The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1895-01-12


orty II was sound. but its provisions
would nuliify It's object II II became law IL
would fall htillb0rn not one note would be
issued under II IN twenty years IL would be .
monument 10 the folly OF the congress which
followed the sherman act by another make
shift. While the grecneack had It's uses, and
the greenbacker was unlustly characterized
a crank, these bills had served their proper
functions and should be taken out OF our cur
rency.
In reply 20 a question. Mr.. Cochran said he
favored the Baltimore plan In It's entirety
Mr.. Henderson rep, I'D asked II the press
ing question was not how 10 pay the running
expenses OF the government.
'That Is the question. but not all the ques-
ton hut IL Is very serious position which
makes any trade dependent on thn soivency OF
the treasury, aud what am seeking is a sys-
tenn thai Will divorce commerce from the gov
enment"
Mr.. Catchings dem. Miss, said the upshot
OF Mr. Coclkrans speech was 20 adopt the
Baltimore plan, and thus turn his back on the
treasury, leaving IL 70 take care OF itself
The purposes % the bin we're 70 provide the
people with moro abundant and eias-
TIC currency. and 20 relieve the treas
ury by retiring the large proportion
OF outstanding greenbacks In discussing the
probable effect OF the Carlisle bin MIR. Catch
ings said that tho outstanding certificates
would be changed for those OF smaller dcnom-
nations 10 satisfy the needs for small money.
II would follow that the bullion in the treasury
would be coined and a small percentage OF Gus
toms dues paid In silver.
The key TO tho opposition was that under
the Baltimore plan the government would DO
made 20 stand sponsor for the notes OF tho
banks, while II would not be under the pend
ing bill. II the bill was 80 amended as TO make
tho government guarantee the notes the oppo-
hition OF bankers would be instantly with
lrnK az u
over tho Baltimore plan was that IL
contemplated ultimate retirement OF gov
ernmcnt notes. while the latter had no object
but the profit OF It's trainers
Mr. Hendrix. OF New York. declared that
there was not a banker or anybody else who
ever has commended that plan who has not
proceeded upon the theory that the govern
ment wonid pay It's floating debt and cease 10
use II as "a currency. They were not formulate
ing legislation foreign 70 them. They were
settling banking theory. They expected the
retirement OF the greenbacks and legal tend
ers
Mr. Catchlngs spoke In support OF tho sound
ness Of state banks. The assertion that state
bank supporters Of the south and west those
who demanded more money represented peo-
pie whe had nothing 70 exchange for money
was erroneous. There was not enough money
for tho banks to supply the needs or his sec
ton.
on the 9Th Mr. Boltzhoovcr dem. Pal gave
notice OF IN amendment IL proposes a section
To enable the secretary OF the treasury 10 fund
the treasury notes which may remain In circu-
lation after August /. 1898, which we're issued
under the acts OF February 25 1865, July n.
1902 March 3 1868 and July H. 1890 by issuing
bonds TO an amount not exceeding S500oO),oO0
redeemable at the pleasure OF the United
states after five years and payable twenty
five yeurs from date with interest az 3 per
cent, payable scmi-annually ia gold The
bonds are 20 be OF such denominations not
less than $50, as the secretary may determine
upon and 20 be sold at not less than par for
gold or treasury notes.
Mr.. Sibley Idcm. Pa) followed with fierce
TRADE against President Cleveland He said
that four days after tho repeal OF the Sherman
act members had told i'm that they had been
promised revenue collectorshlps II they would
vote for repeal, but he refused TO mention any
names
There was panic being precipitated by the
vultures OF the banks Mr.. Sihdey said. besides
which the last panic was gentle zephyr to
n shrieking cyclone He had figures which no
had prepared last June and wkic at the solicit
tation OF friends he hHd refrained from using,
showing that banks and trust companies could
not pay eighty cents on the dollar The adj
ministration had so carried out the democratic
that the parity OF all kinds OF
money should be maintained that all other
kinds but gold had become mere prOmissory
notes for payment In gold.
Mr. Cox tdem Tcnn) followed with a care
ful argument IN favor Of the bill He pointed
out tho many evils Of the present system and
explained at length his view OF the results OF
tho Carlisle plan Il put into operation.
Mr.. Stone trep.. Pal quoted the remarks OF
Secretary Carlisle TO the judiciary committee
that nc would pay government expenses from
any money In the treasury and said he sup
ported the secretary in that course and
explaiued that as no money paid into
the Treasury was classified the socro-
tAry could not know whether what
ne was paying out was the proceeds
Of bono sales or not lie did not think the
ending Dill would relieve tho treasury and
thC Situation, nor did he. IN fact. believe that
thA retiromcnt OF all greenbaoks and treasury
notes..NQuld check the demand for gold. II
gold was REQUIRED for commerce gold would be
secured IN not from the treasury then from
private holdorS. There WIS noreascn why there
should be a scastity 81 gold There we're tb40,-
OOl 900 in GOLD In fhie country held hy banks
and private holders I'hc dimcuity now Was that
the democratic party vas 600 cowanily 20 meet
the present and growing deAplencY nynuthor-
izing the issue OF low rate DoT1s - ;idt over
the present emergency.
Mr., Johnson dem, o. believed the bnliftt
could be enacted into a law would prove a mons
strous failure. Re denied that this bill wasi
designed 20 take the government out OF tho
banking business. and asserted that no bill
could be dcvli ed for sound currency issues
which would not place them under government
supervision and Ia effect make them alternate
ly rcdeemable by the government
IL was the ONCE OF the government to furnish
money, he said This bin proposed 20 confer
on banks without limit right that could only
be conferred on q monopoly " gave them
monopoly or Il was failure lie attempted 70
demonstrate that the bin would confer tho
same monopoly on the banks taat the Bank o.
England nd the Bank OF France had. This
was true because the grecnbaclSs aud treasury
notes on which circulation could be taken out
we're limited IN number There were but $40
100000 OF the notes. when thoy were dcpos-
ited for circulation the monopoly would bo
complete NJ. Johnson sketchcd scheme by
which dishonest man entirely within the
terms of this bill could make $4,000 In two
weeks by starting a bank.
could that not be done under tho present
law asked Mr. Springer
No sir, replied Mr. Johnson. because he
must deposit siifooO worth OF bonds TO get
$1,000 IN circulation
Gould not the Canadian banks perpetrato
the same fraudsf asked Mr. Springer return
Ing 90 the assault
mo" replied Mr. Johnson because tho