The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1881-12-31
The silver Question,


orous remarks OF Senator VOORHEES, on the
proposition of President Arthur and Secretary
Folgcr 10 retire the silver certificates and stop
the coinage of silver are cmnently worthy OF
reproduction:
Mr.. Voorhees, resolution referring to the
finance committee the parts OF the presidents
message relating 90 the repeal Of laws author
izing silver coinage and issue Of silver certlii
Gates was taken up and that senator addressed
the senate.
He referred to the financial distress OF the
country during the five years prior to 1878 and
following the act demonctizlng silver, and SAID
while the distress was not due 10 that leglsla
ton, the act WAS potent factor IN the general
scheme for contraction Of money and conse
quent overthrow OF business prosperity. Ii
was one of several kindred measures designed
to the same end and looking to the benefit OF
money lending usurers engaged in making
money scarce and dear, the rate OF interest
high, wages low and times hard for all bu,
bond and undergraduates. The law OF the
democratic congress in 1878, restoring silver
circulation by means Of certificates and coin
broke the nightmare of financial prostration
and qulckened the vitality of every business
enterprise 1t gave positive assurance of a
muchneeded gradual increase of our circulat
ing medium. Everybody could then know
how much was coming and at what rate, and
could prepare for business accordingly. None
Of the vehement representations OF evil then
made against the use of silver money had been
verified. The capriclous exercise by different
secretaries of the treasury of the vast and dan.
gerous power OF contracting the currency anu
tightening the money market at the instance
OF national banks, who would have driven out
of circulation ali kinds Of money but their
own IN order that they might have the whole
financial field and all Its profits to themselves,
together with the decentralization OF silver
more than all other causes combined created
and continued the panic of 1873. The act OF
May 81, 1878, prohibited greenback money
from being touched, and the treasury was told
thereby to let the greenback circulation alone
at the amount then outstanding. The answer
to the cry that the greenback cause was fail
ure is given in the fact that the amounts OF
grcenbacks IN circulation in 1878 and 1881
respectively, are exactly the same. That cause
had achieved great and important victory
for greenback currency remained steaalast
undertaking and houOred one. Besides the acl
securing the grecnback from further mOlesta
ton, the subsequent step making it receivable
TOR import duties raised IL to par with gold
and there 1t has remained ever since. 10y
these measures the currency has been reason
ably expanded by the use of silver and oul
entire circulation rendered stable and uniform
IN value; and to this was due the business
prosperity OF the country. 1t had been accom-
| plished against the avowed hostility and active
energy of the republican administration. I'm
uer the act of Feb. 2S, 1873, about S92,OOO,OOL
of legal-tender silver money had been coined
and silver certificates issued to the amount OF
- laI jnll for al nn "a
amount of com now In the treasury and pledg
ed for their redemption. These certificates are
in the pockets of the people, performing all
the offices of money In daily business.
MIR. Voorhees, characterized the reCommen
dation OF the secretary OF the treasury tor the
repeal of the authority for silver certificates
and for their early retirement, as wanton
and to his mind, a criminal, assault upon the
financial stability and business prosperity OF
the whole country. 1t was deliberately pro
posed to retire more than slxty-siX millions OF
money and destroy it, and the consequences OF
this could be imagined. The bare proposition
to contract and disturb the currency at this
time would create disorder and panic. Bu
congress Is wiser than the executive depart
ment, and will not heed this recommendation
In asking authority over silver coinage, anu
discretion to coin much or little, or none at all
entirely out of circulation The secretary
complains that S66,0OO000 OF com are i'll the
vaults and will not circulate, although great
efforts have been made TO that end; and yel
he also makes the statement that SG6OOO,O0C
of par paper money, based on this very com
is III circulation in every state in the Union
The sccretary's report shows silver circulation
IN round numbers, of 500, 900 600, SG6,0OO DOC
in certificates and S34,OU0,OOO IN com. What
then, can be thought oi his CandOr and intel
| ligence in trying to leave the impression thai
silver money Is drug and failure, ana tha
the people don't want it? This assault upon
| l00,O0O,O00 of currency on aspecie basis VII
be met by the country and It's authors sternly
rcbuked, The source of inspiration for 1t is
| apparently the secretary who, as the mouth
piece OF the banks and To quiet the fear in TIT
public mind OF destructive financial contract
! ion SAYS in his report: There need be ne
apprehension of too limited paper circulation
National banks are ready to issue their notes
in such quantity as the laws of trade demand
and as security therefor the government will
hold an equivalent III its own bonds.' witt
supreme and, he Voorhees, might say insolen
lCOmplaCenCy, the entire control ot the supply
and circulation of the currency Is handed over
IN few words, to the care OF the moneyeC
corporations, whose tenderest mercies are lie
gallzed cruelty and multiplied usuries. The
country Is to depend on the generosity of the
banks tor Its supply of money. Men neither
qualified by knowledge, unseltishness, Oh
breadth of views to pass upon the wants o.
labor and of active business are the average
national bankers. Banks desire to destroy
silver and greenbacks so that their fabulous
profits may be extended over the entire cur
reDcy of the country. An average OF not less
than S17,000,000 year is received by banks
in interest on government bonds pledged
for circulation, aud for eighteen years this ha
aggregated over $4,000 900, which the peopl,
have had to pay for the blessings of bank mo
ney. Add TO this the profits of banks on thei
circulation and deposits, and they have receiv
ed from the pockets of the people, since thei
creation, enough gains to pay off at least two
thirds of the national debt; and all this sim
ply for the privilege of receiving through thei
hands little more than one-third of our cur