Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-06-05
GIBBS BILL.
Hon. Howard +. O'Neal, President of The
Linden Bank, Linden. Tex, Gives His
Views to Gazette Reporter.
Special TO the Gazette.

Special to the Gazette.
meeting the Hon. H. F. O'Neal on the
streets this n ornins accosted him as fol-
lows:
Captain, have you read the Barney
Gibbs bill, his substitute for the sub
treasury"
Yes
Would you give your views of that
document
Il have no objection
what are they?'
IL do not believe that Governor Gibbs
plan will do.''
What are your special objections to the
plan2''
Well. to point out my objections TO his
bill by sections, / will state that believe it
defective in section | because it proposes to
organize banks under the provisions of the
national bank act That act and system is
wrong and Objectionable in all its parts,
and should be ignored and abolished as soon
as it can be done by law. Section is OBJ
jectionable and defective, first, because it
provides for the issuing of money by the
government, which is not receivable for i'm
port duties There is no good reason why
the money should be receivable by the gov
eminent on import duties, such an oXcep
ton weakens and emaSculates the people
money and places royalty upon gold and
silver. II would depreciate and put under
par the paper money issued by the govern
ment TO be used by the country, and that
difference in paper and coin would be felt
i'll every channel of trade. My second OBJ
lection TO section 6 is that it bases the paper
money issued by the government on coin: ;
as II money cannot be MADE on any material
except gold and silver. Now, as the popu-
lar saying Is that's a chestnut, il has gone
to seed. My idea of money is that it has
nor
be considered with reference 10 any
intrinsic value The law and
the government stamp certifying
that law. is the money power which floats
the piece, be il gold, silver or paper, and it
is The good faith of the people in the gov
eminent, and above all the power of the
money created by law TO pay all the peop.e's
debts and the agreement of the government
10 take it for all dues. The government
may issue treasury notes stamping upon
their face for instance So, this note is re-
ceivable for all government dues, and it
will pass at par with gold without another
word stamped upon its face. Now should
the government add one more money attri-
butte TO that bill, make it a legal tender, and
it will be fully equipped with all the money
power that can be given and make it as
good money as there is III the world. II
would pass current on the streets in Liver
pool because it could come back to America
and buy billions of dollars worth Of prop
erty. The promise to pay supposes debt
| of the government to pay in gold and silver,
which is entirely unnecessary and should
not be stamped upon the bill. 1t is a use
less promise which would never be de-
handed by the holder and could not be
complied with by the governmental such
promise should be held real-and there
should be no foolish ones made. The gov
eminent might be forced into the markets
of la To ht1tr ernll ICilr- nr,l
give their bond. TO redeem her treasury
bills, while the bills are as current as gold
and silver. But | say that no such demands
would ever be made by the holder of ths.
bill; ! say so because we have seen it,
demonstrated.
There is now. and has been for wears.
S1Ge, 0000 600 of gold boarded up in the
United States treasury for the redemption
of the S346, 600, 600 Of greenbacks now out
standing and not q bill has ever been pre-
scented for redemption. The gold bugs say
that the reason of this is that the holders
of the greenback bill know that the gold is
there and can be had on demand But
that is not the reason; it is a fact that the
holders of greenbacks as general thing
know nothing about the gold on deposit
These greenbacks are busy IN the marts and
fields of trade doiag good service, and there
is no need of having them converted into
gold.
Section limits the maximum to $50 per
capita, but says nothing about the miniA
mum. This would leave the banks free to
contract the currency as effectually as the
national banks now do. There is no limit
OF restriction upon the banks as to what in
terest they shall charge, nor no rules to
control them as TO their terms OF discount
on bills, notes and exchange. SO there would
be no more protection under this system
than there is under the national bank sys-
tenn
Captain, did you not publish plan in
the papers ssme time since for banking
system by which the government could Pat
her money in circulation
Yes. / published plan on the 25th OF
December in the Southern Mercury"
VIII you give nae a brief sketch OF it for
publication"
Yes, at an'ea'rig day, when 1 have more
leisure" I 4
lettering It. ;ss sss & an s;she AZ
troeS1ES Il.6szf to- I'D