The times. [volume] (Richmond, Va.) 1890-1903, 1900-03-14
The ESTABLISHMENT Of the gold STANDARD


into law was still It's all important and
essential feature.
Under this !: will private obligations
be made paysxse in Gold?" inquired Air.
5SnodSrass. of Tennessee.
No replied Mr. Overstreet. ':t'ecause
it is a question in law whether it would
not be retroactive and. second, because
having fixed the gold standard and rec
ognized 1t by converting all public obiiga-
tions into gold obligations, there viii be
no necessity to legislate concerning pri-
vate obligations. as they will invaria bly,
reflect the character OF government OBJ
.iEatlons."
Responding to an inquiry, Mr.. Over
street said: This bill holds out not the
slightest hope for international bimetal-
rsm urder present conditions. say
frankly chat this bill will make it prac-
tically and absolutely impossible ever to
have International bime etallism at the
ratio of 1G to l." (Applause.)
against the conference report, particu-
larly against the imposition of the gold
standard. the arbitrary authority given
to the Secretary Of the Treasury to sell
bonds and maintain the gold standard,
and the funding OF the national debt.
Nr. Hill, of Connecticut, urged that the
report would bring great relief to the
country
Mr.. Maddox, of Georgia, criticised the
bond features Of the bill and the gradual
increase of the interest-bearing debt
Messrs. Noonan of Illinois, McRaez OF
Arkansas, and Shafroth of Colorado,
also spoke against the bill.
Mr. Little, Of Arkansas. in closing for
the opposition, severely arraigned "the
infamies of this bill' and the Stealth,
deceit, fraud, and corruption by which
a. eli n
along the pathway of legislation, until
now we are to witness. in the light of
day, its triumph over "a free people. y
He declared it would mark the bla ckest
page in our executive history. He closed
as follows:
1.-The forces of patriotism and intes-
rity have selected their leader in adj
vance of the convention, which will be
ratified on July 4tll and with that lead
er-tfle incorruptible, invincible and fear
less tribune of the people, w. J. Bryan
they will drive YOU and the cohorts Of
corruption from place and power for
ever Democratic applause)
Mr. BroSSius, chairman Of the Commit
tee on Banking and Currency, and one
Of the conferees on the financial bill.
closed on behalf of the measure. He said
it was long step toward the splendid
pre-eminence we are achieving as a
worlds power.
The vote was at 4:3O taken, and the
conference report was agreed to-yeas.
166; nays. 12O; present not voting. 10.
Nine Democrats voted with the Republi-
cans-namely. Clayton, briggs. Fitz-
gerald. Levy, Scudder, ali Of New York;
Denny of Maryland, McAleer of Penn
sylvan:a- T11ayer- of Massa chusetts, and
Underhill of New York.
In other respects, the vote was on par
ty lines.
At $40 o'clock the House adjourned.
GAGH EXPLAINS THE BILL.
Secretary Gage to-day made the fol-
lowing statement in explanation of the
provisions of the financial bill, which
passed the House to-day:
1T reaftir!ns that the unit of value IS
the dollar. consisting of twenty-five and
eight-tenths grains of gold nine-tenths
fine but from th 1T point it goes on 10
make it the duty of the Secretary of
the Treasury to maintain all forms Of
money issued or coined at parity with
this standard. 1t puts into the hands
of the Secretary ample power to do
that. For that purpose the bill provides
in the Treasury bureaus of issue and
redemption. and transfers from the gem
era1 fund of the Treasury's cash $780,
100000 in gold and bullion to the re-
demption fund: that gold to be used for
the redemption of United States notes
and Treasury notes. That fund is hence
forth absolutely cut off and separated
from the cash balance in the Treasury.
and the available cash balance will
hereafter show a reduction Of $50, 900 OVO
from the figures that have heretofore
prevailed. This s150,coOo00 redemption
fund is TO be used for no other purpose
than the redemption of United States
notes and Treasury notes, and those
notes so redeemed may be exchanged for