Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-05-31
COL. CUIBERSON
On the Financial Policy of the Govern
ment.

On the financial portion OF his speech
Mr. Culberson spoke substantially as
follows:
"A triumph of the people over privileged
classes, protected industries and the money
power upon the tariff only would
leave those engaged in agricultural pur-
suits. and all others who are not the bene-
ticiaries Of the existing financial policy of
the government, at the half way house
on the road 10 genuine general prosperity.
The financial policy OF the government
should be reformed. No people. however
frugal, economic and industrious they NAV
be, however just and equitable may be the
burdens of taxation imposed upon them,
can prosper, who are denied by the GOV
eminent volume of circulation, a medium
of exchange, sufficient 10 meet the wants
and demands Of business, commerce and
trade. The logical and inevitable result of
such condition is to ucreas" the purchas-
ing power of the money in circulation re-
duce the wages of labor and cneapen the
value of al kinds OF property except fixed
securities.
Those who are fortunate enough TO be
possessed of mOney-dealers in monev-the
money power, prosper and grow richer but
the tillerS of the soil, who must rely upon
the proceeds OF their annual crops, and all
the toiling millions who live on the pro-
ducts OF
HEIR BRAIN OK HANDS
grow poorer Our population may now be
estimated at "a 100000. with a business III
terest unparalleled in the annals of the
world.
The secretary of the treasury in his re-
port, on the lst day of this month. shows
that there are outside of the money in the
treasury OF the United States, and supposed
to be in circulation, Sl,529 3l6, S33, consist
ing of S40S, S62,1S1 il gold, Slj1. 692, SIS in
ell jolI
$346, 900, 900 in legal tender treasury notes.
Sl66, 100000 in national bank notes, Sl3S,-
000, 900 in gold certificates, 1912. O0O. 600 in
silver certificates, and S31 600 600 in legal
tender bullion notes. issued under the
bullion purchase act OF the last congress.
Il assume that this report is proxi-
mately correct but while this amount of
money may be outside OF the treasury of
the United States, it does not follow that it
IS unrestrained and available for active cir
cuIauon. We have more than three
thousand national banks with more than
5000 900. 900 of paid in capital, per cent of
their circulation must be held in re-
serve We have vast number Of private
banks, which must hold reserves to meet
demands upon them, and who will under
take to estimate the amount boarded by
INDIVIDUAL AvARICE.
1t may be safely affirmed that less than
one billion dollars must be relied upon as
an available unrestrained medium of ex-
change.
THE Fifty-first congress. perhaps the
most remarkable congress ever assembled,
appropriated nearly billion of dollars or
near five hundred millions for each of its
fiscal years. 1t follows that one-half of the
available volume of circulation is required
TO leave the pockets of the people each year
and perform a journey to Washington to be
imprisoned for time at least in the treasury
of the United States. The treasury of each of
the states in the Union and of all the counties
and municipal governments have TO be sup
piled annually with money TO meet the de-
mands upon them. More than half of our
volume of circulation is therefore kept busy