Morris tribune., 1895-01-09

Taking up the banking and currency bill ne
| spoke briefly of the claims of the committees
that it would promote the ends of trade He
claimed that instead OF promoting 1t would
prevent, forbid and obstruct 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 a standard of value,
but his objection to it was based on the fact
that throughout the world everything is meas
ured by gold. and even if we had local or ma
tional silver standard the products OF the
farmer and of other producers must ultimate
ly after all be measured by the universal
standard
II am opposed to any tax on currency" he
replied to question concerning the 10 per
cent. tax on state bank issues. 1T is like tax
ing blood, like taxing the speed Of locomo-
tive; it would be to tax everything valuable
to retard progress
AS to the pending bill, so far as it pro-
vided that money should be based on prop
erty it was sound, but its provisions
would nullify it's object. If 1t became law it
would fall stillborn; not one note would be-
issued under it in twenty years. 1t would be o
monument to the folly of the congress which
followed the Sherman act by another make
shift While the greeneack had its uses, and
the greenbacker was unjustly characterized
as crank these bills had served their proper
functions and should be taken out OF our cur
rency.
favored the Baltimore plhnin it's entirety.
Mr. Henderson (rep., Ill. asked If the press
ing question was not how to pay the running
expenses of the government
THAT is the question, but not all the ques-
ton. But it is very serious position which
makes any trade dependent on the selvency of
the treasury, and what am seeking is sys--
tenn that will divorce commerce from the gov
ernment.'
Mr.. Catchings dem, Miss.) said the upshot,,
of Mr. Cockrans 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 more abundant and elias
tic currency, and to relieve the treas
ury by retiring the large proportion
of outstanding greenbacks. In discussing the
probable effect of the Carlisle bill Mr.. Catch
ings said that the outstanding certificates
would be changed for those of smaller denom-t
nations to satisfy the needs for small money.
1t would follow that the bullion in the treasury
would be coined and small percentage 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 it would not be under the pend
ing bill If the bill was so amended as to make
the government guarantee the notes the oppo-
sition of bankers would be instantly with
drawn. The superiority of the Carlisle plan
over the Baltimore plan that it..
contemplated ultimate retirement of gov
eminent notes, while the latter had no object
but the profit of its trainers.
Mr.. Hendrix. of New York, declared that
there was not banker or anybody else who,
ever has commended that plan who has not.
proceeded upon the theory that the govern
ment would pay it's floating debttand cease to-
use it as a currency. They were not formulat-
ing legislation foreign to them. They were
settling banking theory. They expected the
retirement of the greenbacks and legal tend
ers.
Mr.. Catchings spoke in support of the sound
ness of state banks The assertion that state
bank supporters of the south and west, those
who demanded more money represented peo-
pie who had nothing to exchange for money
was erroneous There was not'enough money
for the banks to supply the needs OF his Sec
ton