Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-07-09
FINANCIERING.
1t Should be Left to Conservative States
men to Apply Established
Rules of Action.
Editor Gazette :

| Editor Gazette:
A Democrat may express some surprise
| at a leading politician of his party adver
| Using for an essay on the best method to
| get additional legal tender from the treas
| ury of the United States into the channels
| OF trade. It would seem as though the nox-
| ious vapor of an economic fallacy has be-
come well difused.
# he had advertised for an essay to show
| the best manner of getting legal tender into
| the treasury for the purpose of paving the
expenses of an honest and economical ad-
| minstration it would have been more in
keeping with the spirit OF Democratic in
situations
A government that undertakes to manage
financial affairs outside of its legitimate
operations of supplying revenues to meet
its appropriations has transcribed the
limits of its legitimate power. and in the
end will bring financial disaster upon the
people.
At the present time there is almost uni
versal Cry for imitation. Some want sill
yer coinage, some paper circulation,
it is all the same. A number of
people have been caught in the
trap of hasty and badly managed specula-
tons, and are appealing to the sympathies
of the people to help them out.
There are greenback schemerS, sub-treas-
ury schemerS and men that have no
scheme, but would like to buy one The
government is supposed 10 be endowed with
miraculous power,-to be able to make
something out of nothing. To make ) cents
worth of paper into 5000 of wealth: to
make a certain quantity of silver equal to 4
certain quantity of GOLD when silver is the
cheaper metal.
The mage wand is fiat. One hundred
dollars for the man who knows how to use
it. A new plank for 4 Democratic platform
Fiat, like all other magic, is delusiOn. The
credit OF government does not depend upon
amy abstract theories Of its powers but
upon Its ability TO raise revenue TO pay its
debts according to contract
\ government might issue millions of
paper and of silver dollars SO long
as the persons who possessed them could
exchange them at Will for gold ones
But the moment the gold dollars had fed
the credit of the government would be
gone, the silver dollar would be down TO its
bullion value. and the paper floating some
where between the value of currency on
black Friday and the present worth of a
Confederate bill
That government can issue gold coin
and some silver and paper is fact, but it
must be on the same basis as 4 banker
lends ont his deposits, and the amount care
fully adjusted according to the quantity of
gold in circulation and the amount of its
specie reserves. Suppose an enormous
issue OF silver coin, suppose difference in
the bullion value of gold dollars and silver
ones to make the expectation of gold coin
profitable, how much gold would be left US
in the space of a few yearsl There are
millions and millions of Federal, state
county and municipal and private indebted
ness payable in gold coin. What mmst fol-
low either change in the laws TO
make these debts payable in
silver and Reputation of the
original contract, or financial catastrophe
that would involve universal insolvency.
Suppose the printing press at work.
Legal tender pouring from the treasury ac-
cording TO the best essay, money to loan
on realty, on cattle, on crops. What would
such money be worth when it was used to
purchase the necessities Of lifea Iyne money