Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1893-08-23

alton of national debt for purposes of ma
| tienal banking, and called upon the mil
lions who toll for their bread, and who
constitute the great army of labor, to take
notice of this issue from this time on. Il
is an issue that Will not down at any mans
bidding. On one side is arrayed the most
| powerful and best organized syndicate OF
| money on the globe, and on the other side
the sunburnt masses of productive indus
| try. He then closed his address as fol
lows:
Those who live to witness the adoption
of the policy here outlined will, in my
judgment, look upon the safest, strongest
and most beneficial system of finance ever
before known in American history. It
has in 1t the elements with which to &C.
complish the following paramount and
indispensable features Of all sound fnsn-
cIal legislation.
1. A sufficient volume of currency at all
times, state and national, on practically a
specie basis, guaranteed also by public
honor, with which to transact the growing
and expanding business developments Of
the country.
2. The absolute denial and obstruction
of all power in the hands of individuals,
corporations or syndicstes, to cause fuc-
tuations in the amount of the different
currencies in circulation, thus rendering
panics and periods of business distress i'm
possible for the future.
3. Every dollar in circulation, whether
gold or silver, state bank paper, or United
States notes, on strict parity and inter
changeable with every other dollar, thus
securing to the people the benefits and ad-
vantages of both state currency and q
national currency, circulating in harmony
and uniformity and performing all the
functions of money at home and abroad.
L. The settlement of the vexed question
of silver money, at once and forever, by
authorizing 1t to form Its proportion of the
specie basis required by the constitution of
the United States for every chartered state
bank In the Union, by recognizing 1t as 1t
Is recognised by the terms of the federal
constitution when defining the power of
the states to make legal tender money,
thus making the use of silver, coined into
money, as imperative as 1t will be useful
to the great body of the people.
s. The total and complete overthrow of
the dangerous Capitalization of the money
power, now existing at few money CEN
ters, and in the hands of q few individuals,
by giving to the people of the states the
and thereby securing to them a reliable,
nom uotusting home circulation.
Sir, to the foregoing five propositions I
will at this time add but one more. A tax
upon incomes, carefully adjusted and
graded, has always been to my mind most
equitable and upright measure in providing
government revenue. While laying taxes
on the necessities and wants of laboring
men, women and children, and from which
there Is no escape for them, justice, eter-
nal, old-fashioned justice demands that
those who have incomes beyond their ne
cessities, and as a surplus ever their Ok
penditures, should be required to contrib
uts from their abundance and at fair
rates, to the support of the government I'M
der whose care and protection they have
prospered and grown rich.
The senate was then addressed by Mr..
Dubois, rep, Idaho) on the silver ques-
ton. Mr. Palmer argued in support of
the bill.
The bill having been laid aside and the
case of the Montana senatorship laid be-
fore the senate a motion to lay that mat
ter aside informally, and to proceed to the
confederation of the bill to increase the
national bank circulation was made by Mr..
MCPHERSON. This motion provoked much
colloquy, during which Mr.. Voorhees, said
If the national bank bill was to used to
delay action on the bill to repeal the Sher-
L1oA AOG AC Suoulu AOtc W 6toc bEhCh L.
Mr.. Mcfherson's motion was agreed to
yeas 40, nays 10, and the national bank
bill was taken up, the question
being on the amendment offered by Mr..
Coskrell, for the redemption of such two
per cent. bonds as may be offered and for
payment in new issue of treasury notes.
Mr.. Cockrell advocated his Amendment.
Instead of continuing a bondbearing in
terest his amendment, he said, would give
the people 25 900, 900 of legal tender notes.
MIR. Bailey asked Mr.. Cockrell whether
there was to be surplus revenue of $25 600
900 this year. He understood 1t to be the
other way, and that there was likely to be
a deficit. The proposition simply was one
to print an additional sum of legal ten
ders. He asked Mr.. Cockrell If that was
the idea.
''That is it, exactly, squarely," Mr.. Cock
rel1 replied.
"Then," said Mr.. Hewley, "it is a prop
osition to violate the policy of the govern
mont for the last thirty years and to issue
a forced loan, in order to take up bond
that is not due. There are good many
senators who have had experience of
changing loans within the last few months.
would not attempt now to change long
note for demand note, and that Is what
this amendment proposes.
MI. AlllSOu d1Optou MI 4 hulkucE VIC N
of the amendment. Mr.. Carey asked Mr.
Cockreu how he proposed to have the
treasury notes redeemed. Did he propose
to increase the gold reserve in the treasury7
"There is an abundance of gold there
now," Mr.. Cockrell replied, "whoeyer puts
greenbacks to be redeemed in gold"
'They are presenting all kinds of money
to get gold" said Mr.. Carey.
II beg your pardon" replied Mr.. Cock
rell. People are taking silver certificates
as quickly as they are taking gold and they
are taking silver dollars as quickly as gold
dollars. You have not heard of a man,
woman or child demanding or specifying
one kind of money in preference to an
other, unless it were some gold shark or
Shylock in New York"
"Then," suggested Mr. Carey, sit would
be advisable to have such protection as
will protect the government against gold
sharks and Shylocks."
"There Is no danger" Mr.. Cockreil re-
piled. ''They cannot exhaust the gold in
the treasury. They tried to, and they ran
1t down to 100000, but it has come
back"
"Do you know what brings 1t back"
.'The Sherman law" was Mr.. Cockrelps
answer. "rhe law that you are now tax
ing somerssults to repeal. Yet the condi-
tons have not changed"
The dialogue continued for some time on
these lines without any marked advantage