The times. [volume] (Richmond, Va.) 1890-1903, 1900-02-16
SENATE PASSED
CURRENCY BILL
With International BIZ.
lnetalllsm Amendment.
SILVER SUBSTITUTE
Offered by Mr.. Jones Was Defeated
by a Majority of 19.
PROVISIONS OF THE.SENATE BILL
The House Completed Twcnty-Six
Pages Of the Legislative Judicial
an., Executive appropriation
Bnl-Thc Discussion Gov
cred Very Wide
Range.
SILVER SUBSTITUTE
PROVISIONS OF THE.SENATE BILL

WASHINGTON. Feb. 15-The Senate
substitute for the House currency bill
was passed by the Senate to-day by the
majority of 45 to 70.
Prior to the final passage Of the bill
amendments were considered under the
ten-minute rule. Only two OF these
amendments were adopted. viz-one offer
ed by the Finance Committee keeping the
door open to international bmetallis1n,
and one by Mr.. Nelson, of Minnesota,
providing for national banks with $4,000
CAPITAL in towns of not more than four
Thousand inhabitants.
The votes taken on the various amend
ments offered were practically along
party lines. Mn. Chandler Republican,.
voted for the bi1netallic amendment, but
against the bill. Mr. Catfery (DemocraD.
and Mr.. Lindsay QDcmocraD voted
against the committee amendment. but
for The bill. Mr.. Kyle, of South Dakota,
was the only Senator who did not vote
and was not paired. The free silver sub
stitute offered by Mn. Jones. the leader
o. the Democratic s:de was defeated by
a majority of 10, the vote being Al to 2S
The bill. as passed, conSisteS Of ten
sections 1t provides that the dollar OF
% $40 grains of gold. ninetenths fine
shall be the standard unit of value, and
THAT all forms of United States money
shall be maintained at a party with it,
and that the Treasury notes and green
backs shall be redeeInable in gold.
RESERVE FUND.
Tie Secretary of the Treasury is to set
jaIpa1-t al fund of s50,00a0J0 in gold for the re-
denption of these notes, and TO maintain
.llis fund at figure not below Sl00,Oo3,-
600. lie is empowered to sell bonds OF
the United States bearing interest at not
exceeding 3 per cent. 1t shall also be the
duty of The Secretary OF the Treasury, as
fast as standard silver dollars are coined
to retire equal amounts Of Treasury
notes and to usse silver certificates
against the silver so coined. Under GER
tain provisions, too, gold certificates shall
be issued against the gold held in the
Treasury. No United States notes OF
Treasury notes shall be issued in denomi
nations OF less than ten dollars and nc
silver certificates in denominations ol
more than ten dollars.
The Sec: etary of the Treasury is also
authorized 10 refund the bonded, debt OF
the United States in thirty year bonds
bearing . per cent interest, the principa
and interest OF these bonds to- be paid ir
gold.
The per cent. bonds shall be ISSUED
at not less than par. Any national bank
by Geposiling with the United state
bonds of tbs country, shall be permitted
10 issue circulating notes TO the face
value of the banks deposit no bank be
ing allowed TO issue circulating notes II
excess OF the amount of The pain-in CAPT
tai stock of Tie bank.
COMMITTEE -AAiI2NDA1ENT
After minor rout'ae business had beer
concluded the financial blll was laid be
fore the Senate. the pending question be-
ing the alnrndme,s, by tie Finance Com
.nit,ec aud reading as follows:
.'1.Eat Tie provisions Of this act are
not intended TO place any obstacles in INT
way OF the accomplishment of intefna'
tional binle,a.iisa. provided the same bt
secured b" ccnc,rren; action OF the lead
ing commercial nations OF the world ant
nj a ra;.e which shall insure pcrnanenc'
of relative value between Gpiu anu 81
NC.
Mr.. Morgan, Of Alabama. denounced
The pending amendment az "A miserable
,nake-shift which is intended TO cover
the. lacc-ations of 81 wounded conscience.
AS a yots was about TO he taken on
the committee amendment MI. ieitet
offered the following substitute for II;
The pSopc of the United safes are
in favor OF bimetaiism and desirous OF
g.ea, commercial nations of the werio
that will admit Of the use of both gold
and si.rc; at such an established r.ic
as will maintain the parity between gold
and silver coins, ard the efforts of Inc
government are hereby pledged 10 en-
aearcr To secure such an international
agreement as speedily as possible.
PARTY LINES.
The a-nendnyent of Mr. Teller was de.
fsatcd-s. To a5-the vote being along
party lines, except that Of Mr.. Chandler
(Eepuhlican). who vo:sd for the amend:
rnent. and Mr.. caffery Qemocrat, OF
Louisiana. and Mr.. Lindsey tDe;nociao
OF kentucky, voted against II.
\ vote was then taken On the COM
1rit:1es amendment, ana II was
adoptod-s5 to 30.
An amendment offered by Mr.. Stewart
providing for the payment of bonds Of
the United States In coin of the stand.
ard tixgd by the act of July Ii, 1870. wa:
laid on the table-al TO %.
An amendment offered by Mr Pettus
OF Alabama, providing that gold coin:
States shail he a legal tender ar theil
nominal value, WAS defeated--44 to 81,
Another amendment by Mr.. I'ettus
p,ovidirg that nothing in this act should
affect the legal tender quality of Unitet
gates silver dollars. was likewise de
feated-sl To &C.
AIR. Vest. Of Missouri. offeS2d Al
amendment. providing for $500. .cNo,iN6 o
treasury bond notes which should bt
loaned by The Secretary of the Trsas s
ury to any person who would depnsi
United States bonds as security.
In the course Of his remarks Mr.. Yes
sharply arraigned SECRETARY Gage fo
his action in relation to the Nationa
City Bank of New York.
Ths amendment was defeated withou
: division.
An amendment Of Mr.. McLsurin, 0
: South Carolina. TO repeal the tax o!
+ State bonds was lost. 81 to 20.
A substitute for the Senate bill pro
posed ny Mr.. Morgan. of Alabama, wa
lost. 2T 10 Al.
FREE SILVER SUBSTITUTE.
AR. Jnnes. of Aritansas. then offered .
Il sues,itute for-the Senate bill. a measir
nroy,tdiny for the ireland unllmitei