The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-01-09

ceeds of the bond sales or not He did not
think the pending bill would relieve the
treasury and the situation. nor did he, in
fact. believe that the retirement of all
sreenbacks and treasury notes would check
the demand for gold. If gold was required
for commerce gold would be secured, If not
from the treasury, then from private hold
ers. There was no reason why there should
be a scarcity of gold. There were $40. 000-
900 in gold III this country held by banks
and private holders. The difficulty was
that the Democratic party was too cowardly
TO meet the present and growing deficiency
by authorizing the issue of low-rate bond
TO tide over the present emergency.
OPPOSED BY TOM JOHNSON.
Tom Johnson, OF Ohio followed Mr.. Sfb-
1ey's lead with caustic speech in opposi-
ton to the measure. At the outset he said
he thought he owed an apology to the House
for speaking against bill which was dead
as this However, Mr.. Johnson ex-
planned why he believed the bill, if it could
be enacted into law would prove a mon
strous failure. He denied that the bill was
designed to take the government out of
the banking business. and asserted that no
bill could be devised for sound currency
issues which would not place them under
government supervision and, in effect, make
them alternately redemable by the govern
ment. 1t was the Office of government 10
furnish money This bill proposed to con.
fer on banks without limit right that
could only be conferred on a monopoly. 1t
gave them monopoly, or it was a failure
liz dttSiIplSQ ~ uelUOiSlTdlc Tie jill
would confer the same monopoly on the
banks that the Bank of England and the
Bank of France had. This was true be-
cause the greenbacks and treasury notes
on which circulation could be taken out
were limited in number. There We're but
deposited for circulation the monopoly
would be complete. Mr.. Johnson sketched
scheme by which dishonest man, en-,
make $4,000 in two weeks by starting
bank.
ent law" asked Mr.. Springer.
mo. SIR replied Mr.. Johnson, because
he must deposit $4,000 worth of bonds
to get $4,000 in circulation"
Gould not the Canadian banks perpetrate
the same frauds?'' asked Mr.. Springer, re-
turning to the assault.
No" replied Mr.. Johnson, because the
Canadian system is government monop-
oily
sition to the bill, and then Mr.. Bland, the
leader of the silver Democrats of the House,
took UP his. cudgel against it, He spoke
with great feeling. This bill, he declared,
attempt to temporiZe with great
issue He called attention to the Demo-
this financial question on the lines of bi-
metallism. Step by step he traced the course
of those who, he alleged, were carrying out
purchase law, and now the consummation
of their plans Mr.. Bland predicted if this
bill became law that the greenbacks
would disappear, and to secure the gold
standard silver would be entirely elm
mated. In conclusion Mr.. Bland protested
against the bill in the of outraged
Democracy. Neither this House nor this
administration is the Democratic party
said he. land 1 appeal to the masses of
Democracy to reorganize on the lines of
the principles OF jefferson and Jackson"
(Applause.)
Mr.. Coffeen concluded the debate for the
day in opposition to the bill, and at 5
O'clock the House took a recess until 6
o'clock tonight when, under a special
der made yesterday, the bill prepared 10y
the pension committee for the codification
of the pension laws will be formally read.