Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1893-08-02

the s,varnrsrnt Issue bonds. and the
cry NOV made for the unconditional re-
peal ~ the Sherman law, charging ~
rcgariless o. the facts. with all the us
flesh Is heir 10. ought 10 make II periecily
appnrenf TO every thinking man. that
shopld tse sherman law be repealed with
out substituting anything In lieu thereof
II marie the mai destruction OF silver
money and no man can tell II II wall
ever b. r.stored This means for years TO
come lis reduction 10 token money, after
which the issue resolves itseli down
simply 10 the question un MhesheF me
money Of the country shan be issued by
the hank uts,u the debts Of the people OF
on ofber kinds Of corporate securities, OF
h II Il 10 rest on the broad and safe
basis Of roli and silver. This is 50, be,
cause eold alone certainly cannot ahord
sufficient basis ON Nhieh Tue ahouht
of circulating medium required py 'ne
people OF this country cas; safely rest.
"T am AGAINST an irredeemable cur
rencr In eyerv way, but. however. If II
Il to he declared that we must have
Fat money. II our circulating medium
Is TO be based upon faith alone, then
am in favor Of It's being issued by inc
there Is no need Of fat money, If the
people Of The country are only true 10
The rrinripies Of hard money, which
We're taught them by their fathers.
Those who seek 10 now issue fiat money
will be doomed 10 disappointment for
when the people Of this country come 20
fully realize the full import OF this de-
inand 10 destroy silver they will In no
uncertain SOUND let these people know
they are for hard money against paper
money still This Is not the first time
the people OF the United States have
had to fight on this issue. Old Jackson
did il for them once before and taking
above all other things the ultimate wei
fare Of the whole American people rs
guide. be never for an instant way
cred. but standing like n rock. swore
by the eternal the peoples rights should
be protected, and he won.
The same threats We're made by paper
money advocates then as now. A panic
ensued and such dcpre ssion followed
they Thought surely old Jackson must
give way and they would win. but old
Hickory never for a single moment way
cred. On the contrary he appealed again
20 the people Of the country pointing out
where an this would lead them. babe the
United States bank do its worst. aud
he did not appeal in vain. Neither will
we appeal In vain, for vixen the people
Of the country awaken to the fact that
there Is being made a systematic At
tempt 10 force them to pay the obliga-
lions Of the government IN gold alone.
when they have always had right 10
pay In gold or silver and that this Is TO
be taken away from them, that the
contract they m,ide with their creditors
is 70 be violated | for one have not the
slightest doubt whore they will stand.
Not only must this convention make
this ATTEMPTED violation of the contract
plain to the people. but at the same time
II must demand Of the servants of the
people that they administer the laws
according to the terms of that contract.
Il deny that gold alone affords II suii-
cient basis upon which the circulating
medium und the credit of this country
should rest. aud | charge that those who
now demand thut silver be destroyed, are
rot the true hard money men,
but paper money men. They
know full well that the people
of this country will have In some form
or another a sufficient circulating medium.
and they propose. to furnish i in the
shape of a promise to pay, issued 10y
themselves. which they say they viii
try TO make the people believe will be
paid upon demand In gold. That the
present state of affairs Is directly point
Ing TO this direction | most firmly believe:
for If the people keep paying the national
debt at ANYTHING like the rate they have
been paying Il out. the national banks
as banks OF issue will have to 90 out OF
existence.
Now do they want this to come about?
Not by any means. And while lt is true
that of late on account oil the nlgh pre-
MUM np government bonds. little II amy
nrotit has been made on their circulation,
yet in the long run the prohtj upon II
have becu immense, and II they can sue
coed IN persuaCing cGLgreSS 10 isSu"
more bonds ber ring a low rate Of inter
,st So they can buy them at par, their
profits will again be Tremendous lul
| these bruking corporations, thetein'c'
tie question Is fast rei diving itse.t INTO
n rr6und.hog case. No bonds no banks.
| No cnrr, out this sci eme Of paper money,
every argument will he ufed TO try anu
deceive the people. Soon again you VIII
| hear the Il orn-Out plea The banks are
| best fitted 10 supply the cireuiallhs
medium Of the country, because Ny
| nlone can regulate its volume . corliny
Ia the demands Of business. This plea
| thsy have always madc, aud never once
| lived mn tolit. Certainly they have had an
npnortnnity TO do this of late, when
every b0sines; man in the country KNOWS
| there has been q scarcity or enrr'nvA.
| with but few exceptions by increasing
! tbeir circulation, expanded the volume
ncrnrlinv 10 the demands OF business
| No ani this theory being based upon
A false principle from beginning to emu
! can never be carried out
| .sNext II they succeed in unconditlon-
| aIly repealing the sherman law, you viii
| hear demnnd made that the govern
ment issne bonds upon which the banks
| NAV snnuly the deficiency In the circn-
| lntinr medium and issue il notes up TO
the face value of hundred PEI, cent
| mon deposIts Of 90 per cont with the
| Tinted states. In either United states
! go,d or silver coin. other than suhsll-
| diary silver. Further amend by repeal
| ing the fax on national bank circula-
| lion a. first 1t may seem That notes
| issued under such a law would not he
secure Inn as under the national bank
/ ING nrf thc notes Of all hanks are the
first liability that has to he met. can
! not see but they should be absolutely
safe.
Now suppose o bank should fail. FIRST
there would he for redanption of rs
notes 80 per cont of either gold or sill,
YER coin. Next the bills receivable OF
the bank. and under the present system
II would he an utter impoSsihiliiy for a
bauk TO fail and the whole OF is bills re-
! criVablc h,. worthless, Certainly 10 per
| crnt would be paid beyond question.
| Finally there is the individual liability of
| thu ocl,hnlders What more secure
system Of banking could any country
hnyey II some such plan as this bs
adopted and entered into IN good faith
II cannot be but short time before
you will see the old parity between gold
aud silver absolutely restored and give
to us snund national currency. If this
can be- brought about | am sure only
| confidence would be instantly restored,
but this country will have raised aloft u
beacon light which will lead the world
towards prosperity for half century to