Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1894-12-02
FINANCE is THEIR THEME.
WHAT SOME ooNunEssMEx mAvn
no SAY.
No Necessity for the nond Issue
Criticism OF thc Proposed rInn nj
EninrEing the currcnc>--Mnst he
Legislation GA the Subject.

Washington, Dec. Amos j. Cum
mlngs is Of the opinion that there is
likely to be considerable agitation dur
ing the coming session OF congress over
the bond issue
81 do not think" he said, 'that there
was either necessity or law for the
bond issue The issue is without the
warrant OF law or the excuse OF neces-
slty. II there was 10 be a bond issue
II should have bern one authorized
by congress. and Of such character
as TO have put the bonds within the
reach OF the people. think congress
last session should have passed some
such measure as the one introduced
by myself giving the secretary au-
thority when occasion required To issue
low denomination. low interest bond.
to be sold 10 people through every post
office IN the country. This bond issue
was taken entirely away from the peo-
pie and given 10 syndicate. from
whom the bonds Will have to be pur-
ohased at a premium by amy one de-
string them. do not think that there
WIS any necessity for the igsu2 beyond
the fact that the gentlemen who have
taken the bonds desired H.. II opens n
convenient way FOR men OF large means
TO escape the income tax. Alen OF
large wealth are by this issue of bonds
| given a means OF Investment at fair
interest without being required TO pay
u tax on the income OF the Investment.
For this reason the bond issue IS
desired and for the same rem
| son the bonds which go
into the hands OF the syndicate viii be
| in demand and considerable profit
will accrue to them as middlemen."
Speaking OF the coming session Of
congress, Mr.. Cummings said that he
! did mt think that there would be very
much done beyond passing Of appro-
| priatlon bills 1.-THE naval nppropria-
tion," he said. should provide for one
new battle ship and torpedo boat"
Representative Sweet OF Idaho has
arrived IN the city 10 resume his con-
eressionaa duties In common with his
colleagues from the west, Mr. Sweet
Il very much interested IN the finan-
clad situation. and 10 Star reporter
today talked Interestingly upon that
subject.
tratian's plans 10 improve the financial
uollcy Of the government that does
moi pfopose 20 broaden the basis OF
| coin I" said Mr. Sweet. This niclns
thnt oliver must be taken into consider
ation in all matters as well as gold.
MIR Sweet thinks that one cause Of
me nrescnf financial embarrassment u
that the supply OF gold has reached
Inc utmost limit OF It's credit. lie
thinks the plan 70 Issue currency upon
a bnsis OF national bank securities o.
,non any other basis OF that character
sgouid prove failneious. because Y
would simply be issuing money against
nm already overstfnined credit
afn that case" saif ir Sweet. "a
dollar thus issued would be credi
dollar pure and simple. on the othei
hand a dollar note Issued aeainst sn
,-a- would have at least a slNty-ctf
,,,s5a becariae the bullion In II wouis
~. worth that much, ani u would b
- ar ahead OF fhe other dollar az u
i've only 40 cents worth Of credi
ss-,inst 100 cents worth"
'e,aeakinr OF the recent bond isAue
AR sweet expressed the opinion ina
he sale. 81 bands win have no ONE
.,'s,it up5n the finances OF the coun
nv man 20 put tie government thu
.,,,,,n into debt He thinks That IN
;n,y arfhoriginR the redemption 'cF Ger
~, -,ffes in coin did not cnnfemp az
,.''..,,ittin,, the withdrawal of gold firm
X. sreasury 20 be shipped % BuIog
sor specnlafige purposes relelf. y
,hinLs the withdrawal Of gsld from ~
.-s.,s,tr,- should be limited 70 iegiti
NJ sweet u vcfs. desp0ndent of ~
-. iexislnticn at this session OF con
'.re.sa he believes the president Wonl
80, IL even II che silver men N cen
ss RAD tine power 20 pass H. 81
- no encouraging outlook ~
silver at present y, ,,,,,s.o.
! Representative Haiiwin q Ailhis''''