The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1895-01-12
THE CURRENCY.
Carlisle's Bill Under Fire In tho
Lower House.
a Synopsis OF tho Debate of tho Week
Record of the Main Points
and brilliant Hits-sIb-
ley's Sensation.

ON January Mr.. Black dem. Ca, resumed
the debate on the currency question which had
been interrupted by the holiday recess lie
denied that the banking and currency COM
mittee had heard only national bankers
while considering the pending measure ana
Rad turned deaf ear 20 all Others. Legls-
latlon had not caused all the mlsfor-
fnnes under which the people were SUI
fcring. he said IL might have contributed
90 their misfortune and re believed the
passage OF the present bill would contribute 20
their relief, but he deprecated the feeling
abroad In the land that for all tho Ills and
misfortunes OF the people they should turn 20
congress. Mr.. Blacks advocacy OF state banks
OF Issue was ardent, but he concluded by ex-
pressing the opinion that tho only real func-
tion OF the government was the coinage OF gold
and silver
Mr. Haughen rep Wis., described the cur
rency bill. as a crude, iil-eonsidered measure,
fraught with dangers 70 the country. and
created considerable amusement by his refer
encc 10 Mr. Springers position last summer,
when he (Springerl antaeoazcd the repeal OF
the otate bank tax He referred 20 Mr..
Springer as the most "aglie" member on the
floor one whose voice had been on every side
OF every question. and said tho administration
had made no mistake when II had selected
him TO press the proposition FOR flexible and
elastic" currency.
Mr. McCrcary dem, KyD said ne had ex-
nmined All the plans suggested for reform OF
the currency. and he regarded the Carlisle bill.
as amended by this Springer modincatiop as
che bost solution OF tho problem offered. He
was opposed. he said. 90 funding the green
backs with interest-boarng bonds lie be-
ficyed the banking business should be- di-
vorccd from the government; that the green
backs should be retired by the surplus revenue
as rapidly as possible. and that a safe and
elastic currency should be provided These
objects he thought, would be attained by tho
passage OF tho pending bill Mr.. McCroary ex-
pressed the opinion that In tho event OF the
failure OF some currency legislation 90 this
session, SlcoOoo.Ooo or siboOoOOoO OF bonds
would have 20 be issued
On the 4th Mr.. Hendrix dem n. ", n
banker, continued the debate. Mr. Hendrix
described az length the process by which tho
gold was withdrawn by spectators for ship
ment abroad, and then proceeded 20 contrast
this with the situation IN France, where the
bank OF France refused 70 pay. except where
actually necessary. more than per cent OF
gold on IT'S demand obligations Those agrees
sions on our gold reserve must be stopped,
and II the pending bin would stop thcra. az
ford relief, take the government out OF the
banking business as II had been taken out OF
the silver business he would vote FOR II.
FIR. Hendrix said that the pending bill was
open 60 tho vital objection that II would not
do what II set out 20 do. IL would not relieve
the treasury OF the aggressions on It's gold; II
would be failure as a bank measure, be-
cause IL would superimpose upon an uncertain
body OF public credit currency much longer
and more uncertain body OF private credit cur
rency. without SUFFICIENT foundation under the
former
Mr.. Sperry dem Conn presented his sub
stitutc 20 fund the groonbacks with per cent
gold bonds for the information OF the house
Mr. Caruth (dem. tky.) eulogized Secretary
Carlisle and commended tho efforts of the adj
mintstration 60 solve the currency problem
and relieve the treasury and Endorsed the pend
ing measure
MIR Hepburn declared that Mr.. Hendrix
had unwlttingly pointed out the remedy for
3 the present evil when he told the house that
the great banking houses OF Europe exercised
their discretion about depicting their gold
vaults. why will not the secretary OF the
treasury exercise the same discretion" he
asked, amid round OF applause Tho eNer-
cise OF this discretion did not impair the Euro
pean banks. Who dared 20 say that the credit
OF this country with 1900 600 Of people behind
IL and an unlimited taxing power would be inn
paired because IL refused 20 lncel az the de-
mands OF the ShyloclSsY"
"why have not the republican secretaries OF
'The treasury exercised that discretion asked
MIR. Pence (pop. COLI
II have not been secretary OF the treasury"
replied Mr.. Hepburn. hotly "When / am
will answer I as fully convinced. how
ever. rs am that am alive that n the sccre-
tary Of the treasury we're now 10 exercise his
.silscretion and pay gold when legitimate re-
demptions were asked and rpfnse Il 20 sharks
and spccOlafors the evils from which we
suffer would cease 70 be.
-sNiE.-ijfnrics tsep. Mf) placed dfe ncces-
aity for remedyiny the detects In tba cnr'
rency system above the noccssFty % relieving
the treasury. The treasury had been livinr On
hope for tho last eighteen months and thoro
could DO no confidence until the revenues
equaled tho expenditures. Mr. Dingley
asserted that the pending bill would not re-
iieve tho treasury Mr. Gresham (dcm.. Tex.)
supported the bul
on the 9Th Mr. Boatncr dem, La) expressed
surprise 90 the opposition 10 the measure
which had developed on tho democratic side OF
the house. He paid tribute 20 the abilities
OF Secretary Carlisle. and dwelt upon tho duly
OF supporting him, which, he said rested upon
democrats
Mfr Pence tpop.. COLI brought mp Secretary
Carlislc's advocacy OF silver while q member
of the house In supporting tho Matthews roso-
luton, and asked II soon after accepting the
treasury portfolio he had not announced his
Intention OF paying some OF the governments
obligations IN silver and had been called down
Mr.. Boatncr replied that Il was useless 60 re-
vive FREQ silver as a factor OF the currency
question
Mr.. Bland retofted You can't run tho dem
ocratic purity on republican lines. and no mug
wump can change It's policy"
Mr. Boatner continued that II was the mis-
take OF the century when the administration
refused TO pay obligations In silver as well as
gold. I'VE should no longer keep our
selves on exhibition" Mr.. Boatner concluded.
''as unable TO agree on single measure that
promises relief 20 the people"
Mr.. Lacey rep, la followed in opposition
20 tho bill
Mr.. Cochran dem n W dcpiorcd tho ten
dcncy 10 treat the measure party one
ma likely 10 wreck IL on the rocks OF polit
teal cxpcdiency An agitation without re-
suit, which would runic restored business
tranquility. had botter be dropped. II this
house succeeds In establishing monetary
system based on human reason ana expert
encc OF experts It's last days viii not be with
out profit or devoid ~ honor" he declared
There were, In his opinion. questions on which
legislatures could divide along party lines
with advantage but this was not ono OF them
fic said there were many questions on which
manklnd had differed from the beginning Of
civilization and the questions connected With
the nnanccs and political economy we're among
those over which thCtc had been most disputa-
tation Nevertheless, no contcudod that Inn