Warren sheaf. [volume] (Warren, Marshall County, Minn.) 1880-current, 1895-01-10
CURRENCY DISCUSSED.
Carlisle's Bill Under Debate In the Ma
ttOnal House of Ranresenfatiua.i -.

denied that the banking and currencv COM
mittee had heard only national bankers
while considering the pending measure and
had turned deaf ear to all others Legis-
lat1on had not caused all the misfor-
tunes under which the people were SUI
fering, he said. It might have contributed
to their misfortune, and re believed the
passage OF the present bill would contribute to
their relief, but he deprecated the feeling
abroad In the land that for all the ills and
mlsfortunes 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 y crude, :ll-considered measure,
fraught with dangers to the country, and
created considerable amusement by his refer
ence to MI. Sprlnger's position last summer
when he fSpringer) 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 a ..flexible and
elastic" currency.
Mr. McCreary (dem., Ky.) said he had ex-
amined all the plans suggested for a 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. to funding the green
backs with interest-bearing bonds. He be-
lieved the banking business should be di-
vorced from the governments; that the green
backs should be retired by the surplus revenue
rs 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, S1O00Oo,0OO or $50, 100000 OF bonds
would have to be issued.
On the 4th Mr.. Hendrix dem. NJ w,
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gold was withdrawn by spectators for ship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 It's demand obligations. These agrees
sions on our gold reserve must be stopped,
and II the pending bill would stop them. at
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 1t would not relieve
the treasury Of the aggressions on it's gold: it
would be failure as a 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., Comm presented his sub
stitute to fund the greenbacks with 3 per cent.
gold bonds for the information of the house.
Mr.. Csruth dem, Ky.) eulogized Secretary
Carlisle and commended the efforts of the adj
ministration 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 6 600 600 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
Mr. Pence (pop., Col).
Il have not been secretary OF the treasury"
replied Mr.. Hepburn, holly. when I am
will answer. am as fully convinced, how
ever, as 1 am that am alive that il the secre-
tary OF the treasury were now to exercise his
discretion and pay gold when legitimate re-
demptlons were asked and refuse it to sharks
and spectators the evils from which we
suffer would cease to be-"
Mr.. Dingley rep, Mel, 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.)
supported the bill
Mr.. Boatner (dem., Lay 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 duly of support
Ing him, which, he said, rested upon demo-
Gratis.
Mr.. Pence (pop., Col) brought up Secretary
Carlisles advocacy OF silver while a member
OF the house in supporting the Matthews reso-
luton, and asked il 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-
y1ve free silver as factor of the currency
question
Mr.. Bland retorted: .'You can't run the DEM
ocratic party on republican lines, and no mug
wump can change its policy
Mr.. Boatner continued that it was the mis-
take OF the century when the administration
refused to pay obligations In silver as we'll as
gold I'VE should no longer keep our
selves on exhibition Mr.. Boatner concluded,
las unable to agree on single measure that
promises relief to the people,
Mr.. Lacey rep., 1a) followed in opposition
to the bill
Mr.. Cochran tdem., N. VI deplored the ten
dency to treat the measure as party one
as likely to wreck it on the rocks of polit-
tcal expediency. IAN agitation without re-
suit, which would ruff1e restored business
tranquility, had better be dropped. II this
house succeeds in establishing monetary
system based on human reason and expert
ence Of experts. its last days will not be with
out profit or devoid Of honor" he declared.
There were in his opinion questions on which
legislatures could divide along party lines
with advantage, but this was not one of them.
He said there were many questions on which
mankind had differed from the beginning OF
civilization and the questions connected with
the finances and political economy were among
those over which there had been most disputa-
tation Nevertheless. he commended that i'm
mutable laws controlled these questions. To
obey them was to bring blessings; to ignore
them the reverse. We can, he declared. no
more affect the economic laws by our legisla-
ton than we can by the same means affect the
laws governing UQe seasons. he asked tnat
the question now at issue be considered on the
basis of these economic laws
He thought he saw evidences that the judg-
ment OF the generation had been warped by
the superabundance Of talk OF the crime OF
1873 = when silver was demonetized. which had
involved he use Of a host OF empty phrases
and much mystery, but had brought but very
little practical good to the people generally
The tendency to treat political economy as a
mysterious science had enabled men to pose
as statesmen. who. II they talked common
sense, would have been discovered, but were
able to confuse the people " shouting platis
tudinous nonsense.
Il am not one, = said Mr.. Cochran, ..who pre-
tends that prosperity can be forged in this
CHAMBER or by the law Of the land. believe
all the law and gospel on the subject of polit-
ical economy was revealed to the first man
when just God told him that BY the sweat
Of his brow he must earn his bread. Pros
perity was in the earth. and charlatans who
said they had It'll their clothes or their brains,
and who had cursed the country for twenty
FIVE years. it was the chief object Of his speech
B to Oppose .
Taking up the banking and currency bill he