The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-01-05
THE CURRENCY DEBATE.
Carlisle's Bill Condemned by MIR. Hen
Ia.sx Is.r.


WASHINGTON, Jan. 4.-The general de-
bate on the currency bill, which consumed
the time of the House again, to-day will
continue until the Democratic caucus is
held. Then, If the present plans of the ad-
vocates are indorsed, the debate will go on
under the fve-minute rule until Thursday
of next week. when the final vote will be
taken. The feature of to-day's debate was
the speech made in opposition to the meas
ure by Representative Hendrix, a New
York banker. He declared that the bill
would be inadequate as a measure of re-
lief for the treasury and. besides would
provide an unsound currency. He suggested
as the only measure of relief the passage
of bill TO fund the greenbacks. The other
speakers to-day were Messrs. Hepburn,
Dingley and Gresham. Representative
Walker. of Massachusetts,, has given notice
of amendments to the currency bill, one
providing that one-half of the custom du-
ties shall be paid in gold or legal tender,
and another for an issue of bonds to main
tain the gold reserve
At the opening of. the session to-day the
Speaker laid before the House The resigna-
tion of Representative Painter from the
Fifth Kentucky district, to take effect to-
morrow, when he assumes his new duties
as judge of the Court of Appeals.
On motion of Mr. Herman a bill was
passed granting an increase of pension to
Hosea Brown, aged 1o3, survivor of the
war of 1872, and on motion Of Mr.. Page, to
grant American registry to the steamers
Claribel and Althos.
The debate the currency bill was then
resumed and Mr.. Hendrix took the floor.
The situation that confronted the treas
ury and the country, he said, had not
come suddenly upon us, nor without ample
warning. A finance minister of France had
once remarked, sarcastically, 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 BUSINESS of
furnishing currency for the country as q
bank of issue? Mr.. Hendrix asked. If not
what was it going to do in order TO avoif
the financial bad lands. Were the people of
the United States to keep OH transgressing
every law of finance, defying The world
and continue to do what every o,her ma
ton had failed to do? To illustrate the
suit of the present system. rIr. Hendrix
pointed TO the large aceessions Of gold
made by the Bank of France and the Bank
of England, and at our expense. The for
mer yesterday held 2.JJo,oj06j0 gold francs,
the latter f33 co., 600 in gold The capital and
the gold bullion of the world was resting
in these great pools waiting to see what
this country would do-whether it would
become a bankrupt, unable to meet its "1ii-
cations.
AN ANOMALOUS SITUATION
Any one Mr.. Hendrix said, who would
glance at the frank statements of the treas
ury showing the small reserve could not
but marvel that it had not been sooner
confronted with great peril. Mr.. Hendrix
depicted graphically the present anomalous
situation-the credit of the United States
excellent money idle the banks full, en-
terprise at the lowest ebb, men living from
hand to mouth and the treasury fighting to
keep it's head above water. The question
tod -hatb fhQ ont
was going out of business as bank of is
sue-was, Mr. Hendrix said i'm
portant practical one in the financial world
as we'll a political one.
Mr.. Hendrix described at length the
process by which the gold was withdrawn
by spectators for shipment abroad and
situation in France, where the Bank of
France refused to pay except where ac-
tually necessary more than per cent. of
gold on it's demand obligations. These ag-
gressions on our gold reserve must be
out of the banking business. as it had
taken it out of the silver business, he
would vote for it,
Does the action of the Bank of Frances
refusal to pay more than per cent. in
gold impair the credit of that bank? asked
Mr.. Hepburn-
Then. would the credit of the United
States be impaired if the United States
should exercise its discretion and redeem
the sherman notes in silyer?'
piled Mr; r.. Hendrix.
Because of the general distrust of the
governments ability TO pay gold. One hun
dred and fifty-nine million of Sherman gold
promises to pay can't be met without gold
But the notes are redeemable in coin.
not gold, Mr. Hepburn's parting shot
Mr.. Hendrix. continuing, said that the
pending bill open to the vital objection
that it would not do what 1t set out to do.
1T would not relieve the treasury of the
aggressions on it's gold; it would be fail
ure as a bank measure, because it would
superimpose on an uncertain body of pub
lie currency a much longer and more IN
certain body of private credit currency
without sufficient foundation under the
former.
Mr. Sperry presented hia substitute to
fund the greenbaeks with tflree-per-cent
gold bonds for the information of the
House.
Mr. Caruth eulogized Secretary Carlisle
and commended the efforts of the adrnnis-
tratiou TO solve the currency problem and
relieve the treasury, and Endorsed the pend
ing measure.
HEPBURN REPLIES TO HENDRIX.
Mr.. Caruth yielded small portion of his
time TO Mr.. Hepburn. formerly solicitor OF
the treasury, who briefly replied to Mr..
Hendrix. whom he described as a self
heralded national banker who came here
with oracnlar utterances to tell the House
Continued ON second raee.l