The times. [volume] (Richmond, Va.) 1890-1903, 1893-08-23

I permanent navles. but tbrouahto,,, the
wide earth there were none 10 modest us
or make US afraid OF war or rumors Of
war.
Alone, as IL were. the colossus Of the
western hemisphere, and twering up ir
isolated power and glory. on limtless ma
terial resources are sometimes overlooked
in summarizing the elements OF our flnan.
cial strength. The interstate commerce OF
the United States alone exceeded In value
| tne entire foreign commerce and carrying
| trade OF Great Britain, Germany. France
| Austria, Holland, Russia and Belgium put
| together Development Of internal resourc
| es. OF wealth in farm, I'm factory on the
| rivers, on the ocean borders in the noun
tains and on the inland seas dwarfed into
insignificance the achievements Of any
| other age, race or nation. Legislation had
checked our foreign trade and we had not
to-day commercial friend in the world
| For every law we enacted denying 70 for
| eign productit ms place in our markets
| and declining commercial friendship, we
might be certain Of an Injurious blow in
| return from every trading people IN the
! world. He had faith that the giant evil
| which crippled the commerce would be re-
moved with other evils which challenged
| atertion and action and II the true great.
ness Of the country was studied 1t would
be seen that financial pjanics and alarms
| could have no foundation here.
| But there was another and exceedingly
sensitive and powerful test OF our govern
ment credit which asserted its claim not
| only TO the trust an dadmiration of the
| American people, but also TO the busines
! confidence and respect OF every civilized
| nation beneath the sun.
| Money was simply a medium for the
| exchange Of values; money was crea-
ture and Congress its creator Gold and
| its Intrinsic value went for
| naught as a circulating medium unless
the coin bore the stamp OF the govern
nent-a stamp more powerful than the
| grasp Of the lions paw or the eagles
claw in bestowing life and activity on a
dead and otherwise useless material.
The same official stamp on silveror on
paper. at once nobled them to an equali-
ty with gold in purchasing powerno
matter how debased or Valueless the
material may have become as commodi-
ties by sinister or unwise legislation. 1t
would doubtless sound strange to some
ears that there were nine different cur
rences transactng the business OF this
country and. TO a large extent, the
business OF the world. SO uniform In
purchasing and debt-paying power were
they: so in harmony with each other and
INTERCHANGEABLE that hardly one-half Of
them were generally known 10 exist.
National credit rad been tested by the
smooth and harmonious circulation OF
those nine currencies and met the or
deal In a manner 10 awaken the pride OF
every patriotic American heart Never
was a part Of il discontinued or dlscredi-
ted except by the government itself.
That happened once and will never hap
pen again.
IL 10 fha orrQcphqCK currency
Of 1862. issued for the purchase Of bonds,
for the benefit of capitalists seeking III
vestments who could be induced In no
other way TO support their government in
the hour Of its dcadliest peril. The bar
sinister was written on It's escutcheon
when il was made non-recevable for Gus
tom dues and interest on the public debt
and dlsgraced before the world Mr. Voor-
hees contrasted with this unjust and dis
honorable arrangement the statesman
ship Of France in issuing assignats after
the Franco Prussian war with full legal
tender qualities. which enabled her 10
maintain the strongest financial credit In
Europe.
He said he had referred to these things
10 illustrate the power and duty OF the
government In furnishing sound, reliable
and constitutional money for the people.
At this point he said he was confronted
by a law without precedent or parallel in
American history; a law which for months
past had been the theme Of all tongues
and pens, and in whose name financial
panic. alarm and distress had been In
voked and for whose repeal this Congress
had been convened. Mr.. Voorhees, briefly
sketched the birth of the law which re-
suited from a compromise and said that
I'm an evil hour the worst and darkest
that ever befell the cause OF bimetallism
or the honor and existence Of silver
money. this pernicious compromise was
accepted and fastened on the country.
AS firm unfalterng believer in BIZ
metallism and as an undertaking support |
er Of the coinage and use OF both sliVer |
and gold as the standard money of the |
country. without discriminating against |
either metal, MIR. VOORHEES, said he voted |
against the Sherman act, ana Tor 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 SUBSTITUTE mcst
be agred upon. lie Voorhes) would at
once eradicate this confessed eNh from
the body of our laws. with no other con-
dition than his right end free agency TO |
surort and to secure, in Connection with
its repeal. or afterwards. by an lndepend-
ent measure, as the success OF Its immedi-
ate repeal The primary duty or the hour
might at the time dictate a sound finan
cial system, embracing the coinage OF sill
yer on an equality with gold. IN
making this statement he only repeated
the declaration Of the Chicago platform
on which the American people restored 10
the presidency, one Of the strongest aolest
purest and most patriotic characters ever
known to American history.
Mr.. Voorhees, said that such questions
as ratio were matters Of detail, but the
American people had declared that silver
should not be demonetized and contraction
take place on the basis of monometalllsm
Congress would establish fair ratio ana
neither OF the metals would be dismissed
No efforts would be spared 10 effect an
agreement, but under no cir
cumstances would the laboring, debt-pay-
ing nine-tenths Of the American people
consent to double the debts Of debtors by
destroying half Of the constitutional
money. lie would say TO those urging a
single gold standard that the people would
tear down and annihilate such an oppres-
sive and destructive system of finance
should IL ever be established.
Mr. Voorhees, said there were other
features Of the situation demanding |
which did not result from
The Sherman act. The bitter and de-
ermined assault which had been wit
1essed on the present administration TO
compel an enormous issue of government
bonds had not gone unheeded by the
American people. nor had the authors OF