The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-02-23
AT WORK ON THE GOLD BILL.
Agreement Reached by Conferees on
Most of the Provisions.

Washington. Feb. 22.-The Republican
conferees ON the financial bill after be-
ing together for seven hours today prac-
ticaMy completed their work, full agree
ment having been reached on all the
points at issue save the Senate amend
ment relating ia the refunding of the
bonded Indebtedness and the interllat. Onal
bi-metallic clause, and on these the out
look was that a satisfactory agreement
would be reached tomorrow. The concur
renee was so complete that the Senate
conferees prepared to call in the Demo-
cratic members, but the House Republi-
cans. Messrs. Brossius and Overstreet
were not quite ready for this step, indicat-
inc a purpose Ito continue their insistance
ON the two questions still open.
Already, however, most of the impor-
tant questions have been disposed of,
and a complete agreement reached. Ihe
language by which the gold standard is
established proved less difficult than was
Mt first anticipated While the provision
in the House and Senate bills We're the
same in principle, they differed entirely III
wording, and after some consideration
the Senate provision commended Itself
to the conferees of both houses. Inc
rroyision doubtless will be part OF the
final agreement, and is as follows:
THAT the dollar consisting of twenty
five and eight tenths grains of gold, nine
tenthS fine, shall, as established by sec
tion thirty-five hundred and eleven OF the
revised statutes of the United States,
continue to be the standard unit of value.
and all forms of money issued or coined
by the United States shall be maintained
at q parity of value with this standard;
and the United States notes, and treasury
notes ISSUED under the act of July IA,
1890 when presented to the Treasury
for redemption shall be redeemed in gold
coin of such standard"
The difference as to the maintenance
Of gold reserve was also speedily and
satisfactorily adjusted. The Senate provls
ION calls for reserve of definite amount,
namely. $3.50, 100000, while the House
provision did not fix definite SUM, but
made the reserve % per cent. of outstand-
ing notes. On this question, also the Sem
ate provision met with most favor because
of it's definiteneSs. The House conferees
insisted, however, that the Senate provls-
ion he so changed as TO provide for dl-
vision of issue and redemption i'm the
Treasury as was originally provided in
the House section relating to a gold re-
serve. The purpose of this issue and re-
| demption division DIS to keep the fiscal and
the banking features of the Treasury en-
tirely distinct. 1t is understood that this
feature and the Senate provision ON the
gold reserve win be incorporated in the
final agreement.
| Agreement has also been reached on
the provision for national banks with
small capital. and also for the issue OF
bank note circulation UP to the par value
of bonds deposited. THE agreement ON
the issue of United States notes of small
| denomination was a compromise. Ihe
| Senate provided that no notes shall be IS
sued below so. but the House insisted
that this would cause a stllngency III
small bills lit was finally arranged to dc
away with the Limitation of $40. and to
provide that the small notes of 50 and I'M
der should be kept up to the volume now
in circulation, which is about S39OOOO,-
GOO.
| The important question of the re-
funding provision of the Senate bill prov
! ed more difficult to settle, and up to the
| close of the conference tonight no actual
! agreement had been made, although a
compromise was in sight. The House
made no provision fer refundlng the DEBT
and under the circumstances the House
conferees felt that if they We're to ac-
cent such an import amt provision incorpor.
ated in the bill Glhey world have part lr
framing it. Instead. therefore, OF ac'
cepting the Senate provision as whole
a new form was prepared, ana Inls Il
likely ito be the basis of the compromise
1t retains the principle of refdnding but
makes a considerable alteration Of thu
original phraseology
Another difficult question has been tn.
Senate provision as to- an international
bi-metallic conference. The House CON
ferees have been loath to accept TINS,
and up TO tonight they had declined t.
WELD. although the chances seemed rather
more favorable to its retel,i)n than It's
rejection.