Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1893-08-27

hyley VIII not chne Nero. hrc,rs, ,e nv.
noluer i afraid that We Will 81 M , W N
ver standard. Tho exIortaiinn N .oia
In,,ca Nv, Hw.ntea 10. az conclusive evil
~ ,ys w. irlEntened English bondho,d-
eis were throwing Amcrican seenr;s,'.s
upon me market and soll.nr fhe,n w AN.
people IN exchange for mia R,t ,n,.,
gold Is coming back faster fhnr I, ,se,,,
away ana still we have mo Sh..,,s,,
iaW unrepealed. Since that theory Mi
nor explain both the export ana innnri
VI soir, iet Us accept a theory which
lar,,,l,, w. Niance OF trade has been
"n5 ~ 1ssllst ns during the last year.
our expectation Of breadsniT, hs. 'G ~.
urelseu ana the gold Is returning. lis
Iolns was aggravated by the fact thar
Ausuta-iltngary was gathering In vnli
ior resumption and was compelled m
take part from US. lnstead OF using
Ihal export OF sold as a reason for coins
so.l basls, II ought TO make ms
, urnaAe me danger Of depending solely
uppn . metal which some other nation
may. deprive us Of at critical 't ,no.
ment ''''''' inV-
Mr Cannon Of Illinois. VIII the rem.
tleinRn permit me 10 interrupt him?
Mt Bryan. Certainly.
Mr' cannon of Illinois. | am In com
plele harmony with what my friend Il
SAYING now. | ask him II he viii allow
XIV 70 REQUEST him not to omit to state
inai " me twelve months ending limo
80 last this same balance Of trade that
was against us not only took The eold
~ the United States. but nearly SiT.-
OHlOOO OF silver as well.
NJ Bryan. think the statement
made ny the gentleman Is correct
The sherman law fails utterly to ac-
count ior present stFingency. Let me
suggest a more reasonable cause for the
lroGh,e. Last spring an attemnt was
made 70 secure the unconditional rcpcsl
o. the sherman law. We had no panic
then. hni the same forces which have al.
ways opposed any legislation favorable
10 silver demanded that the purchase Of
hullr1 should stop. Some who believe
thnt " per cent reserve makes bank
safe became frightened lest % to 20
per cent reserve might not be sufficient
10 make the government safe, and
wanted nn issue Of gold bonds. The
great arrImeut used IN favor Of both
these propositions was that money was
being drawn from the treasury and
sent 10 Eufonc: that confidence was be-
Ing DESTROYED and that q panic would
follow They emphasized and magniiicd
the evils which would follpw the depar-
tire OF gold; they worked themselves and
Their associates Into condition Of fright
wMeh az cause financial stringency,
Like the man who mnoeently gives the
alarm OF ti.e IN crowded hall they
excited a panic which soon got beyond
control,
THE REAL TROUBLE.
The trouble now IS that dcposltors
have Withdrawn Their deposits from the
hanks for fear Of loss, and the banks are
compelled &c Nv IN their loans 10 pro
tect, theifi1edd W. and thus men who
srippied. i ihe wnie have moi xxx faii6
IN the eovornfqcSt or In The government.
money. Tiey do not refuse silver OF
silver certificates. They are Glad 10 ret
any kind OF money We were told last
spring that gold was going TO q premium
but recently In New York city men
found a profitable business IN the selllnG
Of silver certificates of small donomlna-
tons 81 ? per cent premium and on the
9TH Of this month there appeared In tht
New York Herald and the New York
Times this advertisement;
WANTED SILVER DoLLARs-!wc de-
sire to purchase At premium Of "a pei
cent, or 81 per thousand. standard silver
dollars. In sums Of $1,000 or more In re
inrn for our certified checks payabl,
through the clearing house.
ZIMMERMAN. & FoRSIIAY.
Bankers, II Wall street.
Ahout the same time the New Yorl
police force was paid in 500 gold piece,
because Of the scarcity Of other kinds o.
money. How many Of the falling banks
have Obcvod the law In regard to re
serve? How many have crippled them
selves by loaning too much TO their Of
ficcrs and directors? The situation car
BE- stated In few words; money en-
not he secured TO carry on business be
cause the banks have no money to loan
banks have no money 70 loan because
the deposltors have withdrawn thell
money: depositors have Withdrawn thell
money because they fear the solvency of
the banks: enterprises arc singnant be
cause money Is not In circulation.
FAMINE WILL NOT CURE HUN
GER.
win a repeal of the Sherman law euro
these cyi'sy Can You cure hunger by {
faninei We need moncT. The Sher
WIN the strngeucy be relieved by sus
pending that ISSUE? II the advocates
Of repeal would take for their battle cry
"Stop issning money instead Of "Siol
buying silver" would not their purpos,
be more plain? But they say the re-
peal Of the law viii encourage foreign
capital 20 come here by giving assurance
that II win be REPAID ON q gold basis
Can we afford 10 buy confidence Mt that
price? Can we afford TO abandon tho
constitutional wight TO pay in either
gold or silver In order 10 borrow foreign
gold with the certainty OF having 20 pay
H hacl, In appreciated dollars? To my
mind, Mr.. Speaker, the remedy proposed
seems not only dangerous and absurd
hut entirely inadeunate. Why try 70
borrow foreign capital in order to induce
the people in this country TO redeposii
their savings In the bonksf
A SUGGESTION
Why do not these 6nanciers apply the
remedy 10 the diseased plrtf If the
eentiefnan from Now York tAir. Hen
1rixl. TO whom i listened with pleasure,
and who said. II have come into this
hnll as a banker, | am here as the presl-
1ent Of n national bank. desires to re-
Store confidence. let him propose for the
confederation Of the members bill TO
raise. by a srall tax upon deposits, q
sum sufficient TO secure deposition.
against possible loss; or bill to compel
stockholAers to put mp security for their
double liability; or TO prevent slockhold-
ers or officers from wrecking bank 20
carry on their private business; or To
limit the liabilities which a bank can
assume upon given amount ! ci9pital.
40 that there will be more margin 20
protect it's creditors; or a OIL 70 make
more severe the punish neat Tor embez'
element. 80 that a man can not rob q
bnnk az a laif million and escape With
Ave years and can not be boarded a
4 hotel by n marshal. while tue smail
thief suffers In dungeon. tAppause'
Lei him propose some real relief anu
this house will BE- glad to cooperate
~ II tbere Is immediate relief neces-