The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-08-23

canoe the achievements OF any Other ave.
race or nation. Legislation had checked
our foreign trade. and We had not to-day q
Commercial friend IN the world. For every
law we enacted denying 70 foreign produce
ton q place IN our markets.. and declining
commercial friendships. we might De certain
of an injurious blow In return from every
trading people in the world. He had faith
that the giant evil which crippled this com
merce would be removed. with other evils
which challenged attention and action. and
If the true greatness of the country was
studied il would be seen that financial
panics and alarms could have no founda-
ton here.
But there was another and exceedingly
sensitive aud powerful test OF our govern
ment credit. " hich asserted Its claim not
only TO the trust and admiration of the
American people. but also TO the business
Confidence and respect OF every civilized
nation beneath the sun. Money VAS simply
q medium for the exchange OF vslues;
money was q creature and Congress its Gre
ator. Cold and its alleged intrinsic value
went for naught as q circulating medium
unless the coin bore the stamp OF the gov
erDment-a stamp more powerful than the
grasp OF the lions paw or the eagles claw
ia bestOwIng life and activity on q dead
and otherwise useless material. The same
oiliciai stamp on silver or on paper at once
ennobled them TO an equality with gold In
purchasing power. no matter how debased
or valueless the llaterIaI may have become
as commodities By sinister or unwise legis-
latIJ
lie would doubtless sound strange to some
ears that there were min different curren-
cies transacting the business of this coun-
try. and. TO q large extent, the business OF
the world. So uniform in purchasing and
debt-paying power were they. so IN har-
mony with each other and interchange
aLle that hardly one-half of them
were generally known to exist. Ma
tIonsl credit had been tested by the
smooth and harmonious circulation
of these nine curreEcies and had met the
ordeal IN a manner To wsken che pride of
every patriotic American heart. Never
was q part of it discounted or dIscredited.
except by the government itself. That
happened once. and will never happen
again. He referred TO the green back cur
Iency OF 1862, issued for the purpose of
bonds. for the benefit of capitalists seeking
Investments, who could DO induced In no
other way to support their government in
the hour of it's deadlIest peril. The bar
sinister was written on Its escutcheon: IL
was made nonreceivable for customs dues
and interest on che public debt. and dis
graoed before the whole world. The speak
or contrasted with thls unjust and dis
honorable arrangement" the s~tatesmanship
OF france In issuing assignats after the
Frsnco-Prussian war. with full legal-ten.
der qualities. whloh enabled her to main
tain the strongest financial credit In Eu-
rope.
THE r LAW.
Dir. Voorhees, said he had referred to these
things to illustrate the power and duty of
the government in furnishing sound. relia-
BILE and constitutions money for the peo-
pie. At this point he said he was oon-
fronted by q law without precedent or
parallel In history-al law which for months
past had been the theme of all tongues and
pens, and In whose name financial panic,
alarm and distress had been invoked, and
for whose repeal this Congress had been
convened. Mr.. Voorhees, briefly stated the
birth of tho law. which resulted from q
compromise. and said that in an evil hour
the worst and darkest that ever befell the
cause of bimetallIsm or the honor and exist
once of silver money-this pernIcious oom-
promise was accepted and fastened on the
country. The Senator from Ohio MIR.
Seermanl, it was true. now claimed credit
for his repeated assertions, of late, that
there had never been an hOrr since the
compromise was effected that he mad not
stood ready to violate lt by voting for it's
repeal. In other words. having induced
the producers of silver to sur
render their right to its free
coinage, in exchange for the right to sell
four and one-hslf million ounces per month
OF bullion, the Senator from OHIO and his
followers on that side of the chamber had
been willing and anxious ever since to
break the compact. repeal the considera-
tion on which the compact was made and
leave their victims of misplaced confidence
empty handed. without either the priyi-
lego of coming their silver or selling II us u
mercantile commodity to the government.
The act was not intended in good faith
for the coinage of silver at all. On the
contrary. IL emanated from the enemies of
silver money. and its purpose was TO de-
grade. 'dishonor and disgrace this, one OF
the precious metals, until 1t could no
longer hold it's place with gold as a part of
the specie basis OF this country and of the
world. In reducing silver TO q merchant
ahia Qnnnr nnsflfU on a laval with fha nrnd-
nets of the field and farm, and issuing
treasury certificates on 1t. according to It's
market value, there could be but one effect
on the dignity and stability of that great
money metal. 1t reeled and staggered un-
der the blow until now lts enemies pre-
dicted with Joy Its speedy and total de-
sfructioD.
Mr.. Voorhees, said that he spoke In no
partisan vein, but yet il was with great
satisfaction that he quoted from the Record
shat not u vote On his side of the chamber
was cast for the act which bore the name
of the Senator from Ohio TO such q peculiar
eminence. he then cOunted the yea and
nay vote by which this most dangerous
m~akeshift" ever known III our financial
history passed the Senate. He wanted the
grave responsibility for the violation of
such q measure created to be set before the
American people by those who were shown
by the Record TO have assumed il. AS q
firm, unfaltering believer In bimetalIism
and as an undertaking supporter of the
coinage and use of both gold and silver as
the standard money of the country. with
out discriminating against either metal.
Mr.. Voorhees, said be voted against the
Sherman act. and, fer the same reason. he
would vote fer Its repeal. The outcry in
certain quarters at this time that those
who vote for the repeal of this measure are
enemies of silver as money, and In favor of
demonetiZetioD, was not only false SO far
as he was concerned. but. In the light of
what had happened In the past. it was
absurd.
HIS CONSCIENCE DOESN'T HIM.
Beginning with the first speech he had
made in the Senate, and dOwn to the pres
emit hour. Mr. Voorhees, could recall no vote
or words on the subject of the coinage and
circulation of silver which he would DOW
change or blot from the Record If he could;
and now in this, the darkest day ever
known for silver. he vowed his ~unshsken
faith that it would rem din forever one of
the worlds great and d tial factors of
finance. commerce.. traffic and daily bust
ness transactions lt would neither be de-
mOnetized nor driven away from the habi-
tations of the laboring masses OF mankind.
1t had come down from immemorlal ages.
and would continue TO exist as one of the
precious metals. UNFOLDING the credit of
nations and bringing blessings to the sons
and daughters of toll when the scenes
through which we were now passing had
grown dim In the light and progress of dis
tant centuries. Mr.. Voorhees, said be should
vote TO repeal the sherman act. as he