The Helena independent., 1894-12-20
THE NEW CURRENCY.
Debated All Day In the House by Advocates
and Opponents Of carlIsleb
Plan.
MANY DEMOCRATS OPPOSE 1T.
Thirty Members not Of the Banking Com
mittee Want to Speak In tho
Negative.

Washington, Dec. la.-As soon ms the
regular routine had been disposed of
to-day on motion " Springer the house
went into executive session and debate
ON the currency bill was resumed.
johnson, OF Indiana, one Of the menu
bcrs OF the minority OF the banking
and currency committee, opened with
vigorous speech in opposition to the
Carlisle bill. Admitting the defects or
our currency system. he said. perfection
could not be obtained by the passage OF
Dill along lines suggested by the
banking and currency committee. II
was much easier 10 attack the present
system than 10 offer a safe substitute.
The present system had given the coun-
try a greenback currency, which en-
ablcd the government 60 carry on the
war. and produced market for our
bonds in the hour of danger and peril.
The currency II produced had never
been questioned. This was no time for
experimental legislation and there was
no need of indecent speed.
The exigencies confronting the treas
ury had, Mr.. Johnson said, constrained
majority OF the members OF the COM
mittee TO aflix their signatures to the
report, which. I'm many respects, they
did not approve. He took up the bill.
section by section, and attacked its
various provisions. Mr.. Johnson spoke
for almost two hours and was literally
applauded at the conclusion OF his re-
marks.
ON motion of Mr.. Springer, the COM
mlttee then rose temporarily. and an
| order was made fixing the time for
| IN, meeting OF the house tomorrow at
ii O'Clock, instead of u. This was done
70 enable the house TO devote several
hours To debate before the exercises in
| connection with the dedication of the
l statues OF Webster and Stark.
Mr.. Warner democrat, OF New York,
also a member OF the committee on
banking and currency, took the floor
IN support of the pending measure. He
| denied that the bankers who had ap-
peared before the committee were op-
posed to the Carlisle bill, with two ex-
ceptions-St. John. New York, and War
ner. of Ohio. He declared that every
banker who appeared before the com
mlttee had Endorsed the principles upon
which the bill was based, and in many
cases HAD approved It's details.
Mr.. Ellis, democrat, of Kentucky. fol-
| lowed, and was the first democratic
member of the banking and currency
committee 20 attack the Carlisle bill.
AT the outset he proclaimed that he
was convinced its passage would rem
edy none OF the defects OF the present
| nnancial system. In committee two
| conflicting theories had struggled for
supremacy One was urged by officials
OF the government, who desired protec-
tion from the assaults of the gold specu-
lators. and the other urged by bankers,
who sought TO extend their privileges
and increase their power and profits.
| People had nothing To hope from such
schemes. He charged that behind the
bill was the same influences that forced
the repeal of the Sherman act, and
which on that occasion had predicted
| that prosperity would follow. The re-
peal of the Sherman law having now
admittedly failed, this currency scheme
| had been insldiously pressed forward
by the same high authorities. For
| thirty years the democratic party had
condemned the national bank system
yet II was now proposing not only Ia
perpetuate the system. but To perpetu-
ate II In form more Objectionable than
that In which II at present existed.
| MIR. Ellis, in conclusion, charged the
| democratic party In congress with be-
ing false 10 its Chicago platform pledges
in not passing a tariff bill for revenue
only, in not repeating outright the 10
per cent tax ON state banks. and In
not restoring silver TO Its position as a
money metal on the same terms with
gold.
THE democratic promises" said he,
will not be redeemed until the people
elect a democratic president. When that
| day comes. as / believe IL will, the chief
| executive will not be chosen from that
small and select class who believe that
all financial integrity and capacity In
this country is quarantined on Manhat-
tan island"
Mr.. Terry, democrat. OF Arkansas,
gave notice of an amendment he should
offer. to make circulating notes redeem
able by banks Issuing them In equal
parts in gold and silver. A resolution
was passed 10 allow the governor OF
New Hampshire and stan on the floor
OF the house during the exercises IN
| connection with the dedication OF the
| statues Of Webster and Stark.
| An Unexpectedly strong opposition IL
the bill Is disclosed by the list of those
who have asked for time 10 speak on
the measure. Two lists have been made
one for members of the banking COM
mittee who wish Co he heard. and the
other for members not on the commit
toe. The committee list shows that the
members are divided on party lines eN-
cvpt Representative Ellis. democrat, OF
Kentucky. The other list shows four
teen members who wish to speak foI
the bill and thirty against IL. All OF
those for the bill are democrats. Those
lngninst Il are. Democrats, eighteen
republicans. seven; popullsts, four, and
| Newlands, silver, one.