The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-02-16
FINANCIAL BILL
PASSED BY SENATE
The Measure Carries by a
Vote of do to 20.
HE SUFFRAGE QUESTION
UiNDERWOOD'S RESOLUTION TO
REPEAL 18TH AMENDMENT.
He THINKS PUBLIC SAFETY DEMANDS IT
The Indian anG kongoian Cannot Vote. Why
the Negro, Who Can Never Become
The White Mans Equal? The
Philippine Question.

Washington, Feb. 15.-Tne Senate
substitute for the House Currency l:ill
was PASSED by the Senate tcday by the
decisive majority Of 46 TO 20. Prioc 10
the final passage of the BIZ! amend
ments were considered under The tn
minute rule. Only two Of these amend
ments were adopted, viz, one ffcred by
the Finance Committee, keeping the
door open to international biDet lili?in
and one by Mr. Nelson. of Minnesota,
providing for national banks with SO.
600 capital in towns of not more than
four thousand inhabitants.
The votes taken on the various amend
ments offered We're practically along
party lines. Mr.. Chandler Rep., y. H.),
voted for the bimetallic amendment bur
against the bill Mr. Caffery Dem.,
La, ana Mr.. Lindsay lDem., Ky)
voted against the committee amendment,
but for the bill Mr. Kyle Is. D., was
the only Senator who did not vote and
was NOT paired. The free silver sub
stitute offered by Mr.. Jones. the leader
of the Democratic side, was defeated
by majority OF 10, the vote being Il
10 3S
THE BILL As PASSED
The bill, as passed consists of ten
sections. 1t provides that the dollar of
23S grains of gold, 9 fine shall be the
standard unit of value and that al! forms
Of United States money shall be mann
tanned ut a parity with it. and that the
II " md prnari.a..i,. SbnIl hs-
redeemab bic il gold.
I le Secretary OF the Treasury IS 70
set apart 4 fund Of 5000, 000 in COLA
for The redemption of these notes and TO
maintain this fund at Il figure net be-
low S10O,G0.G00, he is empowered TO
sell bonds Of the United States bearing
interest ut not exceeding three per cent.
1t shall also be the duty Of the Secre-
tary CT a.he Treasury as fast as stand
ard silver dollars are coined 10 retire
equal amounts Of Treasury notes and 10
issue silver certificates against the sill
yer so coined. Under certain provis-
ions. too, gold certificates shall be issued
against the gold held in the Treasury.
No United States notes or Treasury
notes shall be issued in denominations
of less than 10 dollars and no silver
certificates in denomination or more than
ten dollars.
The Secretary OF the Treasury is also
authorized to refund the bonded debt of
the United States in th!rty-year bonds
bearing two per cent interest, the princl-
pal and interest of these bonds to be
paid in gold. The two per cent bonds
shall be issued at not less than par Any
national bank by dep0siting with the
United States bonds OF this country,
s!.ll he permitted TO issue circulating
notes to the face value Of the banks
deposit no bank beng allowed to issue
circulating notes in excess of the amount
Of the pail-in capital stock Of the bank.
After minor routine business had been
concluded the Financial Bill was laid
before the Sc1rate, the pending question
being the amendment offered by the FL
rance Committee and reading as fol-
lows:
That the provisions of this act are
not intended to qlace any obstacles in
the way of the Accomplishment Of inter
national binlotallism, provided the same
be secured by concurrent action of the
leading commercial nations of the world
and at 4 ratio which shlll insure perma-
nence Of relative value between gold
and silver"
A MISERABLE MAkESHIFT.
Mr.. Morgan tAla.l. denounced the
pending amendment as "a miserable
makeshift which is intended TO cover the
decorations Of N wounded conscience"
He declared the bill would return us
to the British system OF finance. at
tackled the national banks and demanded
H." free coinage OF silver in order thar
the national debt might be paid
Mr.. Platt tConn.), said he wanted to
protest against the assumption of the
Democratic side that it represented tne
American people. That question had
been tried and decided against the De-
moCracy III 1896.
Whatever may be said about i'm
rerialism on about the toiling
masses. said Mr. Platt, 1T will be
the same issue over again in the cam
paign of this year-and that is whether
we shall have ii silver standard in .iie
United Sttaes"
Mr.. Teller retorted that the silver
people were willing to make this cam
paign on the silver question, and if the
American people declared for a gold
standard he should be ready to accept
the verdict.
Mr.. Cockrell replied to Mr.. Platt,
maintaining that legislation alone with
the power of this Government behind it
was sufficient to restore the commercial