Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1893-09-17

I
the declared purpose OF redeeminr a.
branch Of lthn. currency which has never
yet been presented FOR redemption. ny
treakihr tfia reserve by reducing Il be- 4
low ia liked nIuount Il was supposed thu
SECRETARY OF the ireasuiy would be under
immediate LEGAL necessity to issue and
scll bonds. with the proceeds OF which
the Ecld reserve was 10 be Kept at III
maximum
The ettnck. therefore, on the head Of
that column was swift and strong. with
intervals Of delay for ample and skillfui
preparation these attacks have been re-
peated again and again aud have only
siaciscned IN their frequency and force
since Il has been found that theexecntive
department OF tho government can not
be cccrced In that way. But the cam
paiEn OF capitalists seeking a new supply
OF mtercst-bearlns government bonds tlf
not connne Itself TO any one point OF
assault. while they operated With an
relcntlnK Nlgor TO hreak down the re-
serve % gold IN the treasury. and to that
extent impair the public crdlt, they also
startled this country and filled the world
with the cry that American gold was runs
nng away from this ailVcr-blaAtcd coun-
try. chased out by silver money, ind that
thcrc was no way 10 lure u back except
10 bait nlentlfully with governmcnt bonds.
" y In this connection also that the
Sherman act has been made 20 do double
duty, II has teen held 20 answcr not
only FOR tho inherent and incradienble
Vices which II does posseSs. but n has
been charged With grave ofensen 10
which It has rad no part
NOT ON A SILVER nAsla OR A GOLD
BASIS,
| Sir l do not believe FOR moment In
placing thia country on u silver basis any
uorc THAI on a gold baals, l have never
advocated such q policy. The two mctals
together ON a parity and IN harmony with
each other must constitute the broad
and ample specie basis required by the
vast and progressive character Of Amer
lean trade and Industry Nor have | the
slightest faith IN the rrctense that our
silver colin or our silver certificates hnve
been driving our Eold 60 foreign ahnrer,
whore our creditors are Haid 10 be Sitting
in fear aud trembling lest the silver Itself
should come, OF something worHe, Ny TX.
nerienre ON this auhiect leafs 10 Totally
different conclusion. when IN 1873 the nt
tempt WAS made 10 check the torrent "
nanNturtcy ana ruin uccaHioncd BY the
decentralization Of silver In 1sia, and the
consequent contraction OF currency which
followed, there went ny such wail OF
dismal prophecy IN thvae halls over tho
nroposed restoration OF silver money "a
will never be forgotten, An Inspection now
OF the Congressional Record OF that date
y mll OF entertainment and. Indeed Of
/ Instruction
1t viii be recn how able and learned
men can Hrow eloquent In predicting what
never comes TO pass. how. thay cnn dia-
/ regard the traditions and the constitution
ot their fathers ~ we'll an the tcachinga
OF all the area known to human history.
Much, indeed, may be learned by recourse
70 the dchntou Of fifteen years pEo on mis-
subject. ! could occupy the time " the
/ senate hour after hOur, IA reading the
prophetic viAnns ~ dire disaster which
then appeared 10 certain dlatineuihhod
/ aenntorf NJ the lilund.Auiron act re-
] monctlainr nllver, and providing for its
partial coinage should become "a law.
one OF The nrHt aud most certain evils
predicted wna tho hurried departure OF
gold which hau taken place from this
country IN the last four or ave months.
hut this must be accounted Tor 10 my
mind, In dinerent way. Il was a part
Of the name plan which attempted TO sack
tho treasury OF It's gold reserve fund 10
create diatrnnt fear agitation, panic anG
= withdrawal. ar far a. possible, ~ nh
money IN crculaiion and III this to be
accomplished By u concerted cutlery from
terror stricken bunlness ciroleH and from
the whole National banking System, that
nothing eau restore public confidence, ana
save the public credit, except the issuance
NJ 81 least thrde hundred millions OF In.
tsrest bearing government bonds
THE NATIONAL BANGING SYSTEM,
Sir have no dealrc 10 assault the Ma
tionnl banks nor any feeling 70 crafty
Ia dolng 10, Al q gsneral rule they arc
under the management and control OF
gentlemen standing high for ability and
Integrity, II " the aysteul which atraign,,
and not the individuals who conduct H.
fuioRios ON tho National banks ~ a ps-
tenn Of finance src very familiar TO MS all,
ana yet II may be replied TO every word
IA their praire that thr good the banks
have done 10 hRndlinn a safe and reliable
currency has come alone from the poNor
~ tho government, which peTyadca them
/ Whllo tho evils 'hpy accomplish hive
nriHen FROM uie fact that far too much
power hiss bssn ieft in tho hands OF mon
TO tempt their nypticr and ambition
The merits pnsneaaed by the National
banha arc created and upheld. every ono
OF ihom, by the official hand ~ tic gar-
eminent. by the bonds on which their
notes are iusucdl by heir official cngrnp-
ms. and by NHilaut aud efficient sd.
miniHtratinn Of their afinirg at Tho hnnaa
~ The comptroller OF the currency. on the
other hand, the unrestricted, unreatralned.
and unhridlou power which N permitted
10 the management % those banlga. where.
by the circulation OF money IN the handt
Of the people chi be- ana often has hecn,
suddenly nuetuated from a prosperous
maximum 90 n Htuntcd and distruptfui
minimum. CONSTITUTED n standing and a
frightful menace against the safety, the
welfare, and the happincna OF the great
and most useful body Of tho American
people those who have labor and the
products 10 exchange for money, and
who have a Right 10 expect steady md re-
munrfa,ive rates OF pay
AN APPALLING IDEA.
The idea here Represented "a an appalling
one. No othpr government within tho
boundaries ~ civilization. m far as
can learn. has ever committed 10 private
parties the power 70 make mnncy plenty
or money scarce. times cauy Or times hard.
business prosperity or bufinesH bank.
ruptty. the power, IN fact, to circulate
the governments own currency or to-
withhold Il from circulation, az such
times, and under such circumstances and
IN such amounts, ~ VIII inure TO tho
boncnt Of private speculation and per-
sonn Hain. rather than 10 tho public In
tcroatn. Yet such u exactly the terrible
power now poEreaaed hy those engaged In
National banking and such the power
they have called into disastrous action II
has becn asserted and admitted that some
or the banks have themselves suffered and
fallen BY the overthrow Of public and
private confidence which has taken place
II only adds ono more Illustration 10 tho
wen known fact that a demon Of de-
niruction Onoc raised sometimes escapes
the control Of 10 naaters and turns aAd