The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-08-23


banks. he favored. in addition to money
issued By the government. Currency. prop
sray guarded. issued BY state hauks. He
urged the necessity oG hnanciai legisia-
ten
% Which would furnish q sufficient
so4afne OF currency on practicable specie
basis guaranteed by the public honor
81 To deprive individuals. corporations
or synalcafes Of the power 70 cause n fac
fuAsion IN the amount Of the different
cGrrsncies IN circulation.
tSl 10 maintain on . parity gold. silver
and paper IN onev.
fsl To settle the status of silver money
oy authorizing IL 70 form portion of the
specie basis required hy the constitution
Tor chartered banks
t5i To overthrow the dangerous GEN.
treiixatson of the money poser now ex-
isting NJ tso money centers in the hands
OF few individuals. hy giving the people
uf each state the right of home rule on the
subject OF money, thus securing them
home circulation.
To these five propositions he added q
carefully adjusted and graded income tar
rs ths most equitable and upright meas
uFe for providing government revenue.
The ce'ivery of the speech occupied an
hour and .hirty-iye minutes. After voor-
hees took his seat he was congratulated by
many senator's.
The debate vas continued by Dubois in
opposition TO the bill. There was not
senator on the floor. he said, who had not
been elected on platform which pledges
him TO bi-mesallisrn. He insisted that no
representative of the people had moral
right, by MS vote or on his own judgment.
to put the country on gold standard. 1t
would be betrayal of the people
Palmer argued IN support OF the bill. 1t
could not fairy be asserted, be said, that
the president did not favor the use of both
gold and silver as the standard money of
the country. nor did 1t follow that, because
the president failed to say a word in refer
ence to bi-metailisn in his recent message
TO congress. be would disapproye leg.ssa-
ton providing for the coinage of both
metals that would be of equal exchange
able and intrinsic value He expressed
the opinion that the majority of the Amer
scan people would not only approve, but
would rapturousiy applaud legislation
that would establish and maintain the bi-
metallism of the Chicago convention. He
believed, however, in the present state of
Things. that il IS beyond the power Of any
finite mind to fix ratio of silver TO gold,
because the market value of silver was in
state of chronic huctuation.
The bill having been laid aside and the
case of the Montana senatorship laid be-
fore the senate, n motion to lay that
aside informally and proceed TO the con-
sideration of the bill to increase national
bank circulation was made by Mcpherson
and agreed to. The bill was taken up. the
question being on the amendment offered
by Cockrell for the redemption of such 2
per cent bonds as may be offered and for
their payment in a new issue of treasury
notes. Stewart took the floor and set out
to antagonixe some of the positions taken
in Voorhees, speech. After brief debate
the bill and amendment went over without
action.
A resolution was offered by PETER and
went over till tomorrow. calling on the
secretary of the treasury for a report
whether national banks in Boston. New
York and Philadelphia were being CON-
Quoted in violation of law: whether they
We're paying depositors' checks promptly
in lawful money, and whether they were
demanding rates of interest higher than
those provided by Law for loans of money
or discounting notes. Adjourned.