The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1895-01-05

sentative Payntcr, from the Fifth hcn- !
lucky district, to take effect tomorrow, |
when he assumes tho duties of judge of |
the court of appeals. On motion of Mr.. |
Hermann of Oregon bill was passed |
granting an increase of pension to Hosea !
Brown. aged lU3 n survivor of the war OF |
1872, and, on motion Of Page of Rhode |
Island, a bill to grant American registry |
TO the steamers Ciaribel and Athos. The !
debate on the currency bill was resumed,
and Hendricks dem of New York,
banker, took the iloor in advocacy OF the
bill.
Hcndrick recited at length tho pro-
cess by which gold was withdrawn by
| spectators for shipment abroad, and
| he then proceeded to contrast this with
| the situation in France, where the Bank
of France refused TO pay, except where
| actually necessary, moro than D per cent.
of gold on its demand obligations. These
| aggrcssions on our gold reserve must be
stopped and if the pending bill would
| stop them aud take the government ont
of the banking business, as it had been
taken out of tne silver business, he would
| vote for 1t.
The situation that confronted the treas
| ury and tho country, Hendricks said, had
not come suddenly upon us. nor without
I
to 20 out of the business of furnishing
currency for the country as n bank of is
sue? Hendricks asked if not, what was
going to be done to avoid the financial
/ bad lands. Were tho people of the United
/ States TO keep on trausgressng forever
every law of finance, defying the world
and continuing to do what every other ma
tion had failed to do?
! To illustrate the result of tho present
system Hendricks pointed to the large ac-
ccssons OF gold made by the Bank of
Franco and the Bank % Enciaul at our
expense. Tho former yesterday held
| 100000 gold francs, the latter G3,2lO,0OO
in gold. Tho capital and gold bullion of
the world was resting in these Great pools
to see what this country would do, whether
il would become bankrupt and unable to
meet its obligations.
Any one. Hendricks said, who would
glance at the frank statements OF the
treasury showing its small reserve,
could not but marvel that it had not
been sooner confronted with great peril.
Hendricks depicted graphically the pres
cut anomalous situation. the credit Of tho
United States with excellent money Idle,
the banks full, enterprise at the lowest
cbb, mon living from hand 10 mouth and
the treasury lighting to keep its head
above water. Tho questions now pre-
sented, whether the government is going
out OF business as bank OF issue, was,
Mr. Hendricks said, an important, practi-
cal one IN tho financial world as well as a
political one.
"Does the action of the Bank of France,
in refusing to pay more than D per cent.
IN gold, impair the credit of that bank"
asked Mr.. Hepburn.
! sN, -
Then would tho credit of the United
States be increased If it should exercise its
discretion and redeem the Sherman notes
in silycr?'
"Ycs, J believe it would at this time"
replied Hendricks.
) ''Why?n
) ''Bccauso OF the general distrust of tho
) governments ability to pay gold. Ono
hundred and iifty-niue millions of Shor-
man gold promises-to-pay cannot be met
without goid.'
"But the notes are redeemable in coin,
! not gold" was Hepburn's parting shot.
Hendricks continuing said tho pending
} bill was open to the vital objection that it
! would not do what it set out to do. IL
would not relieve tho treasury of aggres-
} slons on its gold: it would be a failure as
! a bank measure because it would super
. impose upon an uncertain body of public
, credit currency a much longer and more
uncertain body of private credit currency
, without sufficient foundation under the
: former.
= Sperry presented his substitute to fund
. the preenbacks with 3 per cent gold bonds
= for the information of tho house.
D Caruther eulogized Secretary Carlisle
: and commended tho efforts Of tho admin
: lstration to solve the currency problem
: and no endorsed the pending measure.
Q Hepburn referred briefly TO Hendricks,
. whom he described as a self-heralded ma.
l tional banker, who came here with oracu-
Q lar attractions TO tell the house what to
@ | do. Hepburn said his selI-laulation was
q impaired by tho receollection OF
= his speech IL months ago whom
! the same condition existed. Hendricks
: then found panacca for all financial ills
! IN the repeal of tnc Sherman silver law
r Hepburn declared Hendricks had pointed
out unlitt.ng.y tue remedy Tor the present
I evil. When bc toll the house that the
: banking houses Of Europe exercised theii
discretion uHoI. depicting their gold
+ vaults. why .su no. the secretary OF this
n treasury exercise the same discretion? ht
e asked amid q round of applause. The
exercise OF this discretion did not impair
Z the credit of tho European banks. YEg
= dared to say that the credit OF this colu,
= try, with G3,OJl0-0 of people behind IL and
with unlimited taxing power, would b,
: impaired because it refused 20 kneel a
:, the demands of the Shylocks: ZAP
y plauscl.
u "Nhy have not the republican sccreta
Z ries OF tho treasury exercised that I.scrc
= t.ou 49, asked Pence.
4 II nave nos been the seeTs -.a. - III
o treasury" replied Hepburn. hotiy. "Whel
% am ! Will answer. / am as fully con
o viucci. however, that If tae secretary o
8 tho treasury were now TO cNe-e Sc his dis
creti1n and pay gold when .L- .-g.amau
@ rcl-mp..als were asked, -ui g. .usc lt &
" tac sharks aaI -pccuia-ora. .as evils from
&. winch we sgIer would cease" lap
I. pIllsg.