Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-08-22

which had been witnessed on the present
Administration to compel an enormous
unheeded by the American people. nor had
the authors of the sault and those inter
ss,en IN It's success escaped widespread and
thtelngent observation. By breaking the
soid reserve II was supposed the Secretary
OF the Treasury would be under the imme-
keep the reserve intact The attack. there
fore. on the head OF that column was swift
ana strong. With intervals OF delay for
lacks have been repeated again and again.
and have only slackened in their frequency
ana force since IL was found that the exec
utive department could not be coerced In
that way. The campaign of capitalists
seeking a new supply of DEMONSTRATING
selves to any one point of assault. While
they operated TO break down the gold re-
serve and TO that extent impair the public
credit, they startled the country and thrill
ed the world with the cry that American
gold was ruEaing away from the silver
blasted country. chased out by silver money
and that there was no way TO lure II back
except to bait plentifully with government
bonds. The Sherman act was made TO do
double duty and was charged with grave
believed that our silver had driven gold
from the country, and in this connection he
recalled the wall of dismal prophesy that
| went up when. in 1878 the attempt was
made to check the torrent OF bankruptcy
and ruin occasioned by the remonetizat ton
of silver In 1873. Ii was predicted that gold
would ny TO the utternost parts OF the
| earth from beneath the folds Of the Amert-
can flag to escape the contamination OF
silver. What did occur? The government
coined twenty-four million Of silver per
/ year for twelve years. and meantime the
gold in the United States increased at the
rate of forty millions per year. Such was
the fulfllment OF the prophecy OF 1873 and
| yet he was now expected TO believe that
the free coinage OF silver at a proper ratio
| would Danish all our gold and put US on a
single silver basis. He must be pardon ed
for believing nothing Of the kind The gold
W. To hA faA "a
/ part OF the plan to sack the treasury. which
was TO be accompanied by a concerted
outcry from terror-str1cken business
circles and from the whole national bank
| ing system. that nothing could restore
confidence and credit save the issuance OF
| three hundred millions Of bonds. He had
| no desire TO assail the national banks
| 1t was the system he arraigned and not the
| individuals who conducted IL. The unre-
| stricted, unrestrained and unbridled power
of these banks whereby the circulation Of
money in the hands OF the people can be
| and often has been suddenly fuctuated
| from a prosperous maximum 10 a stunned
and distressful minimum. constituted a
standing and a frightful menace against
| the safety, the welfare and the happiness
of the great and most useful body OF the
American people.
The National Banks.
The idea presented was appalling and no
| other nation on earth had ever permitted
such power to private parties. In the at
tempt to force the government in the atti-
| tude of a borrower TO escape bankruptcy.
| the banks had endangered their own credit
and in many instances total loss of the con
hdence of those who trusted them most
Without unkindness in his heart, still he
| must say, the consequences be On their own
( heads In the midst OF a fair and reason
able degree OF prosperity the volume OF our
circulating medium, even while the people
4 were looking at II. suddenly shriveled away
and practically vanished from their sight. as
| II by some Internal enchantm"nt. money
disappeared in a single night, AMI left the
people In mourning and deep trouble when
the morning came. Had the men OF active
/ business and the toiling millions who suffer
most been tempted in their distress to say
( that there was no longer any money in this
! country? The books showed that some
thing more than s. 500, 0Oo. 0.0-nearly S2i per
J capita-were in circulation within the past
year and should be I'm circulation today.
The government was not in direct con-
/ tact with the citizens on this subject. The
/ national banks were between the govern
4 ment and the people. and in their vaults to-
day lay hidden millions and hundreds Of
/ millions-not less than two-thirts OF the
! whole amount dedicated to circulation on
the books of the treasury. held there by the
cowardy. unpatriotic fear which has always
haunted great earthly possession; Could
any one be blind to the fact that the hanks
/ had not only and without >ausa except
1 their own interest turned their keys on all
business prosperity. but that they had also
attempted to seize the government itself by
I the throat and TO play bully AMI mastin to-
ward those highest in authority.
The millionaire and the Laborer.
In this connection another great evil aris-
1 ing from the selfish and greedy instincts Of
the money power. demanded thoughtful at
tention. on general principles the contrac-
! ton of the currency throughout the whole
country was object eagerly sought by
that limited but powerful class Of people
who control four-fifths of the wealth. and
nearly the entire volume OF the circulating
medium of the United States. The power
4 Of the millionaire over the property, the
! labor, and the very lives ~ the people de-
! pended not merely upon the great sums in
his own Golfers. but equally as much. and
I far more on the fact that the great indus
trial classes had scarcely any money At all
In their hands, and were deprived Of every
/ reasonable chance to obtain more. con-
! dition OF the two extremes OF vast con 7oli-
dated wealth one hand and absolute
4 poverty on the other-both very dangerous
was rapidly eliminating in this country.
/ Every proposition TO put more money in
4 daily toll was always fearfully denounced
1 by those Interested in minimizing the
wages Of labor and the exchangeable value
! Of property. Every dollar which tended to
make the people independent Of the BANKS
OF usurers and taskmasters was look Cd
upon with aversion. Even the pension rolls
! OF the government-those records sacred To
the blood and tears Of millions shed for
the existence of the American Cnion-hai
not escaped determined ana vindicti.e as
/ sault The fact that the amount of money
| in circulation is largely Increased every
| three months in the year by the payment
/ OF pensions that IL is done without the
! agency of the banks and beyond their con-
l troll for huctuation, has excited the open
and bitter opposition Of the great money
! centers from the very beginning os our
/ present pension system. The charge ROW
/ made of fraudulent pensions was simply a
I continuation Of what had been heard from
the start, and had the same inspiration IS
! In former years. That frauds were some
times committed in the pension Office Was
| undoubtedly true and they should be inres-
| be truthfully said of every other office or
| institution known among men. Fraud was
/ incident to human affairs and from II
| there could be no complete escape: bur in
were better far that even fraudulent Ign-
sion should be granted than an honest
well-earned. well-merited pension should lie
| denied. IL was the question of money how
| ever, and not the question of fraud which
| provoked the greatest wrath IN certain
! quarters on the subject Of pensions.
| After quoting from his former speeches
| on the pension subject MIR. Voorhees, said
that IL was clear TO his mind that pension
| money, amounting to over $50 10000 DER
annum, perhaps, and going eyervwhere.
| was one of the greatest sources Of relief
| now left to the people in the way OF cur
| rency, Independent of the contracting re-
| storing power Of the banks.
| Turning again to discussion of the ma
| tional banking system Mr.. voorhees, as
| serted that the banks We're entering on a
| final fight for prolonged future existence:
| they engaged ar their