Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1894-06-03

reduced about nne-hnif- And II now
requires twice as much OF the products
OF labor TO pay given amount OF in-
dehiedness as was required In 1879, the
year before
silver WINS ncmonctiscd.
II ie assumed by some that the free
and uniimited coinage OF silver NJ the
ratio OF 10 to would drive the gold out
OF thee ountry, II being now the cheap
or money. and what II called the
Graham law Is appealed 10 In support
OF shis view. The same argument was
used In the EFFORT 20 defeat the passage
of the Bland law OF 1873, At that time
there was about $3.50 600 900 OF gold In
the unitcd states Actual experience
IL this notable instance showed that
the Graham law hnd no influence on
our money. The books OF the treasury
department showed that there was n
rnpid Increase OF the amount OF gold be-
tween the time OF the passage 81 tho
Bland law and the first Inauguration
OF Mr.. Cleveland as president In lSSa,
at which time the gold IN the country
amounted to about S630,000 900, an In
crease OF $500, 900 600 In little over SIX
years. And the books OF the treasury
also showed that durlnE that time we
had exported a rood deal more silver
thnn we Imported This practical Ok
pericncc Is more reliable than the the
show the folly OF the assumption that
tho United states cannot preserve the
parity OF silver with gold without he
iug Joined by other nations. our hos
tile legislation and our hostile and law
less executive management degraded
our silver bullion. not our dollars, To
what 1t IL now. Friendly LEGISLATION
nnd friendly administrative action. l
do not doubt would put II back to the
condition Of is7a,
And healdes this, II we would re-
store silver to the place and relation
with gold that Il then occupied, and the
governments ~ Europe would adhere
TO the single gold standard am Of the
opinion II would secure TO tho United
Statos far the greater part Of the
trade with Mexico and the Central and
South American states. and with chi
ma and other Aaintic countries.
Uovrrnmrnt Runds.
The recent sale Of sbo. 900 OF bonds
OF tho United states FOR tho purchase
OF gold was In disregard of the IudE
ment and wish OF all the political par
ties Of the United Stated. Az shown by
their opposition 90 an Increase OF the
bonded Indebtedness ana by their po-
lltlcal platforms, and II was unncces-
anry, nv the government then held
s56. 900 600 worth OF eilver hulllon which
could have been used 10 rulievn to
that extent tho existing financial pres
sure and In measure to arrest the
failing prices Of property, Il n Il nig-
nlncant fact that during the first
month after the purchase OF the $780,
600 900 OF gold. $50 600 600 Of Il went 60
Europe. And now the gold reserve In
the treasury In decreasing constantly,
and another issue OF bonds FOR the
purchase OF gold In being advocated
and viii be necessary II the present
fiscal policy. OF the government Ia 70
be continued
rho Tarin.
For mnny Year, past the powers OF
congress have been employed by the
Republican party to enrich certain
clpsses, through tarirr legislation, by
the transfer by law Of the property
OF other classes TO their use, BY levy
Ing duties beyond what was necea-
Hary TO obtain revenue for the support
" the government ana for protection Of
Industries. The collection of revenue
dustrioa, The collection Of revenue
for thc support Of the government IN
necessary and proper The ioVying Of
tax To enrich some OF the people Mt
the expense OF others ia nothing short
OF lcgnllzed robbery I am aud have
always been IN favor OF u tariff FOR
revenue only, based as nearly an nrac-
tlcable on the nd valorem value OF
the imports.
Interstate Commerce.
For ten years or more advocated
In the congress- Of the United statos
the passage OF law for the rcgula-
ton Of the commerce between the
states, which would protect the PEG.
pie against unjust cNuutiona and in-
lawful determinations, uniil such
law was finally pnssod. Its beneficial
effects have been felt by the people OF
every part Of the union.
An Income Tnr.
! believe u 10 be the duty OF con-
gress TO provide for u tax on incomcn,
not because OF any prejudice against
the rich. but because they, as well as
the poor, should be taxed for the pro-
lection OF their property IN proportion
10 the amount ~ property no protect
I'D. unlcaa an income tax shall be To-
viod, very large amounts or property
VIII bear no part OF the burdens OF
government, such as United statea
The 10 FER Cent rns on state Hank
Circulation.
The Chicago national Democratic con.
OF 10 per cent tax on tho circulation OF
OF the per cent ON the circulation Of
state banks. This tax was originally
imposed for the purpose OF driving
state banks out OF existence 10 that
national banks might take their place
IN aid OF a flnanoisl system which was
thought necessary TO carry tho gov
efunient through a great war The
oonstifutionality OF the measure was
seriously doubted. ana WIS denied BY
many But II was thought 10 be nee
essary as a war measure. al n time
anc under circumstance when but lit
10 regard was paid 10 the constitu-
tion.
As the public debt ia reduced. which
will be extlngulhhcd by 1907. the amount
Of national bank circulation viii be
reduced. while the growth OF the bual-
ness o. tile country demands an In
crease OF circulation. Modern Improve
menfs IN the system OF banking are
such ms that. with proper care. state
bank notes may be made aB good, and
their redemption on demand M certain.
nv those ~ the national banks. And
state banks would Insure a iocnl nnp-
ply Of money. decentralize our financial
system. which draws all money towards
the great commercial centcrn, and II
would provide new FIELD for the In
yentmcni OF capital IN the several
states. On these accounts I think IL
would be wise 10 rcprni the 10 per cent
tax on the circulation OF state banks
This would not. however. specially BEN
Cit our state. ns no bank can be char
tered under our present state conAtitu-
tlon, but IN diving relief In other ataten