The pioneer press. (Miller, Hand County, S.D.) 1893-190?, 1895-01-10
CURRENCY DISCUSSED.
Carlisle's Bill Under Debate In the Ma
tiOnal House OF REPRESENTATIVES..

tiOnat House or Representatives.
On January 8 Mr.. Black dem. Ga, resumed
| the debate on the currency question which had
been interrupted by the holiday recess. He
| denied that the banking and currency COM
mittee had heard only national bankers
while considering the pending measure and
had turned IA deaf ear TO all others. Legis-
lation had not caused all the misfor-
tunes under which the people were Suf-
fering. he said. II might have contributed
to their misfortune, and he believed the
passage of the present bill would contribute 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 state banks
OF issue was ardent, but he concluded by ex-
pressing the opinion that the only real func-
tion OF the government was the coinage OF gold
and silver.
MI. Haughen rep Wis., described the cur
rency bill, as a crude, ll-considered measure,
fraught with dangers to the country, and
created considerable amusement by his refer
ence to Mr.. Springer's position last summer,
when he tSpringer) antagonized the repeal OF
the otate bank tax. He referred TO Mr..
Springer as the most agile" member on the
floor. one whose voice had been on every side
of every question. and said the administration
he'd made no mistake when it had selected
him to press the proposition for a flexible and
elastic" currency.
Mr. McCreary (dcm., Ky.) said he had ex-
amined all the plans suggested for a reform OF
the currency, and he regarded the Carlisle bill,
as amended by this Springer modification as
the best solution OF the problem offered. He
was opposed, he said, TO funding the green
backs with interest-bearing bonds. He be-
leved the banking business should be d.
vorced from the government; that the green
backs should be- retired by the surplus revenue
as rapidly as possible. and that a safe and
elastic currency should be provided. These
objects, he thought, would be attained by the
passage OF the pending bill. Mr.. McCreary ex-
pressed the opinion that in the event OF the
failure OF some currency legislation at this
session, 100000 go or $3.50, 100, 900 OF bonds
would have to be issued.
On the 4th Mr.. Hendrix (dem. N. ", a
banker, continued the debate. Mr.. Hendrix
described at length the process by which the
gold was withdrawn by spectators for ship
ment abroad, and then proceeded to contrast
this with the situation in France, where the
bank OF France refused TO pay, except where
actually necessary. more than D per cent. of
gold on its demand obligations. These agrees
sions on our gold reserve must be stopped,
and II the pending bill would stop them, az
ford relief, take the government out OF the
banking business as II had been taken out or
the silver business, he would vote for 1t.
Mr.. Hendrix said that the pending bill was
open to the vital objection that 1t would not
do what IL set out to do. u would not relieve
the treasury OF the aggreSSions on its gold; it
"OuAu DC u ldlluTc as Il Ddlh ultdSulc' bC-
cause IL would su~perimpoSe upon AN uncertain
body OF public credit currency "A much longer
and more uncertain body OF private credit cur
rency. without sufficient foundation under the
former.
Mr.. Sperry (dem.. Comm presented his sub
stitute to fund the greenbacks with 3 per cent.
gold bonds for the information OF the house.
Mr.. Caruth (dem., ky.) eulogized Secretary
Carlisle and commended the efforts OF the adj
ministration to solve the currency problem
and relieve the treasury and Endorsed the pend
ing measure.
Mr.. Hepburn declared that Mr.. Hendrix
had unwittingly pointed out the remedy for
the present evil when he told the house that
the great banking houses OF Europe exercised
their discretion about depicting their gold
vaults. why will not the secretary OF the
treasury exercise the same discretiony" he
asked. amid a round OF applause. THE exer-
else OF this discretion did not impair the Euro
pean banks. Who dared TO say that the credit
OF this country with Us 900. 900 Of people behind
1t and an unlimited taxing power would be i'm
paired because 1t refused to kneel at the de-
mandS of the ShylocksT"
Why have not the republican secretaries OF
the treasury exercised that discretion?" asked
Mr.. Pence pop, COLI.
Il have not been secretary Of the treasury"
replied Mr.. Hepburn, holly. When l ami
will answer. / am as fully convinced, how
ever, as / am that / am alive that If the secre-
tary OF the treasury were now TO exercise his
discretion and pay gold when legitimate re-
demptions were asked and refuse it to sharks
and spectators the evils from which we
suffer would cease to be"
Mr.. Dingley rep, Mel. placed the neces-
sity for remedying the defects in the cur
rency system above the necessity Of relieving
the treasury. The treasury had been living on
hope for the last eighteen months and there
could be no confidence until the revenues
equaled the expenditures, Mr. Dingley
asserted that the pending bill would not re-
lieve the treasury. Mr.. Gresham (dem., Tex.)
supported the bill.