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

his own Golfers, but equally as much. an,
FAR more, on the fact that the great indus
trial classes had scarcely any money at all
In their hands. and were deprived Of ev
cry reasonable chance to obtain more
A condition OF the two extremes OF vas
consolidated wealth on one hand and alb
solute poverty on the other-both yer,
dangerous-was rapidly eliminating IL
this country. Every proposition 10 pu
more money in circulation and within
reach OF the peoples daily toll was al
ways fearfully denounced by those inter
ested In minimizing the wages OF labor
and the exchangeabie value of property
Mr.. Voorhees, asserted that the banks
were entering on a final fight for a pro-
longed future existence they were en-
| gagged at their Quatre Bras, preliminary
to their Waterloo. They intensely realized
that the present supply OF government
bonds for banking purposes must be very
| largely increased within the next FIVE
| years or they would be forced 10 COM
| mence winding up and retreating from
the theatre Of action on which they had
| so long appeared.
Mr. Voorhees, then proceeded to outline
his idea Of what was to follow the na-
tional banking system. and said that when
the Democratic party declared in its ma
| tiOnal platform for the repeal Of the gov
| ernment tax on the issue Of State banks,
| a hue and cry was raised by Republican
leaders. as IL public enemy under arms
was about TO invade the country. lnvesti-
| cation of the subject, however, showed
| that no one had ever lost a dollar by the
| depreciation of the notes of a regularly
| chartered state bank or its failure TO re-
deem its currency in gold or silver when
| called upon to do so. 1t was this kind OF
| a circulating medium, resting on a specie
| basis and always redeemable, that was
driven out Of existence by spurious In
| sincere method OF taxation for the benefit
| of the national banks.
First. sufficient volume Of currency
| at ali time, state and national. on prac-
| tically a specie basis, guaranteed also
by public honor with which to transact
the growing and expanding business
| Developments Of the country.
Second The absolute denial and de-
struction of all power In the hands 0
| individuals, corporations or syndicates
| TO cause fluctuations in amount OF the
| different currencies I'm circulation, thus
rendering panics and business distress
| impossible for the future
Third. Every dollar in circulation
whether gold or silver, state bank paper
or United States notes, on strict par
ity and interchangeable with every other
dollar. thus securing 10 the people the
benefits and advantages Of both a state
currency and a national currency cir
culaton in harmony and uniformity and
|, performing all the functions OF money at
home and abroad
Fourth. The settlement o. the VeXed
question OF silver money at once ana Tor
ever by authorizing IL 70 form its poruon
OF the specie basis required by the Con-
stitution for every chartered bank In the
Irnion:by recognizing IT when defining
the powers Of the states to make legal
tender money, thus making use OF silver
coined into money. as imperative as IL
will be useful to the great body OF the
people.
Firth. The total and complete over
throw of the dangerous centrallzauon OF
the money power now existing at teW
money centers and in the hands OF few
individuals by giving 10 the people OF
the state the right Of home rule on :he
subject of money, and thereby securing
TO them a reliable, Notwithstanding home
circulation.
To these FIVE propositions Mr.. voorhees,
added but one more-a carefully adjusted
and graded income taxa most equitable
and upright measure in providing govern
ment revenue, and demanded by old-fash-
toned eternal justice.
In conclusion Mr.. Voorhees, said: And
now. in the meantime, and in view OF the
present crisis. full OF peril as II Is. let the
whole people Of the United States, Of
every commonwealth, and Of every neigh
borhood, cast out their fears and abide
In an unshaken faith that present disas-
ters will pass away, and be followed, as
soon as much-needed reforms can be ac-
complished, by the unbroken sunlight OF
nrosperity and that He who determines
the destiny of nations will cause the re-
public of their fathers TO win, and not 10
lose. I'm the transcendent mission TO which
II was dedicated hundred years ago.
The delivery of the speech occu-
MED one hour and thirty five minutes.
After Mr. Voorhees, had taken his seat ne
was congratulated by many Senators.
The galleries then began TO thin out ana
a majority of the Senators left the hum
Der. The debate. however, was contn-
ued by Mr. Dubois Republican. ldaho,) in
opposition to the bill.
Mr.. Palmer argued in support OF the
bin. Expressed the opinion that the
great majority of the American people
would not only approve. but rapturously
applaud legislation that would establish !
and maintain the bi-metallism Of the |
Chicago convention.
The bill was laid aside and the Montana |
Senatorship taken up. Mr.. Mcpherson |
moved that this matter be laid aside |
informally and to proceed 10 the con-
SiderdtiOn or the Dlll ~ lHClcdSt iil'
tional bank circulation. This motion |
provoked much colloqIy. In the courfe |
OF which Mr.. Voorhees, gave notice that /
IL il should turnout that the national |
bank bill was 10 be used 10 delay action |
on the bill 10 repeal the Sherman act |
he should move 10 side-track II.
Mr.. McPhersons motion was agreed 10 |
yeas 40 nays l0;and the national bank
circulating bill was accordingly taken up, |
the question being on the amendment Of
fered by Mr.. Cockrell for the redemption
Of such two percent bonds as may be Of
fered and for payment In a new issue OF
Treasury notes. The amendment ana |
the bill itself were discussed by Messrs.
Stewart, Faulkner, Cockrel. Hawley, Ais
son. and Carey; and finally the bill and
amendment went over without action.
Apropos TO certified checks. &c.,a reso-
luton was offered by Mr. Pfefer and
went over till tomorrow. calling on theSec-
retary Of the Treasury for a report as 10
whether national banks in Boston, New
York and Philadelphia were being conduct
ed in violation OF the law. whether they
were paying depositors checks promptly
i'm lawful money; and whether they were
demanding rates OF interest higher than
those provided by law for loans OF money
or for the discounting OF notes.
After a short executive session, the Sem
ate at $40 adjourned until tomorrow.