The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-08-23

eOuBnt ny tDat iitnitcu. Dut pOWeTtul, GLASS
of people who control four-hfths OF the
wealth and nearly the entire volume OF tbs
circulating medium of the United states.
The power of the millionaire over the prop
erty. the labor and the very lives OF the
people depended not merely upon the great
sums In his own Golfers. but equally as
much, or far more. on the fact that the
great industrial GLASSES had scarcely any
money at all In their hands. and were de-
prived OF every reasonable chance to Oh
tain more. A condition of the two extremes
of vast consolidated wealth on the one
hand and absolute poverty on the other
botn very dangerous-was rapidly cuImi-
mating In this country.
Every proposition to put more money In
circulation and within reach of the peoples
daily toll was always fearfuliy denounced
by those interested in minimizing the
wages OF labor and the exchangeable value
OF property. Every dollar which tended
TO make the people independent of the
banks of usurers and task masters was
looked upon with aversion. Even the PEN
sion rolls of the government-thOse records
sacred to the blood and tears of millions.
shed for the existence of the American
Union. had not escaped determined and
vindictive assault. The fact that the
amount of money in circulation Is largely
increased every three mouths in the year
by the payment of pensions. that 1t 10 done
without the agency of the banks and be-
yond their control for fiuotuatIOn, has ex-
cited the open and bitter opposition OF the
kiCot AiOuO1 COhtCho Al oAJ
ming OF our present pension system.
FRAUDULENT PENSION
The charge made of fraudulent pensions
was simply q continuation of what had
been heard from the start, and had the
same inspiration as in former years. That
frauds were sometimes committed in the
Pension Office was undoubtedly true. and
they should be Investigated and exposed.
But the same could be truthfully said Of
every other office or institution known
among men. Fraud was incident TO human
affairs. and from 1t there could be no COM
plote escape; butt were better far that even
q fraudulent pension should be granted than
an honest. wellearned. well-merited PEN
sion should be denied. IL was the question
of money, however, and not the question
of fraud which provoked the greatest
wrath in certain quarters on the subject of
pensions. After quoting from his former
speeches on the pension subject Mr.. Voor.
bees said that IL was clear to his mind that
pension money, amounting TO over SlGO.-
.000. 0C0 per snnum, perhaps. aud going
every where, was one of the greatest
sources of relief low left to the people In
the way OF currency. independent OF the
contracting retiring power OF the banks.
Turning again to a discussion OF the
national bank system, Mr.. Voorhees, AZ
serted that the banks were entering on q
final ight Tor q prolonged future existence;
tUcJ WtE6 61kdRoU at bHoiE QubtIoOTh5,
preliminary TO their Waterloo. They IN.
tensely realized that the present supply of
government bonds for banking purposes
must be very largely increased within the
next five years, or they would be forced TO
commence winding no and retreatinR from
the threaten of action on which they have
so long appeared. Fourteen years hence.
In 1907. the last bond on which the banks
had issued their currency would have been
redeemed and cancelled. Long before this
the question of q perpetuatiOn of the
national banking system would be pressed
upon Congress peremptorily. In view OF
the recent action OF the banks, Con gress
could not too sUon consider what system
the government should adopt In the near
future in furnishing a circulating medium
To the people. Was there a friend
Of the national banks bold enough to All
nounce his belief that the axpayIn
American people would consent to the indef-
mite continuance OF an immense interest
bearing bonded debt merely for the sake OF
unfolding such q system as We now havef
Without such q continuing national debt
the banking system of the United States
would pass away forever, and the resources
\ of craftsmanship would be called upon to
I establish another and o different fiscal
agency in its place. Mr.. Voorhees, took his
stand against the existence, the increase or
the perpetuation of the national debt for
purposes of national banking, and called
upon the millions who constitute the great
army of laborers TO take notice Of this issue
from this time Oman Issue that Will not
down at any mans bidding. ur1
STATE BANKS
Mr.. Voorhees, then proceeded to outline
his idea of what was to follow the national
banking system. and said that when the
Democratic party declared in it's national
platform for the repeal Of the government
tax on the issue of State banks. q hue and
cry was raised by the Republican leaders.
m +. IS m nm lic anap.u undar ur,p WAS a hnut
to invade the country. Investigation of
the subject, however, showed that no one
had ever lost a dollar by the deprecistIon
OF the notes of q regularly chartered State
bank OF its failure To redeem It's currency
In gold or silver when called upon to do so.
1t was this kind of q circulating medium.
resting on @ specie basis. and alw avs re-
deemable. that was driven ont OF existence
by u spurious. inslncere mode OF taxation
for the benefit of the national banks. Ar.
Voorhees, denied the conetitutlonality of
the 10 per cent. tax on State-bank circuia-
tion. even though q majority OF the Su-
preme Court had reached such q conclu-
sion, and argued fer the right of the State
to provide its people with q circulating
medium through the agency of State banks.
SuppOsiDg that this State bank tax had
been repealed. Mr.. Voorhees, asked. what.
In that event. should Congress dot He did
not ex pect the government ever to aban-
don a national currency, though 1t would
abandon the sy stem of national banks, but
he did expect. at no very distant day, that
| United States notes, as are now and have
been in existence for thirty years past,
| their yme guaranteed by the honor OF
the government. would snpersede all other
national money except gold and silver. and
that, without jar or friction, they would
circulate in the hands of the people along
side of the well-guerded. safely-secured
currency issued by the States and
guaranteed according to the Constitu-
ton by both the precious metals.
The great value of State bank
money was and ought to be mainly local.
1t would increase the home circulation and
the home accommodation of every agri-
cultural community on American soil.
| Meanwhile, it should be the plain duty of
the federal government to issue its own un-
| assailable notes by retiring much of its
present outstanding currency, and also by
the payment of its debts. and TO issue them
in amounts equal TO the requirements of
trade, as nearly ascertained as possible,
| bearing within the breath of national life,
hOnored In every village and hamlet In the
American Union; uniform in value from
Maine to Alaska. and their faces as we'll
known as the flag. wherever flies that EN-.
blem of the power aud glory of a united
and fraternal people.
vOoRHEES'S SYSTEM OF FINANCE.
Those who lived to witness the adoption
of this policy would. Mr.. Voorhees, thought,
look upon the safest. strongest and most
beneficial system of finance ever before
known In American history. 1t had In it
the elements with which TO accomplish