Missouri Valley times. [volume] (Missouri Valley, Iowa) 1874-1931, 1900-03-15
HOUSE PASSES THE
FINANCIAL MEASURE
The Gold Standard Bill as Modi-
fed in Conference Goes
Through, M
GAGE EXPLAINS rs EFFECTS
All Forms. OF Mo'.es,i at PART,
With the Cold Dollar-.-Thc
Endless Chain Broken
nj. Last.


the financial bill WAS taken by the
house of representatives yesterday,
when the conference report on the bill
| was adopted by Il vote of-veas, 1866;
nays, 120: present and not voting; 10.
! he senate had already adopted the
| conference report so that 1T remains
only for President Mckinley to atiiX
| his signature to the measure to make
| it law Representative Overstrcet, the
author of The bill will take il to he
| white house today. and the signature
| is likely TO be affixed soon after. Al
| ready arrangements have been made
| for securing the pen With which the
president Will sign the bill. The de
bate on the report continued through
out he day, Mr.. Overstreet. of lndi-
ana, opening, and Mr.. Brosius, of
Pennsylvania, closing in support of
The measure, while MIR. Little, of Ar
kansas, closed i'm opposition with a
severe arraignment- of the bill. The
vote was on party lines. except that
nine democrats Joined with the re-
publicans i'm supporting the confer
snce report.
Secretary Gage made the following
statement i'm explanation Of the tinan-
cial bill:
The bill fixes the standard of value
and maintains at parity with that
standard all forms of money issued or
coined by the United States. 1t re-
atlirms that the unit of value is the
dollar, consisting of 25.s grains OF gold
mine-tcnths fine. but from that point
it goes ON to make it the duty OF the
secretary of the treasury to maintain
all forms of money issued or coined
at a parity with this standard. For
that purpose the bill provides i'm the
treasury bureaus of issue and re-
demption, and transfers from the gem
elal fund of the treasurys cash $780,,
100000 in gold coin all bullion to the
redemption fund, that gold to be used
for The redemption of United States
notes and treasury notes. That fund
is henceforth absolutely cut out of
and separated from the cash balance
i'm the treasury, and the available cash
balance will hereafter show rcduc-
ton of Si5oooo,0oo from the figures
that have heretofore prevailed.
This Sl5G,00o,00O redemption fund
is to be used for no other purpose
than the redemption of United States
notes and treasury notes, and the
notes so redeemed may be exchanged
for gold in the general fund, OF with
the public, so that tho reserve fund is
kept full with gold to the Sl50,000,OOO
limit. If redemptions 90 on so that
the gold in this reserve fund is re-
duced below Slo0,0oO,ooO. and the sec
rotary is unable to build il up to the
Sl5o.oo0.oo0 mark by exchange for
gold in the general fund or otherwise,
he isty1ver power to sell bonds, and it
is made his duty to-replenish the gold
to the S15O,0O0,00O mark by such
means.
"lhe endless chain is broken by a
provision which prohibits the use of
notes so redeemed to meet deficiencies
i'm the current revenues. The act pro-
vitles for the ultimate retirement of
all the treasury notes issued i'm pay
ment for silver bullion under the .Sher-
man act. AS fast as that bullion is
coined into silver dollars. treasury
notes are to he retired and replaced
with an equal amount of silver certii-
Gates.
1.-The measure authorizes the issue
of gold certificates i'm exchange for
deposits of gold coin, the same as at
present, but suspenls that authority
whenever and so long as the gold in
the redemption fund is below S1OOO0,-
GEO, and gives to thc secretary the. OPP
ion to suspend the issue of certificates
whenever the silver certificates and
The Cnited States notes i'm the general
fund OF the treasury exceed $6O,OOO,-
600.
The bill provides for a larger issue
# silver certificates by declaring that
hereafter silver certificates shall be is
sued only i'm denominations of $40 and
under except as to 10 per cent of the
total volume. Room is made for this
larger use of silver certificates i'm the
way of small bills by another provi-
sion. which makes it necessary as fast
as the present silver certificates of
high denominations are broken up into
small bills to cancel Il similar volume
of United States notes of small denom-
nations, and replace them with notes
of denominations of $40 and upward.
"Further room is made for the cir
cuation of small silver certificates by
a clause which permits national banks
to have only onethird of their capital
in denominations under $40.
One clause of the bill which the
public will greatly appreciate is the
right that it gives to the secretary to
coin any of the 1890 bullion in subsid-
larry silver coins up to limit of $780,
100000. There has for years been a
scarcity of subsidiary silver during pc
RODS of active retail trade. but this
provision will give the treasury ample
opportunity to supply all the subsid-
larry silver that is needed. Another
provision that the public will greatly
appreciate is the authority given to
the secretary to recon worn and nm
dercurrtnt subsidiary silver now i'm
the treasury ol*hcreafter received. The
bill makes continuing provision for
paying the difference between the face
value of such coin and the amount it
VIII produce i'm the new currency.
"A distinct feature of the bill is in
reference to-funding the 3 per cent
war loan and the a per cent bonds
maturing in 1907. and the 5 per cent
bonds maturing in 1904, a total of
SS39.O0o,000. in new , per cent bonds
These new . per cent bonds will not
he offered for sale. but will only be is
sued in exchange for an equal amount
i'm face value of old bonds. The hold
ers of old bonds will receive a pre-
MUM inscash to compensate them in a
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