Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-05-10

have the gold standard. with silver as !
subsidiary coin only. The free coinage OF
silver would result in evil from imitation
and over speculation
TIE CAUSE or PaNICs
was excessive speculation. Lack OF conn.
deuce ard NOT money caused the furry Is
New York last fall, when money brought
100 per cent. Two months previously.
when the volume was no greater, il brought
only 4 per cent Loss ~ public couEdenrC,
decline u credit aud panicS reSyIf iEdepeti-
IDENTIFY Of the money sunny. The only n
crease 10 The circulation } would make. "
said he, would be about
S2o,0Oo,n0O OE BANK NOTES
10 bring the circulation 10 the par Of the
bends it IS issued on, and this ] would do =,
much in justice 10 the national banks - ia
increase the cuTreucy Of the country. which,
according to the New NUrA World, Is
&, lt2 as. $50. OF This more than one-third
oI'S;2.. :;64. SS!l Is stored in the vaults Of
the / nitcd States treasury. Il thc State o.
Texas it is estimated that there are IN the
aankS and in general circulation s6, 93g, OiN
of money. OF this Total there Is stored Il'
the state treasury $500 eco, Of which
sl,2OO O00 is currency, s,ioh COO Il gold, ana
e,O0.0U0 silver dollars. Here We have nearly
onc-third OF the total money IN the StSte m
the vaults of the treasury II Austin. We
see mere, again
TUE rNpIsPosITIoN
10 use silver. / may state II ~ 4 fact. thai
| have known at one time in the city 200
900 Of treasury warrants ca}red as cast
items for days i'll preference 10 Carting 81
Yer from the treasury to the bank vaults.
To increase tho circulation Of the medium
then is the question. rather than the 10
crease OF the circulating medium, II occurs
TO III. thar
ATtEIFy Law
which would put less money ii the treas
ury. would leave more in the hands Of the
people.
The paper was discussed %. fcw mem
bcrs, Nh. Levy holding that more money
was needed. but dcmecatug the free coin
age of silver - unwisc. He was 4 biWetal-
isl and favored both gold aud silver a the
national currency. He would not say how
much the increase Of money should be
Mr.. Miller said thai more money was
needed in this than in any other country-
He knew that the scarcity OF money Is the
cause Of panics and financia! StrlngencieS.
The country Is ~ large. and business 80
great, the need for large supply ri money
was imperative il took a month Ia
MOIE MONEY ACROSS THE COUNTRY
from the Pacific 10 the Atlantic Gold and
silver should serve Is It basis of circulation.
The people prefer more aud more paper
money and metal currency IS gong out OF
use for that reason.
On behalf OF theH.itizens of Austin Gen.
Handy invited the bankers to attend ban
puct at the DriSkill hotc. tonight, which
was accepted with thanks.
The convention then proceeded 10 the
ELECTION OF OFFICERS,
with the following result: For president,
!. W. Blake of MeNia; first vIce-president.
T. NJ LongCope of LampaSaS; second vice
president. A. =. Woodbridge of Austin;
third vice-presidcnt, z. j. Grocc of Calves
ton: Tor secretary W. Goodrich Jones OF
Temple; first assistant secretary. W. o.
Richardson OF Marble Falls; second assist
ant secretary, f. Longmore of Bockdale;
for treasurer, Walter Nolte of Seguin.
Executive committee j. X. Rose of
Waco. w X. Handy OF Austin, Hcbe,-
Stone of Brenham, Gen. Oppenhcimer ~
Galveston, a :. Reed OF Balliuger.
Delegates to American bankers aSsocia-
tion-Messrs. J. :. Miller OF Gonzales. G.. \.
Levy of Victoria, A p Woodbridge OF Aus
tin. j. T.. McAshan OF Houston.
Mr. Miller of Bolton, on behalf of the
members, presented President Levy with a
gold-headed cane, which was accepted IN an
appropriate speech Of thanks by the
president.
The following standing committee on
resolutions was appointed:
Messrs. Miller Of Bolton, LipscOmb Of
Luiing and Levy OF Victoria.
The newly chosen officers returned thanks
for the honors conferred. and the corveu-
ton then proceeded to the choice OF i place
for holding the next convention
Waco. Galveston. San Antonio, Fort
Worth and Austin We're candidates. WAGE
captured them.
The usual resolutions OF thanks ~ press
and people were adopted, when the conven-
ton diourncd 10 the second Tuesday IN
May next.