New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-01-05
FINANCE IN THE SENATE
CONSIDERATION OF THE CURRENCY
BILL BEGUN
MIR. AIDRICH
Mr.. ALDRICH MAKES AN ELABORATE Elk
PLANTATION OF THE SUBSTITUTE FOR
THE HOUSE MEASURE
[BY TELEGRAPH TO THE TRIBUNE.l

| on the amended Currency bill opened to-day
with fair prospect of closing by the middle or
| the end of February. 1t seems useless indeed,
| to expect greater expedition than this with a
| measure of such Importance, involving not only
| a partial reconstruction of the country's fnan-
| cial system but many urgent political and par
| tisan interests we'll The feature of the day
| was the elaborate Introductory speech of the
| chairman of the Finance Committee Mr.. Aid
rich, whose leadership in the Senate on financial
and economic questions has been practically un-
| disputed for the last eight or ten years Mr.
| Aldrich speaks rarely but always with a fulness
| of knowledge and weight of personal authority
| which compel undivided attention. His subject
| to-day a difficult and sober one, but it's
| treatment marked by the facility and mas
| terry which the Senator from Rhode Island has
| always shown in financial discussions the
| Senate floor
After Mr.. Aldrich concluded the Senate ad
| journed until Monday for the purpose. it is I'M
derstood. of giving those who may wish to reply
an opportunity to study his presentation of the
| subject.
SENATOR ALDRICHS SPEECH
Mr.. Aldrich's speech was in substance as fol-
lows:
brief explanation Of the substitute offered to House
ed maorv TO Of the Commtee on Finance to
reTpm con is adoption By the se4ae
that gold is the monetary standard of the United
States to establish confidence In the intention and
sibe measure Of stability in Value to its currency
fines equal puTeRasns power T5th g0d t.
upon the taxpayer by existing public obligations.
and to strengthen the public credit.
declaration that the gold dollar is and shall con:
time to be the unit nit Of value b new r and
States that al forms of money may issue or coin
value with the gold adopted the standard. and
specific provision that United States. notes and
treasury. be redeemed in standard gold coin
more positive terms the law the practice in this
respect as interpreted and carried out in the admin
sumption of specie payments. The, act Of Febru:
I H. @ MADE g4d a has n Ses s0e ad IN
the years Which have Toa @ since e
coinage this important function
NO NEW DEPARTURE IN POLICY.
have recited the provisions of these several acts
that 1t may appear that departure is intended
by this bill from the public policy which was adopt
to through successive Administrations.
the @ e this 10 Re
% 90 GG the se W of 3ee
by our reafirmation of the gold standard we have
publican party and the country have heretofore
taken in favor of international bimetallism. The
charge is not in accordance with the facts
The bin now before the Senate contains no dis
question of International bimetailism, and places
obstacle in the way of its accomplishment in the
relative value to gold and silver coins with the
free coinage Of both metals at fixed ratio this
action of all the leading nations.
Mr.. Aldrich said that the Democrats, while
masquerading the friends of bimetallism, had
for the past four years been engaged in crusade
in behalf of the single standard of silver, in a
serious attempt to place the money and business
of the country upon silver basis; that the
ton that the free and unlimited coinage Of gold
and silver the historical ratio of 16 to without
waiting for the consent OF any other nation
EARTH will be the supreme issue in 1900. as it was
in 1896, has not been contradicted. He continued:
No sane man can be found outside Of the ranks
Democratic party who believes for instant that
the opening of our minis to the free coming of
silver bullion from its current commercial price to
Democrats advocates of free coinage are not in
of the most pronounced type.
THE TREASURY RESERVE FUND.
The second section provides for a reserve fund
of s15O,oo,oOO in gold to secure the prompt and
certain redemption of outstanding United States
s5OOO0OO0 over that which is held by the
Of f mn % Ssd nat ehs
barrassment to the Treasury will be evident when
on n epd 1893 exu sG Of the
amount held to pay gold certificate S252 OO
reserve 1i was $aSs 600 5000 o0o
This section makes it the duty of the Secretary of
Treasury replenish the fund from time to-
time by the of the notes redeemed This he
may do by exchanging the notes for any gold IN
may be deposited at the Treasury or Sub-Treasury,
under the provisions Of Section 1900 of Revised
Statutes.
in the fund shall fall below $1OOOOOOOO then 1t be-
comes his duty to sell United States bonds, the
proceeds to be used to restore the fund to the
into the fund Of the Treasury and then
exchanging for 1t an equal amount of notes which
have been redeemed from the reserve fund The
committee, having in view the rapid increase in the
gold production of the world and the equally rapid
try, is of the opinion that 1T will not be at any
time necessary to sell bonds under the provisions
Mr. AIdrich quoted statistics the gold produc-
ton to show that there will be difficulty in
curing by of notes the gold which Will be neces
sary to maintain the fund at its maximum amount.
In considering the adequacy and use of the gold
reserve we are bound to inquire into the ability Of
the Treasury to maintain an equality of value be-
tween the silver dollar and silver certificate and
the gold dollar without provision for direct ex-
other countries, notably France and Germany,
ton At parity Of Value With gold sP IN large but
limited amount Of legal tender silver notes based
pusory redemption in gold.
The amount of silver certificates in circulation on
silver dollars SIS $50 4J4 a total Of S472, S25, 254
This amount viii be gradually increased by the
visions Of the act of June 49, 1893 Both silver dol
lars and silver certificates are by law receivable
for all public dues. and so long the ordinary re-
ceipts of the Government than $500 600 900
oates eef are not Is very evident that silver eeI
eminent eminent itself; in the absence of positive in
this form of currency through the ordinary bust
ness chahneis OF exchange for self-protection
WILL STRENGTHEN SILVER.
The committee docs not r,,oao.+ 49,.