Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-08-27
SUB-TREASURY.
DESIRABLE PROVISIONS OF THE
PALO PINTO BILL.
Results that Cannot be Attained by the
Ordinary Method of Coinage and Is
sue-Argument In Favor Of Bill.

| IeELdpS VIC SudiI auu 10 the number, Du
| our humble wish is to enlarge the scopt
ard give healthier tone to the discussion Of
this subject. We hope to examine il by the
light OF simple and accurate knowledge OF
tine fitness of the little things about US tc
produce required result-a light which
may perhaps, after all. be better and
brighter for the purpose in hand than the
blaze of far-of genius.
The sub-treasury plan, in its best sense.
| IS: Q) 10 issue money directly 10 the
people, ~ based on raw products of indus
| Try, t3D Ill such way that each tranSac-
uon-deposit-issue and redemption-shail
insure and balance itself in the ordinary
money OF the country; but it is susceptible
! OF as many notifications as there are
modes of thought among men.
Although the Pickles bill is one of per-
haps thousand bills which may be written
! on the sub-treasury plan, with different
| purposes and provisions, yet we have seen
no argument for or against the sub-treas-
| ury scheme which seems to rise above
/ the general characteristics of this obnoxi-
| Gus bill. The dog and the wolf belong to the
! same genius, but il is impossible to get an
| idea Of the noble qualities of the mastiff by
| studying the cruel and treucherous nature
OF the wolf; and, in like manner. it is impos-
slble 10 get any adequate idea of the finan-
cial fitness and pliancy of the sub-treasury
scheme by studying the incompetent pro-
visions of the Picker bill.
Bills may be written on the sub-treasury
plan which % would bankrupt the govern
ment i'll year; a. would give TO favored
manufacturers protection greater than
protection" affords; (3) would give to
certain farmers wealth and power scarcely
less than the English nobility; a. would
give the money lender higher interest and
more evil power than he now possesses;
but each of these bills would still further
Cypress the laborer to starvation and max
eGuesS.
The plan is fitted for good no less than
evil
A bill may be written on the sub-treasury
plan which would embody a secure and
permanent system of finance-a secure and
permanent system of coinage and issue
which ~ would redeem its issue in coin,
which (2l would maintain practically uni
form interest value in money, at the most
desirable rate, without the aid of obnoxious
and inefectual interest laws, which 90
would deprive the money lender of power
to Cypress industry, which a. would rc-l-
der financial congestion impossible and
financial panics improbable.
These results cannot be attained by the |
ordinary method of coinage and issue. |
These results can be attained by the sub |
treasury method of issue. Are they desir- |
able' We assume that they would be de- |
sirable
Men 4 hundred miles apart may talk as |
friend TO friend, but they cannot do this in |
the ordinary way. There is such thing is
to the contrary notwith-
standing.
The bill under consideration-the Palo
Pinto sub-treasury bills entitled, An Act
to provide Convenient, Stable and Sufficient
Money, and to Regulate the Value thereof; !
aud il proposes that the test of stability
shall be redemption IN coin, and that the
gauge OF sufficiency shall be a practically
inform interest of three per cent.
The title is not only within the granted
powers of congress, but it is the ever pres
mt duty of congress to see that the people !
rave, day by day, and year by year, conven-
6nt stable and sufficient money, which |
annot be manipulated to the injury of in
iuStry, and which shall make credit-which !
S so much more valuable than money
vailable at minimum cost. The constitu-
ion has conferred upon congress the legal
lower TO maintain uniform value in any
mount of currency 1t may issue, but it can
ot confer upon the members of congress
he Intelligence to select the proper means.
should they be deficient in this particular,
hey should inquire of more intelligent
men. There is no sheer If this. We say it
nth the mum bleness and gratitude of the J
louse to the imprisoned lion q
Inc title OF the bill. then, is above criti- ! I
ism, and we pledge you that the purpose,
ressure and result of each provision is c
eccsSary and competent as to fact, and q
roper as to the invasion of no right, con- a
ructive or real. In general. we may say 5
lat each provision is as 1.-the and accurate y
nd adequate as the tests of stability and o
which it proposes. What more I
oUld you havel y
Our argument in support of the first arti- 7
e of this bill may be stated in three propo- II
tions: p
/. The government may be made secure b
: the terms of the deDOSit
=. Sub-treasury notes are redeemable in
e ordinary money of the country
3. Should there be no ordinary money but | d
IN, suo-treaSury notes would be redeema. u
c in coin. 81
There is no intelligent denial of either of II
csc propositions, and we will not discredit .
ur intelligence by inserting the demon Z,
ration further than the government will I
ways have on hand, in an insured deposit II
d IN coin. an amount exactly equal to the u
lole outstanding volume of sub-treasury r
ties. tn
Why should there be other money than re
in and sub-treasury notes redeemable in
IN at every sub-treasWy in the United IN
ltes, without cost and at the pleasure of On
: holder3 To those who are acquainted J"
n the vast resources of the sub-treasury o.
leme, and who think they know that its X
sources are practically unlimited and suf- u
ent TO produce any financial result re-
ired. there can be but one answer-there III
10 adequate reason why there should be ol
er money than coin and sub-treasury w
es. ou
What then are the resources of the sub SO
aSury schemel All the suitable products
human industry which require the shap- oe
hand OF other industry TO fit them for en
mediate use-all suitable raw material.
asst your eye into that great aiimentary
nNel OF production, trade and manufac- -.
fXwhich houses and feeds and clothes - -,
Fcharms the world, and which, like a 81
,hty river with double channel flows , rio
N West to East and back again. with pi
C and there cross currents to the North n
South. All products OF farm and fac ~! Ie
y, OF field and forest and mine,are there, T
11!sia5orers and engines of labor are ~, ~
ftg, either to produce or complete them. ".
tx! What mighty viewl What mighty ~,
'es! What lesson do you learn IT, L.
o you see that factory on the bank, 10
herring wool from the channel and re- s s.
ling it as fannell oei
5 average stock is 10000 pounds of al
ice merino wool. worth 4Oc per pound. cir
avs 10 per cent upon its stock and s per shc
on half lis plant to that money-lender Go
4 whom Christ had some words in the ma
pie, and who from that day to this has div
n out!awed of heaven. Now, should the ass
eminent, in order to provide conyen- see
, stable ana sufficient money, purchase enc
! part Of the stock as it may safely pur- is I
sc, giving the privilege of redemption and the
lrawing therefrom at any time by tele- ere
Il or mail or in person, and should carry pre-
the bare cost of carrying it, and should opI,
G money in payment. and in so doing mn,