Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-08-24
SUB-TREASURY.
DESIRABLE PROVISIONS OF THE
PALO PINTO BILL.
Results that Cannot be Attained by the
Ordinary Method of Coinage ami Is
sue--Argument in Favor OF Eli.
arrival

Many foolish things nave been said and
written about the Sub-trcaSury scheme.
Perhaps VIC shall add to the number. but
our humble wish is 20 enlarge the scope
and give healthier tone to the discussion OF
this subject. We hone TO examine it by the
light Of simple and accurate knowledge Of
the fitness Of the little things about Us to
produce required result light which
may, perhaps, after all, he better and
brighter for the purpose III hand than the
blaze Of far-of genius.
the sub-treasury plan. in its best sense
is: % To issue money directly to the
people, ~ based on raw products of indus
try, ~ il such Z way that each tranS2c-
neutrality-suspicious. and redcmptlon-shall
insure and balance itself in the ordinary
money Of the country; but it is susceptible
OF IS many notifications Us there are
modes of thought among men.
Although the Pickles bill IS one OF per-
hapS thousand bills which may be written
on the SUb-treaSury plan, with different
purposes and provisions, Yet We have seen
no argument for or against the sub-treaS-
ury scheme which seems to rise above
the general characteristics Of this obnoXi-
Gus bill. The dog and the wolf belong to the
same genius. but IL Is impossible to get an
idea Of the noble qualities OF the mastIf by
studying the cruel and treacherous nature
of the wolf; and in like manners is ilnpO5-
sible to get any adequate idea of the tinan-
cial fitness and pliancy OF the suo-treaSury
scheme by studying the incompetent pro-
visions of the Picker bill.
Bills may be written on the sub-treaSury
plan which ~ would bankrupt the govern
ment i'll year; (3l would give to favored
manufacturers protection greater than
protection affords; (3) would give TO
!, ,.,f.
less than the English nobility; a. would
give the money lender higher interest and
more evil power than he now possesses;
but each of these bills would still further
Cypress the laborer to starvation and max
ednesS.
The plan is fitted for good no less than
evil.
\ bill may be written on the sub-treaSury
plan which would embody i secure and
permanent system OF finance secure and
permanent system of coinage and issue
which % would redeem its issue III coin,
which (2b would maintain 4 practically uni
form interest value III money, at the most
desirable rate without the AID of obnoxious
and Intellectual interest laws, which 81
would deprive the money lender Of power
to Cypress industry, which a. would rem
der financial congestion impossible and
financial panics improbable.
These results cannot be attained by the
ordinary method Of coinage and issue.
These results can be attained by the sub
treasury method OF issue. Are. they desir-
able We assume that they would be de-
sirable
Men hundred miles apart may talk IS
friend to friend, but they cannot do this in
the ordinary way. There is such thing as
progress-stupids to the contrary notwith-.
standing.
The bill under consideration-the Palo
Pinto Sub-treasury bills entitled, An Act
to provide Convenient. Stable and Sufficient
Money, and to Regulate the Value thereof;
and il proposes that the test of stability
shall be redemption in coin, ana that the
gauge of sutficicncy shall be a practically
uniform interest of three per cent.
The title is not only within the granted
powers of congress. but it Is the ever pres
ent duty of congress to see that the people
have, day by day, and year by year, conVen-
lent stable and sufficient money, which
cannot be manipulated to the injury Of in
dustry, and which shall make credit-whiCh
is so much more valuable than money
available at minimum cost. The constitu-
ton has conferred upon congress the legal
power TO maintain uniform value in any
amount of currency it may issue, but it can
not confer upon the members OF congress
the intelligence to select the proper means.
Should they be deficient in this particular,
they should inquire of more intelligent
men. There is no sheer If this. We say il
with the humbleneSs aud gratitude of the
mouse to the imprisoned lion
The title of the bill. then, is above criti-
cism. and we pledge YOU that the purpose,
pressure and result of each provision IS
necessary and competent as TO fact, and
proper as to the invasion of no right, con-
structive or real. In general, we may say
that each provision is as 1.-the and accurate
and adequate as the tests of stability and
suf1iciency which it proposes. What more
would you have9
Our argument in support of the first arti-
Gle of this bill may be stated in three propo-
sitions:
!. The government may be made secure
by the terms OF the deposit.
?. Sub-treasury notes are redeemable in
the ordinary money of the country.
3. Should there be no ordinary money but
coin. sub-tredsury notes would be redeema-
bic in coin. -.s
There is no intelligent denial of either of
these propositions, and we will not discredit
your intelligence by inserting the demon
stration further than the government will
always have on hand, in an insured deposit
and in coin. an amount exactly equal to the
whole outstanding volume of sub-treasury
notes.
Why should there be other money than
coin and sub-treasury notes redeemable in
COIN at every SuD-tttdSufy IN the United
States. without cost and ~ the pleasure of
the holderl To those who are acquainted
with the vast resources of the sub-treasury
scheme, and who think they know that its
resources are practically unlimited and suf-
fcient to produce any financial result re-
Quired there can be but one answer-there
is no adequate reason why there should be
other money than coin and sub-treasury
notes.
What then are the resources of the sub
treasury scheme2 AL the suitable products
of human industry which require the shap-
ing hand of other industry to fit them for
immediate use-an suitable raw material
Cast your eye into that great aiimentary
channel Of production, trade and manufac-
ture, which houses and feeds and clothes
and charms the world, and which, like a
mighty river with double channel, flows
from West to East and back again, with
here and there cross currents to the North
and South. All products of farm and fac
tory, OF field and forest and mine. are there.
and all laborers aud engines of labor are