Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-08-24
THURSDAY. AUGUST "a, 1898.
Thc Speccb of Mr.. voorhees,.


The great Indisnian made a great
speech in the United States Senate on
Tuesday last, in which he cleared the
path before him, and pointed out to all
persons what. in the Senator'S opinion,
they ought TO do under the circum-
stances now surrounding the republic.
The features of his speech which will be
most strenuously objected to by the
moneyed classes are. first, his propo-
sition to have both National and State
banks, the United States Government to
define the States power to make legal
tender money and. second, his propo-
stion to provide for carefully adjusted
and graded income tax. which he pro-
nonnced "a most equitable and upright
measure.
The Constitution of the United States
provides that no State shall make any
thing but gold and silver a legal tender
for debts. 1t is TO be presumed, there
fore. that when a professional constitu-
tional lawyer, such as Mr.. VOORHEES, is,
proposes to define, by Federal law. the
power OF the States 20 make legal tender
money he means nothing more than that,
n s the States can make gold and silver q
legal tender for all debts, and might
proceed improvidently in the matter.
Congress has the right, aud ought to ex-
ercise it, to define their powers in the
premises.
Mr.. VooRHrrs takes pains to show
that he has no idea of favoring wildcat
banks. Whilst he speaks harshly OF tho
National banks as having too much pow
or and execels ag unhealthy influence
upon the county. he takes care to make
it plain that he would have both State
and National banks on basis practically
a silver basis. lie would baye every dol
lar "gold or silver, state bank paper, or
United States notes, interchangeable
with every other dollar All that Is
easily said. but not easily done.
As to the income tax, 1t, too. will he
most strenuously objected to by the
moueyed classes. But that tax is grow
ing in favor with the public. The Peo-
pies party demand it. The Virginia
Democratic Convention OF last week do
manded it. The Republicans in this
State will not be likely to raise many
objections to it.
The other four propositions advanced
by Mr.. VOORHEES, are-drst, ga sufficient
volume of currency, which words may
lie pronounced, in the words Of HrFcs
CuoArE, to he "glitterng general
jty'; second, denial Of all power
in the hands of corporations ina
tIona banks especially, we suppose,
svndicates, or individuals. to cause iluc-
tuation in the amount OF the different
currencies in circulation. This, too, is
"a Glittering generality"
Third, to make silver the basis OF the
circulating notes Of every bank in the
Union. This is q plain proposition, and
ought to please the bi-metallists. 1t
would require many millions of dollars
of silver to serve as the basis of the cir
culating notes. But we imagine that it
would puzzle Mr.. VoREEEs TO define the
par. which silver would be expected to
pl,y in the new banks or the old banks.
If the banks are to be required to keep
IL dollar of silver in their vaults for every
dollar of currency they put ont, not
many capitalists will put their money
into the banks. Aud. on the other hand,
if there is to be, as was the case in ante
bellum times, in the days of the State
bank system, only one dollar of specie
kept on hand for every three dollars of
circulating notes issued, then the PEOPLE
will not be likely to "tske to" those
banks.
Fourth, the right Of home-rule on the
subject OF money, whatever that may
be. This phrase is, as we understand
it, repetition Of what Is said in two or
three of the other propositions of Mr..
VOORHEES,, whose speech may be pro-
nounced declaration in favor Of State
banks of Issue based upon silver money.
Other senators will feel compelled to
reply to MIR. VOORHEES, speech, and SO
the repeal of the SHERMAN law may be
indefinitely postponed.