The times. [volume] (Washington [D.C.]) 1897-1901, 1900-03-07

BY unanimous consent the VOC on the
conference report was not taken Until
O'Clock. and much Of the time prior TO that
hour was spent in its discussion
MIR. Allen. speaking in opposition to the
bill. said it was but a recast Of The SEN
ate substitute and Of the House bill, and
therefore it was useless TO discuss it in
full All of them. ne said. favored the
establishment OF a gold standard, and be
supposed It would not be denied that that
was a gross violation of the Republican
platform Of 1896. He also supposed il
would not be asserted that there had ever
been an honest effort on the part Of the
Republican party to bring about BIZ
metalllsm.
Mr.. Aldrieh DisnErecs.
Mr.. Alarich, in charge Of the bill, said
he would inteTject just here a statement
that he did not agree with anything that
The Senator from Nebraska had said. and
be supposed he might make the same
statement after the Senator had finished
his remarks.
Il am not surprised" Mr.. Alien said,
FOR / have never known the Senator from
Rhode Island to be on the right side in any
discussion"
Mr.. Allen remarked that the bill required
the payment Of all jebts public and pri-
vste. in gold and asked Mr.. Aldrich
whether he denied that.
4 do" Mr.. AldTich replied.
This bill" Mr.. Allen continued. "is in
the interest OF the national banks, not Of
the people. 1t is a tremendous legislative
bunco scheme. II is not entitled to any
more euphonious or harmonious name thaa
that"
Mr. Alien asserted that the bill provided
for an unlimited issue Of Government
bonds, and that assertion was also denied
by Mr.. Aldrich. who said that there was
no such provision in the bill and nobody
had ever dreamed of putting II in.
Il say" Mr. Allen insisted that il does
confer unlimited power TO issue Govern
ment bonds. 1t provides for a reserve fund
with a maximum of $3.50. 600. 600 and a
minimum of $50. .000. .000 and every time the
fund falls below the minimum (as It can
be made to do at any timel the Secretary
of the Treasury may. at his caprice or dis |
erection. issue bonds and buy gold for the !
reserve. And every one Of these bonds be- 4
comes a basis for the issue Of national |
bank currency; so that. in that way. there 4
is no restriction to the power to issue it."
Mr.. Aldrich replied: THE redemption act .
OF 1870 did give unlimited power to the .
Secretary OF the Treasury to sell bonds /
for redemption purposes. That power is
not withdrawn by this bill which pro-
vides for strictly limited issue Of bonds
which cannot exceed $50 000. 900 at one
time The reduction OF the reserve fund 4
below $50 600 coo may never come. and GER
tainly cannot happen very often"
"As often as this reserve fund IS I
trenched upon" said Mr. Allen. and it I
may be trenched upon every week. every 4
month. and every year. the Secretary OF the I
Treasury may issue bonds. without any au-
thority Of Congress. and sell them for gold
and on these bonds the national banks VIII
issue currency"
In contradiction Of a previous statement
by Mr. Aldrich that there was but little
profit in bank note circulation. Mr.. Allen
quoted from a communication in a recent
issue OF the New York Sun" showing that
there was a profit Of 20 per cent on na-
tionsl bank currency issued on per cent
bonds.
MIR. Allen Predicts Disaster.
In the course OF his remarks Mr. Allen
inveighed against the proposed measure
as one that would be far-reaching in its
blighting consequences. 1t would affect,
he said. not only the present. but future
generations. Its widespread disaster. he
Mr.. Aldrich contradicted Mr.. Aliens as
sertions in regard 0 national banks The
pending bill. he g. @ did not change the
status OF the ma; al banks. Ii gave
them no new powers aId no additional life
Their charters wou't expire in 1902 and
Il would be within ae power OF Congress
10 say then or before whether there would
be any further renewal Of those char
ters Their power to issue currency. he
by the amount OF bonds deposited to guar
antee circulation. In 1870. he said. the
amount of money Of all kinds in circulation
in the United States was S745. 600 600. For
ten years prior TO that time the issue OF
national banks had constituted about a
per cent Of all the money in circulation.
AT present" he continued. "the amount
of money in circulation is over s., ,000. .OO0.-
eoe. OF which the national bank circulation
is S240 000. 600. or about 10 per cent. II the
national banks had furnished the same
proportion as they had furnished between
1865 and 1879 the national bank circulation
would have been s., 400 600 90 instead of
s240. 600 000'
The proposed bill. he said. would allow
national banks to issue UP to the amount
OF their capital (s609 600 ,000), so that the
possible increase would be S36s, ,0O0. 600
The discussion was closed and at 4
O'Clock the Senate proceeded TO vote on
the conference report II was agreed 10.
the vote being years ~. nays 26, as fol-
lows
Yeas-Aldrich. Allison. Baker, Bard Bever-
idge. Burrows Garter. CLARK Of Wvominu Cul.
lon. Davis, Depew. ElkinS, Fairbanks. Foraker.
: foster. Frye. Osllingcr, Gear. Hale Hanna Hans.
brough. HaWley. Boar, Lindsay. Lodge Mcbride
AcCOmas, MacCumber Mcmillan, Mason. Nelson.
Penrose, Perkins. Plstt Of Connecticut Plat Of
New York. Proctor, Quarles. Ross. Scott, Shoup,
Simon, Thurston. Wellington, Wetmore-l4
Nays-Alien, Bacon, Bate. Butler. Chandler, {
Chiffon. Clay. COckrei. Cuiberson. Harris, Heit-
field, Jones Of Arkansas. Jones Of Nevada. Ken
nsy, Mciaurin. Martin. Morgan. Pettgrew. Pet
ius. Rawlins. sullivan, Taliaierro. Teller, Till
man. Tuner-25.
Mr.. Clark Of Montana afterward COM
plsined that his vote on the conference re-
port had not been recorded. although he
had voted no. The correction of the
record was ordered. making the result;
Yeas. a.; nays. 26.
Government of the Philippines.
Mr.. Scott introduced joint resolution.
reading: That until otherwise provided
by Congress the President OF the United
States shall exercise and employ all mill
.sry. civil. and judicial powers. necessary
IN his discretion to govern the Philippine
Islands. and all such powers shall be vest I
"a in such persons. and exercised and exc
cuted In such manner as the President /
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