1999 Jeep Cherokee catalytic converter

My catalytic converter came apart and you now hear the pellets or beeds what ever they are when I hit a bump it raddles alot so it must have came apart. My check engine light came on and it reads catalytic converter. I want to know if I can just remove and empty the converter out and make sure nothing is blocking the flow and reinstall. This gives more horse power and better gas mialige, so I'm told. I know the check engine light might stay on. I was also told I could only do this if I had only one catalytic converter which I do. Where I live we do not have emission testing so I would be ok if I do this. I would just like your opinion first. The dealer price for the original cat is $1400 crazy eh? I know you probably don't recommend it but I want to know if it's possible to do. Thanks.