St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-01-06

II am not one," Mr. Cochran resumed.
'whO pretends that prosperity can be
forged in this chamber or by the law of
the land. l believe all the law and
gospel on the subject of political econ
omy 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 was in the Ith, and the
charlatans who said they had it in their
clothes or their brains, and had cursed
the country for twentyti five years, it
was the chief object OF his speech to
oppose"
Taking up the banking and currency
bill, he spoke briefly OF the claims OF
the committee that il would promote
the ends Of trade. He claimed that i'll
stead of promoting it would prevent,
Forbid and Obstruet
the very thing it was hoped it would
accomplish.
For local and domestic purposes, Mr..
Cochran said, he would not be afraid of
silver as standard OF value, bat his
objection to it was based on the fact
that throughout the world everything is
measured by gold, and even if we had
local or national silver standard the
products of the farmer and of other
producers must ultimately, after all, be
measured by the universal standard.
Mr.. Hutcheson (Dem.. TeXas) inquired
If the note of bank was based OH the
notes Of a farmer wherein it was better
than the farmers note, and Mr. Cochran
replied because commerce would accept
1t. The hand of the government had
been disastrous to commerce, and he
was appealing to the house to turn back
to sound principles, where money was
based on property. All that banking
meant was to increase the capital that
could be used in commerce.
al am opposed to any tax on cur
rency," he replied to question con-
corning the 10 per cent tax on state
bank issues. ut is like taxing blood
like taxing the speed of locomotive,
it would be to taXss everything valuable.
to retard progress"
As to the Pending Bill,
so far as it provided that money should
be based OH property, it was sound, but
its provisions would nuIlify its object.
If it became law, it would fall still-born
not one note would be issued under it
in twenty years. 1t would be a monu-
ment to the folly of the congress which
followed the Sherman act by another
makeShift.
While the greenback had its uses and
the Greenbacker was unjustly charac-
teriZed as a crank, these bills had
served their proper functions, and
should be taken out of our currency.
There was sharp and amusing eX-
change of shots between Mr.. Cochran
and Mr.. Boutelle (Rep., Me- as the
former spoke of the Mckinley law and
Il defective financial system as the
cause of the panic last year.
Mr.. Cockran'S reference to the Nc
KiDley law was greeted with derisive
laughter Oh the Republican side.
Mr.. Boutelie remarked that at the
last election the people did not indorse
the view of Mr.. Cochran as to the Nc
Kinley law.
II have my own views" said Mr..
Cochran, ''as to the results of the last
election. | do not think the Democratic
party was in that canvass"
MI. Boutelle- The gentleman and my
self will not disagree on that point.
"There was" continued Mr.. Cochran,
something
disappearing
as the Democratic party which the
American people ground under heel.
But there was no Democratic party in
tlAt Shllf dSSs
A low ripple of applause on the Dem
Ocratic side greeted this statement.
THAT TRUTH" said Mr.. BOutelle. "does
no commend applause even on the Dem
ocratic side"
81 do not recall" answered MIR. Cock
ran, "of ever hearing truth applauded
on the Republican side"
In reply to q question, Mr.. Cochran
said he favored the Baltimore plan in
its entirety.
Mr.. Henderson (Rep.. Ill. asked if the
pressing question was not how to pay
the running expenses of the govern
meut.
That is the question, but not all the
question. But it is very serious posi-
tion which makes any trade dependent
on the solvency of the treasury, and
what l believe IN seeking is a system
that Will divorce commerce from the
government"
Mr. Catchings
(Dem., MiSs.) said the upShot Of Mr..
COckran's speech was to adopt the
Baltimore plan, and thus turn his back
on the treasury, leaving it to take care
of itself. The purposes of the bill were
to provide the people with a more
abundant and elastic currency, and to
relieve the treasury by retiring the
large proportion of outstanding green
backs. In discussing the probable effect
of the Carlisle bill, Mr.. Catchings said
that the outstanding certificates would
be changed for those of smaller denomi-
nations to satisfy the needs for small
money, it would follow that the bullion
in the treasury would be coined, and
smaller percentage of customs dues
paid in silver. The key 10 the opposi-
tion was that under the Baltimore plan
the government would be made to stand
sponsor for the notes of the banks. while
it would not be under the pending bill.
If the bill were SO amended as to make
the government guarantee the notes
the opposition of bankers would be in>
stantly withdrawn. The superiority of
the Carlisle plan over the Baltimore
plan was that it contemplated ultimate
retirement of government notes, while
the latter had no object but the profit
of its trainers.
Mr.. Hendrix, of New York. declared
that there was not banker in Baiti-
more or anybody who ever has COM
mended that plan who has not proceed
ed upon the theory that the govern
ment would pay its floating debt and
cease to use it as currency. They
were not formulating legislation foreign
to them. They were settling banking
the0rem. They expected the retire
ment Of the greenbacks and the legal
tenders.
Mr.. Catchings spoke in support of the
SOundneSs of state banks. 1he asSer-
ton that state bank supporters Of the
South and West, those who demanded
more money, represented people who
had nothing to exchange for money was
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 $50, the
house adjourned.
LEGISLATIVE LETTERS.