The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1893-08-24

Republican leaders, investigation
showed that no one ever lost a dollar
by depression of the notes of a regu-
larly chartered state bank or its fail
ure to redeem its currency in gold or
silver when called upon to do so. 1t
was the kind of circulating medium,
resting on specie basis and al
ways redeemable that was
driven out of existence by the
spurious, insincere mode of taxation
for the benefit of national banks. Mr..
Vorhees then argued for the right of a
state to provide for its people with
circulating medium through the
agency OF state banks. Supposing
the state bank tax repealed, Mr.. Vor-
hees asked, what in that event would
congress doY He did not expect the
government would even abandon its
national currency, though it would
abandon its system OF national banks,
but he did expect at no very distant
day that such United States notes as
are now and have been in existence for
80 years past, their payment guaran-
teed by the honor of the government,
would supercede all other national
money except gold and silver, and
that without q jar or friction they
would circulate in the hands of the
people alongside of the we'll guarded,
safely secured currency in all of the
states and guaranteed according to the
constitution by both precious metals.
Great value of state bank money was
and ought to be mainly local. 1t would
increase the home circulation and
home accommodation of every agri
cultural community on the American
soil. Meanwhile it is the plain duty
of a moderate government to issue its
own unassailable notes in amounts
usual to the requirements OF the trade
as nearly ascerGained as possible.
Those who live to witness the adop.
tion of this policy would, Mr.. Voor-
hees thought, look upon the safest
strongest and most beneficial system
of finance ever before known in Amer
lean history. 1t had in it element is
and indispensable features of all sound
financial legislation.
First-Sufficient volume of currency
at all times, state and national, on
practically specie basis, guaranteed
also by public honor, with which to
transact growing and expanding bust
ness developments of the country.
Second-It would be q resolute de-
nial and destruction of all power in
the hands of individuals, corporations
or syndicates, to cause fluctuations in
the amount of different currencies in
circulation, thus rendering panics in
business impossible for the future.
Third-Every dollar in circulation,
whether gold or silver, state bank
paper or United States notes, would
be on strict parity and interchange
able with every other dollar, thus Sc
curing to the people the benefits and
advantages of both state currency and
national currency, circulating in har-
mony and uniformity, and performing
all functions of money at home anC
abroad.
Fourth-Settlemen of the vexet
question of silver money at once anC
forever by authorizing ii to form III
portion of the specie basis required by
the constitution for every chartere'
bank in the Union; by recognizing |
when defining the powers Of states T.
make legal tender money, thus max
ing the use of silver coined into none.
as imperative as it was useful to tn
great body of people.
Fifth-The total and complete over
throw of q dangerous Capitalization o
the money power now existing at
few money centres and in the hands 0
. a few individuals, by giving to tn
!, people of the states the right OF hom
rule on the subject of money an,
thereby securing to them a reliable
Notwithstanding home circulation.
II
hees added but one more, carefull
adjusted and graded income tax,
, most equitable and upright measur
in providing government revenue an
. demand by eternal justice.
The delivery of the speech occup!e
!, an hour and thirty-fve minutes. Tn
debate was continued by Senate
Duboise in opposition to the bill an,
I in support of free coinage Of silver.
The bill having been laid aside an
: : the case of the Montana scnatorshi
laid before the senate motion to la
that matter aside informally and pro
= ceed to the consideration Of the bill t,
increase the national bank circulation
, was made by Senator Mcpherson
. The motion was agreed to, yeas Al
nays 10. and the national bank circu
, lation bill was taken up, the questio
being on the amendment offered b
: Senator Cockrell for the redemption
4 ! OF such per cent bonds as may b
offered and for payment In the ne'
y issue of treasury notes,
Senator Stewart took the floor an
F. set out to antagonize some position
u taken in Senator Voorhees, speech.
:, After brief debate the bill an
. amendment went over without actor
" Resolutions were offered by Senate
:, PETER and went over till tomorrow
calling on the secretary of the treasuI
for report as to whether the nation,
e banks in Boston, New York and Phi
y adelphia were being conducted in viz
e lation OF law; whether they were pa,
y ing depositors checks promptly
= lawful money, and whether they we
u demanding rates OF interest high'
70 than those provided by law for loal
4 of money or for discounting notes.
$ After short executive session II
II senate adjourned.
~ HOUSE.
d III ancial discussion in the hou
70 today was for the most part rath'
e. monotonous, greater interest bein
al cantarad in the Sonata Mr.. II ODkil