The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-01-05

amspse warning. a nnance minister Ct
France ND once rennrke1 sarrAsticaiiy
that ssCod MAS guod 10 drunken people.
Ittle children and IL people 0f the
United States" was the United States
to 70 ost OF the business OF furnishing
currency for the country ~ . bank OF
issne2 Mr. Hendrix asked II uct, what
Vas Il going 70 do In order 70 avoid the
financial bad lands9 Were the peopie
OF the United States to keep on trans
crossing every hw OF finance. defying
tie world. ana continue to do what every
other nation had failed 70 dog To Hlus-
frate the result Of the present system.
Hendrix posntet to the large accessinns
Of gpia made By the Bank Of Francs and
tina Bank Of England n our expenee.
The former yesterday lid 30.eoe.eM eoid
francs. the latter fss.eeaao in gold Tho
capital and the gold bullion Of the world
wzs resting In these great poets, waiting
20 zee what this country would do.
whether It woutt become . bankrupt.
unable to meet its COLLECTIONS. Any Que.
Hendrix said. who would glance ~ the
frank Statements Of the treasury. show
ing its small reserve. could not but
marvel that It had not been sooner con-
fronted with great peril Hendrix de-
pactei graphically the present anomalous
situation. the credit Of the United States
excellent. rnoney icle. the banks full. en-
terprtse az the lowest ebb. men living
from hand to mouth. and the treasury
nghting TO keep its head above water.
THIS question now presented whether the
government was going out Of business as
hank of issue, was. Hendrix said. an
important practical one In the financial
world, as we'll as q political one. Mr.
Hendrix described at length the process
by which the gold was withdrawn By
spectators for shipment abroad, and
then proceeded to contrast this with the
situation In France. where the Bank Of
France refused to pay except where actu-
ally necessary, more than per cent.
Of geld on its demand obligations These
aggressions on our gold reserve must
be stopped. and II the pending bill would
stop them and AFFORD relief In taking the
government out OF the banking business.
AZ 1t had been taken out OF the silver
business. he would vote for It.
Does the action OF the Bank Of France
In refusing to pay more than per cent.
ID gold" asked Hepburn. Impair the
credit Of that bankfy
No"
.sThen would the credit Of the United
States be impaired IL the United States
should exercise its discretion and redeem
the Sherman notes in silver"
- fasf>ro n nj fhto t;rna
replied Hendrix.
"Wahy?"
because OF the general distrust of the
governments ability to pay gold. One
hundred and fifty-nine millions of Sher-
man gold promises to pay cannot be met
without gold"
but the notes are redeemable In coin,
not gold" was Hepburn's parting shot.
Hendrix. continuing, said the pending
tiii was open TO the vital objection that
1t would not do what II set out to do 1t
would not relieve the treasury of the ag-
gressions on Its gold: 1t would be a fail
ure as q bank measure because 1t would
superimpose on an uncertain body OF pub
lie credit currency much longer and
more uncertain body OF private credit
currency without sufficient foundation I'M
der the former.
Sperry. Dem. presented his substitute
to fund the greenbacks with per cent.
gold bonds. for tho information Of the
house.
Caruth, DEM, KY, euiogized Secretary
Carlisle. commended the efforts OF the
administration to solve the currency
problem and relieve the treasury, and
lx..Jn b.
nth devoted small portion OF his time
TO MFR. Hepburn. who briefly replied to
Hendrix. whom he described as a self
heralsied national banker who came here
with oracular utterances to tell the house
what TO do. Hepburn said his seIf-lauda-
ton was impaired by the recollection Of
his speech sixteen months ago, when the
same condition existed. Hendrix then
found the panacea for all financial ills
in the repeal of the Sherman law. Hep
burn declared that Hendrix had pointed
out unwittingIy the remedy for the pres
ent evil when he told the house 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 discre-
tiong' he asked amid n round of APP
plause. The exercise OF this discretion
did not impair the credit OF European
hanks who dared TO say that the credit
OF this country. with sixty-three millions
of people behind II. and with an unlirr,-
tied taxing power. would be Impaired be-
cause IL refused TO kneei at the demands
OF the shyiocks. (Applause)
why have not the Republican secre-
taries Of the treasury exercised this dis
ere,ion2" asked LATE Pence
Il have not been secretary OF the
treasury" replied Hepburn hotiy. when
] am. / will answer j am as fully con-
WINGED. however as am that am alive
that IL the secretary OF the treasury
were now to exercise his discretion and
to pay gold when legitimate redemptions
were asked. and refuse Il to sharks and
spectators, the evils from which we SUI.
fer would cease 70 be-" tApplause.)
As true as the needle To the Pole in rs
splendid work-pr. Prices Baking Pow.
der.
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