The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-01-05

bate on the currency pAiA Wii1Sis WI
sumed the time OF the House again to-
day win continue until the caucus is
held. Then II the present plans of the
advocates CT the bill are endorsed the
debate will go on under the five min
ute rule until Thursday of nextA week
when the fiTss vote will be taken. The
feature of lie days debate was the
speech made in opposition to the meas
ure BIZ Representative Hendricks. a
New York banker. lie declared the
bin would be inadequate as a measure
of relief Cor the treasury and besides
would provide an unsound currency.
He suggested for the only measure Of
relief the passage of tine bin 10 fund
the greenbacks. The other speakers
today we're Messre. Hepburn, of Iowa,
Dinghy, of Maine, and Gresham, uf
Texas.
at the opening session today the
speaker laid before the House the res
tgnation of Representative Painter,
from the Fifth Kentucky district, TO
take effect tomorrow. when he assumes
z the duties Of judge of the court of
appeals.
On motion of Herman CRepubMcan,
of Oregon), a. l1lli was passed granting
81 increase of pension to Hosea Brown.
aged 703, a survivor of the war of 1872;
and on motion of Page. Democrat. of
Rhode Is9and), a bill TO grant AmeGi-
can registry TO the steamers Cladbel
and Athos
The debate on the currency bill was
then resumed and Hendricks, Demo-
crat, of New York;. banker, took the
floor in opposition of the bill
The situation that confronted the
treasury and the country, Hendricks
said had not come suddenly upon us
nor without ample warning A finance
minister of France had once remarked
sarcastlcally that God was good to
drunken people, little children, and the
people OF the United States. Was the
United States to go out of the bust
ness of furnishing currency for Hhe
country as a bank of issue? Mr.. Hen
bricks asked.
Ii not, what was it going to do in
order 10 avoid the financial bad lands?
We're the people of the United States
10 keep on transgressing every laAv of
finance, defying the world and con-
Cnle TO do what every other nation
had failed to do? To illustrate the re-
EilS OF the present system, Mr.. Hem
bricks pointed to tie large accessions
OF gold made by the Bank of France
and the Bank of England at our ex-
pense The former yesterday held g.
800, 100000 gold francs, the latter 3d.
100000 pounds in gold. The capital and
the gold bGilion of the world were
resting in these great pools waiting to
see what this country would do, whefh-
er II would become q bankrupt unable
10 meet its obliga tons. Anyone, Mr.
Hendricks said, who would glance at
The frank statements of the treasury
showing its small reserve, could not
but marvel that it had not been sooner
confronted with great peril.
An Anomalous Situation.
MIR. Hendricks depicted graphically
the present anomalous situation, the
credit of the United States excellent
money idle. the banks full, enterprise
at the lowest ebb. men living from
hand to ruth and the treasury fight
ing to kee, Its head above water. Thu
question no. presented whether the
government was going out of business
as a bank OF issue was, Mr. Hendricks
said. am important practical one in the
financial world as we'll as a political
one.
Mr. Hendricks described at length
the process by which the gold was
withdrawn by spectators for shipm INT
abroad and then proceeded to contrast
this with the situation in France, where
the Bank CT France refused to pay eX-
cept where actually necessary more
than per cent Of gold on it's demand
obligations. These aggressions on our
geld reserve must be stopped, and if
the pending bill would stop them, af-
ford relief. and take the government
out of the banking business. as it had
been taken out of the silver business
he would vote for 1t.
Does the action OF the Bank of
France in refusing TO pay more than :
per cent in gold" asked Mr.. Hepburn
Republican,, Of Iowa, impair the
credit Of that bank?"
"No"
"Then would the credit of the United
States be impaired if the United
States should exercise its discretion
and redeem the Sherman notes in sill
YER"
Eyes, I believe it would be at this
time. replied Mr.. Hendricks.
"Why?"
Because Of the general distrust OF
the governments ability to pay gold
One hundred and fifty-nine million OF
Sherman gold promises to pay cannot
be met without gold
But the notes are redeemable In
coin. not gold,' was Mr.. Hepburn's
parting shot.
Mr.. Hendricks, continuing, said tbs
pending bill was open to the vital oh.
lection that 1t would not do what II
set out 10 do. Ii would not relieve
the treasury of the aggressions on Its
gold: it would be a failure as a bank
measure because il would superimpost
upon an uncertain body of public cred
st currency a much longer and more
uncertain body of private credit cur,
rency without sufficient foundation I'm.
der the former
To Fund the Greenbacks.
MIR. SpeTry. democrat, of Connectl
cut, presented his substitute to FUND
the greenbacks with 3 per cent. gold
bonds for the information of tbs
House.
Mr.. Caruth, democrat of Ken,
and commended the efforts Of the adj
tninistration to solve the currency
problem and relieve the treasury and
endorsed the pending measure. Mr.
CaTutll devoted q small portion of his
time to Mr.. Hepburn, who briefly re
piled TO MIR. Hendricks, whom he de,
FcrFpeO as a Self-heralded naf6ona
banker who came here with oraeuIau
utterances 10 tell the House what IL
DC.
Mr.. Hepburn said his self laudStiol
was impaired by the recollection of hi!
spe Sch sixteen months ago when tht
Same condition existed Mr. HendT-icl.
then found the panacea for an finan
cial Ills in the repeal of the Sherman
silver law. Mr.. Hepburn declared Mr.
Hendricks had pointed out unwfttfng
~ the remedy for the present eyi
when ne told tine House the greai
paEklf1g houses Of Europe exercised
their discretion aho,It danlatins
fheir gold vaults. Why will not Tho
secretary of the treasury exercise the
Same discretion he asked. amid Z
round Of applause The exercise of this
discretion did not impair the credit O,
European banks who dared to say tina: