The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-02-23
SENATE GETS THE BEST OF 1T.
AGREEMENT ABOUT REACHED ON
THE FINANCIAL BILL.


ness and the international Bime-
taIIic Clause Were the Only STUN
bling BiocI>s-AII Other Features
of the senate Dill Agreed to-There
VIII BE Some Change of Phrnse-
OIOsy in Those Features.
Washington, Feb 22.-The Republican
donferees on the financial bill after be-
ing together for seven hours to-day, prac-
tically completed their work, a full agree
ment being reached on all the points at
issue save the Senate amendment relating
TO the refunding of the bonded Indebted
ness and the international bimetalAc
clause, and on these the outlook was that
satisfactory agreement would be reach
ed tomorrow.
The concurrence was SO complete that
the Senate couferees prepared to call in
the Democratic members but the House
Republicans, Messrs Brosius and Over
street, were not quite ready for the step,
indicating a purpose TO continue their in
sistence on two questions stil1 open.
Already, however most of the important
questions have been disposed of and a
guage by which the gold standard is es-
tablished proved less difficult than was
at first anticipated. While the provision
in the House and Senate bills were the
same in principle, they differed entirely
in wording, and after some consideration
the Senate provision commended itself to
the eonferees of both houses. The pro-
vision doubtless win be a part of the final
agreement, and is as follows:
THAT the dollar consisting of 25 $40
grains of gold, $40 fine, shall as estab-
lished by Section 3511 of the Revised Stat
utes of the United States, dontlnue to be
the standard unit of value and all forms
of money issued or coined by the United
States shall be maintained at a parity Of
value with this standard; and United
States notes and treasury notes issued I'M
der the act of July IA, 1880, when present.
ed to the treasury for redemption, shall
be redeemed in gold coin OF such stand
ard"
Agreed ON Gold Reserve.
The difference as to the maintenance OF
a gold reserve was also speedily and salts
factorily adjusted. The Senate provision
calls for a reserve of definite amount,
namely, $3.50 600, 900, while the House pro-
vision did not fix a definite sum, but made
the reserve 25 per cent. of outstanding
provision met with most favor because of
its definiteness.
The House conferees insisted, however,
that the Senate section be so changed as
to provide for division of issue and re-
| demption In the treasury, as was originally
provided i'm tho House section relating to a
| gold reserve. The purpose of this issue
and redemption division Is to keep the
| fiscal and the banking features of the
| treasury entirely distinct. 1t Is understood
! that this feature and the Senate provision
| on the gold reserve win be incorporated
| in the final settlement.
| Agreement has been also reached on the
provision for national banks with small
capital and also for the issue of bank
| note circulation Up TO the par value Of
| bonds deposited. The agreement on the
| issue of United States notes of small de-
| nomination was a compromise The Sen
| ate provided that no notes shall be issued
| below so, but the House dOnferees insist
ed that this would cause a stringency in
| small bills. 1t was finally arranged to do
! away with The limitation of $40 and to
| provide that the small notes of IS and un-
der should be kept up to the volume now
in circulation, which is about $S900O0 900.
More Difficult Question.
| The important question of the refundlns
| provision of the Senate bill proved more
| difficult 10 settle, and up 10 the close or
/ Ine conference LO-tlSut fO dNNudl dSItt-
ment had been made, although compro-
| mise was in sight. The House made
no provision for refunding the
| debt and under the circumstances
| the House conferees felt that II they
| were to accept such an important provision
| as the Senate Incorporated in the bill
they should have a part in framing It.
Instead, therefore, of accepting the Sem
ate provision as a whole, a new form
was prepared, and this is likely to be
the basis of the compromise 1t retains
| the principle of refunding. burt makes q
considerable alteration of the original
| phraseology
Another difficult question has been the
Senate provision to an International BIZ
| metallic conference. The House conferees
have been Ioath to accept this, and up 10
tonight they had declined to yield, all
though the chances seemed rather more
favorable to its retention than It's rejec-
| tlon.