New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-24
STNJTOE TOORHFES'S SPEECH.

When Senator Voorhees, was merely the Tall
Sycamore of the Wabash it was seldom neces-
gary 10 nav serious attention to his utteranceS.
But he has come to be Senator from one Of
the great central States. Because he was sup
posed TO represent the financial notions of the
new majority in the Senate he was made chair
man of the Finance Committee. and in the most
important matters the leader of the majority
by virtue of that position. Then the President
thought it worth while to consult the wishes
of Senator Voorhees, about sundry appoint
mcnts. and it was presently announced that the
Senator had been converted" to the Presl-
dents policy Until recently his intention was
still regarded with some doubt by silver mon,
but when he voted with Republicans to report
repeal bill. with piece OF the dishonest
Chicago platform as a postscript, 1t was seen
that he had begun to deliver the goods which
the President had selected Under such CIR
cumstances, rather than because OF its intrinsic
merit the speech of the Senator attracts at
tenton
Intelligent fore gnerS who peruse this speech,
in order to learn what the Senatorial leader
of the party now in power thinks about grave
questions OF finance. will not get an exalted
important that they will not get fair idea of
American integrity or business sense. If future
investments of money in this country depended
upon foreign Judgment of the party now IN
power il may be accounted certain that there
would be no movement of gold this way III
consequence of the speech OF Mr.. voorhees,,
but another heavy withdrawal of foreign cap
ital from this country. 1t is from that point
of view that the speech becomes important
and possibly dangerous to the Nation and 10
the party in power.
The attack on National banks and the plea
for unrestricted State bank issues give this
speech its distinctive character. The whole
business world, including all Democrats of sub
stance and practical knowledge will pronounce
the assault on the National banking system
unjust, mfonded, and emnently calculated
to lessen confidence in the party which the
Senator represents There are thousands OF
Democrats in this country, scattered through
all the States whose personal relations with
National banks as officials or large shareholders
enable them to realize fully how unfair and
unwalrantcd is the Senator's attack upon such
institutions The bare fact that a man so mis-
informed. or else 50 Indifferent to facts, has
been selected t. direct legislation in the Sen
ate is revelation Of the unworthiness and the
incapacty of the party in power.
The advocacy Of State bank ISSUES by the
Senator is strictly in accord with the National
platform of the party and it may be presumed
| that he therein gives voice ID the most urgent
demand of Democrats from the West and
| South But the worst Of il is that the Senator
| is also supposed to be representing President
cleveland in his present financial attitude. If
the President is prepared to adopt and approve
the State bank scheme, which the Senator so
paS>ionately advocates, the practical business
men of this country have more cause for APP
prchension than they have yet realized.
Senator Voorhees, advocates the repeal of
| the silver purchasing clause of the act OF 1890
but it is strictly true to say that he offers no
shadow Of reason for doing So unless his
speech be interpreted as plea for unlimited
| coinage Of silver. On the assumption that the
country is Il move in that direction, on the
assumption that the Senator is prepared to
abandon unconditional repeal, and to favor
! free coinage on some ratio as a condition Of
the measure he has reported, the speech is in
trllieible, if not highly 10 his credit On no
other theory can the spirit and tenor Of this
strange speech be interpreted in consistency
with the idea that the senator has a definite
purpose of any kind, or that he retains those
close relations with The Democratic majority
in the Senate which have raised him TO the
position Of financial leadership. In all respects
therefore, this singular speech is more likely
to increase distrISt and apprehension than to
restore confidence in the financial future.