The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1900-03-28
GOLD BILL IS PASSED.
Adopted BY the House by a Vote o
1866 to l20,
STATEMENT OF SECRETARY GAGE.


cans-Otherwise a Strict Party Vote
Tho Secretary of the Treasury Explain
the Changes Made by the Provision,
of the New Currency Bill.
WAsnrSaroy. D. C. (SpeciaD.-T lasl
legislative step in the enactment OF ths
financial bill was taken by the House o,
Representatives when the conference re-
port on the bill was adopted by vote ol
l66 yeas to 12O nays. present and not Tot'
inG, 10. The Senate had already adopted
the conference report, so it remained fol
President Mckinley to afflS bis signature
to the measure to mako it law.
Nine Dem ocrats voted with the Repub.
deans, namely: Clayton, briggs, Fltzger-
AID, Underhill, Levy, Scudder-all OF New
York; Denny, Maryland: McAleer, Penn
sylvania, and Thayer, Massachusetts. In
other respects the vote was on party lines.
Secretary Gage made the following state.
ment in explanation OF the provisions OF
the Financial bill:
The bill transfers from the general fund
OF the Treasury's cash S15O, 900, 900 in gold
coin and bullion to redemption fund, that
gold to be used for the redemption oj
United States notes and Treasury notes.
That fund is henceforth absolutely cut out
OF and separated from the cash balance In
the Treasury, and the available cash bal.
ance will hereafter show a reduction oil
s150, 0,0O0, 900 from the figures that have
heretofore prevailed.
II redemptions go on 80 that the gold in
this reserve fund is reduced below $780,.
0O0, 900 and Secretary is unable to build 1t
up to the $50 ,000. 900 mark, he Is given
power to sell bonds, and 1t Is made his
duty to replenish the gold to the S15o, ,OOO.-
00O mark by such means.
1.-THE sendless chain is broken by pro-
vision which prohibits the use OF notes SO
redeemedSto meet deficiencies In the cur
rent revenues. The act provides for the
ultimate retirement OF al the treasury xS's1s
notes issued iAepayment Tor silver bullion
under;the Sherman Act. AS fast as that
bullion,is coined into silver dollars. Treas
ury notes are to be retired and replaced
with an equal amount OF silver certificates.
zone clause OF the bill which the public
will greatly appreciate Is the right that 1t
gives to the Secretary to coin any OF the
1880 bullion into subsidiary silver coins up
to q limit OF $1OO, ,Oo0, 900. There has for
years been q scarcity OF subsidiary silver
during periods OF active retail trade, but
thiS pfOvtSt0n WILL give the ICeaSury aupio
opportunity TO supply oil the subsidiary
silver that Is needed.
"Another provision that the public will
greatly appreciate Is the authority given
to the Secretary to recoin worn anduncur-
rent subsidiary silver now In the Treasury
or hereafter received.
ga district feature OF the bill is In refer
ence to refundlng 1889 9,OOO, 900 bonds into
new per cent. bonds. These new 2
per cent. bonds will not be offered for sale
but will only be Issued in exchange for
an equal amount, face value, Of old bonds
stThe holders OF old bonds will receive q
premium In cash to compensate them 10
a measure for the sacrifice OF interest
which they make. That cash premium
will be computed on basis OF the present
worth OF the old bonds ut 2H per cent. and
will be on April 1, the date that the new
Q per cent. bonds will bear, S105.6351 for
the 3's, Sill. .6765 for the As, and S110.o75l
for each 5100 OF the 5s.
sThis exchange will save the Govern
ment, after deducting the premium paid
nearly 529, 900 900, II all the holders OF the
Old bonds exchange them for the new
ones"