St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-23
AN ELOQUENT TONGUE.
SHERAAR Law REPEAL URGED BY
SENATOR V002HEES.

SRER&AR Law REPEAL URGED BY
SENATOR V003HEES.
HES EEEljEEDY oF THE TROUBLE
Every Dollar in Circulation, Gold.
Silver, state Bank Paper, o.. s..
Notes, Should BE on "a Strict
Parity-NationaI Hank System
Criticised-Eributes TO CIeve-
land and Carlisle.
WASHINGTON, Aug. 22.-Mr. Voor-
he's Dem, Ind.I chairman of the
finance committee, addressed the senate
in advocacy of the bill reported by him
last FRIDAY disseminating the purchase
of silver bullion. Senator Voorhees, said
that while the calm, unbiased public
opinion of a great majority of the
American people, irrespective of parties,
had justified the action of the president
in converting the extra session, the
causes for the action were widely and
dangerously misunderstood, and by
certain classes purposely misrepre-
scented.
Therefore, he deemed fitting a few
OF explanation, spoken in no words
Of strife or controversy. For five
months had gone up the voice of III
prophet OF financial evil. from the great
money centers had emanated cruel
edicts contracting the currency and re-
sulting in panic. No one believed there
Was want Of confidence in the govern
ment credit, or in the stability Of its
currency. Notwithstanding the empty
treasury left by the last administrator
and the record Of a billion dollar con.
gresS, the American credit was
better today than that of any
other country on the globe, and
even cOwardly capital seized upon
our bonds with swift greed. Investors
OF capital complained that the admins
tratiOn had refused to issue at least
$500, 900, eco more bonds. This additional
Indebtedness increasing the burdens OF
American labor would be hailed with
the keeneSt delight and swept with
avldlty into %nnpatriOtic vaults by the
very parties who most loudly detained
against the government credit. There
were many reasons why our credit should
be stronger than ever before. 1t rested
upon the absolute unity of purpose Of
the American people that it should be
upheld. No one but a political madmar
would deem a political contest in thi:
country ever again possible on lines o.
sectional animoSity. The public credi
OF every European nation was unceasr
ingly threatened by shadows OF cominl
wars financial rnSnuroaS fharn WAR
constantly weakened by vast standing
armies and permanent navieS, bUr
throughout the wide earth there were
none To modest us or make us afraid o.
wal or
RunOrS of War.
Alone, as it we're, the Colossus of tb(
Western hemisphere, and towering VI
III isolated power and glory Our limitles:
material esource are sometimes over
looked in summarizing the elements o.
our financial strength. The interstate
commerce of the United States alone
exceeded in value the entire foreign
commerce and carrying trade of Grea
Britain, Germany, France, Austria, HOl
land, Russia and Belgium put together
Development of internal %reSOurceS o
wealth on farm, in factory, on the
rivers. on the ocean borders, in the
mountains and on the inland seas
dwarfed into insignifcance the achieve
ments of any other age, race or nation
Legislation had checked our foreign
trade and we had not today a CONNER
cial friend in the world. For every Law
that we enacted denying to foreign pro
auctions a place in our markets. and de
Ginning commercial friendships, W,
might be certain of an injurious blow i
return from every trading people in tn
world. He had faith that the giant evi
which crippled this commerce would b
removed with other evils which chal
lenged attention and action, and if TIL
true greatness of the country wa
studied it would be seen that
Financial Panies
and alarm could have no foundation
here. But there was another and ,ey
ceedingly sensitive and powerful ties
of ouer government credit which as
serted its claim o only to the trus
and admiration of the American people
but also to the business confidenc
and respect of every civilized natio
beneath the sun Money was simply me
dunn for the exhange of values; none
was a creature and congress its creator
Gold and its alleged intrinsic valu
went for nought as a circulating Inc
dunn unless the coin bore the stamp {
the governmental stamp more power
full than the grasp of the lions paw c
the eagles claw in bestowing life an
activity or a dead and otherwise use
less material. The same official STAN
on silver or on paper at once ennoble
them to an equality with gold, in pul
chasing power, no matter how debase
or valueless the material may have b,
come as commodities by siniste
or unwise legislation. 1t woul
doubtless sound strange to som
ears that there were nine differeI
currencies transacting the business
this country, and to a large eXter
the business of the world. So uniforl
in purchasing and debt-paying powe
were they; so in harmony with eac
other and interchangeable. that hardl
one half of them were generally know
to exist. National credit had bee
tested by the smooth and harmoniou
circulation OF those nine %currencies, an
had met the ordeal in a manner
awaken the pride of every patriot
mans heart. Never was a part of
discounted or discredIted by the govern
ment itself. That happened once an
will never happen again. He referred
lie |greenDack cuileLcy Of lSG2, isSul