The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-08-22

| for two site entries of laud in Oklahoma.
! There was no objection and the joint
| resolution was passed.
| THE DEBATE RESUMED.
| The silver debate was then resumed
aud Mr.. Brickner (Dem., Wis., addressed
the house in favor of the repeal of the
| purchasing clause.
Mr.. Mallory (Dem.. FIa.). made a
| speech in opposition to the unconditional
repeal OF the Purchasing Clause Of the
Sherman law. He did not bclevc that
| this report would restore confidence or
| remedy the evils which now existed.
IN THE SENATE.
| In the Senate this morning Mr.. Allen
| (Ioop. Nsb.) offered an amendment TO the
| Voorhees, repeal bill In the form of a pro-
vision for the coinage of silver at the pres
ent rate of 10 TO l, under the same
| conditions enforced as to the coinage of
| gold. aud directing the coinage (without
unnecessary delay Of the silver bullion
now In the Treasury. lt,was referred to
| the Finance Committe, as WAS also q
bill introduced by. Mr.. PETER (Pop.,
Kan.) for the reduction of the salaries OF
| all government officers from $1,000 up
| wards. by Is aud 20 per cent.
Mr.. Voorhees, dem, Ind.,) chairman
OF the Finance Committee addressed the
Senate in advocacy of the bill reported
| by MIN last Friday disseminating the
purchase of silver bullion. He said:-
SENATOR VOORHEES, ADDRESS
ut is undoubtedly true that the calm,
unbiased public opinion of ths great body
Of the American people, irrespective of
| parties. justities the action of the Execu-
tive iii assembling the legislative branch
| of the government at this tinle, and yet
| the causes which have made such
action necessary are, l thiuk.
widely and dangerously misuuder-
| stood, and by certain classes, pnr-
posely and persistently misrepresented.
For the last i've mouths. and q little
| more, theicry OF the pessimist, the voice
OF the prophet of financial evil, and the
wall of the apostle of nation bankruptcy
have all been heard in the land. These
sounds of warning and menace against
the authorities of this Government, have
gone up from all those great financial
centres, where money, its gains. aud its
power. constitute the chief OBJ
1scts of human worship, and
| from those centres have also eman-
| ated the crusl edicts of great
| financial corporations. commanding
| stern contraction of the currency, sud-
den and harsh shrfnkage in its circula-
ton, and the consequent Inauguration of
| panic. distress period in the public
mind.
''Sir. no candid observer of existing
public facts can believe THAT this at
been inspired by any real fear. or genuine
want OF confidence in the credit of
the government, IN the souudness
and stability OF It's various kinds of cur
frencY. 1t is true that among the ugly
Assets OF former administrator which
came over on The 4th OF last March were
an empty treasury, and the record OF a
billion dollar congress in It's expenditures,
but despite so heavy a handicap. the
public credit of the Unitel States has not
fnE cred for a single moment, nor has the
faith Of Ghe civilized world been !eseensd
6y the breadth of hair in American
honor and American resources. in this
year of 1898, ana in the custody OF the
administration now In power. The ma
tional credit of the American Republic,
tried by every test which can be applied
Is better and stronger today tnan the
crenit OF any other government on the
globe.
mot only do the traf1ickers in money,
and the permanent Investors of capital,
hunger and thirst after all the Govern
ment bonds now In existence, but
their chief complaint against the
present administration is that
the President and his able
Secretary of the Treasury have refused
their demand to issue at least three hum
drea millions more. This additional
block or national indebtedness, increas-
the interest eating burdens of
American labor. would Ds hailed
with the keenest delight. and swept with
nliser enjoyment and avidity into uppa-
triotic vaults, by the very parties who
have most loudly and continuously de-
clared. sver since the present. administra-
tloE came into power. that the credit of
the government wss in deadly peril, aud
its treasury practically bankrupt.
THE NATIONAL BANKS.
In the course Of his remarks. Mr.. Voor-
hees attacked the national banks as fol-
follows: The banks are entering ON
their finai fight for a prolonged future
Qaatre Bras preliminary to their Water
loo. They intensely realize that their
present supply of Gouernmsnt bonds
for banking purposes must be
evry largely increased within the
next five years, or they will be forced to
coHfneuce winding up. and retreating
from the theater of action on which they
have 80 long appeared. The American
people are steadily engaged from day to
day, and from year TO year. in paying
their national debt. as it falls due, and in
1907, only fourteen years hence, the last
bond on which the banks have issued
| their currency will have been redeemed
and cancelled.
"But long before these fourteen years
expire the amount will be so much re-
duced by constant payments that the
question OF the perpetuaJion of the
national banking system viii be pressed
pefemptorily npon us. Indeed, we
are face to face with it now,
and in view of the recent action of the
| banks, We cannot Too soon consider,
| calmly and frankly. what system the
| government will adopt in the near
future In furnishing circulation
medium to the people. Is there
q friend OF the national banks
bold enough to announce his be-
| lief that the taxpaying American people
| will consent to the continuance, indetin-
itely. through generations, perhaps
through centuries, of an immense
interest bearing bonded debt, msre-
ly for the sake of uph olding
such q system as we now have? That is
the exact question looming up just be-
fore us. Without such continuing,
interest gathering national debt,
| with no limit as to duration or
time fer payment, except as
| TO interest coupons, the national bank
| ing system of the Uuited States will pass
away forever. and the resources for
craftsmanship will be called upon to ss-
tablfsh another aud different fiscal agency
| In its place. take my stand now against
| the existence, the increase, or the
| perpetuation OF national debt for pur-
poses of national banking aud l call upon
| the millions who toll for their bread. aud
| who constitute the great army of Labor
| to take notice OF this issue from this
| time on.
THE STATE BANK TAX
when the Democratc party declared
| in its national platform for the repeal OF