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

spotless integrity of any of the Illus
trious statesmen who have held the
portfolio of finance, including Hamil-
ton, and he made no mistake in plac-
ing him as a bimetallist. Said Voor-
hees, "As Democrat and an American
citizen, and loving and believing in
justice and fair play and common
sense, l appeal to those around me
and to the great body of the people to
know whom we can trust, whom we
can believe at such time as this. II
we turn our backs on such men as Gro
yer Cleveland and John G. Carlisle,
God help the Democratic party and
the country if such stupendous mis-.
take is to take place."
Continuing, Vorhees said, such
questions as ratio were matters of
detail, but the American people had
declared silver should not be demon
etized and contraction take place on a
basis of monometalism. Congress
would establish fair ratio and
neither of the metals would be dis
missed. No efforts would be spared
to effect an international agreement,
but under no circumstances would the
laboring, debt paying, nine-tenths of
the American people consent to double
| the debts of debtors by destroying
half of the constitutional money. He
would say to those urging q single
gold standard that the people would
tear down and annihilate such an op-
pressive and destructive system of
| finance, Ghonld i. ever be established.
| Senator Voorhees, here paid an elo-
quenG tribute to the western silver
producing states and submitted to the
| Western senators that the very exist
ence and honor of true silver currency
required the fair and legitimate coin.
age of silver rather than it's sale as bull
lion.
| Must we not, said he, at once and
without delay get back of all make
shifts, subterfuges and insincere COM
promises and place ourselves, after the
financial deck has been cleared, on q
plain, constitutional right to coin sill
yer and gold into money! Who, in
| this chamber or elsewhere, is willing
to remain responsible for such en-
actment as the Sherman law single
day longer than its repeal is possiblef
| Mr.. Voorhees, said there were fea-
lures of the situation demanding con
sideration which did not result from
| the Sherman act. The bitter ant
determined assault which had beer
witnessed on the present administra
ton to compel an enormous issue o
government bonds had not gone I'M
needed by the American people, no
had the authors of that assault no
those interested in it's success escaped
widespread and intelligent observa
ton. By breaking the gold reserve
it was supposed the secretary of tn,
treasury would be under the imme
di ate necessity of issuing and selling
bonds to keep the reserve intact. The
attack was swift and strong and onl,
slackened in frequency and force sine,
lit was found that the executive de
partment could not be coerced tina
way. The country was then thrillel
with the cry that American gold wa
running away from silver BLASTED
country, chased out by silver money
The sherman act was made to d.
double duty and charged with grav
offenses in which it had no part.
He never believed our silver wa
driving gold from the country and il
this connection recalled the same wal
of the dismal prophecy of 1878. Ye
the government coined $24, 4,000,0 900 sill
J yer per year for - years and in th
: meantime gold increased at the rate G
$40 900, 600 per year. Such was tn
fulfillment of the prophecy in 1915
Gold shipments were part OF a plan t
sack the treasury, to be accompanie
by a concerted outcry from the Who'll
, national banking system that nothin
could restore confidence save the IL
| suance of $500, 900, 600 bonds.
Senator Voorhees, then devoted hi
: attention to the national bank system
r urging opposition to placing sue
J great power of expanding and con
tracting currency in the hands {
, private parties as now existe
: under the terms of the nationt
banking act. Incidentally
: charged the banks with bringin
, about the recent panic which recoile
: on their own heads. He also charge
? that the government books Shove
the existing circulation OF $1,50000
. O0O Fully two-thirds Of that sum
= tied up In bank vaults by a cowardl
3 fear which they themselves created
l thus turning the keys upon businei
8 prosperity for no purpose except the
3 own self int crest. Reviewing the al
tagonistic interests of the rich an
poor as represented in their respectiN
9 desires for contracted and expande
q circulating medium, he incidental
3 charged that campaigning again
! pensions was due more to a desire
. stop the quarterly circulation Of mi
! lions direct from the governmei
e direct to the people without the inte
: vention of banks, than any desire
: punish frauds alleged to exist. In IA
: every proposition to increase the Gil
t culation met with the millionaire
= opposition.
y Mr.. Voorhees, further declared I'll
t present struggle contest by the banl
f for a prolonged future existen
e brought on by knowledge that /
1907 the last bond on which the BAN
:, issued currency would be redeemt
S and Cancelled. Long before 1907 Il
question of perpetuation OF the n
d tional banking systems would be pres
e ed peremptorily upon congress.
g view of the recent action OF BAN
p congress could not too soon consid
the system the government shou
:, adopt in the near future in furnishil
i circulating medium to the peopI
" | Nhara ,uao friapb IF the Nation