The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-08-23

to Golnpel an enormous issue of govern
ment bonds had not gone unhesded by
the American people, nor had the
authors OF the assault and those inter-
ested in Its success escaped widespread
and intelligent observation, BY break
ing the gold reserve 1t was supposed
the secretary OF the treasury would be
under the immediate necessity to issue
and sell bonds to keep the reserve in.
tact. The attack, therefore, on the head
of that column was swift and
strong, With intervals Of delay for
ample and skilful protection, those at
tacks have been repeated again and
again and have only slackened in their
frequency and force since it was found
that the executive could not be coerced
in that way. The campaign OF capital
lists seeking new supply OF interest
bearing government bonds, did not
contine themselves to any one point Of
assault while they operated to break
down the gold reserve, and to that ex.
tent impair tho public credit. They
startled the country and thrilled tho
world with the cry that American gold
was running away from the silver
blasted country, chased out by silver,
and that there was no way to lure It
back except to bait plentiiully with
government bonds.
He never believed our silver had
driven gold from the country, and in
this connection he recalled the wall oil
dismal prophecy that went up whenin
1873 the attempt was made to check
the torrent OF bankruptcy and ruin oc-
casioned by the decentralization OF sil.
yer in 1873. 1t was predicted that gold
would fly TO the uttermost parts OF the
earth from beneath the folds OF the
American flag to escape the contaminR-
ton OF silver. What did occur? Tho
government coined 24,000,0 900 Of silver
per year for twelve years and mean
time the gold OF the United States in.
creased at the rate OF 40,000,000 per
year. Such was the ful6lment OF the
prophecy Of 1878.
THE NATIONAL BANKS.
The speaker said he had no desire to
assail the national banks. 1t was the
system he arraigned, and not the indi-
viduals who conducted 1t. The unre.
stricted, unrestrained and unbridled
power OF these banks, whereby the cir
culation OF money in the hands OF the
people can be, and often has been, sud.
denly Auctuated from prosperous
maximum to q stunted and distrustful
minimum, is a constant menace to our
commercial institutions. No other M.
tion in the world places such unre-
stricted power in private hands rs the
United States reposed in its national
banks.
The fact that the amount OF money in
circulation is largely increased every
three months in the year by tho pay
meRt OF pensions, that it ls done with.
out the Agency of the banks, and be.
yond their control for tluctuation, has
excited the open and bitter opposition
OF the groat money centers from the
very beginning Of our present pension
system. The charge made OF fraudulent
pensions was simply continuation OF
what had been heard from tho start and
had the same inspiration rs in former
years. That frauds were sometimes
committed in the pension Office was un.
doubtedly true and they should be in.
vestigated and exposed, but the same
could be truthfully saidof every other
office or institution known among men.
But il were better far that even fraudu.
lent pension be granted than an honest,
well.earned, well.merited pension should
be denied. It was the question OF
money, however. and not the question
of fraud which provoked the greatest
wrath in certain quarters on the sub.
ject OF pensions.
Turning again to q discussion OF the
national banking system, Mr.. Voorhees,
asserted that the banks were entering
on fnal struggle for future exist
ence. They were at their Quater Bras,
preliminary to their Waterloo. They
intensely realized that the present sup.
ply OF government bonds for banking
purposes must be very largely increased
within the next five yoars, or they
would be compelled to commence
winding up and retreating from the
theatre OF action which they have
so long appeared. Fourteen years
hence, in 1907, the last bond on which
the banks had issued their currency
would have beon redeemed aRd can.
celled. Long before this the question
OF perpetuation OF the national banking
system would be pressed peremptorily
upon congress. In view OF the recent
action OF the banks congress could not
too soon consider what system the gov.
ernment should adopt in the near fu.
ture in furnishing circulating medium
to the people.
Was there friend OF the national
banks bold enough to announce his be-
lief that tho tax.paying people would
consent to the indefinite continuance OF
an immense interest-bearlng bonded
debt, merely for the sake Of upholding
such system as we now have2 With.
out such continuing national debt, tho
banking system OF the United States
would pass AWAY forever, and the re'
sources Of craftsmanship would DO
called upon to establish another and q
different fiscal agency in its place. Mr..
Voorhees, took q stand against the OK.
istence, tho increase or tho perpetuation
OF tho national debt for the purpose Of
national banking, and called on tho mil.
lions who constitute the great army OF
laSorers to take uotlcc OF this issue-an
issue that will not down at any mans
bidding.
BOOMING THE STATE BANKS,
Mr.. Voorhees, then proceeded 10 out.
Ilino his idea OF what was to follow the
national banking systom, and said TINT
when tho Democratic party declared Il,
its national platform for the repeal oil
thA poVnrnunnnt tRx on Tho isBuO OF sthtC
banks. a hue and cry was raised by lle-
publican leaders, Hg II public enemy
under arms was about to invade tho