Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-06-05

| its doom. OF course we must have banks;
| but let us have them as we have other bust
/ nesses. No business should be conducted
| under national charter capable of being
run under state charter. The nation
| should exercise only power delegated by its
| creator-the states. National centraliza-
| ton of power means GENERALIZATION of
| wealth. Such Capitalization means death
! TO patriotism among the masses, and this
means destruction to republics. The states
| should have laws governing banks-and
! they should be such as to absolutely secure
| every man who invests through or deposits
| with them. Bonds several mulupies OF
\ the capital should be required, and
| every Individual partner in bank
should in addition be held personally re-
| sponsible for its debts. Indeed, this rule
| should be applied not only to banks, but
| stockholders in all enterprises ought to be
| held individually for all debts that is. stock
companies ought virtually to be abolished.
| Power to issue OF in any way control money
| should not vest in any bank.
Another mistake Governor Gibbs makes
| is SYNONYMOUS with that of the sub-treas-
must have a basis of value expressed,
whereas it needs only definition of value.
| It's basis is the wealth OF a nation. The
money OF no government ever deteriorated
| in value for any other reason than its own
| poverty. A governments note, like the
note of an individual, is good not so much
because of the value expressed on its face
as the ability of the drawer 10 pay The
best definition of money is that used by She
world-gold and silver coin. The per capita
issue of money, within reasonable demands,
| need not be governed, therefore, by the
supply Of coin. The idea that a govern
ment must have certain arbitrary reserves
to meet notes, or that issue OF paper money
must only be IN proportion to amount of
coin supplies, is another fallacy. 1t
would be as reasonable for a bank TO refuse
to take solvents mans note unless
he would agree 10 put away enough
money in sock to redeem It,
The argument that paper money based upon
coin must not be issued in excess OF certain
coin reserves should apply to all nations if
TO one. Suppose the combined money OF
the world only equaled the coin supply Of
the world, would not the per capita is
sued be so low as 10 force universal credit
business! The scarcity of money is the
cause of the present extensive credit sys-
tem-notes. checks, Stocks bonds, etc,
taking the place of needed currency.
Texas Farmer would ask both Governor
Gibbs and the sub-tTeasury people why not
adopt plan for both issue and distribution
of money distinct from mbersome, eX-
pensive and novel governmental machinery?
Why not adopt simple and common sense,
rather than complex and eXtra-theOretical
SySteml We need money-s30 to $50 per
capita. We do not need it all at once, but
by gradual ana healthy distribution. Why
not abolish or greatly reduce all national
tariffs aud taxes, and have the government
issue legal tender money, based on coin, for
its expenses? Why not force bondholders
10 surrender bonds for this money or lose
the interest from a given date, thus
canceling a government bonded debt
of S600000,000. IL this does not
secure enough per capita, why not
the general government lend money to
the states at one-half or one-quarter per
cent interest, thus enabling the states 10
stop or reduce taxes, and thus virtually lend
money to people at this low interest, and
help TO bring about that most desired of all
Consummations-chea money and high
prices This means reasonable profits 10
producers and workers, and 4 check upon
spectators and money lenders. IN other
words. why not start monetary reform
the ultimate of which means death to in
terest and debt. and the abolition of all laws
which encourage the making of debts by
gradually sbolishing those by which debts
may be by law collected. This must be the
finale before we reach general prosperity
i'll reaching point where no man can make
a colossal fortune in a lifetime but where
any man can by ordinary effort make
living for himself and those depending
upOn him,