The representative. [volume] (St. Paul, Minn.) 1893-1901, 1895-01-09

be issued under 1t in 20 years. It would
De monument to the folly Of the congress
which followed the Sherman act by an
other make-shift. While the greenback
had it's uses and the greenbacker was I'M
Justly characterized as crank these bills
had served their proper functions and
should be taken out Of our currency.
There was sharp and amusing
EXCHANGE OF SHOTS
between Mr.. Cochran and Mr. Boutelle
Rep. Me) as the former spoke of the Nc
knley law and a defective financial sys-
tenn as the cause of the panic last year.
Mr.. Cockran's reference to the Mckinley
law was greeted with derisive laughter on
the Republican side. Mr.. Boutelle remark
ed that at the last election the people
did not endorse the view Of Mr. Cochran
as to the Mckinley law.
i have my own views" said Mr.. Cock
ran, ''as to the results Of the last cleo
ton. l do not think the Democratic party
was in that canvass"
Mr.. Boutelle-The gentleman and myself
Will not disagree on that point.
There was" continued Mr. Cochran,
something masQuerading as the Demo-
cratic party which the American people
ground under heel. But there was no
Democratic party in that canvass
low ripple Of applause on the Demo-
cratic side greeted this statement
THAT TRUTH said Mr.. Boutelle, "does
ocratic side
II do not recall" answered Mr.. Cochran.
'of ever hearing truth applauded on the
Republican side
In reply to question, Mr.. Cochran said
he favored the Baltimore plan in it's en-
tirety.
Mr.. Henderson Rep. I'D asked if the
pressing question was not how to pay the
running expenses of the government
THAT is the question, but not all the ques-
Dat ie
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 Mr.. Cochran drew eloquent
picture of the advancement of business.
industry science and the arts under a
regime in which the money of the people
was placed on a sound basis.
Mr.. Catchings Dem. Miss.) said the up
shot of Mr. 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 purposes of the bill were to
provide the people with more abundant
and
ELASTIC CURRENCY
and to relieve the treasury by reducing
the large proportion of outstanding green
backs In discussing the probable effect of
the Carlisle bill, Mr. Catchings said if the
outstanding certificates would be changed
for those of smaller denominati ons to
SdliSIy the neeuS IOf small money, II
would follow that the bullion in the treas
ury would be coined and a smaller per-
centage of custom dues paid in silver.
The key to the opposition was that under
the Baltimore plan the government would
be made to stand sponsor for the notes
of the banks while it would not be under
the pending bill. If the bill so amend
ed to make the government guarantee
the notes, the opposition of bankers would
be instantly withdrawn. The superiority
of the Carlisle plan over the Baltimore
plan was that it contemplated ultimate re-
tirement of government notes while the
latter had no object but the profit of its
trainers.
Mr.. Hendrix, of New York said that
there was not a banker in Baltimore or
anybody who ever has commended that
plan who has not proceeded upon the the
Dry that the government would pay its
floating debt and cease to use it as a
currency They were not formulating leg
islation foreign to them. They were set
Ting a banking theorem. They expected
the retirement Of the greenbacks and le-
gal tender.
Mr.. Catchings spoke in support of the
soundness of state banks. The assertion
that state bank supporters of the South
and West, those who demanded more mon
ey, represented people who had nothing
to exchange for money, was erroneous.
There not enough money for the
banks to supply the needs of his sec
ton.
At the close of his speech the house
voted not to concur in the senate amend
ments to the military academy appropria-
ton bill, and then at $50 the house adj
journed.