New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-03-14
GOLD BILL READY TO SIGN.
CONFERENCE REPORT ADOPTED BY THE
HOUSE-PROVISIONS EXPLAINED
BY SECRETARY GAGE
TBY TELEGRAPH TO THE TRIBUNE

by TELEGRAPH TO THE TRIBUNE.l
Washington March 13.-The last step In the
enactment by this Congress of a complete and
comprehensive measure of currency reform was
taken to-day when the House of Representa-
tives by vote of 166 to 100 accepted the con-
ference report approved ten days or more ago
by the Senate. To-day's vote showed an in
creased majority of six that given in the
House on December Is for the original Repub-
lican caucus measure. On that the division was
$50 to 80. Many changes have taken place in
the membership of the House in the interim
but the two majorities of 40 and 46 given to the
currency reform and debt refunding measure
through which the party in power has sought to
fulfil the pledges made in the financial plank of
the st. Louis platform fairly indicate the
strength of popular sentiment which has sus-
tanned and still sustains this effort to place the
country's currency and credit rational and
unassailabe basis.
Last December eleven Democrats broke away
from their party organization to support the
Republican caucus gold standard bill. They
were Messrs. Clayton. briggs Fitzgerald Rup
pert Wilson, Levy, Scudder and Underhin, of
New-York; Denny, of Maryland; McAleer, Of
Pennsylvania, and Thayer of Massachusetts,.
All of them but two-Messrs. Rupert and Will
son-voted to-day to accept the conference re-
port Since December Is, also, two silver Demo-
Gratis, from Virginia and Alabama, have been
unseated by the House and their places filled by
Republicans
The debate which preceded the adoption Of the
report spirited and interesting, but was
marked by consciousness both sides that
with to-day's final action the contentious which
have ragged for so many years in Congress over
forms of currency and standards of value have
now passed beyond the range of vital and active
politics.
1t remains only for President Mckinley to sign
the bill to make it law. Mr. Overstreet will
take it to the White House tomorrow, and the
Presidents signature will probably be affixed
Immediately
STATEMENT OF SECRETARY GAGE.
Secretary Gage to-day made the following
statement in explanation of the provisions of
the bill:
The Financial bill which now awaits only the
signature of the President to become a law, has
for its first object what its title indicates the
fixing of the standard of value and the main,
tanning at a parity with that standard of all
forms of money issued or coined by the United
States 1t reaffirms that the unit of value is the
dollar consisting of 25S grains of gold nine
tenths fine, but from that point 1t goes on 10
make ii the duty of the Secretary of the Treas
ury to maintain all forms of money issued or
coined at a parity with this standard. 1t puts
into the hands of the Secretary ample power 10
do that. For that purpose the bill provides III
the Treasury Bureaus of Issue and Redemption,
and transfers from the general fund Of the
Treasury's cash S150,00O.00O in gold coin and
bullion 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 in the Treasury. and the available
cash balance will hereafter show reduction OF
$50 100000 from the figures that have hereto
fore prevailed. This $1500000OO redemption
fund is to be used for other purpose than
the redemption of United States notes and
Treasury notes. and those notes so redeemed
may be exchanged for the gold in the general
fund or with the public, so that the reserve fund
is kept full with gold to the $150,OOOO0O limit
The Secretary is given further power. If re-
demptions go on so that the gold in this re
serve fund is reduced below S10O,0OO.00O, and
he is unable build it up to the S1oO.OO0.Ooo
mark by exchange for gold in the general fund.
or otherwise, he is given power to sell bonds,
and it is made his duty to replenish the gold TO
the $50 000000 ark by such means.
The endless chain is broken by provision
which prohibits the use of notes so redeemed to
meet deficiencies in the current revenues. The
act provides for the ultimate retirement of all
the Treasury notes issued in payment for silver
bullion under the Sherman act. AS fast as that
bullion IS coined into silver dollars Treasury
notes are to be retired and replaced with an
equal amount Of silver certificates.