Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1895-01-05


tria Makes Protest Against the Sugar
Observation-Disclosures Capital Notes.
WASHINGTON, Jan. 5.-Holman, chair
man of the Democratic caucus committee
OF the house. has issued q call for Demo-
cratic caucus to be held at p. m. on
Monday next, Jan. .. The call states that
important measures will be considered.
1t was issued after conference between
Holman, Springer and Speaker Crisp. 1t
was at first desired to hold the meeting
tonight, but so many Democrats were alb
sent that it was finally deemed best to
wait until Monday. The principal SUBJ
ject to be considered is the currency bill.
The question Of bond issue will also
be considered
Sperry WOu;d Retire the Greenbacls.
Spcrry, of the banking and currency
committee, has proposed another substi-
tute to the Carlisle currency bill. 1t
strikes out all after the enacting clause
and provides for an issue of bonds suf-
ficient to retire outstanding grecnbacks
and treasury notes under the Sherman
act. The bonds are to bear per cent. in
tcrest, are to be redeemed in gold. and are
to be of denominations from SO to $40, 600
They are to run for thirty years. with the
right to redeem them after ten years The
secretary of the treasury is empowered to
keep the gold reserve up to n minimum
OF lOc,OOO,OOO by selling these bonds. FRO
vision is made for the steady retirement
of the grcenbacks, both from the proceeds
of the bonds and from the surplus in the
treasury. Sperry's substitute Is under
stood to have executive approval in case
the Carlisle bill cannot pass
Hendrix Tackled by Hepburn.
During the debate in the house on the
Carlisle bill Hendrix of New York, a
banker by profession, referred to the fact
that the Bank of France was authorized
to refuse to Fay more than per cent.
gold on its demand obligations except
in case of absolute necessity. He was
asked by Hepburn if this impaired the
banks credit and said it did not Then
said Hepburn, "would the credit of. the
United States be impaired if the United
States should exercise its discretion and
redeem the Sherman notes in silver?"
This was not parallel case for the
Bank of France does not redeem" its de-
mand notes when it pays 5 per cent. in
gold on them.
Charges It to General Distrust.
But Hendrix did not notice this. and
said he believed such action on our part
would impair our credit, because Of the
general distrust of the governments abii-
ity 90 pay gold. But the notes are re-
deemablc in coin, not gold" was Hep
burns parting shot. After Hendrix had
closed some other speeches were made, and
Caruth, one OF the speakers, gave portion
of his time to Hepburn, who said the REM
edy for the present condition in this coun-
try was the French plan. why will not
the secretary of the treasury exercise the
same discretion" he asked amid round
of applause. The exercise of this discre-
tion did not impair the credit of European
banks. Who dared to say that the credit
of this country with 63,00000 of people
behind it, and an unlimited taxing power,
would be impaired because it refused to
kneel at the demands of the Shylocks.
(Applausel.
why have not the Republican secreta-
ries of the treasury exercised that discre-
tion." asked Pence (Pop) of Colorado.
II have not been secretary of the treas
ury," replied Hepburn, hotly. when 1
am will answer" He then proceeded
to rake Hendrix over the Goals, describ-
ing him as self-heralded national bank
er who came here with oracular utter
anccs to tell the house what to do Hep
burn said his self-laudation was impaired
by the recollection Of his speech sixteen
months ago, when the same conditions ex-
listed. Mr.. Hendrix then found the pan
acea for all financial ills in the repeal Of
the sherman silver law.