The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1895-01-10
FIFTY-THIRD CONGRESS.
DEBATE ON THE CURRENCY BILL
RESUMED.
In the House-Discussion of the Mica
ragua Canal Bill in the Senate-A
Lengthy Speech by Senator
Morgan in Its Favor.

Washington, Jan. 3-The house pre-
sented an animated scene as it was called
to order by Speaker Crisp after the holi-
day season. The galleries were crowded
and over half of the members We're in
| their seats.
After the call of committees for re-
ports, on motion of Mr.. Springer, the
house went into committee of the whole
for the further consideration of the cur
rency bill.
| Mr.. Richardson Dem, TENN in the
chair and MIR. Black Dem., Ga.) mem
Der of the banking and currency commit
tee. took the floor in favor of the bill.
Mr.. Black denied at the outset that the
banking and currency comittee had heard
only national bankers while considering
the pending measure and had turned a
deaf ear to all others. He met and par
RED other criticisms of the opponents of
the bill and gave an historical review of
the financial doctrines of Democratic
presidents from Jefferson to Cleveland
legislation had not caused all the mis-
fortunes under which the people were suf-
fcring, he said. 1t might have contrib
uted to their misfortunes. He believed
the passing of the present bill would con-
tribute to their relief, but he deprecated
the feeling abroad in the land that for all
the ills and misfortunes of the people they
should turn to congress.
Mr.. Blacks advocacy of the state banks
of issue was ardent, but he concluded by
expressing amid applause the opinion that
the only function of the government was
the coinage of gold and silver.
Mr.. Haughen (Rep., Wis.,, who fol-
lowed, opposed the measure. He de-
scribed the bill as a crude measure,
fraught with dangers to the country, and
created considerable amusement by his
reference to Mr.. Springer's position last
summer when he (Springer) antagonized
the repeal of the state bank tax. He re-
ferred to Mr.. Springer as the only 'agile"
member on the floor and whose voice had
been on every side of every question and
said the administration had made no
mistake when it had selected him to
press the proposition for a flexible and
elastic" currency.
At the conclusion of Mr.. Haughen's re-
! marks Mr. McCreary Dem., Ky.), who
was member of the Brussels monetary
conference, took the floor in favor of the
measure. He said he had examined all
the plans suggested for a reform of the
currency and he regarded the Carlisle bill
as amended by Mr. Springer's modifica-
ton the best solution of the problem
offered. He was opposed, he said, to
funding the greenbacks with interest
bearing bonds. He believed the bank
ing business should be divorced from the
government; that the greenbacks should
be retired by the surplus revenues as
rapidly as possible and that safe and
elastic currency should be provided.
These objects, he thought, would be at
tanned by the passage of the pending bill.
Mr.. McCreary expressed the opinion that
| in the event of the failure of some cur
rency legislation at this session 500, O00,-
600 or $150000,000 of bonds would have
to be issued.
"How would the passing of this bill
relieve the treasury" asked Mr.. Ding
ley.
Mr.. McCreary did not answer the ques-
| ton directly, but said the endorsement of
| the president and secretary of the treas
ury had been given to this bill and all
the members of the house should unite
| in an earnest and sincere effort to reform
| the currency and give relief to the treas
ury.
Mr.. McCreary yielded few minutes of
his time to his colleague, Mr.. Buckner,
the new Democratic member from Ken
lucky, who spoke briefly in favor of the
bill. In the course of the latter's remarks
he eulogized President Cleveland and
Secretary Carlisle as Democrats. He
said the difference between Democrat
and Republican was that the latter
believed in protection and the former did
not. There is just as radical difference
between Democrat and a Populist, said
he. The latter believes the government
can create fat money and the Democrats
deny this in toto
Mr.. Adams Rep., Pa opposed the bill
attacking some of it's provisions viciously
especially that relating to the banks
In speaking of the depression in all en-,
terprises, he referred to the decline OF
so cents ton in the price of coal, which,
he said, had cost the people $2O, OOO,OOO.
| Mr.. Simpson of Kansas seized on this
statement and asked Mr.. Adams who this
loss fell upon?
"On the miners, the holders of the
shares, etc." retorted Mr.. Adams.
That's what want to get at" said MIR
! Simpson.
"The gentleman speaks for class, u
continued Mr. Adams. Legislature
should be for the benefit of all. capitalists
miners and consumers alike"
"As the consumers are very much more
numerous than the producers" said Mr.
Simpson. ''the decline in the price Of
coal is a benefit to the country"
How about the decline in wheat; does
| that benefit the consumer" asked Mr.
| Adams, himself turning inquirer. =,
1T ought to under proper conditions,
responded Mr.. Simpson. But under
the present system, after wheat gets
through the milling and railroad monopo-
lies, the consumer gets no benefit of the
| reduced price of wheat"
| When Mr.. Adams concluded the commit
tee rose, and then, at 4:45, the house nd
journed.