The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1895-01-06
ultimately, after all, be measured by the
l :: i - 4

ultimately, after all, be measured by tn
universal standard.
Mr.. Hutchinson, Democrat of Texas
inquired if the notes of a bank wer
based upon the notes of farmer where
in it was better than the farmers not
and Mr.. Cochran replied because com
merce would accept it. The hand o
government had been disastrous to com
merce 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 cap
itsl that could be used in commerce.
a PROPERTY BASIS.
II am opposed to any tax on curren'
cy," he replied TO G question concern
ing the 10 per cent on state bank issues.
ut is like taxing blood, taxing the speed
| of locomotive. 1t 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 property it was sound. but its
provisions would nullify its object. Ii
it became a law it would fall stillborn,
not one note would be issued under 20
years. II would be q monument to the
folly of the congress which followed the
Sherman act by another makeshift.
While the green back had its uses and
the eenbscker was unjustly charac-
terzsd as q crank. these bills had
served their proper functions and
should be taken out OF our currency
system"
There was a sharp and amusing ex"
change OF words between Mr.. Cochran
and Mr.. Boutelle, Republican of Maine,
se the former spoke OF the Mckinley
law and a defective financial system as
the cause OF the panic last year. Mr..
Cockrsn's reference to the Mckinley
law was greeted with derisive laughter
on the Republican side. Mr.. Boutelle
remarked that at the last election the
people did not endorse the views Of Mr..
Cochran as to the Mckinley law.
II have my own views" said Mr..
Cochran, "as to the results of last cleo
ton. do not think the Democratic
party WAS in that Canvass"
In reply to a question, Mr.. Cochran
said he favored the Baltimore plan in
its entirety,
Mr.. Henderson, Republican, of Illi-
nois. asked if the pressing question was
not how to pay the running expenses of
the government.
That is the question but not all the
question. 1t is very serious position
which makes any trade dependent on
the solvency OF the treasury and what
| am seeking is system that will
divorce commerce from the govern
ment." In closing Mr.. Cochran drew
picture of the advancement OF bust
ness, industry. science and the arts IN
der regime in which the money OF the
people wac placed on a sound basis.
THE PURPOSE OF THE BILL.
Mr.. Ostchings said the upshot of Mr..
Cockran's speech was to adopt the Balti-
more plan and thus turn his back on the
treasury. leaving it to take care of itself.
The purpose of the bill was to provide
the people with q more abundant and
elastic currency and to relieve the treas
ury by retiring the large proportion of
outstanding greenbacks. In dis
oussing the probable effect
of the Carlisle bill, Mr.. Catchings said
the outstanding certificates would be
changed for those of smaller denomina-
tions to satisfy the needs for small
money. 1t would follow that the bullion
in the treasury would be coined and
smaller percentage Of customs duties
paid in silver. The key to the po.
sition was that under the Balti-
more plan the government would be
made to stand sponsor for the notes OF
the bank while it would not be under
the pending bill. The superiority Of the
Carlisle plan over the Baltimore plan
was that it contem plated ultimate re.
tirement notes, while the latter had no
object but the profit of its trainers.
Mr. Cstchings spoke in support of the
soundness Of state banks.
At the close Of Catchings' speech the
house voted not to concur in the senate
amendments to the military appropria-
ton bill, and then, at 20 O'Clock, adj
journed.