Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1884-11-27

are st present paid In part from the
proverbs OF this tx aud In part by AS
easements on banks. 1.-THE tax be nbOl-
lshed all Of these expenses should he
paid by the last named method.
In concluding this subject the comp
troller wishes 70 have u distinctly un.
derstOod that he IL not Ina fay ~ any
measure which will cause iDilatlnn.
| He IL OF the opinion that the present
aggregate paper circulation, made up OF
| legal tender and national bank
notes aud gold and silver GER
tificates, Is ample for all
the needs OF business He believes
however, that the sudden contraction
81 the national banl, circulation, which
withou. appropriate legislation 10 i'm
minept. will seriously embarrass busi-
ness. and that " this contraction Is
~ rmitted soon X may result in the en-
| tire diecuntinuanCe Of the ISSUE
OF notes by national banks,
The comDtrolier believes that this
| form Of currency, which can be iu-
creased or diminished in accordance
with the natural laws which control
business, should be continued In pref
erence to any other now permitted by
law.
In regard 10 circulation based on
silver, the comptroller SAYS the people
Of the United States now
hold paper circulation based on
silver dollars, in amount equal TO more
than one-thiId uf the national bank
circulation III II Is for he best inter
cot OF tile United States 10 Issue CIR
culation based on silver, the comp
trDller believes that tho circulation
should b. i-suvd upon coin or bullion
which contains sufficient number
OF grains OF oliver 10 have
an Intrinsic value equal I'M
the markets IN the world to It's nOuh.
nal value. Some writer's have sug-
gtsitd that the circulating medium
might be based on bulliou, both OF gold
aud silver, aud the comptroller Is OF
the opinion that under certain reatiic-
tons and regulations il would be
far more correct la principle To
issue silver certificates based on
the deposit Of silver bullion TO be
valued In the exact proportion NJ silver
to gold tnRn To continue the issue OF
certificates under the present law. II
this were done silver bans might be-
stamped at their market value and
held In the treasury for the redOmp-
ton OF certificates, which would call IN
All amount OF silver equal u their
nominal value express d m gold. The
bullion represented by the certificates
should be periodically valued nC its
market lice In gold. a prupOrtlouate
amount Of silver 10 held may, per.
haps, be coined 10 provide the means
for redemption OF certificates, II re-
demptlOn Ia required for business
purposes, The comptroller believes
that the use Of silver IN this manner
and its periodical valuation would
have more influence Ina approaching
the market value of silver among the
ma ions OF the world than the present
coinage OF li2l grains of silver a. dol
lar, The issue Of currency hnaed on
silver should not be Unlimited, and
the present laws making the purchase
and coinage of a fixed amount Of all yer
bullion mandatory are very pernicious
In their effect, IA an unlimited and
continued Issuance Of full ltgal-tender
silver coin aud certificates based there.
on OF Intrinsic value less than their
lace has already caused the honrding
of gold and viii eventually drive Il
rom tue Chauuels of trade, thereby
causing practical suspension Of
gold payments. There are many
indications of this, notably tho
uncaslness IN financial circles IN June
and July last, caused 10y the reserve OF
gold in the treasury falling so near To
the point az which, under the law, the
issuanoe OF gold certiiicatian ceases.
II will also be observed that during
the present year the national banks
Throughout the country have Increased
their hOldinRa of gold, including
certificates, in the sum oi $40 6l5, 1850.
The comptroller concludes mis- re
port with discussion OF the subject of
bank examinations aud the considera.
ton Of the financial troubles OF May,
1854.