The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-02-16
CURRENCY BILL PUT THROUGH.
SENATE SUBSTITUTE WAS PASSED
BY VOTE OF 40 TO 20.

Small TOwns-Proyisions of the
Measure-AlI Democratic Amend
ments Were Defeated.
Washington. Feb 15-The Senate SUBJ
stitute for the House currency bill was
passed by the Senate to-day by the decis-
i've majority of 46 to 20.
Prior to the final passage of the bill
amendments were considered under the
ten-mnute rule. Only two of these amend
ments were adopted, viz, one offered by
the Finance Committee keeping the door
open to international bimetallism, and
one by Mr.. Nelson Of Minnesota, provid-
ing for national banks with $4,000 capital
in towns of not more than 1900 inhabi-
tants.
The votes taken on the various amend
ments offered were practically along party
lines Mr. Chandler, Republican of New
Hampshire, voted for the bimetalic
amendment but against the bill. q Mr..
Caffery, Democrat of Louisiana and Mr..
Lindsay Democrat of Kentucky, voted
against the committee amendment, but
fer the bill. Mr.. Kyle of South Dakota
was the only senator who did not vote
and was not paired.
The free silver substitute offered by
MIR, Jones, the leader of the Democratic
side, was defeated by majority of 19, the
vote being AT to 2S
Provisions of the Bill.
The bill as passed consists of ten sec
tons. 1t provides that the dollar of Is $40
grains of gold, nine-tenths fine, shall be
the standard unit of value and that all
forms of United States money shall be
maintained at a parity with it; and that
the treasury notes and greenbacks shall
be redeenable in gold.
The Secretary of the Treasury Is to set
apart a fund of $50O00,O00 in gold for the
redemption of these notes, and TO maintain
this fund at a figure not below $100,000,OD
he is empowered to sell bonds of the
United States bearing interest at not ex-
ceeding per cent.
1t shall also be the duty of the Secre-
tary of the Treasury as fast as standard
silver dollars are coined, to retire equal
amounts of treasury notes and to issue
silver certificates against the silver so
coined. Under certain provisions, too, gold
certificates shall be issued against the
gold held in the treasury. No United
States notes or treasury notes shall be is
sued in denominations of less than $40,
and no silver certificates in denominations
Of more than SO.
The Secretary of the Treasury is also
authorized to refund the bonded debt of
the United States in thirty-year bonds,
bearing per cent interest, the principal
and interests of these bonds to be paid in
gold. The 2 per cent. bonds shall be is
sued at not less than par Any national
bank by depositing with the United States
bonds of this country shall be permitted
to issue circulating notes to the face value
of the bonds deposited, no bank being al
lowed to issue circulating notes in excess
of the amount of the paid-in capital stock
of the bank.
The BimetaIIic Amendment.
After minor routine business had been
concluded the financial bill was laid be-
fore the Senate, the pending question being
the amendment offered by the Finance
committee and reading as follows:
That the provisions Of this act are not
intended to place any obstacles in the way
OF the accomplishment of international BIZ
metaliism, provided the same be secured
by concurrent action of the leading COM
mercial nations of the world, and at a ra-
tio which shall insure permanence or rela-
tive value between gold and silver"
Mr. Morgan of Alabama denounced the
pending amendment as "a miserable
makeshift which is intended to cover the
iaceratons of a wounded conscience"
He declared the bill would return us to
Aile DIlllSn system OF HnanCe, dttdCheu lile
national banks, and demanded the free
coinage of silver in order that the national
debt might be paid.
Mr.. Platt of Connecticut said he wanted
TO protest against the assumption of the
democratic side that it represented the
American people. That question had been
tried and decided against the Democracy
in 1896.
Whatever may be said about imper-
lalism' or about the toiling masses - said
Mr. Plat, 1T will be the same issue over
again in the campaign of this year-and
mat is whether we shall have a silver
standard in the United States"
Mr.. Teller retorted that the silver peo-
pie We're willing to make this campaign
On the silver question and if the Ameri-
can people declared for a gold standard
dict.
MT Cockrell replied to Mr. Plat, main
lalhlhg the legislation alone with the
pomer or this government behind it was
suHlclent to restore the commercial and
monetary parity of gold and silver.
TelIer's Amendment Defeated.
AS vote was about to be taken on the
eummlttee amendment Mr.. Teller offered
Vne following substitute for it,:
Inc people of the United States are in
iiaNor of bimetallism and desrous of an
International agreement with the great
aunt Of the use of both gold and silver
a. such an established ratio as will main
.@io the parity between gold and silver
oolNs' and the efforts of the government
uie hereby pledged TO endeavor to secure
ssucA an International agreement as speed
NY as possible"
Af Elkins of West Virginia expressed
pleasure that Mr.. Coekrell, represent
+.s MS party, had declared against inter-
tt,,'lonal himetallism. Mr.. Elkins was in
'V,Iupied by Mr.. Tillman, who inquired:
are you in favor of an alliance with
any European nation?'
N,. Elkins replied that he was in favor
". such an International agreement as
"oula enable us to use both gold and silver
as standard money.
would you limit the alliance to
"'"0uey persisted Mr.. Tillman.
wen responded Mr.. Elkns II would
Sloss only one bridge at a time. Let us
lite the financial matter first. III say,
"g.%,eVer that I'm not afraid of alliances"