Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-12-29
SW ANS0N ON FINANCE
The Virginia CODsreSSmau'S Speech
Against the Republican Bond Bill.
TRADE BETWEEN THE STATES.
MIR. Tucker Introduces Measure
with Reference 10 Its Regulation
ether Washington city Notes of
Special Interest.


/ (spocalD-lt may have been a great sur
/ prise TO Mr.. Reed and his cohorts TO
/ nnd such dislGcction among the Repub-
/ leans. and further fl must have dazcd
/ the leaders To- find SO large number ~
I the majority side who dared refuse TO
be- bound and gagged and bodily deliver
cd upon any question that the Speaker
might determine through his Ways and
Means Committee. The bin was passed,
but the fact has been disclosed TO Mr..
Reed that he will have 20 count his men
close in the future, for all OF them will
not submit to absolute bossism all of the
time.
Mr. Swanson was the only Nirginan
who spoke upon the bond bill, and his
speech elected considerable applause
from the Democrats and disanected Re
/ puhncaus.
Mr Swanson said in part:
"Tne two measures introduced by the
Republican party as a solution Of the
present difficulties were complete ana
thorough failures. Instead of alleviaung
! the present difficulties they Will nieH@i4
them" He showed that there was no de-
/ ncicncv i'm the Treasury; there being ~
/ tie Treasury on the 1st Of December a
/ cash balance, as shown by the report OF
the Secretary of the Treasury. OF >li1i'''
$50 So. thus leaving SiIi6oS6.t- OUTSIDE Oh
the gold reserve 20 meet all the current
expenses of the government lhe SeeIe
tarv estimated that the deficiency next
wear would Doe S7o0.0eo thus leaving stil
d. surplus OF $60D0oo0 20 meet al current
eypenses. The Secretary estimated that
/ th. succeeding year thcrc would De
/ surplus OF S1O00O00. Under this ldea' al
the end Of two years and hait, the
present bin alone would give q surplus
Of S7oe0Go0 in the Treasury ABOVE cur
rent expenses. The bill passed yesleinas'
/ hv the claims Of IT'S friends, I'D Two years
and a half would WELD additional revenue
Of Sl0ec9.000 making the surplus D."
the Treasury at that time about nun
drel and seventy million dollars. lhls
amount Of money would be out OF ciic'-
lafion and not needed for the current eA-
/ penses OF the government.
Ho then showed that the bill under
/ discussion to-day for the sale or oohl7
/ Drop0sed indirectly, and Wouid a'u "f
/ the sale of bonds. an addiuohal SUE il"9
=, mo Treasury. amounting to abo-t
. SWUor0 which would euecl1"Al l'',l1
/ The croonbacks and the Treasury notes
f., fhat amount from circulation, without
substituting any currency in their place
He stated that he was opposed 10 lAe re-
firemaut OF the grecnbacks. ttr StlI
/ that there was no redundancy OF cur
/ r4rcv at present The idea oi q Dc IAh-
danrv Of currency emauaies from lh"7e
Who discuss currency from per capita
standpoint
CURRENCY QUESTION.
IT,. said nothing was more ridiculous
/ chan To imagine fhat currency sh"ui4 n1
I'm proportion to the population. People
ar. not traded in. Men are not bought
I and Sold As currency gives Falu+ 'o
/ property. and is "a medium OF tNchahs. .
it should be in proportion 10 the W-aIth
/ and business OF the country. The pusi-
ness of country is regulated hy JUS
wealth. The only year. boy the census
fr which we could form AN estimate
II. To- what is the proportion between
/ money and property. under normal con-
/ diftous is the year lNp. When We hdi
/ both gold and silver; since. ln ls'. we
were 0u a gre rhdck basis. Win htllh.F
gold nor silver. and in l~' ana lAp si-
yer had been demonetz'd
He showed the in ls} we had 81
for every So worth al property. by
The census of $50. and at pr sent, we
have only 81 for every SIS worth of pro-
r.rfy IL we should increase our cur
rency 10 make it bear lhe 7"in .'ig. ...
ton To- property as existed in l@p we
would haV, to add to our currency >''.-
/ O-1II II the gr.enhacks We're ielliti
,,a vo-l only have 81 for every $50
,,..1 or rronaItv. lie showed that
this would result in great depreciation
~ rr.o.s He stated that the census
eioi..r tr.t tr. entire taxes o. an
I Bind. collected i'm The United States
',.,l,,rt4g to sf0nsIrIp. and that if the
,,rearbarks were retired there wouldn
b.. money enough in circulation 20 pay the
annual taxes in the country. he showed
c,.,o tba census that the indeble dness
/ Of this country public and private,
/ amounted 90 S-0ZZ1On.u1, that the an-
nual interest payments in This country
I arnouuted 90 flIl5ONJJI. and. thus ihit
n the crecnbacks were retired the an-
mal intcrtst-chargo in this country Woul
be far in excess of the entire
1 circulation. He argued that this meant
/ continued falling prices, bankruptcy, ana
paralysis of business.
IFe presented 90. necessity OF making
III. currency OF the country cowe-pon
in quantity to the value OF the property
the amount of business. the taxes me an-
nual payment OF inI Ieie9,' a'' 'D' li-
debtodr'es and and he @h'" DO" I'D
/ present currency lallti I'D ''iI i'ii' li'
tncs. respects
INTEREST ATE COMMERCE.
,.,... ,... t...,
Cong ies, iIit" many ~'i,' ,''o
duoe4 % On ~ o5 80, D., l.-,....-., 49,,
tween lN. ''a,'s & s,..e 49, ~, t,,.i,
-..'', - s,oto ur..r tho Same
ness in ano'heI 9la.e uI.-' NJ l .r ,,li,
laws as the c.',IenS Ci ,''', -, ,i'
is' c.u%en 1l ~" W" W. ,,i,..i,i, ,,,der
49, so,oa restrictions ana with the same
,'r.,.le~rs ''T as fhe citizen of Virginia.