Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1893-07-08

Palestine, Texas. July Z, 1898.
Editor Gazette:
A great deal is being written and said
at this time on the question of silver
I coinage, either In Ignorance OF the facts
/ III relation to the question, or for Tue
( purpose of deceiying and misleading the
/ public. And TO this end much is being
/ said and done to suppress knowledge
/ of the real facts. There are lew inets
/ which should be- kept In view, in THIS
I discussion!
/. Gold and silver have been the
/ money of the world as far back rs we
! know Its history or traditions. "Their NJ
ness for money is shown by tile fact That
both metals possess In common, ana
neither Ia any degree different FROM
the other, all the qualities which arc
recognized rs necessary for money. Sill
yer enjoys. with an equal degree with
gold the qualities Of indestructihility.
Of divisibility, Of mallcability and of re-
sistance to chemical changes, thus dem
Onstrnting their usefulness aud ttncSs
as regulators Of the volume aud value
of currency aud exchange
2. Gold and silver We're made the
money of all the United States 10y the
federal constitution which provides
act section 10. THAT no state shall
make anything but gold and silver coin
n tender in payment OF debt.
.. National bank notes and notes of
other banks are not legal tender money,
aud their value in all commercial coun-
tries was measured by gold aud silver
coin, previous TO the year 1873 These
Great Britain made gold the money of
account In that kingdom. In all the
other commercial countries of the world
gold and silver was the money of ac-
count previous to the year 1913, These
metals were, up to that time, the basis
of banking exchange, and measured
the value of all the bank notes aud cN-
changes; and controlled the value of
all property and of all bonds and other
securities for money.
l. The contention of the bOud-hOders,
the holders Of gold and the bankers, now
Is Tint silver shall no longer be a part
0f the legal tender money of the world.
That gold alone shall measure the value
of The bnnk notes, exchanges, property
and lubor of the world.
;, The amount of gold coin aud bul.
lion In the world is about the same as
the amount of silver coin and bullion in
the world.
q. To dcmonetize silver and make gold
the only legal tender money of the world
would by the destruction of ouc-hnlf
of the legal tender money of the world.
ahont double the burdens of all debtor
governments, corporations. associations
firms and individuals. and would vastly
enhance the values of all securities and
credits aud Of gold coin and bullion,
because OF the reduction, OF the kinds
aud volume Of money which might be
used for payment OF debts, ana because
the gold Of the country would buy s."
much more of labor and property
/. The contamination of such a policy
which the great body Of the debts OF
the world was created that Is TINT the
debtor may nay m the hlhuS or 'hourE
Whleh cNial,n WI" Nv. III -
created. Ana such p9lley "'uiu he'cS
sarily produce cohdiuon "' ,'n'rn
bankruptcy In all the countries where
should be- made to prevail MI hnflrs
4, Nerdlinger an able writer VINO was
for considerable time the WlauVlAl
editor of James Gnruoh behnotl pupers
in New York, London and farls' SHOWS
IN an article in the Illustrated Ameri-
can Of July /, lS'l3, thot Tue shrlnkage
In the value of negotiable securities
dealt In on the stock exchange oil New
York, has been, IN the lnst WE'VE
months, estimated TO be total oi Sun
mOuOu, This' sHppose, rs QUE "i ,ir
now going ON to reduce the legal tender
money Of the world To gold alone.
In order TO. give some idea OF what
doubling the burden of debtors means,
| present. the following slnusucS OF tlc
public and railroad indebtedness in the
United States III the year 1870 to-w't'
M tl,e Ifnitnd States less
cash in lie treasury ....S sol 900, tOl
State and local. ..,...... 1,1aO,2l0,4l2
OF municipal corporations 724,403,OB0
I OF school DISTRICTS; ,';sc; 39'tNNii'viip
Railroad bonded debt 1891 5,2So, 29o,OI4
--,., -- -
AggrCgating ......... .SS,o2S'OSu,62S
bani,inr "'' m NAM mining aud
other corporations except municipal aud
railroad corporations; nor the debts OF
associations, firms and privat iindiNid-
uals, which would probably double Tue
foregoing figures. 1nc national debts
OF all nations, less the sinking funds, ~
the year 1880 amounted TO S2b'dSJ,olu,-
Sll. 10 this should be added what is term,
cd IN the census OF 1870, the foreign ioSal
debt, amounting TO Sl,OS9' 20. This
r. composed of the foreign debts vi the
principal cities Of the world, not inelud-
ing those Of the United States. AMI tho
foregoing aggregate does not include
aunuitics. whose capitalized value would
amount to several bilious of dollars, In
France alone TO S2,O0OWO,uOO The
United States census for 1870 plnces the
aaerr..fsafN .f gha national lnht trf