Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-02-14
OPPOSED CURRENCY BILL
Mr.. Jones of Nevada Addressed the Senate
at Length.
Declared the Measure Vicious and
That Too Much Power Was Given
to the National BANKS.

Mr.. Jones of Nevada occupied the lat
ter part of the session of the Senate yes
terday afternoon with speech on the
pending finance bill. He followed Mr.. ALI
son and declared that the bill was vicious
and unwarranted, comforting too great pow
er upon national banks and fastening the
country to gold currency. and discussed
the question from historical and phiiosophic
points of view. While very long, his ad
dress aroused great interest. replete as it
was with valuable and much unique infor-
nation.
This measure" said he, "is the climax
of efforts that have been made since 1869
to abolish the use of silver. 1t is certain
that there will be additional legislation pre-
scented at some subsequent date to retire
the $346, 000, 600 Of greenbacks. The gold
standard advocates know that 1t would
not do to attempt to carry through all Of
their plans at once. That would be a
shock to the American people. There will
! be also an effort in the near future to re-
tire the treasury notes.
This will afford the national banks an
opportunity to regulate the volume of all
| an aggregation of private banking corpo-
rations will exercise the sovereign function
of issuing money instead of that function
| being vested in the government alone.
Mr.. Jones declared that the measure pro-
vided clearly for permanent increase in
the bonded debt of the country. Anybody,
he said. who had read the history of this
country for the past thirty-fve years knew
this would be the result.
Previous attempts" he declared. ito
fasten the gold standard upon this country
have plundered the American people Of
thousands of millions Of dollars"
The Issue of Bonds.
Referring to the provision for the issue
OF bonds, Mr.. Jones said: This bill is vi
cious from beginning to end. 1t is mon
hn oY off
Ger of the government should have the
pc wer to bond the American people
Mr.. Jones then entered upon a philOsophic
discussion of the history of gold and silver
money, comparing and analyZng the history
OF gold and silver coinage in this and in
other countries.
In the course of this statement he
sc rted there was really no such thing as
a gold standard Every standard was guam
titative. and the quantity of either gold or
silver coin was regulated by the accident
o. the discovery of the metals.
He contended, therefore, that silver
should have equal access to the mints of
the country with gold.
Issue Not a Banking Function.
Reverting to the provision of the bill
which will enable national banks to issue
currency up to the par value Of bonds de-
posted, Mr.. Jones declared that the issue
of currency was no function of banking
and had simply been superadded to the
maintained that the result Of the authori-
cation of national banks to issue so great
an amount of currency they would be
able to issue by the provisions of the pend
ing bill would be to place in the hands of
the banks the credit Of the entire people
and the power, in times Of financial pres
sure and financial stringency. absolutely to
bankrupt thousands of people by calling in
loans in the regular conduct of their bank
ing business.
This bill places in the hands Of the ma
tional banks the control of the bonded debt
of the country, said Mr.. Jones. When
ever the banks see fit they can reduce the
issuance Of bonds; and this process can go
on indefinitely. All this is in the interest
OF the creditor, In the interest of the bond
holder and grievously against the interests
of the masses of the people Of this coun-
try.
of honest money"
Mr.. Jones spoke with bitter sarcasm of
the financial dependence of the United
states. He declared if cock fight occurred
in India it produced panic in Wall street
and the war between Great Britain and the
Roers was disturbing the finances of so
OOOOO0 of American people.
Political Independence said he '.is
much to be desired, but ] would rather live
under an absolute despotism and have
financial independence than to have polit-
zeal independence and be financially depend-
cial independence is independence only in
name"
should Have Our own Money.
Mr.. Jones maintained that this country
should have its own distinctive money
which would not desert us in time of trial.
and he believed that the United States