Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-06-14
SENATOR COKE.
No Remedy for the Disordared t1lurJ,
Condition Ectcpt Through the IN
limited Coinage of silver

1
OF recent date, ana will cheerful gave .s,
what they may be worth ny yieH, ,. o..
financial situation, coniinsuE u't~.. ..
ing so to such matters rs Ngl!l De- ~--...., e-
sponsiye 10 the question you pr5pJ.r Sc.
obeying your injunction dS far =. re--.-.s
as TO brevity in the statement SID -.-.-
| There is general CONSENSUS o. ..r.r..l i.
the South and West, IN which t.... .r.
cur, that the country needs :: -.r-0.' .y.-...
of money in circulation.
The last census gives US IN W. .t -
hers 63,001, oOJ OF people, bur no r.. ,.u.
versant with the methods pursued ID .i.-..,
it doubts that, properly taken. IT y-.... 49, ..
| given us at least GJ,0OOON. The e-...l...
of the secretary Of the trea~ug. rH".-,
made. placing the money, eNr.r.~5 se ,t p.
serves in The national treasUig. "a ... ..s
! circulation in round numbers 81 Sl.,sH..u
coo, when discounted BY the los bog asia g,
on the S346 CoO,CC0 Of -srrCEo.sH> a.,ei
active circulation Of twenty Years. t4- &c.
cent of which ii is known : Yer. g..- ...ra
bic. and by what high authorize .....g e..
an overcstimate 20 the extent ~ 10000
600 of the amount of gold in private ...ll.
ana private banks not ren'r.r- {. -;
! government, besides the Ni.gEraua. .'
| national bank notes constantly going 1l.
| and by the reserves held By ic,.'r.-r.-
OF law. locked an in the lItioua. a.-.- $751;.
! be so reduced as 10 bring the per ,.r.f.g 81.
circulation tCNl 10 4G~S .l.-'- 49, \ Bic Ht
| act amount Of course cauuUt BE- -.y,u IL,
do not need TO be tod thHt his IS 0>sH
| cieut circulation, and thai ia t.e cg. .-sr..
| the trade. commerce aid production or '.r
! country. the measurement OF a. urun-
! and labor values, must DC d"r"ir.. .'l
| tragted TO meet the Requirement u. f.'
| stintcd volume Of money
You ask me- for reredy for his r.rti
| tion OF things In my Judgment. rh.rr.,..
| possible remedy for il, eE"cpt ueu-G %,
| free and unlimited coin2ec OF silver IA-
! believe to be an absolutely necessary ,u
! dition precedent 20 any improyeM-.. ir J-
financial condition. with free cottage y-
! silver, as we now have ui &u.D, ;.lr H-..Um.
| banking laws amended tn axe ara. .r5G
! them the right 10 issue no,f-. leaving a.-
| simply as banks Of discount AND orJ,t,
repeating thai clause OF the r"HN..- -lN
| which prohibits loans on real es'I.-. e..,
| ing the banks 10 their own discretion .., 8;
! the securities on which tuCy vii. make
! loans, and resumption ana exercise h- rGs
| government of tne sovereign power OF i.r
| nishiug paper currency for tine caUlrs.
! ] believe our monetary condition WoMOnv.
| only be @rea 4iy improved, but would sgJE
| become all we could desire These s-s-
gested amendments 10 the uaticuu. galh.l;
law are embraced in Il bill introduced pr
myself in the senate Just beisse The ls-
iournment of the first session of the Jas:
congress, my intention being TO press i ~
the succeeding or last session OF congress,
which was not done because Of tie coz
sumption of nearly all the time of ~" Sos
sion in consideration Of the force DILL /
propose to introduce and press the same or
similar bill al the next session.
The power to contract or expand the 70
urne of circulation resulting from the p0we-
to issue and withdraw circulating nOleS a.
pleasure residing III the rational Uanss I
have always believed TOO dangerous agoweI
to be placed in any class or private hands
and have uniformly opposed these banks a.
now organized. Their notes derive tIr.r
excellence as a circulating medium from the
fact that redemption in coin Is guaranteed
by the government. The government. "a
my Judgment, should never have delegated
the power to issue them, bat itseI sho-d
have performed this function, Is II ND II
putting the legal tender greenDacss. q!
which the 1916, 600, coo we now has" are
part. in circulation, as the supreme court u
the United States has reneatediy decided .
has the power to do.
For one / prefer the regulation Of ia
volume of our paper currency Dy the gov
ernment rather than by the banks. 'lh" ne
has passed wheL the business Of this c9-r-
try can be transacted with coin ana Hupcdi
desires to see the old state bank system
with its wildcat currency renewed. lac
country must be supplied with paper m'a-y
convertible at the pleasure Of the bodies
into coin from some source. The small
amount now supplied by the natioua. uluEN,
being about Sl5S, 900 coo in actual c.ta.i-
ton, is a mere drop in the bucket anu lfat
is dwipdlipp and growing less every DAY o.
the maturity and payment of the United