Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-06-18

doubt constitutional, and it is at the same
time practical. furnishing the material out
Of which to coin the money and the proper
method OF putting it into circulation. 1t
fills all the requirements, and l believe is
the only safe method that has been pro.
posed as yet.
have heard it said that the present gold
reserve would sustain more than double the
present issue of legal tender notes. I be-
lieve this to be true. Accepting US settled
by the courts that the United States gov
eminent has the constitutional power to is
sue legal tender notes without limit we vet
have the greatest difficulty to meet. How
will the government get this money, when
issued, in circulation There are but two
constitutional methods to do this. The
government must either pay out its money
! for expenses incurred, or in discharge of its
debts. The expenses of the Federal gov
eminent are now amply provided for by
the revenue derived from taxation. unless
it be that the Republican tariff shall de-
crease the revenue and the pension laws
and other eStravagances of the party in
crease the expenses until there is 4 deli
cheney, in which event congress could, and
I believe should. cause the issuing of a SUI
ficient amount of legal tender notes
TO MEET THE EMERGENCY.
The bonds of the United States are now by
law DGydUlc EUlQ. ludI IL TIE legal ISn-
der notes were issued they could not be paid
on these bonds without change of the law.
These bonds were payable in legal tender,
and by act Of congress were converted into
gold bonds. 1t would be Just and within
the power of congress to restore these
bonds TO their original status, making them
payable in legal tender and then enact law
requiring the issuing of sufficient legal ten
ders to pay them off as they become due I'M
til sufficient volume is attained. If the
forces that are now organizing into third
party movements and inVenting all kinds of
wild schemes were to act in concert with
the Democrats this could be done by fair
and constitutional methods.
The sub-treasury bill is constructed upon
the principles of the Republican party and
belongs to the same family Us the national
bank law, by which the government lends
the banks its money on bonds. the Pacific
railroad loans by which the credit of the
government was loaned TO tee railroads,
and the whisky bonded warehouses in
which the whisky merchant is loaned the
tax on the whisky. 1t is neither more nor
less constitutional than these. to less de-
gree it is class legislation and paternal in
its character. 1t has indeed grown out of
the Republican practices in passing these
and similar laws. 1t is defended only by
comparison with them so far as its consti-
tutionalty it concerned, and the same ar
Z dlt uLSlut anu tllt SGiiit t4duSSS W
the constitution quoted to sustain It.
Upon principle the Republican party can
afford TO adopt it
But DEMOCRATS NEVER CAN.
Besides being unconstitutional the sub
treasury bill is wholly impracticable It
will produce imitation in the volume of
money in the act of lending and cause con-
traction by the redemption of the deposited
articles of produce. This will necessarily
produce evil results, worse than the present
conditions. The people need more money,
but they need such as will remain in circu-
lation. 1t should be stable, not flexible
currency. FieXibility means fiuctuation
which catches the business man, farmer and
all save spectators looming and going
This sub-treasury bill makes the govern
ment do the business of banker, broker and
warehouseman, the expenses of all which
complicated business must be paid by the
farmer who deposits his produce For ex-
ample, suppose that bale of cotton will
sell in the market for S45 but the farmer
deposits it and draws 50 per cent. say $50.
His certificate must show all charges against
it for year. We have then years inter-
est at per cent, Sc cents, Storage, weigh
ing, classifying and other charges not less
than S. Insurance on value, $40 at say )
per cent. 81. IS; loss in weight would be not
less than fifteen pounds. If the cotton be
sold at 10 cents per pound it will bring
weight is deducted. Deduct from the price
at which it is sold the cost and charges,
81. Il, and the farmer receives in addition TO
what the government advances S1.19, being
S43. 70 cents for his bale of cotton that he
could have sold at s45 clear loss of Sl.2S
on the bale. | have relied for my figures as
to insurance and charges upon the state
ments of experienced men and believe that
| am below the real amount.
THE FAULTS AND WEAK POINTS
in this measure are too numerous to be re-
viewed in this article. 1t is in my opinion
a plausible delusion, that needs only to be
examined to be rejected by the sensible
farmers of this country. The Democratic
party does not need to resort to any such
expedients as the Gibbs bill. which is even
more Objectionable than the sub-treasury
bill itself. This money question must and
will be met by the Democratic party as it
has always met every question of interest
to the people, in a manly and open manner.
There is no cause for alarm to Democrats.
Let us stand by the true principles of the
party and rely upon the good sense of the
people to stand by the party as they have
done. Let the next national Democratic
convention declare explicitly for free coin
age of silver and for tariff for revenue
only and go to the battle upon these
issues. We may lose the president in the
election, do not believe that we will, but
GRITTY with which tc rally for the next cam
paign. If we accept Republican theories of
government and abandon that which has
been the fundamental principle of Democ-
racy for century we might possibly sue
coed in one campaign, but the life of the
party would be gone and temporary success
would be its eternal death. T. ]. BROWN
Sherman.
LIEUTENANT-GOvER PENDLETON
The Key to the Situation is to Sell Higher