Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1893-08-06
ounnNNcy ZOE nANKs.
Congressman Johnson's Plan for Re-
lief Submitted TO the Cleveland
Chamber of Commerce.


was made puldic today;
NJ. H.. ,,i.r,,.n, c,h.,,.,.r 90 f,o,,,,.,rc.
-" '"e ~'''''"ei =.
denuemen -beheNing that the hnahciai
pressure now existing demands prompt
ana ode,uata r.li.f rr,,oso n, TIA
- -
hrst nug OF Tue coming session 10 miro
duce in the house of representatives the
AN a't TO permit the cNehpngc oil uh'tea
States bonds for treasury notes.
BE II enacted by the senate and house
Of representatives of the United States
OF America ~ congress assembled, that
any holder OF bonds Of the United States,
after the passage Of this act, may deposit
such bonds at tile treasury of the United
States, or at the Q1lcc OF any assistant
treasurer OF the United States, and re-
ceive therefor their face value In treasury
notes OF the United States, as described
in the act of July Ia, 1870. Such bonds
shall be held as special deposit to
the credit OF the party depositing them,
ana during the time they are so held
shall draw no intrest, aud shall be re-
turned on the demand of the party de-
posting on the payment OF their face
value in United States currency.
Section :. The secretary Of the treas
ury shnll make such regulations us may
be necessary 10 save to the government
the payment Of interest on such bonds
during the time they are held as a spe..
clal deposit and he is Hereby authorized
TO issue treasury notes to the amount
needed and to provide for the cancela-
uon OF an equal amount OF such notes
on the return Of said bonds to their
owners, and n sum sufficient TO carry
mo effect the provisions Of this act
j. hereby appropriated out of any money
m the treasury not otherwise appropriate
cd
section 3. All acts or parts of acts
Inconsistent with the provisions Of this
act are hereby repealed.
Whatever he the preliminary cause of
me financial difficulties now paralyzing
business aud stopping Industry, it *
clear, that their first appearance was
largely due through fear Of an impen-
| ding disastcr IN the measure of values
But the main and pressing difficulty now
Is the scarcity Of the medium Of ex-
change While the shrinkage of credits
| mas increased the need for money its
| hEninblc volume has been greatly lessen
| ca by Tue strengthening of reserves by
banks aud savings Institutions, aud by
| the boarding of individuals under fear
OF or the desire to bring about greater
scarcity.
The repeal If the Sherman act, which
! confidently anticipate, while 1t will allHy
fears OF any change In the measure Of
| values, will do nothing directly TO in
| contrary, by stopping the issue of treas
| ury notes for silver. II will lessen the
supply, The only measure lo1Sing 10
| relief of the need for money yet proposed
| with any hope of the necessary consent
is that of permitting the national banks
| TO extend their issue to the face value
of their deposited bonds. But this. while
| certain to arouse dispute and consequent
| ly cause delay. would increase the cur
renncy only some, SiIOm:OOQ
The bill | send you. allowing all hold
ers of United States bonds TO turn them
into money for such time as they may
he willing to forego Interest, offers Il
simple, safe, INN adiate and sufficient
remedy for the abnormal scarcity of
money. Beyond the bonds deposited TO
there are IN existence 100000 900 gov
eminent bonds. largely held by financial
institutions, For instance The 'Soriety
for Savings" OF our own city. the lnre.
est and strongest financial institution In
Ohio, holds to-day S2OOOOOO of these
bonds. While undoubted security. these
bonds cannot be converted into money
with which 10 meet my demands Of IL
depositors without las ia the so,iefv
and increase in the general financial
pressure. 1t could only sell them AT
present at a great sacrifice of their nor
mol vnlue and could only harrow ON
thprn nj a rote mnch exceeding thc rate
which they Weld. Such a course would
incrnnse the General demnnd for money
while normally decreasinr mo general
snpnlv far The fnct flint snch a Jnnk
WIS socriecing its s"cnrities to gct
money would Increase The feeling Of
panic which grows by what II feeds
o on
Now this Is precisely the situation In
DIR avn clty md state, Int oyeT tbe
whole tinion So much l. human action
governed by Imagination. so strong Is
,be imnnlse IN do Svhnt We soc our neigh
Lnrs dniny tbnt II Il entirely nossiLie
,,,itb az s,bunhonca Of money In the
cnnntrv 10 meet MI usual domands. for
gSUmriSl ~ Strinscnty TO crow TO a point
tba, yvoulI rednce MS almost 10 a state
o. uuI'cIi; T., L.. ~ r, LIN frha ,ns.
psigIar az pu o mV c3nyertinr IInteI
Stn,n,SS honds irto nancy wonlJ entirely
' I LEI -, dan,ar ond NJ onra