The times. [volume] (Washington [D.C.]) 1897-1901, 1900-03-14
ADOPTED BY THE House
The Conference Report on the Fl
Rancial Bill Agreed To.
1t Now Needs But the Signature of
the President to Become n LAW
Final Debate nnd Last Protests
From the Opposition-Ninc Demo-
Gratis Vote with the Republicans.

The conference report on the Financial
bill was adopted by the House of Represen-
tatives yesterday by a vote of l6G to 120,
nine Democrats voting in favor of adoption
and no Republican against. After the
passage of bills to establish light and
fog signal at the southern entrance of the
new breakwater at Buffalo. n. Y, and for
the relief of the heirs OF Philip McClusky
and John Hogan. of Mobile. Ala, Mr.. Over
street. under the special order made last
week, called up the conference report.
Having been in charge of the bill and
being in charge of the conference report,
Mr.. Overstreet explained the modification
which had been made in the House and
Senate bills By the conferees. Every prin-
ciple, he said, of the House bill had been
preserved with the exception of the pro-
vision relating to the tax on national hank
franchises. The essential feature of the
House bill, the enactment of the gold
standard into law, was retained in the con-
ference report. he said.
Has the Secretary of the Treasury the
power to redeem a silver dollar in gold
under the amalgamated bill?'' asked Mr..
Shafroth.
He has not" replied Mr. Overstreet,
land he did not have the power under the
original House BILL
Under this bill will private obligations
be made payable in gold?' asked Mr.. Snod-
grass.
In answer TO this Mr. Overstreet said:
Under section 2 of the original House
bill public and private debts were made
conformable to the gold standard. That
section is omitted from the report; first,
because it is question In law whether it
wnuii hp rpfrOaCtiVa and Second he
cause having fixed the gold standard and
recognized it by converting all public OBJ
legations into gold obligations there will be
no necessity to legislate concerning pri
vate obligations. as they will invariably
reflect the character Of Government obliga-
tions."
Mr.. Williams OF Illinois wanted to know
il. under the refunding provision. making
the bonds payable in gold. should the Gov
ernment succeed in securing international
bimetallism. they could be paid in silver
coined under that agreement.
Mr. Oyerstreet replied:
THE bonds could only be paid in gold.
This bill holds out not the slightest hope
of international bimetallism under present
conditions. l say frankly that this bill will
make il practically and absolutely impos-
sble ever to have international bimetal-
lism al the ratio of Is to L.
street had concluded, made an argument
against the report
Mr.. Lewis of Georgia opposed the adop
tion of the conference report Il general
and particular. He criticised the gold
standard, the refunding of the debt the
increased national bank currency, and the
OF the greenbacks. Mr.. Lewis
remarks were frequently applauded.
The adoption of the report was also
opposed by Mr.. Fitzgerald of Massachu
setts. who especially criticised the ma
tional bank feature of the bill. In this
connection he quoted largely from a
financial letter in New York newspaper,
supporting the conference report.
Mr.. Hin of Connecticut presented
series of tables showing that the thirteen
leading commercial nations OF the world
were better able to maintain the gold
standard on January 1, 1899, than they
were able to maintain the double standard
in 1873. with the vast increase OF the store
of gold that had taken place since 1873
Mr.. Hill said the rate of interest had con-
stantly decreased until now the borrower
paid from third to a half less interest
than the same loan required in 1873.
Mr. Maddox of Georgia opposed the re-
port. He said the bill like every bill on
financial matters enacted since the civil
war. was full of deceit and fraud. He
paid much attention to the refunding fea-
ture, and presented series of tables Civ
ing the statistics of bond issues and sales
since the days OF the civil war The bonds
were to be continued as the basis for
national bank currency. that banking sys-
TEN being permanently fastened on the
by the terms of the bill II equal
taxation were required of Congress. Mr..
Maddox said. il would be impossible to
pass the measure.
Mr. Noonan of Illinois also opposed the
report, making the point that in his opin-
ion the operation of the endless chain
would not be prevented ~ the passage
of the bill.
The report was further opposed by
Messrs. Shafroth of Colorado. and Little
of Arkansas. Mr.. BrOsius OF Pennsylvania
who, with Mr.. Oyerstreet. was Republican
manager of the conference on the bill.
closed the debate, speaking in support OF
the report.
On the adoption of the conference re-
port, Mr. Overstreet demanded the yeas
and nays, which were ordered. The re-
port was adopted by vote of 166 to 120,
present and not voting 10.
The following Democrats voted with the
Republicans for the conference report:
Maryland. briggs of New York. Fitzgerald
of New York, Levy OF New York, Nc
Aleer of Pennsylvania, Scudder OF New
York Thsyer of Massachusetts,. and I'm
derhiIl OF New York.
Saturday was set aside for eulogies on
the late Senator Hayward of Nebraska.
The House then, at sis o'clock, ad-
journed until today.