Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-07-19

currency system.
1t first proposes to discontinue the
rent monthly coinage of silver dollars
quired under the existing BLAND act
Second, this Warner measure prov
that in lieu of such coinage, holders -
yer bullion may deposit it TO any a.uo,r
of the United States treasury. the govern
ur | 10 issue to such depoSitors bullion e.,
lat Gates" expressing an amount of IN
he equal TO the market value of the hulFa
he the time of its deposit. These certiG.
~ to he new form of CURRENCY e,p
:. aple by the government in liquidation If
It's debts not expressly made payable
gold, and II would be required to lt,
them Ill payment of customs duties. "a
and public dues generally. the III:
banks being required to accept them in !
ment between themselves. The lnc4.
further proposed to make these certit.-
Wredeemable in lawful money-gold. 81.
pr United States notes-or NJ the trca>.l
otasption in silver bullion at its curreu, Va
al tue tine OF redeliif,e
There is very positive dou NJ of the
stitutionality of this plan. T9Ss cons
ton does not convey upon the goyce7AfT--l-,
the right TO receive silver bullion or H..
posit. To become the custodian of o,..,
and to issue especially privileged receipt,
would be breach of the true Functions, ~
government and of the constitutions irg,..
tons of Federal authority The pr.y.>.s-
made for the redemption of such ,el- .f.,.,-a,
would be 10 the last degree oa.c,,Ia,...,,,
If the government redeeInS them 10 .ysi
money it exposes itself To lew t,,l..ri
upon its legal tender notes, or its god ana
Us the amount OF greenbackS owned 10. .-,
treasury now runs 50 low as 10 pr ...yt
their use for the purpose. the rcdri.,-.r1
would have to be made with the trr4>i,-r
gold, thus exchanging government r0.d :.r
silver bullion. What could silver .u.g is.
sire more2 What could all other Interests
dread morea
The government would be ultimately
driven
TO REDEEM THE CERTIFICATES
in silver bullion. What du,s that imp,v;
l. That the treasury would have tu Sind
the loss upon the deposits of bullion Tia.
might arise from 4 fall IN its v..iut T4sa
a case for illustration; A deposit IS udtl
of LOCO, 900 ounces of gold when the clr.rt
price is 81. 10 per ounce, the treasury bar;
required to issue against it 81, 10000 of rt-.
tilicateS: later, when the price OF silver h4S
fallen to say Sl.05, the 81, 100000 OF crr'ff.
Gates are presented for redemption. a.i
| .041 6l9 ounces of silver have to Dc de.g.
cred, as the bullion equivalent al thee
rent market value, the government lOs.n,
~. 6l9 ounces of silver. Seeing the prof,
made by depositing bullion at 4 high prize
and Withdrawing it at d lower, Will not a.,
who can do so work this treasury silver
mine to its utmost Unprinc!pled speca.a-
tors would mulct the government out Of
millions of dollars. Speculative coulb..4.
tons would be formed with London bullion
dealers. European bullion would be "a
cured and sent to our treasury after is
price had been advanced. The price Nuud
then be forced down and the certltica's
presented to be redeemed by Il much larger
quantity of silver than that deposited
against them. The government would lose
in every deal. No finer scheme for Sp cl-
lators could be conceived, but for Legitimate
interests, in many ways dependent upon
the value of silver, nothing could be more
serious.
There is nothing in the measure orerei
by Mr.. Warner that would prevent the
United States treasury from being sadd,ei
with as much of the European stock OF S.
yer as spectators find it TO their interes; 10
send here in addition to the product Of our
own mines and for such deposits the treas
ury would be compelled to pay whatever
price it suited the operators 10 determine.
And what does such transfer invO.yel
l. That we should have 10 ship SO much
more gold to Europe, making tine operation
a virtual exchange of Europes silver 70.
Americas gold; next, that the United
States government would thus be made 10
bear the sole weight and responsibility Ok
carrying the worlds surplus of silver;
next, that, as consequence, England, ter
many and other nations would become still
more reluctant than they now are 10 nesOi!'
ate for an International settlement Of tie
silver question; next, that the government.
would be so handicapped with its enOrmO-s
load of silver as to place it TO another dis
advantage in such negotiations; next, that
the government would be exposed 10 in
mense losses in assuming such vast re-
sponsibilities; and, next, that the large
issues of certificates to be made against
this mass of bullion would be Il fOrcoc AMI
artificial initiation of the currency. when
could not fail to produce disaster to al Inc
material
INTERESTS OF THE COUNTRY.
Of course such an arrangement would b
all that the silver interests could DESIRE
For then, indeed, it would be far better
protection than the BLAND Act But ihs
advantage would be only temporary; io'
when the scheme broke down OF is own
weight, as sooner or later il must, the MN
erS would be exposed to ruin from the COZ
sequent commercial arrangements.
The only wholesome treatment OF th'
question is to repeal the silver coinage at-,
That done, we should add So 600 WV 10 O-'
yearly exports, instead of locking up 50
ital in the treasury; while that increase u
exports would give us u greater comIaIl
of European gold and thereby Strengthen
our international position on this question;
Europe, and especially England "o-t
then be compelled to earnestly coAst9rI
measures for placing the doubi" STANDARD
upon a broad and lasting iuternltiJa-.
basis; and as such disposition besln -
manifest itself, the silver marks "oIt -
far sympathize as to amply c1mPeA9a.'
producers from any losses they mlSA. ST.
fer from temporary fall in bullion. so.
Bad as the situation is, in respect % -
vast mass of the worlds circulating ~
diuIn, yet it is far from being hopeless. in'
more serious it becomes, the nearer VII. "a
the remedy. The arrangements 10 Oh
merce and to immense vested H,ere5n
must ultimately become so serious. thAl 20
nations which now obstruct the app.-i4..'..I
of a remedy will be compelled to submit -
the necessities of an imperative tI"7-+,
and the end will probably be that a come.
union will be established between the n,
nations, on basis broad enou2h % =
stability 10 this form Of none Osyol -
possibility of any disturbance III the III -
HENRI CLE"s.
Deafness Can't be Cured