The Oskaloosa herald., 1900-01-11
GAGEAND THE BANKS |
Their Relations Are to Be Closely
Inquired Into.

sion was very brief again Thursday
the only incident being the adoption
of the Sulzer resolution, Introduces
Wednesday, calling upon Secretary
Gage for all information regarding
the deposit of government funds in
certain New York national banks
The resolution as adopted was made
more general in its scope, and an
amendment was added to cover infor-
nation respecting the transactions re-
lating to the sale of the New York
custom house site.
Secretary Cages friends had been
informed that he courted the fullest
investigation and was prepared to
rubmit all the facts to congress. Ac-
cordingly, there was no friction over
the passage of the resolution, which
was unanimously adopted.
senate Passes Like Resolution.
Washington, Jan. 5.-The resolution
introduced by Senator Allen request
ing information concerning the Han
over and National City banks was
modified and passed.
The Pettigrew resolution calling
upon the secretary of the navy for
the report of Admiral Dewey in April,
1898, in which the admiral said he
could take Manila at any time, went
over under objection by Senator
Spooner.
Senator Cullom, from the committee
on foreign relations, reported the bill
providing a government for the Ha-
waiian islands with amendments.
Financial Bill Taken Up.
The financial bill was then taken
up, and after the senate substitute
had been read, Senator Aldrich adj
dressed the senate on the bill. He
spoke in part as follows:
ST propose to submit at this time brief
explanation of the substitute offered to
house bill No. 1 and TO state some of the
reasons which led a majority of the COM
mittee on finance to recommend its adop-
ton by the senate.
1.-The general purpose of the bill is to
declare anew that gold is the monetary
standard of the United States; to estab-
lsh confidence in the intention and abili-
ty of our government to give the great
est possible measure of stability in value
to its currency and to provide the means
for securing for it at all times an equal
purchasing power with gold; to tighten
in every possible way the burdens i'm
posed upon taxpayers by existing public
obligations and to strengthen the public
credit.
Not Hostile to BimetaIIism.
1.-The bill now before the senate contains
no disavowal of the position heretofore
taken upon the question of international
bimetallism and places no obstacles in the
way of it's accomplishment in the future
If il is possible to secure permanence Of
relative value to gold and silver coins
with the free coinage of both metals at
fixed ratio, this permanence can only be
secured by concurrent action of all the
leading commercial nations"
THE first section contains clear and
definite declaration that the gold dollar
is and shall continue to be the standard
unit of value; a new and more emphatic
pledge on the part of the United States
that all forms of money it may issue or
coin shall be at all times maintained at
an equality of value with the gold coin
adopted as the standard, and a specific
provision that United States notes and
treasury notes, upon presentation at the
treasury, be redeemed in standard gold
coin.
The second section provides for re-
serve fund of $l50, 900, 600 in gold to secure
the prompt and certain redemption of out
standing United States notes and treasury
notes. This fund is increased $4,000, 600
over that which is now held by the treas
ury for redemption purposes"
senator AIdrich quoted statistics on the
gold production to show that there will
be no difficulty in securing by use of notes
the gold which will be necessary TO main
tain the fund at it's maximum amount.
The committee do not suggest any
changes in the status Of the silver dollar
or the silver certificate. We do not pro-
bose 10 take away from silver any of the
monetary privileges or prerogatives which
il now enjoys. In fact, we believe that the
legislation as suggested will greatly
strengthen its position in our monetary
system"
The sixth section of the substitute gives
to the secretary of the treasury authority
to convert a portion of the national debt
into bonds bearing two per cent. interest
The proposition contemplates a profitable
anticipation of interest payments and con-
sequent reduction of the public debt.
I'VE believe it is impossible to overesti-
mate the advantage which would accrue
10 the United States from placing its ma
tional debt upon a two per cent. basis, and
keeping it's obligations, issued at this rate,
at par in the markets of the world.
by the provisions of this bill we re-
move all possible doubts and apprehen-
sions as to the character of our monetary
standard and make it 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 source
of national pride II we could, in addition TO
this great achievement, place the credit
of the United States on a higher plane than
is occupied by that of any other country.
"One of the principal reasons which led
the committee to recommend this plan or
conversion was that the bonds suggested
would be much more desirable as basis
for national bank note circulation than the
outstanding securities. II is the duty OF
congress, in the public interest, to so modi-
fly the national banking act as to give 10
banking associations an opportunity TO IS
sue currency with a reasonable pront. IL
the provisions of this bill are enacted into
law we may reasonably expect con-
siderable increase in the national bank note
circulation in the near future, and there
Is no reason, # the business of the coun-
try demands 1t, why in time the outstand-
ing circulation should not equal the capl-
taIization of the banks"
Senator Aldrich received the inter
ested attention of all the senator's
present, but he was not interrupted
by anyone. At the close of the speech
the senate went into executive ses-
sion, adjourning at 1920 o'clock until