The age-herald., 1900-01-05
SENATOR ALDRICH OPENS DEBATE
 ON TUE REPUBLICAN FINAsCE BILL
Continued From First Page.)

~~~-------------->-->-->-- gested would afford welcome relief from the dangerous congestion
 MT. Aldrich, in discussing the effect of this transaction in the national debt, said the committee was of the opinion that It would not place this portion of the national debt beyond the control of the government;
 "We trust that our expenditures Will soon be on a peace footing, ne saio put we must realize that we shall nave large d,sbursements for some time to come, which it may not be possible to pay from the current revenues. In considering the possibilities of the future we cannot over look the fact that the national deDts or the world have increased at an astoMshing rate
 eve believe it is impossible to overesti- mate fine advantage which would accrue ito the United States from placing us na- ticral debt upon a per cent. basis and keeping its obligations, issued at tn.s rate' at par in the markets of the world.
 "By the provisions of this bill we remove all possible doubts and apprehensions as to the character of our monetary standard and make 1t clear to the world that We intend under all circumstances to keep all forms of our currency equal in value With gold. and it would be a source of national pride if we could in addition to this great achievement. place the credit of the United States on a higher plane than is occupied by any other country.
 National Bank Notes
 "One of the principal reasons which led the committee to recommend this plan of conversion was the bonds suggested would be much more desirable as basis for national bank note circulation than the outstanding securities. It is the duty of congress in the public interest, to so modify the national banking act to give to the banking associations an op- portunity to issue currency with reason- able profit. If the provisions of this bill are enacted into law, we may reasonably expect a considerable increase in the na- ticlal bank circulation in the near future, ana there is no reason If the business of the country demands il, while in time the outstanding circiation shall not equal the capitalization of the banks.
 "The seventh section provides that upon the deposit of United States bonds by any national banking association in the man. ner provided by law, such association shall be entitled to receive circulating notes equal to the par value of the bonds depos- ited It also provides that any national banking association now having bonds on deposit shall be entitled to the same privi- ege.
 tional banking association having on de- posit security for its circulating notes, bonds of the United States bearing inter est at 2 per cent. per annum shall pay a tax upon such circulating notes of one-half of per cent annually, instead of the tax of per cent. now imposed by law. We believe this reduction in taxation is neces- sary to encourage national banks to in- crease their circulation, and it will un- doubtedly have the effect of promoting the conversion of bonds provided for in the sixth section."
 Resolution Went Over
 After MT. Aldrich concluded the senate adjourned over until Monday for the pur- pose, it is understood, of giving those who may wish to reply to the Rhode Island sem ator an opportunity to study his presenta- ton of the subject.
 The Pettgrew resolutions concerning the Philippine war went over until Monday, when, 1t is understood. some senators will ask to be heard on the general Philippine question:
 Senator Beveridge also gave notice of