHAIN rs BROKEN.
"The endless chain Is broken by
provision which prohibits the use OF
notes 80 redeemed 20 meet deficiencies
In the current revenues. The act pro-
vides Tor the ultimate retirement Of all
the treasury notes issued In payment
for silver bullion under the Sherman
act. AZ fast az that bullion Is coined
into silver dollars treasury notes are 10
be retired and replaced with an equal
amount Of silver certificates
THE measure authorizes the issue OF
gold certificates In exchange for de-
positk Of gold coin, the same as NJ
present, but suspends that authority
whenever and as long as the gold IN
tho redemption fund is below $1,000 600
and gives % the secretary the option to
suspend the issue u such certificates
whenever the silver certifcateas and
United States notes IN the general fund
Of the treasury exceed scOO0O.000.
The bin provides for a larger issue
Of silver certificates by declaring that
hereafter silver certificates shall be Is
sued only IN denominations Of $40 and
under except as TO 10 per cent OF the
total volume.
ROOM FOR SILVER CERTIFICATES.
Rom Is made FOR this larger use Of
silver certificates IN the way Of small
bills by another provision, which makes
Il n"essarN as fast as the present ~.
yer certificates Of high denominations