The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1895-01-10


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Washington, Jan. AT the opening of
the session today the speaker laid be-
fore the house the resignation of Mr.
Painter of the Fifth Kentucky district,
| to take effect tomorrow, when he assumes
his new duties of Judge of the court of
appeals
The debate on the currency bill was re-
sumed and Mr.. Hendrix (Dem., n ", a
banker, took the floor
| The question which confronted the
treasury and the country, he said, had
not come suddenly upon us nor without
warning. Was the United States to 60
out of the business of furnishing curren-
cy for the country, as bank OF issue!
| Mr.. Hendrix asked If not, what was it
going to do in order to avoid the financial
bad lands? Were the people of the Unit
ed States to keep on transgressing every
law Of finance, defying the world, and
continue to do what every other nation
has failed to do? To illustrate the result
of the present system Mr. Hendrix point
ed to the large accessions of gold made
by the Bank of France and the Bank of
England at our expense. The former
yesterday held over 100000 gold francs,
the latter f33, 100000 in gold; the capital
and the gold bullion of the world was rest
ing on these great pools, waiting to see
what this country would do, whether it
would become bankrupt, unable to meet
its obligations. Mr.. Hendrix depicted
| graphically the present situation; excel
lent money idle; the banks full; enter
prise at the lowest ebb living from hand
to mouth and the treasury fighting to keep
it's head above water. Mr.. Hendrix de
scribed at length the process by which
the gold was withdrawn by spectators
for shipment abroad and then proceed
ed to contrast this with the situation in
France, where the Bank of France re-
fused to pay except where absolutely
necessary more than 8 per cent of gold
on its demand obligations. These ag-
| gressions on our gold reserve must be
stopped, and if the pending bill would
stop them afford relief. and take the gov
eminent out of the banking business,
as it had been taken out of the silver bus
mess, he would vote for it,
Does the action of the Bank of France
in requesting to pay more than per
cent in gold?" asked Mr.. Hepburn Rep.
la 'No Impair the credit Of that ''nNF
Then would the credit of the United
States be impaired if the United States
should utilize its discretion and use the
Sherman notes in slver?'
Eyes, | believe it would at this time"
replied Mr.. Hendrix.
"Why?'
Because of the general distrust of the
governments ability to pay gold. One
hundred and ffty-nine million of Sher
man gold promises to pay can't be met
with gold"
But the notes ere redeemable in coin,
not gold" was Mr.. Hepburn's departing
shot
Mr.. Hendrix, continuing. said that the
ipending bill was open to the vital objec-
ton that it would not do what it set out
to do. 1t would not relieve the treasury
of its aggressons in its gold; it would be
Il failure as bank measure, because it
would super-impose upon an uncertain
body of public credit currency of such
longer and more uncertain body of pri-
lvate credit currency without sufficient
foundation under the former.
| Mr.. Sperry Dem., Comm presented his
substitute the greenbackers with 3 per
cent gold bonds, for the consideration of
the house.
| Mr.. Caruth Dem, Ky.,) eulogized Car
Isle and commended the effort of the adj
ADMINISTRATION to solve the question and re-
leve the treasury, and endorsed the pend
ling measure.
Mr.. Caruth allowed small portion of
his time to Mr.. Hepburn, formerly So
licitor of the treasury, who replied to Mr.
Hendrix, who, he said, described himself
as herald for national bankers, who
came here with oracular utterances to
tell the house what to do. Mr.. Hepburn
said his laudation of himself was impaired
by the recollection of his speech 16 months
ago, when the same conditions existed;
Mr.. Hendrix then found the panacea for
all financial ills in the repeal of the
Sherman silver law.
Mr.. Hepburn declared that Mr.. Hen
dirk had pointed out unwittingly the
remedy for the present evil when he told
the house that the great banking houses
of Europe used their discretion about de-
pleting their gold vaults why will not
same discretion he asked amid round
of applause. The exercise of this discreet
ion did not impair the credit of European
banks, who dare say that the credit of
this country, with G0000,000 people be-
hind it and an unlimiting taxing power
would be impaired because il refused TO
kneel at the demands of the Shylocks.
ApplaUse.)