Spirit of the age. [volume] (Woodstock, Vt.) 1845-1913, 1900-03-17

Washington, March 14.-Under the
order previously made, the house pro-
ceeded yesterday to the consideration OF
the conference report upon the fina ncial
bill. After considerable debate the bill
was adopted by the house-yeas, lG6;
nays. 120; present and not voting. 10.
The president will sign it today, when
the measure will become a law.
The vote was on party lines, except
that nine Democrats Joined with the
Republicans in supporting the confer
ence report.
Mr.. Overstreet of Indiana, who was in
charge OF the report, explained in de-
tail the modifica tions of the housa and
senate bills agreed upon by the con
ferrces. He said that every principle
contained in the house bill had been pre-
served in the conference rport, except the
provision relative to the taxation of
national bank franchises. The establish
ment Of the gold standard into law was
still its all-important and essential fea-
ture
Has the secretary of the treasury the
power to redeem silver dollar in gold
under the amalgamated bill?" asked Mr.
SnaIOrtn OF COlOrduO.
HE has not" replied Mr.. Overstreet,
'and he did not have the power under
the original house bill"
"Under this bill will private obligations
be made payable in gold?" inquired Mr.
Snodgrass of Tennessee.
"Under section 2 Of the original house
bill, replied Mr.. Overstreet, public and
private debts were made confOrmable
to the gold standard. That section Is
omitted from the report. first, because
1t is question in law whether it would
not be retroactive, and, second. because
having fixed the gold standard and re-
organized 1t by converting all public
obligations into gold obligations there
will be no necessity to legislate concern.
ing private obligations. as they will in
variably reflect the character of gov
ernment obligations"
Mr.. Williams of Illinois asked whether
it would not be impossible in case an
international bimetalllc agreement was
reached. to escape paying the refunded
30-years 2 percent gold bonds in gold,
and such being the case whether the bill
could be considered an encouragement
to international bimetallism.
1.-The bonds could only be paid in gold"
responded Mr.. Overstreet. This bill
holds out not the slightest hope of inter-
national bimetallism under present con-
ditions. I say frankly that this bill will
make 1t practically and absolutely i'm
possible ever to have international bi-
metallism at the ratio Of 16 to L.
The bill has for Its first object the fix
Ing of the standard of value and the
maintaining at parity with that
standard of all forms of money issued
or coined by the United States. 1t re-
affirms that the unit of value is the
dollar, consisting of 25.S grains of gold 8
fine, but from that point it goes on to
make 1t 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.
Personal explanations were made yes
terday in the senate by Mr.. Allen (Neb. }
and Mr.. Butler IN. ca Of their positions
on the financial question. Both an
nounced their belief in the free and un-
limited coinage of silver at the ratio of
16 to 1. The statements were called out
by reports to the contrary, which had
gained some circulation.
Mr.. Turner Of Washington began an
extended speech on the Puerto Rican
bill. maintaining that the pending meas
ure clearly was unconstitutional. He
expressed his belief that 1t would be SO
held If it were passed upon by the su-
preme court.