Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1893-08-18


nowxaper statements. and on these has
buIh 40 a theory which has nothing to
support II bsb an 1iry fairy web OF 70
marco.
The vital statements Of Mr.. Han
| cocks letter are that contract and prop
erty values IN this and all other COM
mercial nations, Including France, are
based upon the bullion value Of GOLD ann
that the presence in this country Of
go cent silver dollar has precipiiaied the
| financial crisis now upon US.
To the frst assertion It Is sufficient
reply to direc, attention to the fact wen
| known to the readers Of current publleA-
| lions that in proportion to local rslucs
| Europe has far greater volume Of
silver than this country. coined at
valuation . per cent higher than Is placed
upon Il here, aud standing not upon gold.
but on It's legal tender quality. Five Of
the leading banks Of Europe bold, as
part Of their reserves, silver coined at
10 1-2 to ], Ia On amount equal 70 the
total circulation Of this country end
nearly four times the amount Of the
silver money of this country, including
silver certificates aud subsidiary cola and
excluding the Sherman Law certificates,
which. urder the rulings Of the treasury
department, have been converted Into gold
obligations.
The Bank Of France holds In lis vaults
about S2JDO00,O0O Of silver coinage
value 10 IL to u. being nearly one-haif
Of its reserve against note issues aggre-
eating over SGO0.OOOOOO. II Is worthy
Of remalk. though o diversion. that ua-
like our treasury department. It eIer-
ciscs hs own option in The redemption Of
its notes, paying silver or gold as It
chooses, and will not pay out a dollar Of
gold for export; and yet. Notwithstanding
the theories Of Mr.. Carlisle. It's notes
thus rcdeemable commanded Il premium
oyes gold last January.
Mr. Hanc9cks second premise IL not
less fallacous than his hrst. II he had
gone to the records instead Of relying up
on fugitive and irresponsible newspaper
uttorances, be would have learned that
the coinage Of the silver dollar ceased
months ago. Nor IS there any present
issuance Of money from the treasury de-
partment which is any degree related
10 silver. The coin certificates used to
purchase bullion certainly conform 10
what Mr. Hancock would call orthodox
Guancc. because. " der the two cOmplai-
SAINT administrations which have inter
pretcd the Sherman law, they have been
classcd with the gold element Of our
circulation. Those from whom Mr.. Han
cock derives bis financial gospel have
been pressing the government for months
10 issue gold bonds. The only difference,
a. regards quality between the coin Ger
ilGcates and gold bonds. is that the for
mer do not draw interest. II is very
plain then. that this issue Of currency,
80 far from being start toward sil-
var basis, is 10 fact, q move In the other
direction. aud could not have bad any
thing to do with MIR. Hancock's fear Of
silver basis.
Under the theory advanced by Mr..
Hancock that the trouble j. IN aniici.
patton Of cheapeued money, stable So
cuntics should have advanced ia obedi'
ence ~ the natural law 10 such ease,
but. on tn contrary, property values
have declined. How can Mr.. Hancoul
account for such a phenomenon, labor,
property aud money ~ together IN fall
ing scale? Such a thing never happened
and could not happen. 1t Is rs impossible
a. that Mr. Hancock could dam The
Colorado with one OF bis patent leather
dancing shoes
We have already shown by quotations
from financial Journals that silver wa
the first element Of the currency TO dis
appear when the alarm Of crisis WA
given, and gold Is the last In circulation
which disposcs Of the theory that tn
trouble Is caused by mere desire G
hoard gold
The olRc.als OF tho treasury and th
iinancicr Of New York have ADMITTED
In mauy published interviews that til
public have shown no distrust Of an,
form Of our currency but have cyncc
an anxiety to possess and store ava
all % It they can get their hands OF
Mr.. Hancock prcents another cas-
Of successful business man and banke
who 10 so hardened by the care of larg
interests that he has evidently not Ia
time to apply the measuring rod Of fac
TO the statements which have been ralnc
upon the public from Wall street an
which many men, similarly situate,
have accepted w an authoritative con
pendulum Of the logic Of the busnes
world. The people at large are not $
crcdiious. They demand reasons an
facts. and On these and not on faith /
tho Inagment Of any man or any cla.