New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-23
vrW.YORK VIEWS OF MONEY.
.rxIroR HISCoCK'S DISCUSSION OF THE
FINANCIAL SITUATION.
or HIS SPEECH on THE SHERMAN AMEND.
,vxr-A DEMAND FOR NON-PARTIsAN
LEGISLATION FOR TIE PUBLIC
WELFARE
fRY TELEGRAPH TO THE TRIBUNE. |

far TELEGRAPH TO THE TRIBUNEl
,,,,v,on Feb 23.-Oe II the most Interesting
.n,es OF the recent debate In the Senate over the
.s.,man amendment TO the sundry Civil Appro
'N,,,or hill giving the Secretary OF the Treasury
p 70 Issue fve.year three per cent bonds under
P, n, 1873. was the vigorous and spirited speech
'H O., s,nport Of the amendment by Senator Hiscock
A.. commemorative OF the best opinion OF his State
sroncld questions. Mr.. lliscock advocated the
Vosaa change In the law as sensible and beneficial.
"a nointed out with force and clearness that New
w, and the East could not possibly have greater
., NJ stake than the South and West IN main
n the power of public credit. The speech
s"arshont was admirably sound and effective, and II
,orroduced below practically in full for the benefit
rho J,Ihune's readers. Mr. liscock taking the
49, last Friday afternoon said:
~ Uiseock-Mr President It is always interest
49, rben a financial question is mp. to hear the
,,sss which are made against New-I0rk men and
~.m'york capital We told here to-day that this
...u,e originated with them, and Is intended for
-, financial benefit. imagine the distin guished
s.no,or who reported this amendment TO the Senate
=. rsnared 10 state IN his place that 1t was never
ro.,es TO him BY any human being. but that II is
49, ,esut OF his reelection upon the financial
.rsnon which cOnfronts us. 1t has been proclaimed
80 that New-York wants this legislation 10 provide
basis for It's banking circulation. Those who make
49,, charge know little OF banking, little OF the plans
:, bankers. and little OF the securities which they
~,u,a employ as the basis for their circulation
w., base IFS circulation upon fve-year security
49, hanks of New-York anxious for this legislation rs
nsss fol their circulation, when In my judgment. II
"a, ,eesation shall be enacted into law not dollar
:. honded indebtedness will be created against the
,,ted states under 1t Yet the raracious banks 81
xawyork. We are told. are clamoring for this legis
,., os basis for crculation-a five years basis on
$500 nor cent or less. These bonds TO go 10 the
-. and be sold TO the highest bidder, the lowest
.naor so far as the rate per cent IS concerned.
No stewart-Wll the senator allow me?
Mr. Hiscock-Oh. yes.
a. s,ewart-If that be so, presume the Senator
an voe for an amendment which shall propose to
this effect: ,, so. e..
,aons ~ this act shall not be receivable as security
e. The Issuance OF national bank security
That will test the question
", pscock-I can see a very good objection TO mat
,ronosion Have reached the point "here we s"''i
49, N national bond any use to which II can De pu'
Is discrimination against our own securities 10 " III
800 I'M When YOU limit the Of bond yoh
.,..,ota the value Of the security. ! am opposeu
q, wiling upon the face Of bond OF the United states
~, snsc,al use to which II can be put or Tor "hich
.. .sr n. used II goes 10 the markets OF the worii
,,a II should be used security for any purpose u
xhsh The holder proposes to devote H.
N, s,ewart.I understood the senator 10 say tha'
circumstances WOULD the DOuuS Nv S' "T''
n, u,scock-And believe that under no circnn'
~ IN ,hov no uxed As the ba sis for the circ'Ila
49,, =, hsnts Fifty million dollars may be issutu
-. ,h,s nreposition and we to be told mat 'h'
,n,v a, tho CITY OF NewIOrk are ciamoilhg lo'
soo 600 more OF National bonds as a m'Sia vi
,h,,r circulation advise the senators VINO nav
sreh an idea that years ago the National pihN7 SO
tenn rs q means of providing circulation Tor 'ne po
NJ. Of the United states, abandoned, ana 'he''
a., INV IN New-York a fnancicr or banker 1t
"a as to look 10 the perpetuaton OF That currency
,,,snt thew believe In II. ] believe III H. anu w
u,r, that there never was better crcu'a''o" ~,
IA he people Of this country than 'he VA 'ioi'
e,,,tjon but recognize the fact tha' me oo''u'
are Incoming due and / have welcomed S'N'r 81"
euhion and silver coinage. always 10 Dc "" ',
soler for dollar at the present ratio oil coih'ee mii
gold. have welcomed IL as ''
Of this country. ~. ,,,
No Mr.. President these attempts to discreoi' I'M
amendment By charges Of tais KIM are h''S i"S a.,
great question, and, much as admir- Wv .
