Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1893-09-03
All IS FfAr MONEY.

CORSlCANA, ToN Sept fSpeeinll
Jumcs Gnritty, president Of the ifiret
National hnnl " thia city. gives dttor.
apcc 10 the following OH the innnclnl
question;
am somewhat loathc TO give my
vlcw on the currency question az tho
present time, because " tho fnct, that
upon all questions that ara gcncmlly de-
botcd az this limo men win take Sides
on general principles, aud niicr thcy
have once argued tho matter, md de.
clarcd themselves on one side or The
other, then thr arguments Of those hold.
Ing q different opinion will have no
wrildlf
No amount Of reasoning Will convince
m Eastern mpnIme,nlllst that he ~
wrong. nnd ] presume The same may be-
said Of tlie hinciallisi Of tie West and
South 50 far as the present. scarcity
Of circulating medium n concerned, /
hayo not heard pf u remedy proposed by
any one Ia authority thnt would give inn
mednte rrlicf. and immediate relief h
what ~ needed A scprrity Of currency
VIII surely affect Tho price OF every bale
Of cotton marketed Ia tho neyi Nix months
aud cause great baniilip and loss 10 all
interUla IN llhH country, especially those
Wl1 have debts iliAt must bn paid.
/ hoierc that the quickest and hest
way 10 stop this currency famine and
restore confidence wonhi be foi congress-
ln addition 10 allowing national banks to
issue currency 10 the FOIL value Of the
bonds deposited. 20 authorize aud direct
tie Secretary " tic treasury 10 buy In
eay, two hundred millions u United
States h0nl-, and pay TOT them IN Rrnfn,
backs Initiating the currency, you sayf
Wen, yes, u would. bot surely there
caI be no harm IL initiating q currency
No scare that II rs commanding n pro-
MUM Oycr bank credits. This govern
mciit could. i believe. ilOnt billion
dolIara DO grrcnbafkS II needed, and
keep Them ut Unr with gold aud silver
~ long az lucy arc y legal tender for
he payment ~ al dObts, duos nnd de-
niands, ma they HbJuld be nothing less.
Fiat money, you Hayf Wei, yes, Il II
ilat money: but 40 II all money, he It
geld, silver or paper, niih ~ green.
back II the promise 10 pay If bJ.ODO.OOO
psople h q country tecnlng with nftfy.
thing that man moods for his comfort
or biz pleasure 10 the extent that II Is
needed by The people b carry on their
business. y j. better money than either
gold or SILVER.
contend that az money q fiat money.
Gold u bat money backiA up by the nat
Of the government that stamps a. Silver
the same. 1nke away The mats Of Tie
governments that have stamped tie
coius 10 circulation Nv the world, aud
your so.eallftl intrinsic value would
rapidly disappear, and gold and silver bc
worth little more than copper or brass.
n an the rud and oliver In the world
We're destroyed. ether means Of lseitling
balances would be- substituted In very
short time. and the world would move
on as usual, none the worse for wAnf
81 X. TIE natural absfltiae wonld be-
paper issurd urder proper regulations
and radecmahle In The goods and labor
" the people Issuing H. Money AZ brsi
y but token That the civilized people
Of the world agfca they will take In
settlement Of bdianccs
Buying end selling y only trBdlng at
lsqi. ana money the token given 81 the
dnhi0r Ia o trade % hin creditor. which
be- agrees 70 redeem iu asno futirs irnde
TAs- creditor in the hrgl trade transfers