The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-08-22

chartered bank of the Site, subject le
the control OF State authority"
Mr.. Voorhees, ergued that whe1 the
| Federal Constii ntion was framed, there
was reserued the right OF the States &c
| provide their people with circulating
mediu um through the agency Of
Stale Banks; 1t was always
| admitted, he said as an
incident of domestic sovereignty. The
! idea that the Federal Government can
constitutionally. by "a pretended tax
law" could paraiyze such power as the
States. aud render it void and of no
| effect. was q total contradiction of every
sound principle on which the American
| Union was formed and now rests
| After completing his argument as to
] the constitutional rights of the State
banks. Mr.. Voorhees, concluded his ad-
dress as follows:
And now. Mr.. President. let us for q
few moments suppose tina. This taxation
OF the powers and faculties of the State
to their sovereignty. and TO the
efficient aud Independent manage
| ment and administration OF
thclr internal affairs" has been repealed,
and ths States once more left free to
exercise their clear, unquestioned
right to establish banks and provide
for the circulation of currency.
Those who live to witness the ADOPTION
of the policy here outlined, will ir
any Judgment look upon the
safest. strongest aud most beneficial
system of hnance ever known in
American history. It has in iJ the ele-
| ments with which to accomplish the fol-
lowing paramount and indispensa able
features of all sound financial legisla-
ton:
A FANCY PICTURE.
81. A sufficient volume OF currency at
all times. Seats and National, on prac-
tically specie basis. guaranteed also by
public honor with which to transact the
| growing and expending business de-
velopments of the country.
''2. The absolute denial and destruction
OF all power in the hand of individuals,
corporations or syndicates. to cause iuc-
tn aticns In ths amount of the different
| currencies in circulation. thus rendering
panfcs and periods of business distress
impossible for the future.
%. Every dollar in circula tion, whether
gold or silver. State bank paper or
United States notes, on "a strict
parity and inrerchangeable with every
other dollar. thus securing to
the people the benefits and advantages of
rency, circulating in harmony and uni
formity and performing all the functions
OF money at home aud abroad.
a. The settlement of the vexed
question of silver money at once and
| forever, by authorizing it to form its
proportion of the specie basis
required by the Constitution of
| the United States for every
chartered Stats bank in the Union; by
recognizing it, as # is recoguizsa by the
terms of the Federal Constitution when
defining the power of sna States to make
| legal tender money, thus making the use
OF silver coyned into money, as impera-
| tive as i5 will be useful to the great body
Of the people.
rs. The total and complete overthrow
| money power. now existing at few
| money centres, and in the hands
of q few individuals, by giving TO
ths people of the States, the right of
home rule on the sEbject of money, aud
thereby securing to them reliable, non-
f1uctuating homo circulation.
"Sir, to the foregoing five propositions
| will at this time add put one more, A
tax upon incomes, carefully adjusted
aud graded. has always been to
my mind. most. equitable aud
upright measure in providing
Government revenue. While laying
taxes on the wants and necessities of
iaooring men, wo men ana children, and
from which there is no escape for them,
justice. eternal, old fashioned JUS
tice. demands that those who have
incomes beyond their necessities.
and as q surplus over their
expenditures. should be req uired to
contribute from 9heir abundance, and at
fair rates, to the support of the govern
they have prospsred and grown rich."
+.