Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-07-05
Land Lcans and LIE nd Ranks.

Land Loans and L. nd Banks.
In addition to the sub-treasurv, FELLOW
citizens, there are various sorts of land loan
schemes which have been proposed 10 re-
lieye the existing scarcity of money. The
most important Of these is the one offered
in congress by Senator Stanford. II pro-
vides for the issuance of treasury notes Sc
cured by mortgage on lands to an amount
equal TO 80 per cent OF the value. and that
the land owner pay interest at the rate OF ,
per cent per annum for the use Of the notes.
Like the sub-treasury, it claims favor
under the delusive pretense that money IS
to be issued directly TO the people. II IS
worse than the sub-treasury in one respect,
there is more danger of ruinous imitation; IL
is better than the sub-treasury in another
respect, there is less danger Of destructive
reaction and stringercy by the untimely
withdrawal Of money. II is unnecessary 10
discuss this measure at length, as it seems
to have made but little impress upon the
public opinion of the South. 1t Is hardly
probable it can gain any special favor III
Texas on account of our constitutional pro-
hibition against the mortgage of the home
stead. Any sort of land currency ~ land
banks would be subject TO the same obJeC-
ton.
Many hundred officers and large build
ingS would be necessary at Washington TO
supervise their operation. The occupants
pay their full share of all the taxes called
for to set on foot and maintain these eX-
perimentS. vet the resources OF Our people
could not be used like the same resources IN
other states, and while millions OF dollars
were pouring into distant commonwealth,
only the favored few who owned more than
a homestead, could draw any money i'll
Texas.
There are other objections even more
vital, but as the one mentioned ought to be
conclusive from the standpoint OF a Texan,
1 shall not undertake to go deeper.
As another remedy Tor the prevailing
stringency it is proposed that deliberate
deficit in appropriations be made by CON
gress, and that treasury notes be issued to
pay the difference. IN other words that the
government should purpoSely run in debt,
so as to get a chance 10 pay the debt by is
suing treasury notes. This is usually put
in connection With the proposition to re-
duce taxes. but il will be very difficult TO
combine the two suggestions in practice.
If such plan grows popular, the result, in
my opinion, will be that instead OF the taxes
being reduced the appropriations viii grow
higher and higher, and the money issued
Will be distributed almost exclusively at the
North. Already the Grand Army of the
Republic has formulated pension bill,
which provides for Il service pension for
every Federal Standardization disabled
this bill will knock at the doors of
congress with all the authority of that
powerful organization. The civil war has
now been over for more than twenty-five
years, yet the expenditure for pensions is
nearly ten times as great as il was in 1856.
The pension appropriation of the last con-
gress was nearly $50, 900, 600 higher thar it
was two years before, ard SWelled to The
appalling total of 1928. 612 246. yet out of all
this sum, the Cotton states received but
trifie The money IS distributed, not
throughout the country generally, but II
goes from the treasury into Northern states
ard neighborhoods specially.
If the bill proposed by the Grand Army
of the Republic becomes a law it is esti-
mated that it VIII cost $3.50, GJ0,090 L year
in addition to the present appropriation.
When we undertake. to make 4 deficit,
this bill will furnish the readiest method
of reaching the desired result, and then for
long years the whole people will be forced
tosmake yearly free gift 70 the Northern
section of an amount equal TO two-thir,is of
the annual cotton cropo of the Sou Il. Ii the
money in circulation is. increased in this
way, or by any other method OF Federal APP
preparation, 1t viii not 90 to the Southern
people but to the Northern people. It ~
stimulate business not in tina South, but
the North, and our share in the expected
abundance viii be that only which over
flows from beyond the Ohio.
And this is what is called issuing money
direct 10 the people, 1t may be direct to
some people. but not to us
l bow reverently 70 the flag of our COM
mon Union. ! want nc sectional feel
ing which would narrow the compass of
American patriotism. but in my opinion the
broadcast spirit Of nationality juStitieS the
Southern people in protesting against being
taxed and ridden still further to pay big APP
preparations. out Of which they receive no
pTOportonate share. 4 plan which involves
q deficit in appropriations may be better
than nothing as a remedy for industrial de-
preston IL Texas, but if so, it is very little
better. Let Us. at any rate, first try the old
remedies which have never failed. The
outlook is favorable. The Democratic party
Is now 4 substantial unit on tariff reform
Enough Republicans will probably vote
with us on unlimited silver coinage 10 pass
that measure in congress. and II the preSi-
dent yetoes it, the fight viii be pushed until
it is finally won within a short time. Public
sentiment is rising TO revolt against I'M
bridled appropriations, ana no man who
looks upon the faces and fields OF our people
can doubt that they will do their whole
duty in the work of industrial renovation.
In these reforms we have the elements 10
attract returning abundance 1t takes in
dividual liberty and energy, government
economy and a growing adequate circ1lat-
ing medium to bring general comfort 10 the
people Of any country.
If the minds OF men are bowed down by
tyranny or poisoned by the paternal idea
that the government can confer thrift the
richest country and the lowest taxes viii be
unavailing to raise their dropping energies
to manly effort; if again personal liberty
and energy exists but the tax gatherer
takes his dreary round of injustice and con-
fiScation, though the land be fair, who will
labor with cheerful heart and busy hand
to accumulate that which must soon pass
over into the deep purse of the government
and its favorites? or lastly. if freedom be
ample and taxes be low, what energy and
what industry can long carry on the IN
equal contest against the power of organ
lied capital, backed by the dreadful artill-
cry of contractions
For twenty years our people have battled
bravely and patiently for their rights, and
we have now reched critical juncture in
burdens which afflict the country is almost
within our grasp. After a long and toll
worn march we have reached the river
which separates US from agricultural iber-
alton. It VII be safer to cross the danger
Gus stream on the strong bridge which has
carried us safely over before, and not trust
ourselves upon a new-fangled flying ma
chine which may drop Us headlong into the
water.
Even when we make this last stage, when
we have secured tariff reform, free and
unlimited coinage, and decreased expendi-
ture, the battle win not be altogether won:
no m