River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1895-01-10


Mr. McCreary dem. Ky.) said he had ex-
amined all the plans suggested for 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.hearing bonds He be-
eyed the banking business should be di-
voreed rom the government that the green
backs should be retired by the surplus revenue
as rapidly as possible. and that safe and
elastic currency should be provided. These
objects he thought would be attained by the
passage of the pending bill MIR McCreary ex-
pressed the opinion that In the event OF the
failure OF some currency legislation at this
session, $4,000 600 or S150,000O00 of bonds
would have to be ISSUED.
On the 4th Mr. Hendrix dem. ~ W, a
banker, continued the debate Mr. Hendrix
described at length the process by which the
gold was withdrawn by spectators for ship
ment broad, 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 per cent Of
gold on its demand obligations These agrees
sions on our gold reserve must tie stopped,
and II the pending hill would stop thf m. af-
ford relief take the government out OF the
banking business as II had been taken out OF
the silver business. lie would vote for IL.
Mr.. Hendrix said that the pending oill was
open to the vital objection that it would not
do what II set out to do. IL would not relieve
the treasury Of the aggressions on its gold; II
would be "A failure as bank measure. be-
cause II would superimpose upon an uncertain
tody OF pul lie credit currency much longer
and more uncertain body of private credit cur
rency. without sufficient foundation under the
former.
Mr. Sperry (dem.. Comm presented his SUBJ
stitute 10 fund the gTeenhacks with per cent.
gold bonds for the information of the house.
Mr. L.. a tors
Carlisle and commended the efforts Of the adj
ministration to solve the currency problem
and relieve the treasury and Endorsed the pend
ing measure
Mt Hepburn declared that Mr.. Hendrix
had unwittingly polluted ont 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 round Of applause. THE exer-
else OF this discretion did not impair the Euro
pean banks Who dared 20 say that the credit
Of this country with Gs 900 900 of people behind
it and an unlimited taxing power would be i'm
paired because it refused to kneel at the de-
mands of the Shylocks?"
why have not the republican secretaries OF
the treasury exercised that discretion asked
Mr. Fence tpop.. ColJ.
Il have not been secretary OF the treasury
replied Mr. Hepburn, hoty when | am
viii 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 "
MI Dingley rep Mel placed the neces-
sity for remedying the defects in the cur
rency system above the necessity OF relieving
htaf ha IA 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
Mr. BOatner (dcm.. La expressed surprise
AT the opposition to the measure which had
de eloped on the democrats side OF the house.
He paid a tribute TO the abilities of Secretary
Carlisle and dwelt upon the duty of support
ing him, which, he said rested upon demo-
Gratis.
Mr. Pence tpop. COLI brought up Secretary
Carlisle's advocacy OF silver while a member
OF the house in supporting the Matthews reso-
luton, ana asked IL soon after accepting the
treasury portfolio be had not announced his
intention Of paying some Of the government's
obligations In silver and had been called down.
Mr. Boatner replied that it was useless to re-
vive free silver as II factor of the currency
question
Mr. Bland retorted: you cant run the DEM
ocratic party on republican lines, and no mug
wump can change its policy"
Mr. Boatner continued that 1t was the mis-
take OF the century when the administration
refused to pay obligations in silver as well as
gold. We should no Longer keep our
selves on exhibition" Mr.. Boatner concluded
unable to agree on single measure that
promises relief TO the peop,e."
Mr.. Lacey rep, ia) followed In opposition
to the bill.
Mr.. Cochran (dein, ~ " deplored the ten
Gency TO treat the measure as party one
as likely to week IL on the rocks OF polit
zeal expediency An ogitatiOn without re-
suit, which would rufie restored business
tranquility, had better be dropped If this
house succeeds In establ sbiug monetary
system based on human reason ara expert
ence Of experts. its last days viii not be with
oft profit or devoid Of honor" he declared
There we're, in his opinion. questions on which
legislatures could divide along party lines
with advantage but this was not one Of them
He saif there were many questions on which
nj nkind had differed from the beginning OF
civilization and the questions connected with
the finances ard political economy were among
those over which there had been most disputa-
tatlon. Nevertheless, he contended that inn
mgtabe laws controlled these questions To
obey them as TO bring blessings; to ignore
them the re rCrSe. We can. he declared. nc
more affect the economic laws by oar legisla-
tion than we eau by the same means affect the
laws governing the seasons. He asked that
the question now at Issue be considered on the
basis Of these economic laws.
He thought he saw evidences that the judg-
ment Of the generation had been warped by
the superaoundancd Of talk of the crime of
1873. when silver was demonetized which had
involved he use Of host of empty phrases
and much mystery but had brought but very
little practical good to the people generally
The tendency TO treat political economy as a
mysterious science had enabled men TO pose
as statesmen, who, IL they talked common
sense. would have been discovered, but we're
able to con.use The people ~ shouting plati-
tudinOus nonsense
II am not one" said Mr.. Cochran who pre-
terds that prosperity can be forged In this
chamber or by the law OF the land ] believe
all the law and gospel on the subject Of polit-
zeal economy was revealed to the first man
vhen just God told him that BY the sweat
OF his brow he must earn his bread Pros
perity was in the earth and charlatans who
said they had IL in their clothes or their brains
and who had cursed the coun ~ for twenty
five years, 1t was the chief object OF his speech
to oprose"
Taking up the banking and currency bin he
spoke briefly OF the claims Of the committee
that il would promote the ends of trade. he
claimed that ins al OF promoting 1t would
prevent forbid and obstrucV the very thing y
was hoped 1t would accomplish. For local and
domestic purposes, Mr. Cochran said he would
not be afraid Of Sil ser standard OF value,
but his objection o IL was based On the tact
that throughout the world everything is meas
ured by gold and even If we had local or ma
tional silver standard the products OF the
farmer and Of other producers must ultimate
ly after all be measured by the universal
standard
\ am opposed ID any tax on currency" he
replied to quest ion concerning the ~ per
cent tax on state tank issues. IT Is IKE tax
ing blood, like tax ne tie speed OF loeomo-
tive; it would be to tax everything valuable
TO retard progress
As TO the pending bill. so far as 1t pro-
vided that money should be based on prop
erty 1t was sound. but its provisions
would nullify its object. II it became law II
would fall stillborn; not one note would oe
issued under il ina twenty years. II would be
monument TO the folly OF the congress Wnich
follow ed the Sherman act by another make
shift. While the greeneack had IT'S uses ana
the Ereenhaeker was unjustly characterized
as a crank, these bills had served their proper
functions and should be taken OF our cur
reney.
In reply 10 a question, Mr.. Cochran said he
favored the Baltimore plan in its entirety.
Mr.. Henderson rep. I'D asked II the press
ing question was not how to pay tins running
expenses Il the government.
THAT is tue question. but not all the ques-
tion. But il is very serious position when
males any trade dependent on the soll ency OF
the treasury. and what am seeking Is sys-
TEN that will divorce commerce from the gov
eminent"
Mr. Catchings dem. Miss,) said the upshoi
OF Mr. Cockran,s speech was to adopt the
Baltimore nlau and thus turn his back on the