Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1893-08-23

would be spared to effect an nteriA
uonai agreement, hut under nn circum.
stances would the lahoting. debt-paying,
hinetcnlhS OF the American people vnn-
sent to double the debts Of debtors by
destroying half OF the constitutional
money. lie would say to thOSe urging
a single gold standard that tho people
would tear down ami annihilate such nm
oppressive and destructive system ot
nnance should Il ever Inc established.
Mr., voorhees, here paid an elnqucnt
tribute TO the Western silver-pIoducing
states and submitted TO tho Western
senators that the very existence and
hoior OF true silver currency required a
inlr and legitimate coinage OF silvcr
rather than it's sale US bullion. Must
We not aid he "al once and without
delay get back Of all makeshifts, subier.
fuges aud insnccre compromises aud
place ourselves, after the financial deck
Is clear, on the plain constitutional right
70 coin silver and gold into money
Who ia this chamber or elsewhere Is will
ihg Tor the government TO remain respon-
sihie for such an enactment rs the Shcr-
man law one day longer than Is neccs-
saryg'
Mr., voorhees, said there were features
OF the situation demanding consideration
which did not result from the sherman
act. The bitter aud determined assault
which Had hecn witnessed nnon The
present administration TO compel an enor'
nous issue OF government bonds had not
gone unhceded by the American people,
nor had the authors Of the assault nor
those Interested IN It's success escaped
widespread and intelligent observation.
BY breaking the gold reserve Il was
thought the secretary of the treasury
would he under the immediate necessity
OF issuing and selling bonds 10 Keep tue
reserve intact. The attack was swift
anu strong and had only slackcnN w
frequency and force since II was found
the executive department could not be
cOerccd lhnt way. The country was
then thrilled with the cry that American
gold was running away from silver
blasted country, chased ont by silver
money. The sherman act was made 10
do double duty, and charged with grave
oifgnses IN which II had no part. He
had never believed our silver had driven
gold from The country and In this con
uection recalled the same wall VI The
dismal prophecy Wv 1873 Yet the gov
eminent coined S24,OOO,00O silver per
year for twelve years, and meantime
gold Increased az the rate of SiO,NO,OOu
per year. Such was the fnliillmpnt "
the prophecy In 1878. Gold shipments
were part Of the plan to sack the treas.
ury, to he accompanied hv a concerted
Wy AAhAu wv MfiNlt nNhlnNIAA NNNhANN
system, that nothing could resiow cum
tdenee save the Issuance Of S3O1.O11OOO
Of bonds, Senator voorhees, then de.
yotnd bis attention 90 the national hank
inc system, urging opposition On placing
such q great power Of expanding and
contracting The currency in the hands
of private parties, as now existed under
the forms NJ tho national banking act.
Incidentally DC charged tho banks with
bringing about the recent panit, which
had rrcoicd on their own heads lie
also charged that The government books
showed that ~ tho existing ejaculation
bOO,O0O.OG0. fully twn-thirds u that
sum was tied llp Ia The bnn. vaults hy
the cowaIly fear which they themselves
had created, thu. turning the keys upon
buslncss prosperity for no pU.,otC ca.
the antueonistic inlerpiis Of tho rich
and the poor rs represented Ia their
respective desires for contracted and
expanded circulating medium. he I'm.
cidentallyf charged that COMMUNICATING
against pensions was due moro 10 4 de
sire 10 stop the quarterly circulation ~
the millions direct FROM the irpvcrnmppt
10 The people, without The Intervention
Of the banks. than any desire 10 punish
the frauds alleged to exist,
In fact, every proposition 10 increase
the circulation. met with the millionaire
opposition VOORHEES, further declared
the present struggle was q contest ly thr
bank, for prolCi gcd future existence.
brought on by The knowledge that hy
1907 the last bond on which The hnnl.s
Issued currently would b. redeemed nn1
cancelled Long before 1907 the question
OF the pripetuation Of the nniionHl bank
ing system would be pressed prreinp-
torly upon congress. Ia view Of ti,
rocept notion Of the banks. congress
could not too soon consider the system
the goyrri incnt should adopt IN the near
future IN furnishing n circulating medium
to the people There was no friend Of the
national hanks bold enough 10 announce
his belief that the iax-pnying American
people wOnld consent 10 nn indefinite con-
tiuuaucr Of the immense intercst-bpnring
bonded debt merely for the sake Of up
holding such system ms we now have.
and without such continuing the national
debt, the banking system Of the United
States would pass away forever and the
resources Of statesmanshlp would De- cali
ed upon to establish another nnd a diff
fcrent fiscal agency N IFS place. Mr.,
voorhees, took his stand against The
existence increase or peTpctnntion of the
national debt for the purpose Of national
banking and proceeded 10 outline Ills
idea OF what WAS to follow The nntl1nal
haul.ing system, As 10 the repeal Of the
government tax on the issue Of state
banks and the hue and cry thereon, riis-
ell by the Republican leaders, invesiiga-
tlon showed no one ever lost a dollar by
depreciation OF the notes Of a regularly
chartered state bank or by Its failure 10
redeem its currency, ia gold or silver.
when called upon TO do 80. " was the
kind Of circulating medium resting ON a
specie basis aud always redeemahle HAT
was driven ont Of existence by the
spurious. insincerc mode q taxation for
the benefit Of the national BANKS Mr..
Voorhees, thea argued for me right Of Il
state to provide IL people win = clrculai-
ing medium through the agency OF state
banks.
Snpposlng the state bank tax were re-
pea,ed, Mr. Voorhees, asked what % that
event would congress dot lie lid not
expect the government ever 10 abandon
n national currency, though u would
abandOn the system Of national banks,
but he did expect that az no very dis
tnnt day, United States notes ~ they are
now. and have been IN existence for illlrty
years past. their payments guaranteed by
the honor Of the government, would
supersele all other national money ex-
cept gold and silver and that without
jar or friction they world circulate Ia
the hands OF the people along side OF q
Nell guarded. safely secured currency
issued by the states aud guaranteed nc.
cording TO the constitution ny both the
precious metals. The great value n
state bank money was and ought 70 be
mainly local II would increase home
circulation AID the home decomposition
Of every agricultural community on
American SOL. Meanwhile il y the plain
duty Of the federal government 10 Issue
It's own nnassallah'e notes ip amounts
usual 20 the requirements of trade az
nearly ascerinineJ a. possible Those