The times. [volume] (Washington [D.C.]) 1897-1901, 1900-03-07
ADOPTED BY THE SENATE
Action Taken on the Conference
Report on the Currency Bill.
The FinnI Debate Before the Vote
sIr. Allen Declares the Measure TO
Bnnks-Unlimifed Power Granted
to the Secretary of the Treasury.

The conference report on the Financial
bill was taken up by the Senate yesterday
afternoon, and was adopted by vote OF
A to 26. The report now goes TO the House
for its final action.
By unanimous consent the vo,e on the
o'clock and much of the time prior to that
hour was spent in its discussion.
Mr.. Allen, speaking in opposition to the
BILL said it was but a recast of the Sem
ate substitute and of the House bill. and
therefore it was useless to discuss it in
full. All of them, ne said favored the
establishment of a gold standard, and he
supposed it would not be denied that that
was a gross violation of the Republican
platform of 1896. He also supposed it
would not be asserted that there had ever
been an honest effort on the part of the
Republican party TO bring about BIZ
metallism.
MIR. Aldrich Disagrees.
Mr.. Aldrich, in charge Of the bill, said
he would intefject just here statement
that he did not agree with anything that
the Senator from Nebraska had said. and
he supposed he might make the same
statement after the Senator had finished
his remarks.
Il am not surprised" Mr.. Alien said,
'tfor have never known the Senator from
Rhode Island to be on the right side in any
discussion.
Mr.. Allen remarked that the bill required
the payment of all debts public and pri-
vate. in gold, and asked Mr.. Aldrich
whether he denied that.
Il do" Mr.. AldIich replied.
This bill,'' Mr.. Allen continued. sis in
the interest of the national banks, not Of
the people. 1t is a tremendous legislative
buneo scheme. 1t Is not entitled TO any
more euphonious or harmonious name than
that"
Mr.. Allen asserted that the bill provided
for an unlimited issue Of Government
bonds. and that assertion was also denied
by Mr.. Aldrich, who said that there was
no such provision in the bill. and nobody
had ever dreamed OF putting 1t in.
Il say" Mr.. Allen insisted that 1t does
confer unlimited power to issue Govern
ment bonds. 1t provides. for reserve fund
with maximum Of $150.000.00 and a
minimum Of $50. coo. .000 and every time the
fund falls below the minimum las II can
be made to do at any time) the Secretary
Of the Treasury may. at his caprice or dis
erection, issue bonds and buy gold for the
reserve. And every one of these bonds be-
comes a basis for the issue of national
bank currency; so that in that way, there !
iS mo no Tes,ricsion ,sr 10 .ne . power 70 issue II.
:, 20 s.S .In i', tupiieu ne ieuep'ion az
9. ie.o Au So uniiii.eu .r-a p'"e tue
for redemption purposes. That power is |
not withdrawn by this bill. which pro-
.h;oh ao,.,,o. o,,,,.s go ono ooo
tir,o Tha ras,,c,;on -, ~ ,as.r,.o f,,nS
helou, s5o ooo ooo NAV never cone and CO. |
tainIv cannot bannan yar, of,an :,
.,s of,an .s ,bts rasar,,a f,,, 4;
.-anch.d uno, I" said NJ .,Isn aord a. /
NAV he ,rancbs5 ,,,or a,,ar,, ,,-aaL a,-ar,.
month and every wear the Secretary Of tbs
Trea s,rv NAV ;ssuc ho,ds ,,itbort any an
,bcrjt,. ~ To,erass "a s.,I ,han, TO- aaId
and on these honds the natjonaI hanks viii |
issue currency
In contradiction of a previous statement I
by Mr.. Aldrich that there was but little |
prcfit in bank note circulation Mr.. Allen /
uuoted frorn a communication in n recent /
issue of The New York sun showing that
there was proft of 90 per cent on ma /
tionai hank currency issued m , nor cent |
bonds
,x ,u
In the course oil his remarks Mr.. Allen |
inveighed against the proposed measure |
as one that would he for-reacb;p, in ;ts
,,,.... - !
consequences "ouio ahect' /
ne said, not only the present. but future |
generations. It's widespread disaster, he |
said. could not be contemplated.
Mr.. Aldrieh contradicted Mr.. Aliens as !
seruons IN regard % national banks. The /
pending Dill. he saG. did not change the |
status OF the natTEal banks. 1t gave
them no new powers AID no additional life.
Their charters wouid expire in 1902 and 1
1t would be within ne power of Congress /
IN say then or hetora yvha,har ,horo ,,.o,,Ia /
,s %. - y. .iiooe eha.
.HeH po"ei " issue currency ne
declared, Is limited py their capital and
by the amount Of bonds deposited to guar
antee circulation. In 1870. he said. the
amount of money of all kinds in circulation
in the United states was sTa5 ooo non e. !
ten vears nr;or 80 tha, ,;r,a 49, ~, y,
'en 'ea,s pi,oi ~ .nat time tne issue OF
ner cont os oil tha ,,oro,, ~ ~ ~
"a, ,ro.a,,. >, - o..s " 49,, ~
~ rane1 ~ o,r.,,,'Vin >, 'ae an alnount oon
oaa ~ ,...ias ~. a.'o, 70 o'ei Ss,Voy,ovo,-
" 800 W coo ono 'ne na.ioian panh circuiation
na,tor.I hsai,s VI az u. ~ pei sen.. tne
nronortiop ,s ,be,, h.d ,rr,ishos 80. |
1865 and 1870 the national bank circulation |
would have been s., 40O. 10000 instead of |
szav.ooo'ooo.
r..,nna, San,'s ~ % iss,,e nc &c, oaia "ouiu aIiow
Of their capital (sS09 900 oool so that The |
possible increase would he $3.50 0O0 O0O
The discussion was closed and at 4
O'Clock the Senate proceeded IN vote n, |
the conference renort n uas o,raad - |
lows:
nala