Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-09-23
a question of short time until the lat
ter will be showed under, and the pol
lev of plumber wiped out.
FINANCE DOCTOR oF1.o5.


The vagaries of some of the sub
treasury and government land loan
| fnanciers are nothing new in the
world. Their arguments are hundreds
OF years old, and are as plausible now
as then, and as fallacious.
The rise and fall OF John Law, the
| financial adventurer, has made his
name familiar to all. The argument
which he addressed to the English par
lament, similar to that which he adj
dressed to the French court, which
won him the concessions he desired
and enabled him to embark on those
financial operations that so soon over
threw the industrial fabric of France
and administered a blow from which
s he never recovered for half a century,
reads like an argument OF one OF the
sub-treasury financiers of to-day. In
1905, Law wrote, in a treatise on
Money and Trade Considered"
''What 1 shall propose is to make money
of land equal to its value; and that money
to be equal in value to silver money, and
not liable to fall in value as silver falls.
ITO supply the nation with money, 1t Is
humbly proposed that forty commissioners
be appointed by parliament answerable to
parliament for their administration and the
administration of the officers under them ;
the nomination of these officers being left
to the commissioners.
THAT the commissioners have power to
coin notes, which notes to be received in
payment, wherever offered.
There are three ways humbly offered to
parliament for giving out these notes; they
in their wisdom may determine which will
be most safe.
u. To authorize the commission to lend
notes on land security; the debt not to en-
coed one-half or two-thirds of the value,
and at the ordinary interest
80 To give out the full price of the land,
as it is valued, twenty years purchase,
more or less, according to what it would
have given in silver money, the commission
entering into possession of such land by
wadsett granted to the commission or
assignees, and redeemable betwixt that
and the expiring of term of years.
80. To give the full price of land upon
sale made of such lands and disposed to the
commission or assignees irredeemably.
THAT for year and half the commits
sion be limited to a certain sum: after that
time to have power to coin what sums are
demanded, unless restricted by ensuing
parliamentS.
This paper money will not fall in value
as silver money has fallen or may fall.
Goods or money fall in value if they in
crease in quantity, or if the demand lessons.
But the commission giving out what sums
are demanded, and taking back what sums
are offered to be returned, this paper money
will keep its value, and there will always
be as much money as there is occasion or
employment for. and no more.
so that this paper money proposed,
having better value than silver, ana re-
ceiving no addition to its value, from being
used as money, and not being liable to any
change in its value, the quantity aud de-
mand increasing and decreasing together,
it is so far more qualified to be the measure
by which goods are valued, the value by
which goods are exchanged and in which
contracts are made payable.
If money is established that has no in
trinSic value. and its eXtrinSic value to be
such as that it will not be exported, nor
will not be less than the demand for it with
in the country. wealth and power will be
attained and be less precarious. Money
not being liable to be lessened directly nor
consequentially, and trade not liable to de-
cay consequentlally.
The paper money proposed being always
equal in quantity TO the demand, the people
will be employed, the country improved,
manufacture advanced, trade, domestic ana
foreign, will be carried on, and wealth and
power attained. And not being liable to be
exported, the people will not be set idle,
etc, and wealth and power will be less pre-
carious.
When nation establishes money, if
the money they set up has value equal
what it is made money for, and all the
other qualities necessary in money, they
ought to have no regard to what value it
will have in other countries. On the con-
trary, as every country endeavors by law
TO preserve their money, if that people can
abroad, they will do what other countries
have by laws endeavored in vain.''