The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-01-05
THE PURPOSE OF THE BILL
TO DECLARE ANEW GOLD THAT
IS THE STANDARD,
HOUSE ADOPTS SUFFERS RESOLUTION
Secretary Cages Friends Have Been Told That
he Courts the Closest investigation and
is Ready to Submit All Facts
to Congress-.


Senator Aldrich today opened the discus.
sion of the Financial Bill i'm the Senate
with q speech in explanation of the Sen
ate substitute for the House BILL
Mr.. Beveridge, 1nd.), presented the
following resolution:
That the Philippine Islands are terri
tory belonging to the United States, and
ut is the intention of the United States
10 retain Them as such and to establish
and maintain such governmental control
throughout the archipelago as the situa-
ton may demand
MT: Beveridge asked that the resolu-
tlon lie upon the table until next Tues.
day when he will speak upon it.
A message from the President was
read. transmitting the testimony taken
by the commission appointed to investi-
gate the conduct of the War by the War
Department.
A resolution was presented by Mr.. Pet
rtigrew calling upon the Secretary of the
Navy for the report of Admiral Dewey of
April 18TH 1898, I'M which the Admiral
said he could take Manila at any time.
lie asked Immediate consideration. but
Mr.. Spooner objected and the resolution
went over
respondence between The Treasury De
partment and the National City Bank
and the Hanover National Bank of New
York was agreed to with notifications
The Senate at 90 ID. m took ND the
Financial Bill and Mr. Aldrich address
ed tne Senate. He said:
The general purpose of the bill is tt
declare anew that gold is the monetary
standard of the United States; to estab
fish confidence i'm the intention and abil
" of our Government to give the great
est possible measure of stability in value
60 its currency and to provide the means
for securing for it at all times an equa
purchasing power with gold to lighter
in every possible way the burdens inn
posed upon the taxpayer by existing pub
lic obligations and to strengthen the pub
Sic credit. No departure is intended by
this bill from the public policy which was
adopted years ago and has been consis-
tentiy adhered to through successive ad-
nmnistrations.
THE bill now before the Senate con
Gains no diSavowal of the position here
t0fore taken upon the questions of inter
national bi-metallism and places no obsta-
cleS i'm the way of it's accomplishment in
the future. If it is possible to secure
permanence of relative value of gold and
silver coins with the free coinage Of both
meals at a fixed ratio, this permanence
can only be secured by concurrent action
of all the leading commercial nations
Senator Aldrdh accused the Democratic
party of advocating a policy that would
lead to silver recommendation. and declar-
ed it was not n bi-metallic party at all.
1.-THE committee do not suggest amy
changes in the status of the silver dollar
or the silver certificate. We do not
propose to take away from silver amy of
the monetary privileges or prerogatlves
which it now enjoys. In fact. we believe
that the legislation suggested Will great
ly strengthen its position in our monetary
system
The Senator defended the refunding
provisions of the bill us a precautionary
measure in view of possible future ill-
crease of the public debt.
AT the close of the speech the Senate
went into executive session. adjourning at
300 o'clock until next Monday.
SUFFERS RESOLUTION ADOPTED
Washington. Jan. 1.-The House ses-
sion was very brief again today, the
only incident being the adoption of the
Sulzer resolution introduced yesterday
calling upon Secretary Gage for all in
formation regarding the deposit of Gov
eminent funds i'm certain New York Ma
tional banks The resolution as adopted
was made more general III its scope and
an amendment was added to cover jnfor-
nation respecting the transactions relat-
ing to the sale of the New York custom
house site. Secretary Cages friends
Trad been informed that he courted the
fullest investigation and was prepared to
submit all the facts to Congress. Accord
ingIy there was no friction over the pas
sage of the resolution which was unani-
mously adopted.
Mr.. Payne. Chairman of the Committee
on WAYS and Means presented the Sui
ger resolution as modified by the Com
nittee. for immediate consideration. The
resolution as modified is as follows:
'Resolved That the Secretary OF the
Treasury be and he is hereby, requested
the following information:
90 furnish the House of Representatives
First Copies of all letters, agree
ments. papers. or documents between the
Treasury Department of the United
States or amy person connected Herewith
and the National City Bank and the
Hanover National Bank of the CITY OF
New York or any person acting for them.
or either of them. since the 18th day of
March, 1897. relating to the depositing of
public funds. bonds or revenues IN said
bank or banks. or amy other relations
or business transactions now existing or
heretofore had between the Government
and the said banks, or either of them.
Second. The amount of public money,
bonds or revenue deposited with said
banks. or either of them. or with any
National bank by the Government, upon
what security, for what length of time
and the reasons therefor and whether
said banks, or amy of them, have paid the
Government any interest ON said deposits
and if so how much and NIL other infor-
mation concerning the SHINE or IN any way
relating thereto.
Third. And also the date Of the sale