Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-08-06
Cold.

It must be conceded that these statistics
as given by Mir LeeCh are reasonably cor
rect. and that the director of the mint could
have no especial object in making his state
ment, in figures, less or more than u reason
able approximate Of the amount Of gold and
silver in the countries named. Col. Hurley,
in his talk at the meeting called by the
chamber OF commerce on the 21th ult., in
his discussion of the alien land law of
Texas, fOrciDly impressed upon my mind 4
the dght which moved me TO write this com
munication. IN speaking of the serious and
injurious effect that this law would have
upon the otherwise rapid develop
ment OF the natural resources
of the state, he declared that
England and Scotland, or the English cap
italists, loaned TO other countries than their
own 81 500, O00,O This assertion. from
man SO well posted on the finances of the
world as Col. Hurley. startled me. l said
to myself how can this be, even granting
that Col. Hurley only intended to approx
mate the amount. How can English CAPT
talists loan TO other countries 81 SOC, 900, 900
when the United Kingdom England. Scot
land, Ireland and WaleS) only has $3.50, 00O,
600. all told, in gold and silver; Are for
eign capitalists to-day taking the advantage
of the great growth and development of
this country2 growth hitherto uuprece-
dented by any nation on the globe Have they
for the past decade had a hand in the
shaping Of our national finances, and 90
they contemplate at this very time, when
the stringency in the money market is most
severe, to enSlave our people, as did the
cold and selfish-hearted gold bugs during
and Immediately after the civil WARP Even
admitting that foreign money is not forcing
itself upon u.s. but to the contrary, that we
are the suppliants for this money, what
will the end he? The capitalists of the
United Kingdom to-day, with a home gold
hac Of 00D
their money by the hundreds
of million dollars, which sooner or
later must be paid back to them, interest and
principle payable in gold. Director Leech
in his statement, stated that the United
Kingdom has only $3.50, 100000 all told, III
gold. Is she batting and has she set an
other trap, as did the Gold-bugs of the lS60's
and 1O's to double, yea treble her present
gold basis, and this, too. from the toll and
efforts of Americans How can the result
be otherwise. for if they loan Us a thousand
million dollars and when the loan natures,
if called in. does il not take from this cCun-
try thousand million dollars in gold. ex-
elusive of tho interest thereon which is
also payable in the same coin. But il is
'said we have already had the thousand mill
dollars, and now as we pay it back, how can
the return of the money previously
received. increase their gold basis.
If we pay them the thousand million dollars
JyEsSsA the interest thereon in gold does ii not,
sT5 degree, add to the quantity of their
present gold basis, even admitting that this
may be. possibly, largely limited b. our ex-
ports aud commercial intercourse with that
country should such balances be in our
favor Again it is said foreign money
brought here increases our circulating
medium by that much, and with this thous-
and million dollars of foreign money we
have developed our natural resources to
,ab that today their aCspcGal
value is fifteen hundred million dollars.
Now this foreign money is withdrawn: it
only came here to remain for awhile; now
we can say that these natural resources.
developed with foreign money, are
worth fftean hundred million dol
lars after tins foreign capt.
tai has been withdrawn Certainly not
For with the contraction of the volume OF
our money, follows proportionate deprecia-
ton of property values. Can't there be
some way opened up drought this present,
seemingly gloomy financial wilderness
whereby our people can live and prosper
without taking any such risks as that OF
becoming, TO any extent, borrowers OF
money from foreigners! Is it or is not,
dangerous step that our people are taking
when we foster and encourage
foreign money % come into our midst,
not TO remain here and to be iden-
titled as our own, but to be
taken away from US, II may be, IN very
bad and inopportune time. Are not these
serious suggestions' Let the subject of
our national finances be fully discussed in
public and by the wayside. Is il wise to
entertain for moment any of the extreme
theories of the over-zealous enthusiasts or
the too conservative. Is it not better to let
the only object OF this investigation be 10
reach the happy medium where the rights
of the rich and poor may be equally pro-
tecteda Let US lose no opportunity
TO get reliable and correct infor-
nation upon this subject. This
financial question can be satisfactorily
settled. Shall we or shall we not so settle
It, that our hands may not be fettered in
sae developments of the vast natural re-
Sources of our country. l fail TO see any
improperly in the demand TO open up and
encourage to the full extent the productions,
of both our gold and silver mines and to give
plike an equal welcome TO our mints. Make
them equal and defy the outside financial
dictators.
It can't be done! The uprising Of the