Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1886-12-22
a CLIMATIC eRRENBAoKERn

sOus hbbibihClOtJ W Hihsohj ~ "'N"'-H /
to those of his way OF thinking as "iuna-
tic Greenbackers." Like oil of his party, |
Mr. Chambers assumes his premises and |
deduces conclusions accordingly. The
gentleman from Cleburne represents the
last will and testament Of that party
which, in its day and generation, pro-
iessed to be, per set the party Of the
many against the few. All parties of "the
people" should be honest as sine qua
non. Is Mr. Chambers honest in his
assumptions and treatment of q great
public question which SO nearly affects
the people? Let us see.
In view Of the current general discus
sion of the possible future of national
banks, THE GAZETTE put this iuterroga-
tory for serious consideration, and not to
provoke such assaults as Mr.. Chambers
makes "Has not the time come for
Texas to change its policy with reference
to state banks of deposit and discount ?"
There was not the remotest allusion to
state banks OF issue, for THE GAZETTE
has EXPIRE ssed It's belief that the best sub
sutute for the national bank notes, should
they be Withdrawn, is coin certificates
which, with the greenback, or treasury
notes, would give the people cur
rency Of stability and uniform
value throughout the country. Blu
nevertheless, the Cleburne representative
of the defunct Greenback party goes off
in climatic" screed about "wildcat"
times OF half century ago, and, with
much evident relish, counsels THE GA
ZETTE to suggestions OF impractlcable
and absurd schemes for providing a
pleth ra of money; schemes Os absurd,
in fact, as Mr. Chambers own sugges-
lions to set the government printing
presses at work "making about billion
of dollars" to be loaned by the govern
ment on real estate security. We are in-
disposed to rob the gentleman of his
evident enjoyment of the climatic" CAT
lantis" idea, but men who write with
an honest desire to promote the public
good, and not to array classes in antagon-
ism, must stick to the text, and not sub
stltute assumptions for facts. There has
been no suggestion of state banks of issue
by anyone, and an entire page Of Mr.
Chambers letter was, therefore, wasted
effort.
The statement that Texas needs cheap
er money, which must be apparent to
every man, was a proposition separate
and apart from the inquiry as to the Elk
pedlency of authorizing Incorporated state
banks of deposit and discount; yet Mr.
Chambers affects to see in them parts o.
but one proposition, and proceeds in tn,
usual and wearisome Greenback way K
demolish the man OF straw.
Mr. Chambers cannot be charged will
ignorance of the national banking laws
for he was the vice-presidential candidate
Of the party whose mission it was to pull
verize national banks. But II not ignor
ant, why does Mr.. Chambers seek t,
create the impression that the law con
fers power on national banks exceeding
that conferred on individuals? What /
the purposeg Men who assume 80 prom
inent place in politics as Mr.. Chamber
should write for the information of tn
people, and not to misiead them an
thus create in their minds a prelude
. against a certain other class OF men. MI
Chambers writes OF "the power to loa
national bank notes to the people at tn
highest rate OF interest or usury they ca
possibly extort" conferred on nations
u banks by the law, as II these benks ha
special power to charge higher interel
: than individuals are permitted to exact
; The law says this;
Z Sec. 6la1, Any association may take, n
4 ceive, reserve, and charge on any loan
i, dis cunt nfNde, or upon any note, b of es
change other evidences OF debt, interest
the rate aRoced bgfte laies Of tc state territoI
:. or d strict where tue bank Ia located. and n
more, eNcepl that where by tho laws OF an
state a different rate is limited Tor banks
e issue organized ind state laws the rate
4 limited shall BIO allowed for associations o.
ganized OF existing In any such stste uud,
o ihis II 10. Whcn no rate Is ared on he ldics
h ne state, or terri DRY, district, the bank ma
fake, receive reserre, or Charge rdte not ercccdy
sere't per ccnfum, and fucn interest may
y rken In advance, re koning tho days frol
Il which the note, hin, or other evidence OF del
- has 10 run. Aud The purchase discount or sal
OF bona hde bill OF exchange, payable
Q ano her place than the place OF euoh p0rohas
b discount or SALE at not moro th,n the cnrrel
=. to OF exchange for sight drafts IN adaitio
3 TO- the interest, shall not BIO considered
! taking or recei ing a greater ra OF interest
/. Sc, 5les The taking, receiving. roseryir
or charging rata OF interest greater tina
, ia allowed by the prec cling sec ion, wpc
10 knowingly done. shall DO de med forfeit
a OF the entire interest which ihs note, BID
y other evidence ~ deht carries ith Il, or whiS
Q has bren agreed 20 be p aid thereon In case II
8 greater rate OF Interest has been paid, n
= person by whom Il has been paid, or his Il
= gal Representatives, may recover back, In q
g action In the nature Of an action Of debt, iwi'