Akron daily Democrat. [volume] (Akron, Ohio) 1892-1902, 1900-01-05
BEYERIDCE TO SPEAK.
Will Talk on Philippines ca
Tuesday.
HoosIER ORATOR GAVE NoTICE.
Aldrloh Mndo the Opening Statement In
the Senate on the Financial Biil--Pet-
tigrew Resolution Went Over Until
Monday Next.

w NhShlNdION, jan. O.-Au uCCCruunCe
with the notice previously given by him
Senator Aldrich opened the discussion
OF the financial bill in the senate with q
speech in explanation of the senate sub
stitntc for the house bill. The speech
was carefully prepared and was read
from manuscript. 1t was delivered in
clear and distinct language, but without
any effort ut oratory.
senators present gave him careful at
ten ION, but no one interrupted him
Win questions or otherwise during the
dehvery, nor did any one manifest a
disposition to reply after he had con-
ciuded. After Mr.. Aldrich concluded
the senate adjourned over until Monday
ior the purpose, 1T is understoou, of giv-
ing those who may wish to roply to the
Rhode Island senator an opportunity to
study his presentation of the subject.
The Pottigrew resolution concerning
the Philippine war went over until Mon.
day, when, 1t Is understood, some sena.
tors will be asked to be heard on the
general Philippine question. Senator
Beveridge also gave notice OF speech
for Tuesday on the Philippine question.
prefacing his notice with u resolution
declaring his own position on the SUBJ
Ject.
Tho first section contains u clear and def.
mite declaration that the gold dollar is and
snail continue to bo the standard unit OF
value; q new and more emphatic pledge on the
part OF tho United States that all forms OF
money IL may issue or coin shall be Mt all times
maintained at an equality OF value with the
gold coin adopted as the standard, and spe
ciflc provision that United States notes and
treasury notes shall, upon presentation at the
treasury, be redeemed Ia standard gold coin
The bill now before the senate contains no
disavowal OF the position heretofore taken
upon the question OF international bimetalism
and places no obstacles in tho way'of its 40
complishment In the future II 1t Is possible
TO secure pprmanenco Of relative value to gold
and silver coins. with the free coinage OF both
metals nj hxed ratio. this permanence can
only bo secured by concurrent action OF nll
leading commercial rations.
Mr Aldrtch said that the Dem ocrats while
masquerading as the friends OF bimetallsm,
have for the past four years beon enga ed in
u crusade in behalf Of the single standard Of
silver in u serious attempt to place the
money and business of the country upon a
silver basis; that the assertion that the free
and unlimited coinage Of gold and silver at
the historical ratio of 10 to /, without whit
ing Tor the consent of any other nation ON
earth, will be the supreme issue in 1910. as il
wus In 1893 has not been contradicted
AAo iuAehSi nuiu III DdTbs
No sane man can be found. outside of tho
ranks OF the small band OF bold, and
nggressivs lenders who ut present dominate
the policy OF the Democratic party, who be.
lieves for an instant that the opening of our
niints to tho frec coinage of silver at the ratio
OF 10 to Will raise the value Of silver bullion
from It's current COMMERCIAL price to its mint
prizes measured with relation to gold
The second section provides for a reserve
tund OF sloU,OO00OO In gold to secu .e the prompt
ana cortaih redemption Of outstanding United
States notes and treasury notes. This fund IL
increased s5J,UJU,t0J over that which II now
heid by the treasury for redemption purposes.
The amount OF silver certificates In circula.
ton on Dec.1, 1929. was ssyi.g92 s0J and OF
standard silver d6isrs SIS, ,aJ2, ,l5i, a total OF
s4i2'b26e5t ThisRniount win be gradually IN.
creased by tho silver coinage, which will take
place under tho provisions of the act of June
H. isOs Both silver dollars and silver ccrtifi.
Gates arc by law receivable for all public dues
and as long as the ordinary receipts of the gov.
ernment are more than 100000 0JO per annuin
II ia very evident that silver certificates are
not likely TO 20 to N discount.
Nhc third section makes II the duty of the
secretary OF Inc treasury, as fast as standard
silver dollars are coined, AZ required by law
from the bullion purchased under the act of
July IL, 1910, to retire and cancel an equal
amount OF treasury notes and provide, that
upon the cancellation OF the notes silver Ger.
tlficates shall bo issued against the liver dol.
lara coined
The fourth section authorizes and directs
the secretary of the treasury to receive do
posits OF gold coin and to issue 20 co rtia.
;ntcs therefor In denominations OF not less
than S-O. Tho provisions OF this section ara
~ most respects the same as those contained
IN the twelfth section OF the net of JuIv 10
lSS! 80
Ihe ffth section provides that no United
strtcs notes or treasury notes shall hereafter
DO Issued or reissued in denominations of less
thhh SlV ana that ull such notes of smaller
denomination. whom redeemed, shall be can.
celed and notes OF $40 or upward substituted
therefor. IL also provides that no silver Ger.
tlncates OF higher denomination than SO
shall be- issued
The sixth section OF tho substitute gives 10
me secretary OF tho treasury authority to
convert portion OF the national debt into
bonds bearing per cent Interest. The propo.
silion contenplates profitable anticipation
ot interest payments and consequent ruduc
sion Of the public debt
The seventh section provides that upon the
deposit OF United States bonds by any ma |
hopal banking association In the manner pro,
viduu by law, such association shall be en-. |
it'eu to receive circulating notes equal to tho |
par vnluo OF the bonds deposited. Ii also pro |
vidos that nay national banking association |
now having bonds on deposit shnll be entitled
% the same privilege.
me eighth section provide that any mn |
hohai banking association having on deposit |
~ security for its circulation notes bonds of |
me United states bearing interest at z per
cent ferannum shall pay u tax upon such cir |
iulatlng notes of ~ OF per cent Annually. In. |
'toad OF the tax OF per cent now imposed by |
Jaw.