The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1900-02-20
SENATE

ate substitute for the house currency
bill was passed by the senate today by
the decisive majority of IS TO %. Prior
TO the final passage of the bill, amend
ments were considered under the 10
minute rule. Only two of these amend
menits were adopted, viz, one offered
by the finance committee keeping the
door open to International bimetaIiism
and one by Senator Nelson, of Mime
sofa. providing for national banks
with $4,000 capital in towns Of not
more than 1000 inhabitants.
The vote taken on the various
amendments offered were practically
along panty lines. Senator Chandler.
republican. of New Hampshire, voted
for the bimetalIic amendment, but
against the Dill.
Senator Caffery, democrat, of Lou
isiana, n Senator Lindsay, democrat.
of Kentucky. voted against the COM
mittee amendment, but for the bill.
Senator Kyle, of South Dakota, was
the only senator who did not vote and
was not paired
The free silver substitute offered by
Senate Jones, the leader of the demo-
cratic side, was defeated by a major
ity of 19, the vote being AZ to %.
The bill. as passed, consists of ten
sections. 1t provides that the dollar
of % $40 grains of gold, -nine-tenths
fine, shall be the standard unit of
value and hat all forms of United
States money shall be maintained at
a parity with it; and that the treasury
notes and greenbacks shall be redeem
able in old
The secretary of the treasury is to
Gct anar-t n fund nf EN- Inn nnO in ro1A
for the redemption of these notes, and
to maintain this fund at a figure not
below 800, 900, 900, he is empowered to
sell bonds Of the United States bear
ing interest at not exceeding 3 per
cent. 1t shall also be the duty of the
secretary of the treasury, as fast as
standar silver dollars are coined, to
retire equal amounts of treasury notes
and to. issue silver certificates against
the silver so coined. Under certain
provisions, too, gold certificates shall
be issued against the gold held in the
treasury. No United States notes or
treasury notes shall be issued in de-
nominations of less thar so and no
silver certificates in denominations of
more than $40.
The secretary of the treasury is also
authorized 10 refund the bonded debt
of the United States in thirty year
bonds bearing 2 per cent. interest, the
PI ANAP1 iAAd lANSLCS VI JULIUS
to be paid in gold. The 2 per cent.
bonds shall be issued at not less than
par. Any national bank, by depOsbting
with the United States bonds of this
country. shall be permitted to issue
circulating notes to the face value
of the bonds deposited, no bank
being allowed TO issue circulating notes
in excess of thes amoun of the paid-in
capital stock of the bank.
The amendment offered by the
finance committee is as follows:
That the provisions of this act are
not intended to place any obstacles in
the way of the accomplishments of in
TernatiOnal bimetaIlism, provided the
same be secured by action
Of the leading commercial nations OF
the world at a ratio which shall insure
permanence of relative value between
gold and silver"
Senator Morgan. of Alabama. de-
nOunced h pending amendment as "a
miserable makeshift which is intended
to the decorations of a wounded
conscience"
As a vote was about to be taken on
the committee amendment, Senator
Teller offered the following substitute
for it:
The people of the United states are
in favor of bimetallism and DESTROYS of
ar international agreement with the
great commercial nations of the world
that will admit of the use of both gold
n silver at such an established ratio
as will maintain h parity between
gold and silver coins and the efforts of
the government are hereby pledged TO
endeavor to secure such an interna-
tional agreement as speedily as posi-
BILE"
The amendment of Senator Teller
was defeated q to IS, the vote being
along party lines, except that Senator
GNhnn6l0r rnnrlh1inon Af NnU Honnn
shire, voted for the amendment and
Senators Caffery, democrat, of Louisia-
ma, and Lindsay, democrat, of Ken
lucky. voted against III.
a vote was then taken upon the
commbttee's amendment and 1T was
adopted 40 to so.
An amendment offered by Senator
Stewart providing for the payment of
bonds of the United States in coin of
the standard liked by the act of July
Il, 1870. was laid on the tablet to 20.
An amendment offered by Senator
Pettus, of Alabama, providing that
gold coins and silver dollars coined by
the United States shall be a legal ten
der at their nOmina value was de-
feated, A to ~. Another amendment
by Senator Pettus providing that moth
ing in this act should affect the legal
tender quality of United States silver
dollars was likewise defeated-4 TO 20.
Senator Vest, of Missouri, offered an
endm providing for $500, 600, 600 of
reasury bond notes which should be
loaned by the secretary of the treasury
to any person who would deposit
United States bonds as security-de-
feated without division.
An amendment of Senator McLaurih,
OF South Carolina, to repeal the tax on
state banks was loSt-37 to 20.
Senator Jones, Of Arkansas. then Of
fered as a substitute for the senate bill
a measure providing for the free and
unlimited coinage of silver. That, too.
was lost-7 to 2S-the vote being along
almost strict party lines, Senators
Landsay, OF Kentucky, and Caffery, of
Louisiana, voting with the republi-
cans.
A substitute offered by Senator But
Ter, of North Carolina, was disposed
of without division.
The bill was then reported to the sem
ate and passed
Senator CulIom moved. that the SEN
ate take up the consideration OF the