The times. [volume] (Washington [D.C.]) 1897-1901, 1900-03-01

The conference report on the financial
bill was called up in the Senate yesterday
by MIR. Aldrich, who explained in detail tae
difference between the Ssnate bill and tie
conference substitute. Taking the changes
in their order. Mr. Aldrich said the first
amendment was in the section defining the
standard of value. This. he explained, was
purely a verbal chanSe-a difference in
phraseology-which. in his opinion,
strengthened the whole section.
The second amendment WAS the addition
of the following words to the provision for
maintaining the paritT of United States
money: And it shall be The duty of tae
Secretary of the Treasury to maintain such
parity" Mr. Aldrioh said that the Senate
bill contained a most solemn and direct
pledge that that duty should BE- performed,
aad, in his opinion, imposed it upon the
Secretary of the Treasury. but that the
House conferees had insisted upon the in
Junction being definitely incoIpoi ated in
the bill.
The Gold Reserve.
The next amendment aGded the words
''or bullion to the provision stating that
the gold reserve might be of gold coin
Mr.. Aldrich stated that the two words
were added because the present facilities
for the coinage of gold would not admit of
coming that metal in sufficient quantity to
maintain the reserve. He explained that
as soon as the new mint at Phi;adelphia is
completed that difficulty win be obsia ed.
He said that this amendment already con-
tanned in section ., which provides that
the Secretary of the Treasury may, in his
discretion. use notes in exchange for gold,
or TO purchase or redeem any bonds OF the
United States except that the notes ie-
deemed and held for exchange SHALL not be
used to meet deficiencies III the current
revenues.
The next amendment was in the folm Of
a new section, which provides that noghng
in the act should be construed TO affect the
legal tender qualities of the silver do lar.
OF any other money coined or issued by the
United States.
Mr.. Aldrich said it had been argu that
the declaration OF the gold standard took
away from the silver dollar its legal tender
quality, and the conferees mad thought it
desirable to insert that express provision
in the act.
The next amendment provided that so
long as the aggregate amount of United
States notes and silver certificates in the
general fund Of the. Treasury shall exceed
500 eco, 000 the Secretary may suspend the |
issue of certificates. Mr. Aldrich explained
that this provision was simply another way |
of protecting the reserve.
silver Certificates.
The next amendment was a recast of !
section as to the denominations of the |
silver certificates to be issued by the Sec !
retary of the Treasury so as to make the |
section read:
''SssJ1en I. That hereafter silver certi-
1cstes shall be issued only of denomna-
tions of SO and under, except that not ex-
ceeding in the aggregate 10 per centum
of the total volume of said certificates in
the discretion of the Secretary of the |
Treasury may be issred in denominations |
OF $50, $50, and S1e0; ard silver certificates !
Of higher denomination than $40, except |
as herein provided shall, whenever receiv- |
ed at the Treasury or redeemed be retired |
and cancelled, and certificates of denomina- |
tions of $40 or less shall be substituted |
and after such substitution in |
whole or in part, like volume of United 1
States notes of less denomination than $40 |
shall from time to time be retired and |
$40 and upward shall be reissued in sub |
stitution thereof with like qualities and |
restrictions as those retired and Cancelled" !
The next amendment Mr.. Aldrich said, |
was in section s. II authorized the coinage /
OF twenty millions of additional subsidiary |
silver coin, SO as to make the total one /
hundred millions, the present amount out |
standing in circulation being eighty mil.
lions.
Mr. Teller said that hundred millions |
in subsidiary silver coin was not enough |
and that England, with a population of |
3s,0o0.0 600, kept sl1o 600, 600 Of subsidiary |
coin In circulation. He thought that two |
hundred millions of subsidiary silver coin /
should be provided for.
Mr.. Aldrich admitted that that would be |
but said that the Conference |
Committee had not deemed it wise at this |
time to make the subsidiary silver coin !
more than one hundred millions He said |
he had no doubt that the amount would |
have to be largely increased. and that it |
would be within the power of Congress to |
increase IL
The next conference amendment, Mr.. |
Aldrich said, was simply a modification
Of the provision in the Horse bill for the
reeolnage of worn and uncurrent silver
The next amendment was a modification
of the provision as to national banks in
small towns. 1t allowed a national bank i
with $5O.0O0 capital in towns of 5000 in
habitants, and with s25 000 capital in towns
of 2,00o Inhabitants.
The next amendment being in relation
to national bank notes, led to a dispute
between Senators Aidrich and Allen. in
which air. Aidrich alluded to MIR. Allen as
coming fresh from conference with Mr..
Bryan. the Democratic candidate for the /
Presidency. This was denied. with some
heat by Mr.. Allen, who said that he spoke
for the State which sent him here and for
himself.
IF Mr. Bryan were here now" he added.
and had the privilege OF this floor, the
Senator from Rhode Island would not be
out these insinuations."
Il am not throwing out any insinua-
tons" Mr.. Aldrich replied, Il am merely
stating facts
Il hope" Mr.. Allen continued. that the
Senator from Rhode Island will not oon-
slider it proper to sneer at a gentleman
who is his equal at all times and under
all circumstances. and who cannot par
ticipate in this debate"
II have not sneered at him or at Els
position" Mr. Aldrich said, and he sdded
some words intimating that Mr.. Allen was
cooperating with the Democratic party.
Il want to hold up both hands" declared
Mr. Allen, "and say am not responsible
for the Democratic party. That party can
care for itself, and the little party with
which / actis amply able TO care for itself.
The distinction between the Democratic
party and the Populist party is as marked
as the distinction between the sun and
moon"
What is the difference?" asked Mr..
Doctrines of Two Parties.
Mr.. Allen replied: In the first place,
the Democratic party, as / understand. be-
lieve in the constant redeemability of all