Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-08-23

\ the coin bore The stamp OF the govern
| rtent--a stanp more powerful than tho
l grasp OF the tons paw or the eagles
/ claw IN Oes,owing life and activity on a
| dead and otherwiae useless material.
] The same official stamp on siiver.or on
/ paper. at once noblsd them TO an eduali-
| ~ with gold in purchasing power, no
| nnatter how debascd or valueless the
| material may have become as commodi-
/ TICS by sinister OF unwise legislation. IL
| would doubtless sound strange to some
| ears that there were nine different cur
rcncles trHnsacting. the business OF this
country and TO n large extent. the
business OF the world. SO uniform In
| purchasing and debt-paying power were
| they; 30 I'm harmony with each other and
| interchangeable that hardly one-half OF
them were generally known to exist.
| National credi, had been tested by the
smooth and harmonious circulation OF
those nine currencies and met the or
| deal In q manner 20 awaken the pride OF
every patriotic American heart. Never
was n part OF Il discontinued or discredi-
ted except by the government itself.
| That happened once and will never hap
pen again.
lie referred to the greenback currency
a. 1872. issued for the purchase OF bonds,
| for the benefit OF capitalists seeking IN
other way TO support their government IN
The hour ~ It's de6lliest peril. The bar
! sinister WAS written on its escutcheon
when Il was made non-receiVable for Gus
tom dues and interest on the public debt
md disgraccd before the world. Mr. Noor-
becs contraSted with this unjust and dis
venerable arrangement the statesman
shin Of France In issuing asSgnnts ater
tho Franco Prusslan war with full legal
tender qualities. which enabled her 10
maintain the strongest financial credit IN
Euroge ,
lie said he had referred TO these things
"a illustrate the power and duty OF me
Government in furnishing sound. rename
and constitutional money for the people:
At this point he said he was confronted
bv q law without precedent or parallel In
American history; law which Tor months
mast had been the theme OF all tongues
ana Mons and in whose name financial
,,acic alarm. and distress had been IN
,.ol,cd ana for whose repeal this Congress
bad teeu convened. Mr. voorhees, prlehy
spe,ched the birth Of the law when re-
eulted from a compromise ana sald that
ir an evil hour the worst ana darheat
mat ever befeA tho cause OF blnletaiiIslii
- tho honor and existence OF SILVER
- ,bis perpieious compromise was
srrcnted and fastened on the country -
Oh ~ binEiA ALlShs
As a firm uufahering believer In Di.
! metallsm. and as an undertaking support
er Of the coinage and use Of both silver
ana gold rs the standard money OF the
country. without Discriminating against
either metal, Mr.. Voorhees, said he voted
| against the Sherman act, ara for the
same reason he would vote for It's repeal.
The question had ben asked whether a
vote should be given for its unconditional
repeal or whether before a substitute mist
be agred upon. lie VOorhes) would at
once eradicate this confessed evil from
the body OF our laws. with no other con-
dtlon than his right end free agency to
suTort and to secure, in Connection with
its repeal, or afterwards. by an lndepcnd-
cut measure. as the success Of its immcdi-
ate repeal The primary duty Of the hour
might at the time dictate a sound finaG
cial system. embracing the coinage OF sill
yer on an equality with gold. In
making this statement nc only repeated
the d, c.aIation Of the Chicago platform
on which the American people restored to
the presidency. one of the strongest ablest
purest and most patriotic oh racters ever
known TO American history.
Mr. Voorhees, said that such questions
rs ratio were matters Of detail. Dut the
American people had declared that silver
should not be demonctzed and contraction
take place on the basis OF monOmetaliism.
Congress would establish q fair ratio and
neither Of the metals would be dismissed.
No efforts would be spared 10 effect an
international agreement. but under no cir
cumstances would the laborinG. debt-pay-
INK nine-tenths Of the American people
consent TO double the debts Of debtors by
destroying half Of the constitutional
money. He would say to those urging a
single gold standard that the people would
tear down and annihilate such an oppres-
svc and destructive system OF finance
should il ever be established.
Mr. Voorhees, said there were other
features Of the situation demanding
consideration which dld not result from
the Sherman act. The bitter and de-
termincd assault which had been Wit
messed on the present administration TO
compel an enormous issue Of government
bonds had not gone unheedcd by the
American people, nor had the authors or
the assault and those interested I'm its
success escaped widespread and intel
liecnt observation. BY breaking the goid
reserve II was supposed the secretary
Of the Treasury would be under the
Immediate necessity TO issue ana sen
bonds 10 keep the reserve intact. Inc
attack. therefore on the head OF that
column was swift and strong
He had no desire to assail the national
bnnks. II was the system he arraigned
and not the individuals who conducted 1t.
The unrestricted. unrestrained and I'M
bridled power OF these banks whereby the
circulation Of money in the hands or the
people can be and often has been SUD
denly fluctuated from a prosperous maxi
mum TO a stunned and distressful mini
num- constituted a standing ana irlGht-
ful menace against the safety, the well
fare and the happiness Of the great ana
most useful body Of the American people.
Another great evil. arising from the sci.
fish and greedy instincts ofb the money
mower. demanded thoughtful attention
ON general principles the contraction or
the currency throughout the whole couh-
try was an object eagerly sought py ua'
limited but powerful class OF people VINO
control four-fifthB of the wealth and near
" the entire volume OF the circulating
radium of the United States. The power
az the millionaire over the property the
labor. md the very Invest Of the people de-
uended not merely upon the great sums IN
his own Golfers. but equally as much, ana
far more. on the fact that the great indus-
trial clasacs had scarcely any money AZ al
I'm their hands, and were deprived OF eV'
~, re,sonable chance 20 obtain more
A condition Of the two extremes OF Nas'
consolidated wealth on one hand ana ao'
sOlute poverty on the OthtI -"oti We,
dangerous--was rapidly eliminating IN
This country. Every proposition TO Pun
more money in circulation and within
reach Of the peoples daily ton was AZ
WAYS fearfuily denounced by those lnter'
estel in minimizing the wages OF lapoi
ana the exchangeable value OF properly
Mr. Voorhees, asserted that the DAMS
we're entering OIL "a final fight Tor pro-
longed future existence; they were en-
gaged at their Quatre Bras, preiliniim,ary,
10 their Waterloo. They intensely realizeu
mat the present supply Of government
bonds for banking purposes must be very
largely increased within the next hNe
years or they would be forced TO COM
1snce winding up and retreating from
the theatre OF action on which thex hao
30 long appeared, ,,,,no
Mr. VOORHEES, then proceeded to Outline
his idea OF what was 10 follow the ma
,ional banking system. and said that wnen
the Democratic party declared In It's ma
,tonal platform for the repeal OF the gov
s.,n,ent tax on the Is ore Of State banks
y bue and cry was raised by Repuoncai