Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-06-25
Neither Deception Nor Ignorance.
BRowNwooD, TEX, June 10, 1891

Editor Gazette.
The following article appeared in The
GAZETTE of the 18th inst:
"Fifty-two million dollars of national bonds
mature in about seventy-five days II they
are called in and Cancelled the national bank
the money volume will be contracted to that
extent. They may be extended for awhile, but
at last they must be paid, and the contraction
will come There Is sl680OO 600 of national
bank notes in circulation, based on bonds. In
about eight years oil these bonds will have
been paid and Cancelled reducing our circula-
ton by cutting OF sl6S,OOOOO0 Isn't it time to
be looking for substitute for the national
banking system as 1t now stands?"
Is it not about time that newspapers
quit publishing such erroneous statements
as the abovel Are they intended to befuddle
and deceive the people, or don't the writers
really know betterl Let US look at the
facts and figures.
The government did not give away its
bonds, therefore, when redeemed, they
must be paid for, and paid for in gold, sill
YER or greenbacks.
The National bank circulation only rep
resents nine-tenths go per cent? of the face
of the bonds, that is the limit by law,
therefore sl6s, 1000, 900 of National bank cir
culation represents s1S4, ,666 of bonds,
and when said bonds are called in, the
government will have to pay for them and
the people will get 1854, 666, 666 in gold, sill
yer or greenbacks in lieu of S16S, 900, 900
national bank notes; an increase of S1S,-
666,666 circulating currency, in favor of the
people.
That is not all. 1t is a well-known fact
that many timid persons and corporations
invest their surplus capital in United
States bonds in preference to any other
bonds or loans, or depositing it in bank
Now if the government were to call in all
its bonds and pay gold, silver or treasury
notes for same, it would be the happiest day
for the masses of the people that has been
seen in many years. No doubt 1t would dis
turo the serenity Of the Goldfish aristocracy
and bloated bondholders of the East, for
they would have to look out for new invest
ments for their money, deposit it in the
banks, or risk having it lost, burned or
stolen, but the masses of the people and the
country at large would be greatly benefited;
Immediately money would be plentiful and
cheap; railroad bonds, city bonds, state
bonds, waterworks bonds, in fact all kinds,
of solvent securities would be in demand
real estate would enhance in value: manu-
featuring enterprises would receive new
life; loans on any kind of solvent security
could be obtained at low rate OF interest,
and an era of prosperity would dawn upon
the land the like of which has not been seen
in many years.
The national bonds and national bank cir
culatlOn OF W per cent Oh the lace OF the
bonds is the greatest financial curse that
was ever inflicted upon the people in the
interest of a bonded aristocracy. and next to
that is the demonstration of silver, all in
the interest of our masters Of the East.
The writer has had twenty-five years
commercial experience, large part Of
which was in banking institutions, and he
challenges anyone to prove that the calling
in and paying Of the government bonds will
contract the currency. On the contrary,
every $500, 900 of national bank notes retired
will be replaced by 81 ,000, 900 Of gold, silver
or greenbacks. RAMBLER"