The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1893-08-23

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basis. He SAID the people would not toasrate
angie gold standard. He then addressed
himself to the announcement OF the eel'
dshness aud greed Of the money powor.
which had done so much to aaaravate the
financial situation and spoke In fayoe of
the present pension system as helpful IN
the distribution OF money. He urged the
necessity OF tho government OF proyidiig
new circulating medium In the place o.
that furnished nj present by national
banks. He favored In addition to the
money issued by tho government cur
rency property, guarded and Issued ny
state banks. He urged tho necessity oil
financial legislation; ~ which would fur-
nish q sufficient volume OF currency
on practically specie basis guar
auteed BY public honor; (2 to de
privc individuals. corporations or syndi'
Gates OF the power to cause huctuasioo IN
the amount of tho different currencies In
circulation; (3) to maintain on parity
gold. silver and paper money; ~ to set
tic the status of silver money by authorize
ing IL to form portion Of the specie basis
required by the constitution for chartered
banks; (5) to overthrow the dangerous
GENERALIZATION of the money power now
existing at two money ccntcrs in the
hands Of few individuals by giving the
people Of the state the right Of homo rulo
on the subject Of money, thus securing
them homo circulation. To these five
propositions he added a carefully adjusted
and graded income tax rs the most equita-
bile and upright measure for providing
government revenue.
The delivery of the speech occupied one
hour and IS minutes. After Voorhees, took
his seat he was congratulated by many
senators. The debate was continued by
Dubois In opposition TO the bill. There
was not senator on the fioor, he said.
who had not been elected Oh q platform
which pledges him TO bimetallism. He
insisted that no representative OF tho
people had moral right by his vote or his
own judgment TO put the country on u
gold standard. II would be betrayal of
the people. Palmer argued in support OF
the bill. II could not tacitly 10 asserted,
he said, that the president did not favor
the use of both gold and silver as the stand
ard money of the country. nor did II follow
that. because the president failed TO say
word i'm reference to bimetallism In his
recent message to congress. he would dis
approve legislation providing for the coin.
age of both metals that would be of equal
exchangcable and intrinsic value. He
expressed the opinion that the majority
of the American people not only approve
but would rapturously applaud legislation
that would establish and maintain the
bimetallism of tho Chicago convention.
He believed, however. in the present state
OF the market II was beyond the power OF
any finite mind to fix n ratio OF silver TO
gold, because the market value Of silver
was in state OF chronic fluctuations.
The bill having been laid aside and the
case of the Montana senatorship laid be-
fore the senate, motion to lay that, ,aside
Informally and proceed to the considsra-
tion of the bill to increase national bank
circulation was made by Mcpherson and
agreed 10. Tho bill was taken up. tho
question being on the amsndment offered
by Cockrell for the redemption OF such
per cent. bonds as may be offered, and
for payment in new issue OF treasury
notes. Stewart took tho floor aud set out
to antagonize some OF tho positions taken
in Voorhees, speech. After brief debate,
tho bill and amendment won't over with.
out action. A resolution was offered by
PETER. and went over till tomorrow, call
ing on the secretary Of the treasury for a
report whether the national banks in Bos-
ton. New York and Philadelphia were
being conducted In violation of the law,
whether they were paying depositors
checks promptly in lawful money and
whether they arc demand ing rates OF in
terest higher than those provided by Law
for loans of money, or discounting notes.
The senate then adjourned.