Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-06-18
ADDITIONAL TREASURY NOTES.
How They Will Get Into Circulation-Re-
ductiop of Taxes VIII Leave
Money in the Country.

How They Will Get Into Circulation-Re'
ductiop of Taxes VIII Leave
Money in the Country.
HnLsBoRo, TEX, June q 1891.
Editor Gazette
My attention has been called to the fol
lowing in your issue of to-day:
To Judge Abbott: Your article in the
| News is all right as far as it goes but be
| more specific Give us q bill showing how
your additional legal tenders are TO reach
the people or get in the channels OF trade.
Don't stop at the jumping off place.
thought l was sufficiently specific in the
| article published in the News of which you
have the original, wherein L said substan-
| tally that the only solution, of the problem
| of how to relieve the country from financial
| depression IS through the success OF Demo-
| caatic principles, and proceeded to state
| what l conceived them to be.
1t seems, however, from other paragraphs
| in The GAZETTE that YOU want those who
| oppose the sub-treasury and the Gibbs
| scheme to propose some specific bill as a
| substitute therefor l cannot grant that
| either must be regarded as sine qua non.
| On the other hand, [ regard them both as
| unconstitutional and impracticable and in
| capable of being amended or substituted by
| any measure looking to the same end with
| out infringing on the constitution.
Congress, in several instances, has gone
| beyond what believe it had the constitu-
| tional power to do; but two wrongs do not
| make right, and such action on the part
! of one congress does not excuse another
| for doing likewise It will be an evil day
for the people of this country when they
| can be led to believe that the constitution
| can be violated with impunity, or when
| under a liberal construction it can be
| strained to justify the exercise of powers
| by congress not expressly conferred or dele
gated by it. If such an evil day should
ever come-which God forbid and the
powers of government become conferred
and localized in Washington, then will the
people be doubly manacled by the money
power, from whose hands they are now
struggling to wrest power.
You ask me. further, to give the outlines
of bill showing how the additional treas
ury notes mentioned in my former letter are
to reach the hands of the people or get in
the channels of trade. l answer candidly,
this cannot be done directly without con-
veying it directly to the people in the form
of a gift Does the sub-treasury plan or
any of the proposed substitutes therefor
provide for the issuance of legal tenders for
free distribution among the people as
gift, Certainly not. Then, how IS the
money to get into the hands of the people
under the sub-treasury schemel First, by
an advance to them of so per cent of the
value of the farm products deposited, to be
appraised by some Federal official; and
second, by the payment of whatever amount
may be due the depositor of the products
from the proceeds of the sale thereof after
deducting the so per cent advanced and
charges etc. Under this plan the people
simply get the proceeds of their farm pro-
ducts and,no more-and L seriously doubt
if they would get as much under the sub
treasury method of disposing of their pro-
duce as they get under existing methods.
Now how would the people get money
under the plan proposed by our friend
Gibbsl Simply by going to the banks and
borrowing it by giving mortgage ON their
land or good security for its repayment,
and when the money became due they would
have to repay it from the proceeds of their
farm products or by the sale of their land.
For heavens sake let us not advise the
people to favor any scheme whereby they
will be induced to further incumber them
selves and their property with additional
debts. Every plan proposed, so far as l
have seen, which pretends to afford relief
for the people is based on the products of
their toll and labor-from the proceeds of
which they must ultimately repay all they
get.
Now, in further answer to your question,
] will say the additional treasury notes
mentioned in my former letter will reach
the hands of the people through the same
channels through which they have ALWAYS
get it under the sub-treasury plan and all
its substitutes, which is, through the sale
of the products of their farm and ranch.
But you may ask how are these treasury
notes to get out of the government treas
ury? An answer to this is easy. The gov
eminent of the United States will have
paid out by the 30th of next June for the
past two fiscal years over one billion of dol
lars (Which, of course, is most eXtravagant),
for the support of the army and navy, for
improvements of rivers and harbors, for
public buildings and for many thousands of
obligations of one kind or another. The
most of this vast sum goes into general cir
culation and finds its way to the people of
all kinds and classes through the channels
OF trade and commerce and in exchange for
products and labor.
Now please remember what said before
reduce taxation. Instead of compelling
the people to pay three prices for tin and
clothing, one and half price for all farm
ing implements and so on with everything
they have to buy. reduce taxation and let |
the people keep the money in their pockets |
or invest 1t in home enterprises and indus =!
tries. Instead of robbing them of the pro- |
lection and of supplying them with new
issue under some new scheme of which the |
protective tariff would rob them again |
stop taxation.
1t has been many times shown that for |
every dollar that finds its way TO the treas |
ury under the protective tariff system, four |
dollars reach the vaults of the great manu-
featuring establishments of the East and |
North. When taxation is reduced and the |
people relieved from the great burden the |
present system imposes upon them, you |
can readily see how there will be more |
money in the country and how the addi- |
tional treasury notes mentioned can get |
into circulation-that Is, by me govern
ment paying them out on its o1l5fations.
Now let me further say that the Demo-
cratic party has done all that has been in
its power to do, to remedy the evils of |
which the public complain, but has never
at any time since the close Of the war been
in full possession Of al the branches of the
government and therefore could not ac-
complish what was desired by the people
The Democratic party is now daily gain
ing strength in the West and Northwest
and it is doing it on the tariff and silver |