The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1888-04-17

issue of certain certificates based on
the gold and silver in the Treasury.
aud, if that were not enough, he would
authorize the issue of treasury notes,
but not as legsl tender. He would pro-
test against the policy of continuing the
bonded debt for fifty years and against
the policy of perpetuating the national
banks.
Stewart protested against the reduce
ton of silver in the interest of that
mushroom stuff" which had already
brought distress upon the country. The
national bank circulation ought not to
be fostered any longer. The precious
metals should be used for circulation,
and when they were not sufficient,
paper money should be issued, not by
private corporations, but by the govern
ment of the United States. The greatest
enemies of the country were those who
managed the circulation of the country
so as to make hard times Or good times
to suit their speculation. Under this
amendment the banks would have
new lease of life, and would
be able TO furnish the country with all
the circulating medium required,
limited only by the amount of the IA
tional debt. If II were desired, their
permanent exiStencs should be secured
and the necessary value of the currency
furnished brought them; authority
should be given to them to furnish
other bonds as basis for their circula
ton according as the national debt was
reduced and retired. Without that au-
thority as the national debt was pad, the
banks would be compelled to give the
use of the circulation received thereby,
- To- Of
be destroyed, and the real trouble was
IN the want of legislation, in forcing all
the commercial interests of the country
to base its medium of exchange on the
national debt and in the retire
ment of that debt with
out substitute of some other
basis of circulation. Bank circulation
was necessary, and could not, without
detriment to trade, be replaced by any
fixed government issue. He would. If
he had the power, pass q law now that
would perpetuate the national banking
system. The government was organ
lied to protect the people; it had no
other duties. Congress ought to pay
off the national debt, both bonds AID
notes, and au horize the people, under
the national bank act, with suitable
amendments, to furnish themselves
with all the money needed. The people
will then furnish their own circulating
medium, in such quantities as tn @ busl-
ness OF the coun ry required, and they
would not be subject 30 any legislation
bv Cong e5s, nor their interests men
aced and jeopardized as at present by
SOL 900, 000 in the national banks, sub
jeCt to the call of the Secretary of the
Treasury. Government should get out
of business of all kinds, and especially
out of the money BUSINESS. The people
should be provided with adequate
laws to manage their own
none. AIRY and other affairs i'll their own
way. The banks were one Of the eVi
dences of advanced civilization; by
them and through them the business OF
the country was done, only per cent.
or it being done with money. He did
not regard the hanks as monopoli s,
nor did he characterize Them as the
money power of the country. He
thought them the reverse of!that. He
did not bslieve IN sumptuary laws:
bat he did believe in that kind of gov
eminent which had the tewest laws,
giving the people the largest liberties
and guaranteeing good order, good
morals and adequate protection. In
pursuance of that position, he would
not require any one, by law, to take
silver or greenDacks or national bank
notes in payment of debts. He would
leave that matter entirely to agree
ments and contracts. He would per-
NIT any cit zen of the United
States to go to the minis and
have his gold bullion coined
into money. He would also permit
him to have his silver bullion coined
into money, to any extent, having
gold standard, but be deemed it i'm
possible to have two standards.
at the close of Stewards remarks, the
Senate resumed consideration of the
bill for the admission of the State of
South Dakota, and for the organization
of the Territory of North Dakota.
Spooner addressed the Senate in
favor of the dill. He argued that the
question of the division of the Territory
had been submitted to the whole peo-
pie and had been decided in favor of the
division by majority of over 5000. AS
to the suggestion made by Butler, that
80, 600 voters of Dakota had been so in
different to the question that they had
stayed away from the polls, and that,
therefore, the vote was not fair ex.
pI6SSlOu VI tuo pOpuldI WILL uC
drew a distinction between the
cases of the voters in the northern
States. who remained awsy from the
polls through indifference, and of the
voters in the southern States who were
kept away through intimidation. AS
10 the claim made by Butler that there
was no danger to be unprecedented
from the imperial States, he questioned
it, and as an instance, said that the
great empire of Texas did menace. by
It's ,monstrous territory, the interests
of other sections of the country. She
had in the other house the chairman of
the judiciary committee, the chairman
of the committee on ways and means,
committee which dealt with the dear
est interests Of New England, New
York. Pennsylvania and all the
country, and the chairman of the
com mittee on claims, whilo the
State of New York had no
voice on the committee of ways and
means. Why should there be political
preponderance in political influence on
the part of the Empire State of Texas?
1t was not due to the wealth. LOYALTY or
Intelligence of her people. Her solid
Democracy and her territory. No more
such Empire States were wanted IN the
Union. he did not believe that South
Dakota would be admitted by this Con-
gress. but thought he might safely