The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-03-14
NEW FINANCIAL MEASURE NOW
LACKS ONLY THE SIGNATURE
OF THE PRESIDENT
LEGISLATIVE STEP is TAKEN
CONFERENCE REPORT ON THE
BILL ADOPTED BY THE HOUSE
OF REPRESENTATIVE
PROVISIONS ARE EXPLAINED
Secretary of the Treasury Gage
Tells What the New Money Law
Means, and What 1t Is Ex-
Dected to Accomplish.

WASHINGTON, March 13-The legis-
lative step in the enactment of the finan-
cial bill was taken by the house of rep
resentatives today, when the conference
report on the bill was adopted by vote
of yeas 166, nays 120; present and not
voting TO-
The senate had already adopted the
conference report SO that it remains only
for President Mckinley to aff1x his sig
nature to the measure to make it law.
Representative Overstreet, the author
of the bill, will take 1t to the White
house tomorrow, and the signature is
likely to be affixed soon thereafter. AL
ready arrangements have been made for
securing the pen with which the presi-
dent will sign the bill.
The debate on the bill continued
throughout the day, Mr.. Overstreet
Qnd.) opening, and Mr.. Brosius Pa.)
closing in support Of the measure, while
Mr.. Little (Ark.) closed in opposition,
with a severe arraignment Of the bill.
The vote was on party lines, except
that nine Democrats joined with the Re-
publicans in supporting the conference
report.
BILL EXPLAINED.
Secretary Gage today made the fol-
lowing statement in explanation Of the
provisions of the financial bill, which
passed the house:
THE financial bill, which now awaits
only the signature of the president to
become a law, has for Its first object
what its title indicates-the fixing of the
standard of value and the maintaining
at a parity with that standard of all
forms of money issued or coined by the
United States. 1t reaffirms that the unit
of value is the dollar, consisting of
twenty-five and eight-tenths grains of
gold, nine-tenths fine, but from that point
1t goes on to make it the duty of the Sec
retary OF the treasury to maintain all
forms of money issued or coined at
parity of this standard 1t puts in the
hands of the secretary ample power to
do that. For that purpose the bill pro-
vides in the treasury bureaus of issue
and redemption, and transfers from the
general fund of the treasury's cash
$3.50 000, 900 in gold coin and bullion to the
redemption fund, that gold to be used for
the redemption of United States notes
and treasury notes. That fund is hence
forth absolutely cut out Of and separated
from the cash balance in the treasury,
and the available cash balance will here
after show reduction of $150,0 900 from
the figures that have heretofore pre-
vailed. This $l5O,OO0G20 redemption fund
! is to be used for no other purpose than
| the redemption of United States notes
| and treasury notes, and those notes so
redeemed may be exchanged for gold in
| the general fund or with the public, SO
| that the reserve fund is kept full with
gold to the $150OO0,OO 600 limit.
'"The secretary is given further power
If redemptions go on so that the gold in
this reserve fund is reduced below $780,
O00, Co., and he is unable to build it up
to the $1500O0,G00 mark by exchange for
gold in the general fund or otherwise, he
is given power to sell bonds, and it Is
made his duty to replenish the gold to
the $780, 100000 mark by such means.
ENDLESS CHAIN BROKEN.
"The endless chain is broken by a pro-
vision which prohibits the use of notes SO
! redeemed to meet deficiencies in the cur
rent revenues. The act provides for the
ultimate retirement of all the treasury
notes issued in payment for silver bull
lion under the Sherman act AS fast as
| that bullion is coined into silver dollars,
| treasury notes are to be retired and re-
! placed with an equal amount of silver
certificates. The measure authorizes the
issue of gold certificates In exchange for
/ deposits of gold coin, the same as at pres
ent, but suspends that authority when
| ever and so long as the gold in the re-
| demption fund is below $100, 600, 600, and
! gives to the secretary the option to sus-
! pend the issue of such certificates when
ever the silver certificates and United
States notes in the general fund Of the
treasury exceed $60,0 100000.
THE bill provides for a larger issue of
silver certificates. by declaring that here
after silver certificates shall be issued
only in denominations of $40 and under,
! except as to 10 per cent of the total vol
ume. Room is made for this larger use
of silver certificates in the way of small
bills by another provision which makes
| it necessary, as fast as the present silver
certificates of high denominations are
| broken up into small bills, to cancel 4
similar volume of United States notes o.
small denominations. and replace them
| with notes of denominations of $40 and
upward. Further room is made for the
| circulation of small silver certificates by
a clause which permits national banks 10
have only one-third of their capital IN
denominations under $40
SUBSIDIARY COINAGE.
| Zone clause Of the bill which the public
| win greatly appreciate is the right that
it gives to the secretary to coin any Of
| the 1890 bullion into subsidiary silver
coins up to a limit of $100, 600 000 There
has for years been scarcity of subsidi-
! ary silver during periods of active re all
trade, but this provision will give the
treasury ample opportunity 10 supply al
the subsidiary silver that is needed.
Another provision that the public will
greatly appreciate is the authority given
to the secretary to recoin worn and un-
current subsidiary silver now In the treas
ury, or hereafter received The bill
makes continuing appropriation for pay
ing the differences between the face val
ue of such coin and the amount the same
will produce in the new coin.
"a distinct feature Of the bill is in ref
! -. Vof. III O..