The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1895-01-06

disastrous to commerce, and he was ap-
pealing 10 the House 10 turn back to
sound principles where money was based
on property. All that banking meant was
to increase the capital that could be used
in commerce..
II am opposed to any tax on currency,
he replied to a question concerning the 10
per cent on State bank issues. 1T is like
taxing blood; like taxing the speed of
locomotive. 1t would be 10 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 its object If it became law it
would fall stubborn. Not one note would
be issued under twenty years. 1t would
be a monument to the fOllv of the Con-
gress which followed the Sherman act by
another makeshift. While the greenback
had its uses and the greenbacker was I'M
Justly characterized as a crank these bills
had served their proper functions and
should be taken out of our currency sys-
tenn.
There was a sharp and amusing ex-
change of words between Cochran and
Boutele OF Maine, as the former spoke Of
the Mckinley law and defective financial
system as the cause of the panic last year.
Cockran's reference 10 the Mckinley law
was greeted with derisive laughter on the
Republican side. Boutelle remarked that
at the last election the people did not in
dorse the views of Cochran as 10 the Nc
Kinley law.
81 have my own views" said Cochran,
''as to the result of the last election. do
not think the Democratic party was in
that canvass"
In reply to a question. Cochran said he
favored the Baltimore plan in its entirety.
Henderson (R) of Illinois 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 a very serious position
which makes any trade dependent on the
solvency of the treasury, and what l am
seeking is a system that will divorce COM
merce from the Government"
In closing, Cochran drew picture of the
advancement of business. industry. science
and the arts under regime in which the
money of the people was placed on sound
basis.
= Catchings 3D. of Mississippi said the
upshot of Cockran's speech was to adopt
the Baltimore 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 more abundant
and elastic currency and to relieve the
treasury by retiring the large proportion
of outstanding greenbacks. In discussing
the probable effect of the Carlisle bill
Catchings said the outstanding certificates
would be changed for those Of smaller de-
nominations to satisfy the needs for small
money. 1t would follow that the bullion
in the Treasury would be coined and a
smaller percentage of customs duties paid
in silver.
The key to the position was that under
the Baltimore plan the Government would
be made to stand sponsor for the notes of
the bank, while IL would not be under the
pending bill The superiority of the Car
Isle plan over the Baltimore plan was that
it contemplated the ultimate retirement OF
Government notes, while the latter had no
object but the profit of its trainers.
Catchings spoke in support of the sound
ness of State banks. At the close of his
speech the House voted not to concur in
the Senate amendments to the military
appropriation Dill, and then at 500 ad-
j0urned.