The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1893-08-30

After quoting from his former
speeches on the pension subject, Mr..
VOORHEES, said that it was clear to his
mind that pension money, amounting
to over $50. 000,o 900 per annum, perhaps,
and going everywhere, was one of the
greatest sources now left to the people
in the way Of currency, independent Of
the contracting, retiring power Of the
banks.
Turning again to discussion of the ma
tional bank system Mr.. Voorhees, assert
ed that the banks were entering on a final
fight for a prolonged future existence;
they were engaged at their Quatrebras,
preliminary to their Waterloo. They in
tensely realized that the present supply
of government bonds must be very large
ly increased within the next five years
or they would be forced to commence
winding up and retreating from the thea
ter Of action in 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 a perpetuation of
the national banking system would be
pressed upon congress peremptorily. In
view of the recent action of the banks
congress could not too soon consider
whst system the government should
ADOPT in the near future in furnishing a
circulating medium to the people. Was
there friend Of the national banks bold
TO announce MS DeneG tnaC the
tax-paying American people would con-
sent to the indefinite continuance Of an
Immensely interest-bearing bonded debt
merely for the sake of upholdlng such a
system as we now have7 Without such
a continuing national debt the banking
system of the United States would pass
away forever and the resources Of
craftsmanship would be called upon 10
establish another and a different fiscal
agency In its place. He 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 no.
tice OF this Issue from this time Oman
issue that will not down at any mans
bidding.
MIR. voorhees, then proceeded 20 out
line his idea OF what was TO follow the
national banking system. and said that
when the democratic party declared I'm
It's national platform for the repeal OF
the government tax on the issue OF state
banks n hue and cry was raised by the
republican leaders. as II n public enemy
under arms was about TO invade the
country. Investigation upon the sub
toct, however showed that no one had
ever lost dollar by the depreciation
or the notes OF n regularly chartered
state bank or les failure 10 redeem It's
currency In gold or silver when called
upon To do so. ~ was this kind OF n
circulating medium, resting on n specie
basis, and always redoemable, that was
driven out OF existence by a spurious. in
sincere mode or taxation for the benefit
OF the national banks. Mr.. Voorhees,
denied the constitutlonality OF the 10
per cent tax on state bank circulation
even though a majority OF the Supreme
court had reached such conclusion
and argued for the right OF the state 20
provide it's people with circulating
medium through the agency OF state
banks.
For National Currency.
Surprising that this state bank tax had
been repealed, Mr. Voorhees, asked,
what, In that evont, should congress
do2 He did not expect the government
ever to abandon n national currency
though IL would bandon the system OF
national banks, but ne did expect at no
very distant day that United States
notes that are now and have been In
existence for thirty years past, their
payment guaranteed by the honor OF
the government, would supersede all
other national money except gold and
silver. and that without Jar or friction
they would circulate In the hands OF
the people alongside Of the well-guarded,
safely-secured currency, issued by the
states and guaranteed according 10 the
constitution by both the precious metals.
The great value OF state bank money
was and ought to be, mainly local. II
would increase the home circulation and
the home accommodation OF every agri-
cultural community on American soil.
Meanwhile 1t should be the plain duty
of the federal government to issue it's
own IunasSailable notes by retiring
much of it's present outstanding cur
rency, 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, hon
ored in every village and hamlet in the
American union; uniform in value from
Maine to Alaska, and their faces as
well known as the flag wherever flies
that emblem OF the power and glory
Of united and fraternal people. Those
who lived to witness the adoption of
this policy would, Mr.. Voorhees, thought,
look upon the safest, strongest and
most beneficial system or finance ever
before known In American history. 1t
had in IL the elements with which to ac-
oomplish these paramount and indis-
pensable features Of all sound financial
legislation.
1. A sufficient volume of currency at
all times, state and national, on prac-
tically a specie basis, guaranteed also
by public honor, with which to trans
act the growing and expanding business
developments Of the country.
2. The absolute denial and destruction
of all power in the hands of individuals,
corporations or syndicates TO cause
fluctuations in amount of the different
currencies in circulation, thus rendering
panics and business distress impossible
for the future.
8. Every dollar in circulation, whether
gold or silver, state bank paper, or
United States notes, on strict parity
and interchangeable with every other
dollar thus securing to the people the
benefits and advantages of both a state
currency and a national currency, cir
culating In harmony and uniformity, and
reforming all the functions of money
at home and abroad.
T. The settlement OF the vexed ques-
ton OF silver money at once and forever
by authorizing II to form its portion OF
it's specie basis required by the constitu-
tion for every chartered bank in the
union, by recognizing 1t when defining
the powers OF the states to make legal
tender money, thus making the use OF
silver, coined into money, as impera-
tive as II will be useful to the great
body of the people.
5. The total and complete overthrow
of the dangerous Capitalization OF the
money power now existing at a few
money centers, and in the hands of a
few individuals. by giving to the people
OF the states the right of home rule on
the subject of money, and thereby secur-
ing them a reliable Notwithstanding home
circulation.
To these five propositions Mr.. Voorhees,