The Portland daily press., 1900-02-16
Philippine Discussion Continues
In House.

Washin ston, February 10 Tie Senate
suhstisuts for the House currency bin
was passed by the Senate tucay by the
decisive majority OF 46 to 80. Prior TO
the fnel passage Of the bill. amendments
were considered under the ten minute
rule. Only two Of these amendments
were adopted, via, one offered by tie
finance committee keeping the door open
to International bimetallism and one by
Mr.. Nelson of Minnesota, providing for
national banks with sS5, coo capital In
towns of not III ore than 5000 inbs bitants.
The votes taken on the various amend
ments offered were practically along
Iarly lines. Mr. Chandler Of New Hamp-
shire, voted tor the binsseilic am end.
ment, but against the bill. h!r. Gallery,
Democrat OF Louisiana, and MIR. Lind
say, Democrat OF Kentucky, voted against
the committee amendment, bat for the
bill, Mr.. Kyle Of south Dakota, WINS
the only Senator who did not vote, and
was nos paired. The fres silver substi-
tute offered by Mr.. Jones. the leader of
the Democratic side. was defeated by a
majority Of 10, the vote being AZ to 20.
The bill as passed, consists of ten Sec
tons. 1t provides that ths dollar of
80 $40 gains Of gold nine-tsnths fine,
Shall lie the standard unit of value and
thatk all forms of U. S. money shall be
maintained at u parity with 1t; and the
treasury notes aud greenbaoks shall be
-ssesmRhle in gold.
'rle.sscFstary of the treasury is to set
i fund of $4,000. 90 In goId.for
tn. redemption OF those notes and TO
maintain this fund at figure not below
8 % coo, t00ihe is empowered to sell bonds
of the u. 5. bearing interest at not ex-
oeeding per cent IL shall also be the
duty of the secretary OF the treasury as
fast as standard dollars are Gained. to
require an equal amount of treasury
notes and to Issue silver certificates
against tire silver so coined. Under Ger
tan provisions, too, gold certificates shall
be issued against the gold held In the
treasury. No United States or treasury
notes shall be issued in denominations of
less than ten dollars, and no silver certl1-
Gates in lamentations of more than ten
dollars. The secretary of the treasury is
also authorized to refund the bonded
debt of the United States in 3O-year
bonds bearing per cent interest, the
principal and interest OF these bonds to
re paid in geld. The per cent bond
shall be Issued at not less than par. Any
national hank, by dsposi.ing in the Unit
ed States trsssUry bonds of this country,
shall be permitted to issus circulating
Anotes TO the face value. OF the bands DEF
posted, no bank being allowed to issue
circulating notes In excess Of the amount
Of the paid in capital stock of the bank.
81, Aitsr the passage of the financial bill,
the Senate made the Hawaiian govern
ment bin the unfinished business.
The financial bill was laid before the
Senate. the pending question being the
amendment offered by the finance COM
mittee as follows:
"Ihat the provisions of this act ara
not intended to place any obstacle In the
way of the accomplishment of interna-
tional bimstallisin, provided the same be
secured by concurrent action of the lead
ing commercial nations of the world ard
at ratio which shall insure permRHenoe
of relative value between gold and
silver"
MIR. Hoar of Massachusetts reviewed
briefly the financial question declaring
the double standard of gold and silver
had not only been accepted by the people,
hut had been embodied In the constitu-
tion itself. In rsaffirinIng the double
standard Congress only affirmed what the
people had held for a century. But when,
by the action OF other nations this
country was forced to accept a single
Standard 1t was forced to accept the most
valuable metal. We should get the double
standard when the opportunity came.
There was. therefore, no pretence or
hypocrisy in the preceding amendment.
Mr.. Morgan of Alabama, denounced
the pending amendments rs "a miserable
maksshift which is intended to cover the
laosrations of a wounded conscience"
He declared the bill would return US to
shs British system OF finance. aud he de.