Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-06-18


over-issue without causing at once q
widespread feeling of alarm, and with.
drawal of that public confidence which is
absolutely essential to the success of any
monetary system, while popular pressure
would be a potent force in securing and
keeping up an issue commensurate with
the needs of the country.
That the policy of charging the volume
Of our circulating medium must and will
be adopted. there is in my mind do doubt
or question. The method of getting the
Increase into circulation is secondary
consideration, for the policy being
adopted.
THE MONEY WILL COME.
have never known good solid money,
based on gold and silver, fail to get into
circulation VIXEN congress and the people
We're anxious to get it out. The great
trouble has always been to prevent per-
sons from stealing and putting it in clrcu-
lation contrary to the law and the wishes
OF the people. We can safely rely on the
wisdom of the representatives OF the
people TO use the safest and most effective
means for putting in circulation the gov
eminent issues.
! repeat. there is in my Judgment, no pos
sible remedy for our disordered financial
condition except through the free and I'M
limited coinage of silver as a beginning.
The gold III the world is insufficient TO
furnish the gold standard nations of the
world with circulating medium. This Is
made manifest by the fact, that we see
them now, our own country included, en-
gagged in desperate struggle over it. each
trying 10 get all IL can of this scarce
and coveted metal in view of panic which
is now and for year past has been imni-
ncnt on account of the scarcity of money.
All the paper money redeemable in gold and
billions of dollars more than there Is gold
enough III the world to redeem has been is
fp,. Not
other dollar can be safely added TO it. The
paper superstsucture on the gold basis Is
already so overwhelming. that 1t is threat
ening every day to topple over The vol
ONE of paper money must of course CORE
SpOnd to that of the metal in which II IS
redeemable. If there is ar overissue of
paper. a collapse. such as is now Threatened
~ account of the scarcity of gold becomes
imminent. We desire rn increased volume
of money; a larger per capita of circulation.
We can only get it by enlarging the metallic
basis of our circulation. We can only
broaden and enlarge the coin basis of our
circulation through the free and unlimited
coinage of silver. This conclusion cannot
be escaped. We must have free silver
coinage or resort to non-conrertible, ire
deemabe dat paper money, or remain as we
now are, with about one-half of sufficient
circulation of money, with property, labor,
and the products OF labor undervalued and
Stdgnated.
To irredeemable fat money, am unalter-
ably opposed, as ! believe the people of
This country are. We want more money,
but we want good money. and our people
will have no other Sort With free coinage
of silver as far as gold, we will have safe
basis for all the paper circulation needed in
this country, every dollar of it redeemabe
at the option of the holder in gold and Sit
Yer coin. When free coinage of silver on
LIE same basis with gold shall have re-
moved the stigma of iuferiority which
places silver in the same category with
cotton, wheat, corn ana other commodities
subject to the daily fluctuations of gamb-
ling speculative market, then and not until
then. will the silver we have even now in
circulation have its proper and normal in
fiuence as basis for paper circulation.
The distrust of this metal engendered by
the discrimination of the government
against it. III the matter of coinage as coLl-.
pared with gold, utterly destroys SO far as
silver is concerned that confidence SO nee
esSar' TO the successful operation of any
financial policy. Our S3l6.55l, lob of silver
certificates in circulation represent exactly
that number of silver dollars stored in the
treasury for their redemption. while $780,
0G0, 600 of gold is stored in the treasury as
the redemption fund of S:346, O0.0O0 of
greenbacks and has proved ample for the
purpose As a redemption fund 81 in gold
Is thus given by our government the same
Importance accorded three dollars and
forty-SiX cents of silver. Silver when de-
monetzcd outvalued gold three cents in the
dollar and many OF the ableSt tnanciers in
this country and Europe believe that if re-
stored TO free coinage and full money power
silver would almost at once spring mp to
substantial parity with gold.
The opponents of free coinage declared
vehemently i'll 1871 that $50, DOC, 600 Of silver
was all that this country could absorb and
handle We have now in circulation more
than 00,000.00O of silver ami nobody
doubts that this addition to our circulation
has saved the country from the most diSaS-
trous financial collapse il has ever expert
enceed. Within the past week Mr.. Henry
Clews, a distinguished tinancier of New
York. III Il circular letter describing the
monetary situation lays great stress on the
silver bullion notes issued monthly under
an act OF the last congress as Il potent
factor in bringing about and maintaining
ease and confidence in the money market,
notwithstanding the expectation of gold.
Had the doctrlnaires and capitalists who
in 1871, and later, denounced the advocates
of free coinage as regulators, thieves and
lunatics been able to shape the policy of
the government on this subject. as the
SINE people are still TRYING to do with their
old arguments and prophecies of ruin which
have been thoroughly and repeatedly re
lultu anu ldlSllleu DA tile logic OF events
and experience. we can see how much
more deporable the condition of this
country would have been than il is even
now in respect of its money circulation.
Nobody denies now that the demonetiza-
tion of silver added 33 per cent TO the value
of gold of bonds. of fixed incomes and in
VeStmentS, of all credits. while decreasing
in the same proportion the values of all real
and personal property. of labor and the
products of labor, and that it added in the
same ratio to the burden of all debts, pub
lie and private, which had to be paid in
gold, thus increased in value and all debts
lad to be so paid. England demonetized
silver in 1916, after the wars of Napoleon,
WAen her public debt was at its height
Germany and France, after their great war
and with vastly increased public delt, de-
monetized silver. The United States. after
our great civil war and when the vast pro-
portions of our national, state, municipal
and corporation debts We're absolutely ap-
palling, demonetized silver The capitalist
class is always the most powerful when the
government is the hardest pressed to meet
great emergencies requiring vast eXpendi-
lures OF money and credit In our country
they We're absolutely dominant after our
war, and they doubtless We're in the others
rFmed. For wears after the war, congress
or the secretary did not dare 10 make a
move affecting the financial situation with
out consulting Wall street Capital was
omnipotent i'll debating to congress and the
goy arnmeGt the financial policy 10 be pur-