New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-01-09
THE DEBATE IN DETAIL.

THE DEBATE IN DETAIL.
Washington JAN s.-When discussion Of the Cur
rency bill was resumed by the House Committee
| of the Whole to-day Mr.. Beltzhoover 0Dem PENN
gave notice Of an amendment he would offer author
z,ng the Secretary of the Treasury TO provide for
the funding of the outstanding Treasury notes ana
| other forms Of floating debt Of the United states
by the issue and sale of SOoOoCo fve-twenty-fiye-
| year 3 per cent bonds.
Mr. Sbley Dem. PENN .he first speaker
in opposition to the bill Referring to the published
reports that the Executive Department of the Gov
ernment. in person of the Secretary OF the
Treasury. using its power to influence votes In
favor OF the bill Mr.. sb.ey said:
Mr. Chairman: If nave read the Constitution Of
the United states correctly 1t defines the powers
! and duties Of the membership OF the House; ana l
tell you that. II ever rebuke was needed 70
people. It Is 10 THAT man who has used his influence
or attempted to use H. @ create in !, himself n IN
to a time when to be the Government OF this peo-
| pie requires something more iran comoina,lohh u
OF brains. belly and brass tSensation ana appause'
Mr. slbey continued at some length to assal the
Administration for irs attitude toward and action
/ upon financial measures. The repeal Of the pur-
chasing clause Of the Sherman law. he asserted had
/ been secured by the OF improper influences by
! the Administration and II the padlocks were taken
of the mouths of the Representatives. four out Of
! i've would confirm his statements. The question OF
! the length OF time he TO speak having been
! suggested Mr.. Sbley said that every agent of the
big god trust had spoken all he had TO say.
Mr.. Pence Pop. COLI asked unanimous consent
that Mr.. Sibey be permitted TO conclude his re-
! marks but Mr. Outhwaite Dem. Ohio objected.
When pressed by Mr.. Cultivate to tell who had
| put i paddock upon his lips. Mr.. Slbley said
to-day 10 men who believe in going to he'll in a hand
cart instead Of to Heaven supported BY truth. Let
/ believe more in A bobta flush than contrite heart
Recurring to the action Of the Administration. Mr
Sbley said that pardphrasins Junius. it could be
said that the merits Of Administration might be
! Judged by the condition OF the people Look upon
the condition of the people Of this country he SAID
| and YOU can tell the merits OF your Adminstra-
ton" Alr Sbley declared that By the stsrdards OF
! The fathers he believed he Democrat; he re-
verad Jefferson and Jackson and worshipped at
their shrine Bu; II he was 10 be carried IN con-
veyance labelled Democracy" guided By an obstl-
| nate driver. over unknown road. win precipices
| and ohasfns yawning on al sides. he Was going TO
lump out. ard he ~as not particular as to where he
H. dtugn.erD Nj Sbley's thrusts nj the President
.rameI 20 be enjoyed 10y A number oi representa-
/ tfy.s and when ne concluded there was "A round
" applause While he was speaking Senator'S cam
.ron and stewart came into the House and remained
go hear him
MIR. OK Dem TennD a member Of the Commit
t., on Ranking and Currency. followed in support
~ tn. bill Mr. cox said that II the gentleman
ov member d, the House had sold his vote FOR pat
,on,ge a~ any other consideration II was his duty
70 expose HIM AMI vote to cNpel him. He had no
experience with padiocks OF gold or anything csc
Mr. cox reviewed the provisions OF NE proposfu @ lT
j .trI showed how in his opinion. they would trni
T., relieve me present necessities of the Treasury
s. l. stone Giep. Penn addresse! the commit
t.. flr twenty minutes In opposition 70 the Dill
Nr Johnson dem. Ohiol. member OF the COM
/ miitcc Banking ana currency, spoke IN oPo, P
IN IA,
been eong on he believed that the III VAS 50 dea.i
that il did not deserve TO be spoken nsans,,,
Thr issuing OF money Mr. Johnson said. was such
a monopoly hat it was necessity Tor the % ,%'on-
u,.'rssnrv to make money So--the ability 10 issue
r. and the ability to redeem il, All schemes sug,,
,in naper ,,i, money Include Governmrnt suaran
tee because their projectors know .iat wi'nous @
that the people viii not take the rotes. Ii was
proposed to allow banks without Unit, wnlcn
could be orsaniIed gaor ana TO conner nan o monop
olv They absolutely sacrificed the interests OF
dcpositors The per cent safety & nd I oa Tds have ny
safe. and the Government IN me ehG Wouu aad naadd
TO pay for mistakes and blunders The Iropogsssd
plan must either be monopoiy OK 'rd'e G ower
lUN National banks and the weaithy ara pi, puMie,
ful men Interested in them would have complete
nnwer nr~ that they we're not asking TOR. but they
would be slow in taking advantage OF IT, ana atd
that The bill would meyer become law. AMI added
that Mr. Springer did not think 1t would
Mr. Iohnsor-Yes. hoped TO carry the last
election. but We did not ,,.., -, -.
per cent safety fund. which he declared TO be a
myth lie said that be- was wiling to aId IN TIE
sity oi maintaining a gold reserve am. glve 10
the currency elasticity which would not a'w.ys
opcratc to reduce the volume OF currency when II
should expand There plan by when TINS
could be accomplished without che Law OF ton-
gress or interference with the laws Of trade when
Congress could not in safety. long antagcnize.
], was TO make the paper currency ana hcnas Gl m
ncHr pear IN cmo1d T@1e honG Ur v"d be- oxchan,ed for IT,
bon tbpva r.ptl
be- retired such a plan would solve the problem
and in his opinion. was the only thing that would
AR Morse ti{ep Mlss.D briefly opposed the BILL
and was followed by Mr. Bland dem. MOI. who
spoke with great earnesinesS and emphasis. re was
listened 10 with interest and respectful attention
10y the members throughout his entire speecn. nav
strict the re of silver. covering the experience OF
The last twenty years MI bland inq1lrra om n
the advocates Of ths bill IN view G OF wnat or has has
hind h? In his speech AGAINST me repeal Oh hS ,nS
purchasing cause Of the sherman act ne haa
BART ef the srea consprlcy that Congress would
b. asked to oerze ana e exsni x5d venture tne asas
to rPhs i p1ss'tfn tn for shp e e Of Of
thS greenback. the next step would be 10 eliminate
silver altogether. The House was confronted by me
% banEs th @ power to regulate and control the volume
Of the currency of the Gos"y N, sead rob,, Of SinS SSnS
affct the country to restore silver TO It's con
sutional place with gold Tnen men nd,o woud an Of the h
people be Improved. Discussing the details OF the
bill Mr. Bland said that the gentlemen VINO Pc
lIeyed they were going TO get State banks under s
onerailonS were sure TO be disappointed. In MS
oplnion they would not he stimulated into existence
by It's provisions. The volume Of currency would
not I'm his opinion be Increased by the bill. as Its
friends asserted, and hoped. for according to a
witness before the Committee on Banking and
Currency (Nlr Butler. or Conrectlcuo IL was i'm
possible further to increase the volume OF currency
on the god basis without reducing prices. \
further reduction Of prices not desirable. but II
was Inevitable, together with business failures.
hard times and the suffering which follows them,
unless there was n radical change in the financial
policv OF the Government. and not In the direction
OF rhe provisions OF the pending bill.
Mr. Coffeer Dem. Wyo) made an argument In
favor OF the free coinage OF silver as the remedy
for present troubles.
At O'Clock the House took until 8
Continued ON Fifth Page.