Morris tribune., 1895-01-09
CURRENCY DISCUSSED.
CarIisle's Bill Under Debate in the Ma
tional House of Representatives.

while considering the pending measure ant
had turned deaf ear to all others. Legis-
lation had not caused all the misfor.
tunes under which the people were suf.
fering, he said. 1t might have contributed
to their misfortune, and he believed the
passage of the present bill would contribute tt
| their relief, but he deprecated the feeling
| abroad in the land that for all the ills and
misfortunes of the people they should turn to
| congress. Mr.. Blacks advocacy of state banks
of issue was ardent, but he concluded by ex-
| pressing the opinion that the only real func-
| ton OF the government was the coinage OF gold
| and silver.
| Mr. Haughen rep, Wis., described the cur
| rency bill, as a crude, !ll-considered measure
| fraught with dangers to the country, and
| created considerable amusement by his refer
ence to Mr.. Sprnger's position last summer
when he (Springer) antagonized the repeal OF
| the otate bank tax. He referred to Mr..
\ Springer as the most "agile" member on the
| floor, one whose voice had been on every side
| of every question and said the administration
| had made no mistake when it had selected
| him to press the proposition for flexible and
| elastic" currency.
| 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. 90 funding the green
backs with Understanding bonds. He be-
lieved the banking business should be d.
vorced from 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 Mr.. McCreary ex-
pressed the opinion that in the event of the
failure of some currency legislation at this
session, $100,000,000 or Sf50,0O0,0O0 of bonds
would have to be issued.
On the 4th Mr.. Hendrix (dem N. w, a
banker, continued the debate. Mr.. Hendrix
described at length the process by which the
gold was withdrawn by spectators for ship
ment abroad, 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 be stopped
and If the pending bill would stop them, af-
ford relief, take the government out OF the
banking business as it had been taken out of
the silver business, he would vote for it.
Mr.. Hendrix said that the pending bill was
open to the vital objection that it would not
do what it set out to do It would not relieve
the treasury of the aggressions on it's gold; it
would be a failure as bank measure, be-
cause it would superimpose upon an uncertain
body of public credit currency a much longer
and more uncertain body of private credit cur
rency. without sufficient foundation under the
former
Mr.. Sperry dem, Conn) presented his SUBJ
stitute to fund the greenbacks with per cent.
gold bonds for the information of the house.
Mr.. Caruth dem, Ky.) eulogized Secretary
Carlisle and commended the efforts of the adj
ADMINISTRATION to solve the currency problem
and relieve the treasury and Endorsed the pend
ing measure.
Mr. Hepburn declared that Mr. Hendrix
had unwittingly pointed out 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 discretion he
asked, amid round of applause. 1.-THE exer-
else of this discretion did not impair the Euro
pean banks. Who dared to say that the credit
of this country with 68000,000 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
MIR. Pence Cpop.. COLI
II have not been secretary Of the treasury"
replied Mr.. Hepburn, holly. "When I am
will answer. I 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-
Mr. Dingley rep, Me). placed the neces-
sity for remedying the defects in the cur
rency system above the necessity of relieving
the treasury. The treasury had been 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.) |
the bill
Mr.. Boatner (dem., La.) expressed surprise
at the opposition to the measure which had |
developed on the democratic side of the house. |
He paid tribute to the abilities of Secretary |
Carlisle, and dwelt upon the duty of support |
ing him, which, he said, rested upon demo- |
,rats
Mr. Pence (pop., COLI brought up Secretary
Carlisle's advocacy OF silver while member
Of the house in supporting the Matthews reso-
ution, and asked if soon after accepting the |
treasury portfolio he had not announced his |
intention Of paying some of the governments
obligations in silver and had been called down.
Mr.. Boatner replied that it was useless to re-
rive free silver as factor of the currency
question
Mr.. Bland retorted: "You can't run the DEM
,cratic party on republican lines, and no mug
vump can change its policy
Mr. Boat ner continued that it was the mis-
AXE of the century when the administration
'efused to pay obligations in silver as well as
,old. 1--WE should no longer keep our
elves on exhibition" Mr.. Boatner concluded,
as unable to agree on single measure that
promises relief to the people
Mr.. Lacey (rep.,' Ia.) followed in opposition
o the bill.
Mr.. Cochran dem, N. W deplored the ten
lency to treat the measure as a party one
S likely to wreck it on the rocks of polit
cal expediency. IAN agitation without re-
ult, which would rufae restored business
tranquility, had better be dropped. If this
ouse succeeds in establishing a monetary
yStem based on human reason and expert
nee of experts. its last days will not be with
ut profit or devoid of honor" he declared.
here were, in his opinion, questions on which
legislatures could divide along party lines
nth advantage, but this was not one of them
He said there were many questions on which
mankind had differed from the beginning of
utilization and the questions connected with
be finances and political economy were among
hose over which there had been most disputa-
alton. Nevertheless, he contended that i'm
lutable laws controlled these questions. To
hey them was to bring blessings; to ignore
hem the reverse. We can, he declared, no
acre affect the economic laws by our legisla-
ion than we can by the same means affect the
Tvs governing the seasons. He asked that
ne question now at issue be considered on the
asis of these economic laws.
He thought he saw evidences that the judg-
ent OF the generation had been warned NV |