The morning call., 1893-08-23

fishness and greed of the money power
which had done so much TO aggravate the
financial situation. and spoke in favor of
the present pension system as helpful in
the distribution Of money. He urged the
necessity of the Government providing
a new circulating medium in place of that
furnished at present by the national
banks. He favored, in addition TO
the money issued by the Government,
currency, properly guarded, issued by
State banks. He urged the necessity
for financial legislation % which would
furnish sufficient volume of currency on a
practically specie basis, guaranteed by
public honor; (2) to deprive individuals,
CORPORATIONS or syndicates of power to
cause fluctuations in the amount of the
different currences in circulation; (3) to
maintain on q parity gold, silver and paper
money; a. to settle the status of silver
money by authorizing it to form a portion
of the specie basis required by the consti-
tuition for chartered banks; % to over
throw the dangerous Capitalization of
money power now existing at the money
centers and In the hands of a few indi-
viduals by giving the people of the States
the right of home rule on the subject OF
money, thus securing them home circu-
lation.
10 these five propositions be added a
carefully adjusted and graded income tax
should be provided for as the most equita-
BILE and upright measure for providing
Government revenue.
The delivery of the speech occupied one
hour and 50 minutes. Alter VOORHEES, took
his seat he was congratulated by many
Senators, and the debate was continued
by Dubois, in opposition TO the bill. There
was not Senator on the floor, he said,
Who had not been elected on a platform
which pledged him TO bimetalIsm. He in
sisted that no representative of the people
had a moral right. by his vote on his own
judgment, to put the country on gold
standard. 1t would be betrayal of the
people.
Palmer argued in support of the bill. 1t
cannot be fairly asserted that the Pres
ident did not favor the use of both gold
and silver as The standard money of the
country, nor did it follow that because the
President has failed to say a word in
reference to bimetaIlism in his recent
message to Congress ha would disapprove
of legislation providing for the coinage of
both metals that would make them of
equal exchangeable and intrinsic value.
He expressed the opinion that majority
of the American people would not only ap-
prove but would rapIurously applaud legis-
lation that would establish and maintain
bimetalliSm. He believed. however, that
in the present state of the market ii was
beyond the power of the finite mind to fix
the ratio Of silver TO gold. because the mar
ket value of silver was in state OF chronic
1uctuatiUn.
The repeal bill having been laid aside,
and the case of the Montana senatorship
laid before the Senate. motion TO lay
that aside also informally and proceed TO
the consideration Of the bill to increase
national bank circulation was made by
Mcpherson and agreed to. The bill was
then taken up, the question being on the
amendment offered by Cockrell for the
redemption OF such per cent bonds as
may be offered and Tor tie payment in q
new issue of treasury notes. Stewart
took the floor. and set out TO aBtagoniZe
some positions taken in Voorhees, speech.
and after a brief debate the bill and amend
ment went over without action.
A resolution was offered by PETER and
went over till tomorrow, calling on the
Secretary of the Treasury for statement
upon the report that the national banks in
Boston, 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 were demanding rates of in
terest higher than those provided by law
for loans of money or discount ting notes.
The Senate then adjourned.