Middlebury register. (Middlebury, Vt.) 1886-1937, 1900-02-23
OPPOSES CURRENCY BILL.
re Prof. Z. Z. Phelps, M. D., -. D.,
Mr.. Jones of Nevada Declares the Measure
vicious and Unwari anted.

ASHlNG1ON, req. l0.-MT. Jones Ol
Nevada occupied the latter part of the
session Of The senate yesterday afternoon
with a speech on the pending finance
bill He followed Mr.. Allison and
declared that the bill was vicious and
unwarranted, comforting too great power
upon national banks and fastening the
country to gold currency, and discussed
the questi from historical and
philosophic points of view. While very
long, his address aroused great interest,
replete as 1t was with valuable and much
unique Information.
"rhis 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
presented at some subsequent date to
retire the S346,000,000 of greenbacks.
The gold standard advocates know that
it would not do to attempt to carry
through all of their plans at once. That
would be a''shock to the American peo-
pc. There will be also an effort in the
near future to retire the treasury notes.
This will afford the national banks an
opportunity to regulate the volume of all
money save only gold and silver coin.
Thus an aggregation of private banking
corporations will exercise the sovereign
function of Issuing money instead of
that function beng vested in the govern
ment alone"
Mr. Jones declared that the measure
provided 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 five years knew this would be the
result.
"Previous attempts" he declared, 'to
fasten the gold standard upon this
country have plundered sthe American
people of thousands Of millions of
dollars"
Referring to the provision for the
issue of bonds, Mr.. Jones said: This
bill is vicious from beginning to end. 1t
is a monstrous proposition that any
executive officer of the government
should have the power to bond the
American people"
Mr.. Jones then entered upon a
phlO,ophic discussion of the history Of
gold and silver money, comparing and
ansll zirg the history If gold and silver
coinage in this and in other countris 5.
In tie course Of this statement he as
serted there was really no such thing as
gold standard Every standard was
cumulative, aid the quantity of either
gold or silver coin was regulate d by the
accident of the discovery of the metals.
He commended, therefore, that silver
4 Io ,,,;, G
the country with gold.
Reverting to the provision. of the bill
which will enable national banks to Issue
currency up to the par value of bonds
deposited, Mr.. Jones declared that the
issue of currency was no function of
banking and had simply been superadded
to the proper and useful functions of
banks. He maintained that the result of
the authorization of national banks to
issue so great an amount of currency as
they would be able to Issue by the provi- |
sions of the pending bill would be to
place in the hands of the banks the credit
of the entire people and the power, in
times of financial pressure and financial
stringency, absolutely to bankrupt
thousands of people by calling in loans
in the regular conduct of their banking
business.
This bill places in the hands of the
national banks the control of the bonded
debt of the country" said Mr.. Jones.
whenever the banks see fit they can
reduce the gold reserve below the limit
and force an issuance of bonds; and this
process can go on indefinitely. All this
is in the interest of the creditor, in the
interest of the bOndholder and grievously
against the interests Of the masses of the
people of this country.
sit is all done in the name Of honor
and of honest money"
Mr.. Jones spoke with bitter sarcasm of
the financial dependence of the United
States. lie declared if a cock fight oc-
Cured in India it produced panic in
Wall street. and the war between Great
Britain and the Beers was disturbing the
finances of $4,000, 900 of American peo-
pie.
Political independence. said he, sis
much to be desired, but | would rather
| live under an absolute despotism and
have financial independence than to have
political independence and be financially
dependent. Political independence with
out financial independence Is independ-
ence only in name"
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 would in the future have such
money. The time was not far distant,
he thought, when there would be a
general demand throughout the financial
world for our money, of whatever 1t
might be made.
In conclusion, he advocated the issue
of a paper currency.by the government
alone. This currency should be entirely
independent of gold, silver or anything
else that possessed inherent value. Such
money, he argued, regulated in amount