Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1889-09-15

be converted into money without loss,
and no person would sell gold or silver
bullion for less than its money value.
At the time the silver dollar was omit
ted from the list of coins the United
States was a larger producer of silver,
wheat and cotton than any other nation,
and the people of the United States were
very largely indebted to foreigners be-
cause of the vast sums borrowed by them
for the suppression Of the rebellion and
for the construction of internal improve
ments, etc Tor the development of the
country. The direct effect of the de-
mOnetiZation of silver was, first, to en-
nance the obligation of contracts by con-
verting contracts payable in either gold
or silver into contracts pay able in gold
alone; second, to depress silver mining,
one of the important ind ustries of the
country; and third, to reduce the price
Of farm products and all other property,
including wages of labor. Are you
aware, Mr.. President, that it would re-
quire about as many bushels of wheat,
bales of cotton or days of toll to pay the
present debt of the United States as
would have been required IN 1865, when
the war closed, 20 have paid the then ex-
listing debt, Notwithstanding the fact
amount of our Indebtedness has been
paid?
A person who fraudulentiy raises a
check by forgery is branded as a crimi-
inal and confined IN a feIon IS cell. Why
should the schemers who secured legIsla-
ton which changed the obligation of con-
tracts and increase them thousands of
millions Of dollars in value 90 unpun-
ished? What would be thought of a per-
son who, having n contract with his
neighbor calling for q thousand bushels
of oats or a thousand bushels of wheat,
at the option of the other party to the
contract, should burn his neighbor s Oat-
field in order to compel the delivery of
wheat, and thus take away the option?
What is the moral difference between
such a transaction and the legislative
change Of all the contracts in the civil
lied world, which were payable in either
gold or silver coin, whereby every debtor
was denied the right to pay in silver ac
cordIng to the terms Of his contract and
compelled to pay in gold alone? Is it
strange, Mr.. President, that the produc
ing people of this country who are strug-
Cling to save their mOrtgaged property,
and who are being crushed by the enor-
nous increase in the value of gold since
the characterization of silver, should call
on you to mitigate, if you cannot fully
redress their wrongs?
BY the act of February %, 1873, the
executive department is clothed with the
discretion and charged with the re-
sponsibility of buying not less than 81 =
600 900 nor more than 81 900 600 worth
of silver bullion per month, 10 be coined
into money. If congress had anticipated
=, Of oyfb of
silver bullion per mouth would be suf1-
cient It certainly would not have au-
thorized the purchase of 81 900 900
worth. Congress relied upon the dis
erection Of the executive departm ent to
purchase The maximum amount of silver
bullion whenever money should become
too dear TO be used in business enter
prises. Do you not think, Mr.. President,
that the time anticipated by congress,
when it would be necessary to purchase
81 600 900 worth of silver bullion, has
arrived, in view of the fact that invest
ments in government bonds yielding
only per cent. interest per annum are
preferred TO investments in productive
! enterprises which develop the country,
give employment to labor and produce
wealth?
Do you see any way under existing laws
| for furnishing money to stop the decline
Of prices, revive business and secure
| prosperity except by the use of more sill
yer? You have the power to disburse the
surplus by the purchase of bonds, and
you have wisely determined to pursue
that course. I say wisely, because you
have taken advantage of one of the
| methods within your power TO afford par
tIaI relief. But is it quite fair to the
taxpayer to require him to pay the enOr-
nous premium extracted by the bond
! holders, in view of the fact that the
! original cost Of government bonds was
! only about fifty cents on the dollar q,
and the holders Of them have
already received in interest more
| than one dollar and thirty cents on the
! face value of each dollar of the bonds
originally purchased from the govern
ment? Is it wise to pay such enormous
| bounties to q favored few to save the
| country from bankruptcy2,
Besides, the statement Of the treasurer
| shows that at the end of last month the
| net cash in the treasury available for the
! purchase of bondS-was only S54 COS 500 -.
| 81. If this entire amount was paid out in
| the purchase of bondsi il would accomplish
very little IN relieving the stTingency of
! the money market. Since October
! 1888. there has been. retired about
| SI70 900 900 of national bank
notes. Between $50, 900 900 and
| Sc, 900, 600 of the remaining ma
| tonal bank circulation is secured by AZ
! per cent. bonds, which viii mature and
/ be paid in 1891 The bank notes based
| upon these bonds must then be retired
| unless the national banks will substitute
| + per cent. bonds, which they will not be
| likely to do on account of the premium
! thereon. The continued purchase OF
! bonds is also forcing their withdrawal as
! security for national bank circulation
/ It is quite certain that before the end OF
/ your administration there will be a very
! small amount, if any, of national bank
notes in circulation, and that the cur
rency viii be contracted by the with
drawal Of such circulation more than
twice the amount of the surplus now in
! the treasury. II is impossible to secure
! legislation to enable the national banks
| to increase their circulation. The people
! and three fouTths of each mouse of con-
gress, are opposed TO the scheme OF
/ funding the debt into long bonds bearing
! low rate of interest to be used as
/ sacupiFv for hank circulation and IN al