The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-01-06


ton had been warped by the super.,a s !, Dund,
ance of talk on the crime of 1873, When
silver was .demonetized, which had involved
the use of host of empty phrases ana
much history, but had brought but very lit
lie practical good to the people generally
a. mysterious science had enabled men to
pose as statesmen. who, if they talked COM
mon sense, would have been discovered,
but were able to confuse the people by
shouting plautudnous nonsense. Ancient
astrology was no more absurd than the
double standard but when We reflect that
this generation had allowed its daily affairs
to be affected by the nonsense of impostors
our charity toward the ancients broadened
and our sympathy was touched by the sight
of our own people listening to men who
salIar .hal tne paymen1 & OF wages od IA osr paa
and that taxation was the handmaid OF
prosperity.
CANNOT FORGE PROSPERITY.
When Mr. Cochran alluded sarcastically
to the free silver fight of Messrs. Bland
and Bryan and what he termed the changed
attitude of Mr. Boatner, who was about to
retire to the calner field of jurisprudence,
Mr.. Bland interrupted with question re-
garding Mr.. Cochrans prediction that the
repeal of the purchasing clause of the
Sherman act would restore prosperity and
Mr.. Cochran challenged him to produce a
word of his to that effect Il am not one,"
Mr.. Cochran resumed, who pretends that
prosperity can be forced in this chamber,
or by the law of the land. / believe all
the law and gospel on the subject of politi-
cal economy was revealed to the first man
when a just God told him that by the
sweat of his brow he must earn his bread
Prosperity is in the earth, and charlatans
who say they have it in their clothes or
their brains and who have cursed the coun-
try for twenty-five years, 1T is the chief
object of my speech to oppose.
Taking up the s banking ,S and currency ~ enc bill
mittee that it would promote the ends of
trade. He claimed that instead of promot-
TO- fArlNi o,,1 n11Ctvs svnt
the very thing it was hoped it would ac-
complish For local and domestic purposes,
Mr.. Cochran said. he would not be afraid
of silver as a standard of value, but his
objection to it was based on the facts that
throughout the world, everything is meas
ured by gold and even if he had local OF
national silver standard, the products of
the farmer and of other producers must
ultimately after all be measured by the
universal standard.
Mr. Hutcheson inquired if the note of
bank was based on the note of farmer,
note, and Mr.. Cochran replied because COM
merce would accept it. The hand of the
government. had been disastrous to COM
merce and he appealing to the House
to turn back to sound principles where
money based on property. All that
banking meant was to increase the capital
that could be used in commerce. II am
opposed to any tax on currency" he re-
piled to a question concerning the 10 per
cent tax on State bank issues. 1T is like
taxing blood, like taxing the speed of a
locomotive; it would be to tax everything
valuable, TO feIdFQ progress. AS TO the
pending BILL so far as it provided that
money should be based on property, it was
sound, he said, but its provisions would
nullify its object. If it became law it would
fall stillborn; not one note would be issued
under it in twenty years It would be
ye the aI an ane bg ago
er makeshft While the greenback had its
uses and the greenbacker was upjustly
served their proper functions and should
be taken out of our currency.
TILT WITH BOUTELLE.
There was sharp and amusing exchange
of shots between Mr.. Cochran and Mr.
Boutelle. as the former spoke of the Nc
Kinley law and defective financial sys-
tenn as the cause of the panic last year.
Mr.. Cockran's reference to the Mckinley
law was greeted with dersive laughter on
the Republican side. Mr.. Boutelle remarked
. that, at the last election, the people did
not indorse the view of Mr.. Cochran as to
the Mckinley law.
Il have my own views" said Mr.. Cock
ran. "as to the results of the last election
| do not think the Democratic party was
Mr. Boutelle-The gentleman and myself
will not disagree on that point
There was" continued Mr.. Cochran,
something masquerading as the Democratic
party which the American people ground
under heel. But there was no Democratic
4 low. ripple of applause on the Demo-
command applause even on the Democratic
side
II do not recall answered Mr.. Cochran,
.'of ever hearing truth applauded on the
Republican side
In reply to question Mr., Cochran said
he favored the Baltimore plan in its en-
tirety.
MI Henderson, of Illinois, asked if the
pressing question not how to pay the
running expenses of the government
That is the question, but not all the
question. But 1t Is very serious position
xxyhfn fnh 1nl
solvency Of the treasury, and what j am
seeking is a system that will divorce com
Mr. Cochran drew an eloquent picture of
the advancement of business, industry,
science and the arts under a regime in
which the money of the people was placed
on a sound basis.
Mr.. Catchings said the upshot of Mr..
Cochran's speech to adopt the Balti-
more plan and thus turn his back on the
treasury, leaving it to take care OF It
provide the people with more abundant
and elastic currency and to relieve the
treasury by retiring large proportion proportion of of
probable effect of the Carlisle bill. Mr..
Catchings said that the outstanding sill
yer certificates would be changed for those
of smaller denominations to satisfy the
needs for. small money 1t would follow
that the bullion in the treasury would be
coined and a smaller per centage of GUS
toms dues paid in silver.
The key to the. opposition was that under
the Baltimore plan the government would
be made to stand sponsor for the notes
of the banks while ii would not be under
the pending bill. If the bill was so amended
as to make the government guarantee the
notes the opposition of bankers would be
instantly Withdrawn. The superiority of the
Carlisle plan over the Baltimore plan was
that it contemplated the ultimate retire
ment of government notes, while the latter
had no object but the profit of it's trainers.
Mr.. Hendrix declared there was not
banker in Baltimore or anybody who ever
has commended that plan who has not
proceeded upon the theory that the govern
ment would pay it's floating debt and cease
to use it as currency. They were not formu-
lating legislation foreign TO them They
were settling a banking theorem. They ex-
pect the retirement of the greenbacks and
legal tenders.
Mr. Catchings spoke in support OF the
soundness of State banks The assertion
that State banks supporters of the South
and West, those who demanded more mon
ey represented people who had nothing
to exchange for money erroneous.
There was not enough money for the banks
to supply the needs of his section. At the
close of his speech the House voted not
to concur in the Senate amendments to the
Military Academy appropriation bill and
then, at $780, the House adjourned.