Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1893-07-31

festiy will not be peTpe,uated. IL to DO II
the national debt must also continue.
Dependent upon the sentiment Of the
country upon that issue alone, it is evil
dent that the currency must die. Its
days are already numbered. Ever frac-
tionai advance In the price Of government
bonds Is 4 blow al its life and
the march Of events everywhere indicates
its subversion from the present basis"
Mr.. Coe further insisted that security
could not be supplied by state bonds, by
corporation bonds. or by Individual mort
cages Of real estate. The two last classes
Of securities were, he thought, too iuctu-
aiing. too tansitoy, too local in their
character for the purpose proposed. and
would be given a fictitious and temporary
value by the very currency they were in
tended to protect. He thought that the
only resort for basis for the national
currency issues was to commercial as
sets.
To conclude the citation Of authori-
ties on this question. we will give the
remarks Of Senator Sherman as found
in bis speech on the free coinage Of
gold and silver bullion in the senate
June .. 1892 In 1854 he had said tia,
nothing could take the place Of govern
ment securities. He now admits that
these must go:
''Ii is not necessary for me here and
now TO prOlOng Che argument about
these banks No doubt they have had
shnfr A arFtn hfi.
cause they are not good banks
bur because the bonds Of the United
States upon which they rest Will be
paid off. :,
Now, Mr. president, another thing is
plain, that the people Of this country
whether rightly or wrongly is not for
me to say-nre not in favor Of the longer
continuance Of the national banking sys-
tern beyond that period which will en-
able them to wind up. as banks Of circu-
lation when the payment Of the public
Understanding bonds Is made. -
Mr.. President, ] am, therefore, In favor
OF regarding the popular will as being
practically expressed, that We shall not
continue this banking - stem longer THAI
the existence Of the bonds that are out
standing. The people are not willing to
take the security for the notes they hold
as less security than the government
OF Alt llllNfu E0hAAfN VI tlNhhNA
that BE- Va the form Of bonds or in the
declaration Of tile government to main
tain the notes
THE DEMAND FOR A NEW SYS-
TEN.
Thus It Is clear that the national bank-
ing system is doomed There will soon
be no national bonds available the diff
ficultics ia the way Of securing state
or corporation bonds for national uses
arc insurmonntablc. No practicable
scheme can be devised for selecting such
bonds. Who would discriminate? What
action could be- taken that would not be
odiousl How prevent wholesale favors
and corruptlonf
Tie practical difficulty of dischmlna-
tioi Is such as to hinder any serious
project. We have the highest authority
for saying that mortgages on real estate
and commercial paper win not suffice
How much better then, to leave the mat
ter to tho states. In view Of all the facts
presented. how frivolous and how futile
It is for Republican writers aud speakers
10 announce themselves the defenders Of
the system, and 10 cry out TINT cAertions
are being made 10 overthrow IT, No
| exertions are being made for any other
! purpose than to allow a system that was
throttled out Of existence in crisis 10
resume the exercise OF function that.
1 in the process OF evolution. the national
system has practically ceased to per-
form. No exertions are necessary for
the ultimate extinction Of the System II
Il were desired. The logic of effects
will worl, this result unaidcd. A new
environment calls Tor system with
functions adapted to it.
| PROPOSALS FOR NEW GOVERN.
MENT USES.
Now let us see what government is.
sues have been proposed aud whit oh.
icctious have been urged against them
President Harrison remarks in his let.
ter Of acceptance that changes may be-
come necessary, and continues:
but national system Of currency
safe and acceptable throughout the
whole country, is the good fruit of q
bitter experience, aud ! am sure Oui
people will not consent to the reactionaly
w.
This is fitting conclusion OF the pres.
idents eulogy of an expiring system
and his "reminiscences on the currency
of former days. But since the leading
Republican financial authorities admit
that the good fruit is nearly exhaust
ed, and that II will entirely disappear in
a few years, It is difficult to see Just
what place such statement as this
has in an expression Of views on the cur
reucy problem. 1t remains to be seen tC
which of the alternatives "our people
will give their consent-to the do-noth
ing policy, or perhaps the government
currency proposal OF the Republican
party, or to the Recommendation Of tn,
Democratic party To repeal the prohib
itory tax on state issues.
The alternative that the Republican,
must present in ease they should decid,
to take any step, is to leave it to tn,
national government to furnish our cur
rency.
Comptroller Knox said in his repor
in 1873:
THE overthrow Of the present well es
tablished system swill be sue
ceeded by two kinds of government
notes, one or both AT discount 70
gold and OF unequal current value, o
| hV fifgulniiuy nnfnS tssttau uutInr