The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-08-25
DR.. ENGLISH ON SILVER
NeWark's CongressmanWill
Vote for Repeal-What
He Would Like to Do.

address on the silver question Ia the
House last Friday elected favorable
comment. Nj. English declared that he
was II bimetalist, ana as such would vote
for the repeal Of the purchasing clause OF
the Sherman law. II shall vote for the
repeal he said. '.because the law is
vicious of itself, based on II wrong princi-
pal, has defeated the object which It's
friends assumed 1t would attain. is a bar
TO that international monetary agree.
ment. which. in nv judgment. in the
condition that England has pl iced her.
self by her blunderlng Indian pulicv. will
otherwise be brought about. Whenever
that bar DE removed. when the countries
OF the world agree upon q ratio
gold and silver, then We may safely coin,
not the dollars OF u fathers. which
never was i'll any great amount, but thu
silver aud geld of our fathers. But
when | vote Tor the repeal of the law I do
not vote for IL for y moment holding that
it will be a panacea for our evils, for It's
repeal will not restore that confitencs
which we lack IL uuaccompanied by
other measures.
1T HE TAI THE POWER.
In the course OF mis- remarks Mr.. Eug-
lish spoke OF what he wonlu do had he
the power. He said
In the first place / would not repeal
absolutely the lax OH the State btnks, ~
has teen suggeste / see. in the other
House of Congress, bat l would make
this provision; In my W State OF New
Jersey, and | believe In New YORK and
other States. receHtiy in Georgia aud
North Carolina, laws nave been enacted
by which no bank can issue notes with
out providing y basis for the redemption
in bonds. approved by the Governor and
the financial officers of the State. From
that New -Jeysey law the National baak
system WAS borrowed, and IL Is as good a
law today AS IL WAS then.
Therefore had / the power / wouli
pass a law providing that when bau ks
of any State gave sufficient security for
their currency, so as 10 avoid the danger
or iDflictiBg wildcat or red dog upbn as
any more; that when they provided such
security to the satisfaction of the Comp
troller of Currency. u IL was duly ceill-
fed and approved by hun, the Secretary
Vi the Treasury should pe empowered and
directed to cause to be paid Il Rebate Uf s.
per cent. of the 10 per cent. tax. thu
placing the State baaks ON a level IA 10
taxation with the National bank.
Il would do that Ia ordbr TO hold a rod
over the national banks. who are now
making The Treasury work night aud iav
in order that there msy be brought back
some OF the Money they havs Withdrawn
from circulation. FURTHERMORE, | would
have all the bullion In this Treasury that
was not there 10 meet absolute obliga-
lions. coined-uot into Gol4rs (whuse
legal tender power l wouia Hut dis urh),
tut into half deHars OF the present weight
aud fineness. For. mark you, there are
currencies and Gu r~euei.s.
A CURRENCY OF TOKENS
"The currency of every day life, the
currency OF trade, is q currency mainly
Of tokens Its intrinsic value is of very
little consequence. To-Day two half dol
lars do not contain as much silver az one
standard dollar, but do you know any
one man outside Of 8 lunatlc asyium. aid
you ever fnd a mar Hnywnere, VINO,
when YOU offered him Two half dollais In
purchase OF goUds would say to vou:-
My dear sir, there Is loo little ,iiver in
these; give me u standard dollnr.' ThAs.
coins come into your hands ana they 20
just as the filthy, disease breeding notes
dos nobody looksa at them. How many of
you have circulated couAterfeitea notes
without knowing ftf / nave no doubt |
have been Within range OF the penitea.
tiary unwittingly a d.zsn times la nv
life. But / would also prohibit the issue
Ut any Treasury nots or other uou-iuter-
est bearing obligation under the deneini-
nstion of fye dollars.
with ihese measures you would bring
relief IN the way OF CURRENCY, and you
would give condolences BY thu repeal OF
this purchasing power. or course. we
want in this country, rs in eyery coau-
try, q system by which we can regulate
this currency according TO rhs n seu4 Of
the Deople-expand 1t as desired and con-
tract IL If necessary. / do not Know of
any better mode of solving that problem
than that which was arst suggested, L
believe. by the late Pfesidens CARRIED.
and which has been adopted, / under
stand, by 8 distinguished me m of this
House; that IL, that tbs holder of q
United States bond shall he authorized
10 take It to the Treasury and receive
United States notes for 1t, the Interest
ceasing from hat moment, aud when hs
has no more occasion for the money sh ali
be allowed to Come back and buy his
bond at the same rats at which he sold
it.. / think this would be a very excel
lent thing c~onjunetiveiY or as d supsis-
ment 10 the other measures.
PLAIN TALK.
But I tell you plainly-and you know
| have not indulged in any crimiuation
or recrimination, because / think with
the present distress around us anythiag
of that kind is d very bad thing 10 do
something like Nars Kidding wniie Ro ne
WIS burning-I say plainly that il III the
present temper of the public you sdiourn
This Congress without ths repeal OF ths
out supplementary legislation to relieve
the wants and distresses of the public
and TO restoIe confidence, I tell you
plainly you will hear from the people iu
thunder tones."