The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-01-06

national or local standard, the products
of the farmer and Of other producers
must ultimately. after all, be measured
by the universal standard
AR. Hutchinson Democrat, of Texas
inquired, il the notes Of a bank were
based upon the notes Df farmer
wherein was it better than the farm Ter s
note? and Mr. Cochran replied because
commerce would accept it. - The hand
Of government had been disastrous to
commerce and he was appealing TO the
House TO turn back to sound principles
where money was based on property.
All that banking meant was to increase
the capital that could be used in COM
merce.
Opposes q Currency Tax.
II am opposed to any tax on cur
rency, he replied TO a question con-
corning the 10 per cent tax on state
bank issues.
ut is like taxing blood, like taxing
the speed of a locomotive. 1t would BE-
to tax everything valuable to retard
progress.
AS to the pending bill, so far as It
provided that money should be based
on property it was sound, but its pro-
visions would nullify its object. If il
became a law it would fall still born;
not one note would be issued under
L
to the folly of the congress which fol-
lowed the Sherman act by another
make shift
While the greenbacl1 had its uses and
the greenbaeker was uniustly char
acterized as a crank, these bills had
served their proper functions and
should be taken out Of our currency.
There was sharp and amusing ex-
change Of words between Mr.. Cochran
and Mr.. Boutelle (Republican), OF
Maine, as the former spoke of the Nc
Kinley law and detective inancia.
system as the cause of the panic last
year.
Mr.. Cockran's reference to the Nc
Kinley law was greeted with derisive
laughter on the Republican side. Mr.
Boutelle remarked that at the last
election the people did not endorse the
view of Mr.. Cochran as to the McNin-
ley law.
II have my own views said Mr..
Cochran, "as to the results of the last
election. I do not think the Democrat tic
party was in that canvass"
In reply to a question, Mr.. Cochran
said he favored the Baltimore plan in
its entirety.
Mr.. Henderson Republican,. of Hi
noise, asked if the pressing question
was not how to pay the running ex-
penses of the government.
That is the question, but not ali the
question. 1t is a very serious position
which makes any trade dependent on
the solvency of the treasury and whai
] am seeking is a system that viii
divorce commerce from the govern
ment''
In closing Mr.. Cochran drew pic
ture of the advancement of business,
Industry, science and the arts under a
regime in which the money of the peo-
pie was placed on a sound basis.
Mr.. Catchings DemocraO, of Missis-
Sippi, said the upshot 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 purpose of the bill was to pro-
vide the people with a more abundant
and elastic currency and to relieve the
treasury by retiring the large proper
ton of outstanding greenbacks. In
discussing the probable effect of the
Carlisle bill, Mr.. Catchings said the out
standing certificates would be changed
for those of similar denomina tons tu
satisfy the needs for small money. 1t
would follow that the bullion in the
treasury would be coined and a similar
percentage of customs duties paid in
silver.
The key to the position was that
under the Baltimore plan, the govern.
ment would be made to stand sponsor
for the notes of the bank, While il
would not be under the pending bill
The superiority of the Carlisle plan over
j the Baltimore plan was that it con-
teInplated ultimate retirement of gov
eminent notes while the latter had no
object but the profit of its trainers.
Mr.. Catchings spoke in support OF
the soundness of state banks.
At the close of his speech. the House
voted not to concur in the Senate
amendments to the military appropria-
ton bill and then at 500 adjourned.