Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-05-10
Will Meet in Waco Next Year.
Officers Elected.
Mr.. MILLER AND THE FARMER.
Cause Dscussion-T Sentiment of the
Money Kings on the Alliance.
An Exhaustive Paper On the Circulating
Medium. Gold and silver. and the
History of Money Cheap
MOney-The Banquet.

| interest IN the proceedings that mad been IN
! progress Tor two days. But gradually they
! tiled III and Ut II O'Clock the usual NUMBER
| was found 70 be on hard.
| The first thing taken up was the report Of
J the auditing committee on the presidents
! address, which is Us follows:
! We recommend 10 the careful considera-
! tion OF the members of the association the
| remarks of our president upon a national
| clearing banh and schools of finance anu
I economy. and think that I discussion OF
/ these subjects among our members might
! prove OF profit ana good result therefrom.
| We approve the suggestion as 10 sigma
| tUre banks and believe that The adoption Of
/ the plan indicated would be benefit to the
| members of this association.
We think the suggestion made as 10
/ forgerieS and
CASHING OF DRAFTS
| Is an Important one, anu recommend the
adoption by tins convention of Il resolution
! embodying his suggestions on this subject.
| In regard 10 the subject in reference 10 the
| American bankers association. we suggest
I that the delegates from this association to
! the next meeting OF the said American bank
| erS' association CndcavOr to secure the
adoption of the amendment as suggested.
Mr.. Woodbridge reported from the special
! committee as 4 substitute for the reSO!u
| ton offered yesterday by Carey Shaw, con-
| corning the caShinG OF druTncrS' drafts,
another providing for a committee of three
| to confer with Il similar one 10 he named by
/ the Travellers protective association, Tor
! the purpose of reaching some definite con-
clusiOn about the matter. The substitute
was adopted and Messrs. Shaw, LonScope
| and Noltc were appointed as such commit
| tee.
Mr. Woodbridge reported from the COM
! mittee on taxation appointed a year ago
| that the committees efforts to procure
FAVORABLE. OR ANY, LEGISLATION
| on the more equal assessment and taXation
| of bank stock had failed. He discussed the
/ question Of assessment and taxation OF
bank stock, saving that both were very
unequal and different in different states or
| places in Il state.
At Galveston. for example, the bank
stock was assessed AT - cents on the dollar
and in Austin al 100 cents. III other cities
in the state it varied from 30 TO 100 cents ON
the dollar. This was unequal and unfair
and would, i'll his opinion, remain so until
the bankers put aside vanity and admitted
| the true value OF their bank stock.
He was frank enough TO say that bank
stock was not actually worth 100 cents rs
rule if i speedy sale Of il be required.
Bankers should admit the truth about the
value of their bank stock and then, per-
haps, they will be able to procure such
legislation as will insure uniformity in as
seSSment and taxation.
THINGS TOOK AN INTERESTING TURN
at this point. when Mr.. Blake arose and
moved q reconsideration OF the resolution
adopted yesterday ordering the printing of
0,G00 copies of Mr.. Miiler'S speech on the
attitude of the masses toward banks.
Mir. Blake thought that as the substance
of the speech had gone forth through the
daily papers there was no call for spend nc
money IN printing so nycoples.
Objections to reconsideration developed.
when Mr. Blake again took the floor and
II
made. which was that Mr.. Miller'S speech
was calculated TO inspire the enmity of the
farmers towards banks: that il would make
them mad, and to 10 that was poor way
to make friends Of the people. He knew
the farmers of his county well and could
say that they felt no dntdgoniSm towards
banks they were friendly rather, and ap-
prcclated the value of = good bank. Re
didn't believe that Nh Miller'S speech
would do any good among such people and
might do harm and therefore he questioned
the propriety of spending money in NJ,
ing il.
The chairman MIR Levy, thought, OIL
the contrary, that it should be given the
widest publication and that it would not
do 70
TAKE BACkWATER.
He believed in standing up mdnfully for
the cause OF the banks which mad been as
sailed BY the farmers organization, and
\
nounced against national banks. The
farmers favored paternalism in its worst
form in order to procure cheap mOney, i
contamination that if it were possible
would bode no good 70 banking.
Hcber Stone OF Henrietta spoke IN favor
OF reconsideration, and thought it would be
advisable to revise the speech and eimi-
nate the parts deemed offensive 70 certain
classes.
Mr.. Woodbridge arose and moved TO table
the motion 10 reconsider, saying that Mr..
Miller would not consent to revise his
speech because he could not without acting
in q cowardIy manner The speech had
been printed in the papers and. besides, it
was an expression of honest convictions
that could not be modified.
THE MOTION TO TABLE
went through, only two Or three voices
being heard in the negative. h P Hill
lard OF the Austin national bank read
paper on The Circulating Medium: How
Much Should the Increase Be and Under
What Plan After reviewing the history
of money in all its forms. from the skins of
wild animals to the coins OF to-day. he dis
cussed the question whether u was best 20
have
GOLD or SILVER OR BOTH.
Silver was used in the early ages in
preference TO the gold because harder, but
later z way was found 10 harden gold,
which added to its popularity.
The facts connected with the discoveries
Of gold and silver in the United States and
their bearings on the relative value of EACH
Tor many Years were reviewed.
In 1873 silver was worth Sl.30 an ounce.
now il brings 9s cents, poor proof Of the
stability At the former period the GOV
ernment was not coming or buying silver
now it Is.
The question arises now much money, at
this rate, would the government have 70
buy 10 make it yalueless.
Being more portable. gold is taking the
place of silver, which is cheapening in
value. May it not De that before long the
gold room may be opened in New York and
gold exported. That has been the result in
Mexico, where, under a free coinage policy,
gold was exported, until recently New
York banker spent a month in trying to find
SIS, 900 OF gold coin in the City Of Mexico.
There have been retained and stored in
the United States vaults since 1873, $685.,
00O.0W in gold, which under free coinage
act. would have been lost to the United
States. OF this stock "a per cent is in the
hands of the people
The stock on hand of silver July l, 1890
was $3.50, 000, 900, OF which 81 per cent re-
mains IN the treasury. and the remainder
only being in circulation. The production
of silver increased from S12, 000, 600 IN 1863
to $64, COG, 900 in 1889. Looking abroad it is
found that the poorest countries have the
silver standard. az India, China. Russia
and Austria. while England and Germany