Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1893-08-23
BANKS ARRAIGNED
Voorhees, Charges Them with
All the Depression.
ALSO WITH THE PENSION FRAUD CRY

The Latter Being n Deep Laid scheme of
the Money Power to Diminish "A Fund 1t
Cannot Handle-Fiye Financial PROPOSE
sttions, Including I'm Income Tax, the
Senator's PIatform-StateB Banks Defend
ed and Adyocated-The National Banks
Must Go.
WASHINGTON, Aug. est has been the
current talk for some time that VOORHEES,
of Indiana and the president had made
Hr'apprOchement" on several points upon
which they had formerly widely differed
and were in general accordance rs to the
financial policy of the government If so
the president may, it IS hossible, fully
agree with the following propositions with
which voorhees, closed his first speech of
the extra session, and one of those greatest
efforts that congressman occasionally in
dulge in. TIE speech is notable because
the speaker is chairman of the senate
finance committee, and the declarations
given below give his views on the proper
financial policy.
Currency on Specie Basis.
!. A sufficient volume of currency 1T all
times, state and national, on practically n
specie bas.s-puaranteed also by public
honor-with which to transact the,crowing
and axnopdir,, b,,einass deveIonnents of
| the country.
2 The absolute denial and destruction
| Of all power in the hands of individuals,
corporatiozs or syndicates 20 cause fnctu-
| ations in amount of the different curren-
| cies in circulation. thus cs.ndering ranics
and b,,.iness disasters inuossible for the
| f,,t,,ro
:, t,,.o,,- ,1,.lro-i,, .fr.,l,tfop whether
,aIf or sii,,c, tent. hant cnrrency or
! T~,i.,f S+.,t.. ,',..s ~, d, So, ,a.itv,, md
| intarcb,,,.-...I,la with ,very other dollar.
| nm. 's.,.,,1i,,,,to the npnnIe tl,e benefits
! and advantages os both a state currency
| md uatj0uaI currency. circulating in
! harmony and uniformity, and performing
| all the functions Of money at home and
/ abroad.
! ST. ,,,,.,-, ..,., T,.,,,.,,, r.,,
/ -. -. -, i,
,,,.,, -, -, I,,. .,,,
~ ~ -
rs - -. ..:..: p
'Io GO - IN - ~. Il
.5,s- - e -, ~
- ,'-'','' - -, -,
/ - - H.. .-..... .
sli',s ,-S In
-, - of 49,, -
"" y. -, az, g
,.,,,' - - -,
-, -, -. . C,,,,,..,. ,.,,,,Is
and in the hands of a few individuals. by
| civine, 10 the people of the states the right
| Of home rule on the subject of money, and
thereby securing to them reliable, non
! fldctuating home circulation.
| Tothese five propositions Voorhees, added
| b I one more: \ carefully adjusted and
! graded income taxa most equitable and
! upright measure in proyiding government
revenue and demanded 10y uld-fashicned
| eternal Justice.
Su5ionaI Bankers = ccuset.
In hee-ianiner his speech voorhees, said
| thar rho real r:,use of the denrcssion was
widely misunderstood and then reiterated
| the oft-mude assertion that the national
banks had brought it on because the gov
| ernment could not be forced to issue $780,
600 in bonds. The banks had con-
| tracted the currency because they had
| failed to have the bonds issued. The
| reason they wanted bonds issued was that
| in fourteen years the bonds upon which
| they based their currency would he re-
deemed and then they would have to go
| OUT Oh SSLstenCe. VI bHIS ODJeCL COH-
certed capital had broken tie gold reserve,
and it was not until 1t was found that
they failed to coerce the executive that the
attacks ON the reserve ceased.
Solid rs an Anti-Bank Men.
| A large norton of the speech is devoted
| to criticisms aud accusations against the
national banks. and if there are any who
thought the VOORHEES, bill to give the
| bo,tS moro currency for + a same cuan+i-
ty of bonds was an indication that the
senator was softening to the banks they
NAV be reassured. The money power and
banks are charged with about every finan-
cjal crime not punishable by imprison-
ment. including the charge that the banks
hold millions of currency in their vaults
which they wilfully and Indignantly with