New-York tribune., 1903-01-27
CURRENCY BILL DOOMED.
DUE TO HOUSE REVOLT
Phihppine Measures Defeat May
Haze Reaching Results.
Try TELEGRAPH TO TIE TRIBUNE.

Washington, Jan. 26-Fina' cial -eg1slatlon OF
every character is believed to i I've been swept
the boards. SO far this session OF congress
is concerned by the insurgent raid in The House
last Thursday, in which the solid Democratic
forces, led by the hel ublican me:rbers Of the
Banking and Currency Committee, completely
upset the carefully laid plans of the adminis+--
ton regarding currency legislation for the Phli-
ppine Islands. The defeat of the majority
bill by the substitution of that of the minority,
which extends the fiscal system Of the United
States to the Philippines is regarded as most
serious low, not only to the Philippine Islands
themselves but indirectly to Mexico and to
other Central and South American countries. IN
Guiding Venezuela, well Japan and China,
where the first step toward a gold standard will
have to be taken by substantially such meas
that which was defeated.
Mexico has enissaries in this country at the
present moment watching with the utmost In
terest the action of Congress the Philippine
currency bill. Mr. Creel. the Mexican banker,
who is here on financial mission, said recently
to The Tribune that his country wanted exactly
the same legislation that proposed in the
majority bill for the Philippines. China is de-
clared to be in sore straits because of her in
ability to pay her indemnity to the powers in
satisfactory money, and the question will
shortly be raised in Venezuela, when she, too,
will be called upon to make payments TO her
European creditors.
For this reason particular pride was taken in
the measure which had been so carefully studied
out and formulated for the Philippine Islands.
1t was believed that this would point the legis-
lative way to these countries, and that the first
step might ultimately be taken by all toward a
universal gold standard. The majority bill was
substantially recommended by every member
of the Philippine Commission in their reports,
and urged in all their correspondence on the
subject. 1t was recommended by the Secretary
of War in his report to Congress, both in 19Ol
and 1902 1t was urged by Charles A. Conant,
who was sent to the islands for the purpose Of
studying this question, and by Professor jerks
in his report economic questions in the Orient.
a number of Democratic Representatives made
personal promises to Vice-Governor Luke E.
Wright that they would support the majority
bill in the House.
| SECRETARY SHAW's ATTITUDE.
The bill taking its usual course, and there
| was every prospect OF its passage, when Mr..
Eill, of Connecticut, quoted the Secretary Of the
| Treasury as being opposed to the BILL and in
favor of the minority report. This knock
! out blow to the friends of the measure who
! declared that it was pitting one executive de-
partment of the government against another
important measure. The Democrats were
quick to their advantage and rallied to the
support Of the minority report. The Democrats
who had promised Wright to support the ma
| jority bill forgot their promise and voted for
the minority measure.
An administration official said tonight:
The Secretary of the Treasury was quoted as
resentatives of the Mexican Government. who were
their Monetary system to Conform to that Of the
United States 1t is understood on good authority,
here for the purpose of devising some plan anal
ogous to that adopted by Japan Jap and D. Precisely
whereby, with gold basis there could be
silver circ9iati medium might be devised for
silver using countries. Not only Mexico alone. but
the State Department looking to an arrange ment
whereby the Orient and and ether silver Liver eur enGy ~
that proposed for the Philippines. whereby the two
allow for the largest possible employment SILVER
The producers Of silver are known to be asto9ished
at the action OF the house. The Philippines do not
want the bill as it passed the House. and the
credit for knowing what is best for the country.
AS bad as the present condition is In the Philip
nasseS bv the House The PhiIippine Government
will get no relief at the present session of Con-
gress. and when the measure comes up again in the
will not see one department working against
carefully studied measure prepared by another de-
partment.
The quotation from a speech by Secretary
| Shaw, which was used against the majority
measure SO eHeCCUdlly on lHS IOOr OI the t1OuSe
by Representative Hill, was delivered by the
| Secretary in New-York last summer at a corner
stone laying. He said that he in favor of
| a single standard of money and measures for all
Of our possessions. Since the defeat of the bill
| the Secretary has said that when he uttered the
doctrine ascribed to him there no legislation
pending for Philippine financial revision. He
| has also emphatically said that had he been
! member of the House when the vote was taken
! on Thursday he would have favored the ma
| jority and not the minority measure. In doing
| this he would not have changed his individual
| opinion expressed in the NewYork speech, but
| simply because he is a strong party man, and
| believes that the measures of the party should
be supported, regardless of individual opinion
| The spectacle Of the Democrats of the House
voting solidly for the gold standard in the Phil
! ippines is regarded from a political point of
| view in Washington and the prediction is made
that with their record in this instance they will
| endeavor to win the gold Standard Demo
| Gratis and induce them to return to the fold.
The minority substitute received short Shr1ft
| to-day in the Senate Committee on the Philip
| pines. The administration bill was ordered re-
| ported to the Senate in place Of the House Dill
| There is said to be grave doubt whether the
Senate will take any action on the matter at the
present session, and should it pass the bill re-
| ported there will be tie-up on the part of the
| House in conference.
The Fowler Flexible Currency bill has the
right Of way in the House beginning on
! for this measure by the Republican members
| of the Insular Affairs Committee. The forces
count Of the attitude of tie Republicans of the
Banking and Currency Committee on the Phil
! ippine bill are to be headed by Uncle Joe" Can
! non, the next Speaker Many members are
| chuckling over what will be done to the Fowler
| bill when it shows its head in the House.