Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1893-09-01


man " clt"d for Cleveland as a vi.
metah Jult vOuch for the man in thu
moon. ny not act now on the whole
hnanc.al question: Il was glibly said we
coull nave ilril!Gr legislation later. II
must be true. as Mr.. Hill prophesicd last
week, that the purchasing clause would
be uncOn 1idmnlly repealed. hut Il was
equally true that he might find Il n,-ces-
sary. after time 10 revise his prophecy
II this act should pass and silver be, as
| II mnst. absolutely degraded, he knew no
reason why any senator who believed IN
FREQ cUinege should ever cast another
woe In favor uf protection in any form
Iiis was an era of experiment. Let's
experiment all round. Even IL 1t We're
| true our abandonment Of silver would
in time compel other nations TO its use,
the step would be ruinous aud unneces-
| sary
We could absorb all the silver offered
for courage without imitation OF the cur
runcy and without lmpairing our financial
credit at lone or abroad. He demon
strated II few days ago the folly Of the
statement that the repeal Of the sherman
act would restore confidence This was
a bankers panic, and II you asked the
banker today how the repeal was to re-
store confidence he could not tell you.
| DepJSitors whJ drow out some S1SO,00O,-
coo did not complain Of the act, and
none drew ont their money because Of the
existence Of that law. 1t seemed unac-
contnble that In peace times, banks
/ should not increase the volume of money,
| Their plan was. however, after the re
peal to ask for the issue of SlOO,0OO,OOO
| Of gold bonds, and they had good reason
| to believe the cOmplacent finance cone
! mittce would authorize such bill. While
waiting, clearing house certificates based
ON rcliscountrd paper furnished an eN-
cellcnt substitute for money.
No more remarkable statement had
ever been made than that by German,
who with bntrd breath urged the senate
gard to the condition of banks, but to
let the comptroller alone. The Western
point of view was not Of much value
these days on Wall street, but he ven
turcl to suggest to the able tnanciers OF
that attractive but expensive locality, II
they would prevent Il repetition of such
frauds as the whisky trust and such
acknowledgement as was shown N cord
age aud other industries, they would
remember that the sherman act or some
Kindred measure recognizing silver coin
age, must afford them the only avenue
possible for the enlargement of the cur
rcncy, which they especially needed.
They would look az a map Of the United
States and observe that they cover
broad cXplnse Of country and contain
many views and would so modify their
opinions as not 10 believe every man who
differed with them respecting financial
matters must be either a villain or
crank. We would sooner arrive at that
condition of mutual confidence and re-
gard which ought 10 obtain between cih-
zens of the same country, WolcOtt then
went on 10 cOntrOvcrt the argument that
there was an over-product.on Of silver In
fla word In this CONNECTION he cited
number Of figures, iLSilE up particular
ly the case Of Leadyille the result Of
careful inquiry made by a committee Of
Fffa f4,H. ~ Il .t1Vs
production there. His summary showed
that Leaty.le produced in fourteen years
net SlOi.Jl5, SO nc cost Of Sl21.521,-
6S3 showing a loss In silver mining
changed into a Fam profit by the value
OF by-products. The prop'c Of the far
Northwest favored resumption Of free
silver coinage because they believed In
b.meialllsm. They were inflntionists. but
they did not advocate fiat money They
believed that as Senator Jones happily
put II, the rude Obstacles which nature
had interposci offer better safeguards
for the people than Ihe wisdom or un.
wisdom Of their rulers They opposed
n slng'e standard because there was not
enough gold 10 do the business of the
world and furnish It's Inhabitants with
the currency needed, Twenty years ex-
poricnce had emphasized the experience
of centuries. Silver had not deprecated,
bui gold had appreciated
The question as 20 whether silver
should lie demonetzcd by this bill was
national and not local If he represented
any other section. with his knowledge
Of the possibilities of the great West,
he should be equally tenacious Of the
preservation Of the white metal, as part
of the standard Of value. No man. re
moved from the money centers, and real
izing the illimitnblc resources of this
republic and its constantly Increasing
needs, should never stand for the con
traction of the currency-alrcady In.
sufficient. Their interests were Identical
with other sections Of the country, which
were borrowers and not lenders They
demanded the coinage of both metals be
cause the history Of all the countries
taught them they afforded the safest
aud most adequate basis for the cur
rency Of the people They were not in
fuenced by their euyironmentse. II was
true that for generation, at least,
many OF the great states would suffer
II the bill became a law. but they could
endure It.
The strong would suvlve aud the weak
90 to the wall But 1t would be- the first
time in the history Of the world that a
peOple devoted TO one Of the nohlest in
dustries, 10 search for the precious met
als. were doomed to destruction 10y their
feliow-men. because they produced too
much for them. They should be proud
that within the limits Of our country
the courage and industry OF our people
md developed silver enough and nearly
gold enough. to satisfy the constantly
Increasing need Of those metals for
coinage purposes There conld be no
stronger bulwurk Of that county's safe
Nv, than that she produced her own
coin for her own people, and was not
dependent for IL on foreign nations
III the mining states alone were 20
suiier by unconditional repeal, they
woud suffer without a word in the f.
f.r5st OF a mistaken policy ior the pub
a,,.,fvv nof likewise devoted 10 disaster
and inipogerishmcnt. The senate was en-
! deavnrinr 10 remove one of the corner
stones Of the governments iabr.e, 10
fear down one Of the pillars Of our ten
Ne ~ rrosneritv. They would ind 10
ihcir sorrow that when the Southern
and Western walls erumbled' the East
ern facade would not remain unmuuiat-
cd and secure. -. g..