Jasper County Democrat, Volume 2, Number 47, Rensselaer, Jasper County, 24 February 1900 — PASSAGE OF THE MONEY BILL. [ARTICLE]

PASSAGE OF THE MONEY BILL.

How the Senate Measure Compares with One Passed by the House. The national Senate has passed the money bill recommended by a committee of Republican Senators. The measure in its general purpose is similar to the bill passed earlier in the session by the House. The most striking difference is Che refunding plan of the Senate bill, which was not a part of the House measure. The main aims of both bills are to establish the gold standard by law and to prevent the utilization of the greenbacks to drain the treasury of gold. Mr. Chandler of New Hampshire was the Only Republican Senator who votM against the measure, and on the Democratic side only Messrs. Lindsay of Kentucky and Caffrey of Louisiana supported the passage of the measure. During the month’s debate most of the prominent Senators have made their positions plain. There are differences between the Senate and House bills which will require the appointment of a conference committee of the two houses to perfect the measure. The understanding is that the House will accept most, if not all, the changes made by the Senate, and that the bill will become a law in practically the same shape as it passed the Senate. The House bill provides for a reserve fund, the holding of an amount of gold coin and bullion equal to 25 per cent of the amouut both of United States and treasury notes issued under the act of 1890 outstanding. The Senate bill makes the reserve $150,000,000 in gold coin. The Senate also changed the sections relating to banks, bonds and funding and added a new section declaring that it was not the purpose of the act to place any obstacles in the way of the accomplishment of international bimetallism. The chief provisions of the Senate financial bill are: That the dollar, consisting of 25.8 grains of gold, nine-tenths fine, shall continue to be the standard unit of value. That the Secretary of the Treasury shall set apart a reserve fund of $150,000,000 in gold coin for redemption purposes only. That the Secretary of the Treasury shall refund Outstanding bonds and issue in exchange coupon or registered bonds at 2 per cent per annum, payable quarterly. That as fast as silver dollars shall be coined an equal amount of treasury notes shall be retired and canceled, and silver certificates shall be issued against the silver dollars. That the Secretary of the Treasury shall receive deposits of gold coin and issue gold certificates therefor. That no treasury notes shall be issued of denominations loss than sl9 and no silver certificates of higher denomination than $lO. That national banks depositing bonds shall be entitled to receive circulating notes of equal value. That banks shall pay to the Treasurer of the United States in January and July a tax of one-fourth of 1 per cent on circulating notes.