tnguished Senator from Colorado tMr Ieii'r' "''o
say that on this particular occasion ne mas iIo ~
TO the height which re usually occupies 'n'
this 10 be said In respect Of the Ne"-iorN YOU
mercisl intercsts-Wa street. ii you please-'hh VIZ
GRO IN favor of honest money and they are III l">'
Of the best money used by any realm upon WIN" -.
sun shines They have never been s'spec''U' ="
ever will be- either Of reputation or oi any "'"'
to delase the coin OF the realm T.,
7 have understood In the course OF this di-c"S,'o
that It has been charged that Ncwl ,rk men d'P','
American securities. New-York men maTAe. "'i =
our American securities. Outside OF those piaoou
the markets OF the world by Ncw-lOrH agents, Nv"
20 abroad; and yet are told that the men w." y.
selling these securities are attempting u uf -,
them at the same time! Who believes II 80
agents who market these securities KNOW WI"
market abroad is active for them. when tie d'ih'""
urgent and when they drug in Ne @ All
k.t: they know when american STOCKS ar f., #,
the exchanges OF Europe and aioct th ~ lr0i
markets of the United states We hnu,I Guof /.
them and believe 1t, that are now III Il ".r :.
crisis which is having The effect OF ~ 1,hcr.
Mr., President. we are a d.btor nation; NH Mi "
We are amo, b0undlcss as Is orr "'1,i'i, ,, vhic
want TO borrow money for the lnllroIcniin In If
are being made within our broad domain. ~,
Senator's State. and IN oIh h. hn, in the (:
mich in NewYorl in New Ensianu' d Dr' 10 70 iono
West and in the south. They af. ra iuild up the
money to develop their resources aii " ~; fovhr OF
railroads; say here tGl' ne TO " dcprcciac pro
Of American securities the rncct oi ri,i.. in III
vent the active sale of American s9e.'' no, "wri
Judgment Is pursuing unwise PDh,I' W" -. NH
Nsw.York or Yew-Emgand Prnnsy yana S or ON
but toward the far West ana the /, 10 their sccur
which are wa!,ing to be soh. They are III INC '""
Of ycwYork agents for sale ,.o, ,,erc may rot
some individual outside of New lofl w'io mas
enough to float bond npen the , Enrep ar" few N.
away from the Atlantic coast who nave h s. in
and the financial reputation wh,cn WI an , Amric:
security. vc, Ihrse men who arc abroad 50 W,
thought n, nv. here inv,iclcd against. ana we
tod that they have consprcl Tor the hAhTy p"
which might be issued under TINS mIi ~ o r..
banking Cremation and that the great Seh ip - nv
Ohio Mr. shermanJ has become their mou'"f''''
advocacy Of This m,aSuIe -, ,o.od ,,ic I
The Senator from colorado has en ti o, , Gct'
a'cn Of the which ed 10 has 'h setn 'Y " Ii
the Republican party AZ. nha , nc t. h fail
MM recognize he fact that we are re-, ee ,s",
bat In nv State do not recognize Wv ID .b"t
vas splr,, Of discomfort which promoted 'i't =,
st sIpeo have been active In busns"s c,a 'ns
lever has beer period Of time wien a.. ~ 70,
from the lowest 10 the highest. were more plosp 'v ~,
we're happier and enjoying more OF the ,,n ycar
md Injuries Of life than they were I'D, ~ IN ahaf VIII,
- Lord 1902. l sometimes ihlhk tl,a u uere s.i
10 our defeat was because the people " ~" d 's
~ With the situation. and that there VIZ w ~, ma
PM 10 be engaged In. rs they believed W "''