The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-01-05
FINANCIAL BILL EXPLAINED.
SENATOR ALDRICH TALKS ON THE
SENATE sUBsTITUTE.

Purpose of the Bill Is to Declare
Anew That Gold lis Our Monetary
Standnrd-SenntorB everidge's Res
oIutiOn Declaring That the Philip
pines Belong 10 the United States.
Treasury Correspondence with
National Banks Called for.
Washington, Jan. AIN accordance with
the notice previously given by him, Sena-
tor Aldrich to-day opened the discussion
of the financial bill in the Senate with a
speech in explanation of the Senate sub
stitute for the House bill
The speech was carefully prepared and
was read from manuscript 1t was de-
livered in clear and distinct language, but
without any effort at oratory. Senator'S
present gave him careful attention, but
no one interrupted him with questions or
otherwise during the delivery. nor did any
one manifest a disposition to reply after
he had concluded.
Mr.. Beverage of Indiana presented the
following resolution:
THAT the Philippine Islands are terri
tory belonging to the United States; that
it is the intention of the United States
TO retain them as such and to establish
and maintain such governmental control
throughout the archipelago as the situa-
ton may demand"
Mr.. Beverage asked that the resolu-
lion lie upon the table until next Tues
day, when he will speak upon it.
A message from the President was
read, transmitting the testimony taken by
the commission appointed to investigate
the conduct of the war by the war depart
ment.
A resolution was presented by Mr.. Petit
grew calling upon the Secretary of the
Navy for the report of Admiral Dewey of
April 10, 1898, in which the Admiral said
he could take Manila at any time. He
asked immediate consideration, but Mr..
Spooner objected and the resolution went
over.
Mr.. Aliens resolution calling for CORE
spondence between the treasury depart
ment and the National City Bank and the
Hanover National Bank of New York was
agreed to with notifications.
The consideration of Mr.. Pettigrew's
resolution concerning the advances re-
ported to have been made by Aguinaldo
through Gen. Torres 10 Gen. Otis after
the beginning Of hostilities in the Philip
pines was postponed until Monday.
Senator AIdrich's Speech.
The Senate at 1855 p. m. took up the
financial bill and Mr.. Aldrich addressed
the Senate. He said:
The general purpose of the bin is to de-
clare anew that gold Is the monetary
standard of the United States; 20 estab-
lsh confidence In the intention and ability
OF our government to give the greatest
possible measure Of stability in value to
it's currency and to provide the means
for securing for IL at all times an equal
purchasing power with gold; TO tighten in
every possible way the burdens i'm
posed upon the taxpayer by existing pub
lie obligations and to strengthen the pub
lie credit. No departure is intended by
this bill from the public policy which was
adopted years ago and has been consist
emily adhered 20 through successive ad-
ministrations.
THE bill now before the Senate con-
tains no disavowa of the position hereto
fore taken upon the question of interna>
tional bimetaliism and places no obstacles
in the way Of its accomplishment in the
future II it is possible to secure perma-
coins with the free coinage of both met
ais at a fixed ratio, this permanence can
only be secured by concurrent action Of
all the leading commercial nations"
Senator Aldrich accused the Democratic
party of advocating a policy that would
lead 20 silver monometallsm, and declar-
ed 1t was not a bime tallic party at all.
THE committee do not suggest any
changes In the status of the silver dollar
or the silver certificate. We do not pro-
pose to take away from silver any Of the
monetary privileges or prerogatves which
it now enjoys. In fact, we believe that
the legislation suggested will greatly
strengthen its position in our monetary
system"
The Senator defended the refunding pro-
visions of the bill as a precautionary meas
ure, in view of the possible future in.
crease of the public debt
At the close of the speech the Senate
went into executive session, adjourning
at 800 o'clock until next Monday.