Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1881-12-17

create disorder and panic. But congress is
wiser than the executive department, and will
nav no heed to this recommendation. In ask.
ing authority over silver coinage and the dis.
cretion to coin much or little, or none at all,
the secretary's obvious object Is to drive silver
entirely out of circulation.
The secretary complains that sixty-six mil
lions of coin are in the vaults, and will not
circulate, although great efforts are made to
this end, and he also makes the statement that
sixty-six millions of paper money!. based on
this very coin is in circulation in every state
in the Union. The secretary's report shows
silver circulation in round numbers of one
hundred millions, sixty-six millions in certi.
ficates and thirty-four millions in
coin. What, then, can be thought of
his candor and intelligence in trying to leave
the impression that silver money is drug
and failure, and that the people don't want it!
This assault on one hundred millions OF cur
rency, on specie basis, will be met by the
country and It's authors and sternly rebuked.
The source of inspiration for it is apparently
the secretary, who is the mouthpiece of the
banks, and to quiet fear in the public mind
of distraction by financial contraction, he says
in his report: ''There need be no apprehension
of too limited paper circulation. The ma
tional bonds are ready to issue their nots in
such quantity as the laws of trade demand,
and as security therefor the government will
hold an equivalent in its own bonds.' And
he (Vorhees) might say, in innocent compla-
cency, the entire control of the supply OF cir
culaton of currency is handed over, in few
words, in the care of moneyed corporations
whose interests and mercies are cruelty and
multiplied usuries.
The country is to depend on the generosity
of the banks for its supply of money. The
men least qualified by knowledge, usefulness
or breadth of views to pass upon the wants of
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
rency of the country. An average of not less
than Sl7, 900, 600 year is preserved by banks as
interest on government bonds pledged for cir
culation, and for eighteen years this aggregated
over $500, 900, 900, which the people have had
to pay for the blessings of bank money. Add
to this the profits of banks on the circulation
and deposits; and they have received from the
pockets of The people since their creation
enough gains to pay off at least two thirds of
the national debt; and all simply for our priv
elIge of receiving through their hands little
more than one-half of our currency, of no bet
ter quality than other currencies, for whose
circulation there was no tax.
Was this such showing as would induce
congress to abandon the whole financial ques-
ton to banks? Why will they not learn wis
dom and forebear their greedy and repulsive
demands? We have heard here and elsewhere
many earnest admonitiOns against financial
legislation? Who have been the agitators?
Those who make those avariciOus and arrO-
giant demands at each session of congress are
those who stand here to resist encrOachmeat
and oppression upon the rights and labor of
the people?
VOORHEES, charged that every financial agita-
ton from March, 1879, changing the contract
under which the bonds were to be paid to the
present, had been forced upon congress by the
insatiate and relentless demands of banks and
owners of bonds for unrighteous privileges
and powers. These powers people were weary
of, and alarmed at their persistent agitation of
the business of the country to promote their
selfish ends, and if they persisted he knew it was
only question of time when the people would
turn and render them powerless. He would
commend the history of the downfall of the
United States bank half century ago to the
presidents of banks and their official friends
in high places. He then quoted from Phila-
Gelphia papers of that day descriptive of the
popular indignation attending the closing of
that institution.
The resolution was agreed to.
The resolution of Jones, calling for infor-
nation relating to the construction of the
Florida ship canal was passed.
On motion of Garland, the bill legalizing
the election of thelegislature of New Mexico,
December 2, 1880, was passed.
Adjourned until Monday.