Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1894-12-12

moves Us 10 get them on me n..,
terms that we can. Vn 'ne pest
me notes OF both speclss N ,,.,,..
national and state, ousht "a H. y sr,,N,
aapon som bat, In View OF our $500,
nnAnSlai system and OF The csna,,lnr
me treasury. the pronosed Ma
,rnn,a " near specie basis as Il ii
r,v,r,,.,, 70 90. The notes OF the
ana ca.nli ought also to be redeemed
tbs coras,.g, there Is no provision In
or sanction the governments snvs,,,,,,s
~ banking business, as ID has bsen
eoins ior thirty years This object Is
perpaiiy attained under The se,rets-
pan. BY requiring the reserve or
Ktuarantee fund. OF the banks 20 be IN
uniteu states notes they are 10 ttgf
eAteht retired from circulation. and a
more elastic currency substituted for
lnem; and inasfnuch as the rovern-
Inent ~ pound TO redeem them In coin
On demand, they practsl ly furnish a
,i hssis OASIS Tor the issue OF notes. .Au-
o o,,v.sss 20 cancel the other notes Of the
government as surplus revenues come
IN, VIII finally retire every such note
The scheme proposes both a natlo,-
AZ ana a local currency. The notes OF
me national banks are received from,
the comptroller OF the currency. rs
now provided by law. the redemption
or the note Is guaranteed BY ali ather
national banks. and the banks thcm-
selves are subject 10 national exnmina-
Ton, supervision and control, while
state banks print and issue their own
notes which must be unlike material
nank notes or other national securities.
though, by consent Of the saoretary OF
the treasury, they may be printed on
IN. distinctive paper used By the gov
eminent, and are subject 20 such SUPER
vision only as the states enncting lAem
may Impose. Reing OF local charac-
ter, their notes are not SO likely as
national bank notes TO drift away from
nome on the tides OF speculation and
70 become congested In commercial
ccnters. They will remain al home and
supply local needs. As the notes 10 be
used as guarantee fund amount to
nearly 5Oo,O0O,000, II Is possible to III
crease the currency under this scheme
more than $500, 900 0O0 which. added TO
the currency now In circulation, would
amount TO about $40 per capita. 1t Is
not probable, however. that such vol
ume would he wanted until the husi-
ness Of the country would demand t..
In that event only would such Increase
be wholesome.
while the proposed system Is far
srnerlor to our present system, It Is
not. In my opinion, the right system.
Free banking is the correct system.
There is O great deal OF prejudice
against banko, but they are as essen
tlal to the welfare OF the people as
railroads. steamships and telegraph
lineE, aud the duty OF creating cIrren-
cy ought TO be left TO business people
without interference from the govern
mcnt The best and most etllclent cur
rancy now In uss, namely bankers
checks. private checks. drafts and bills
OF exchanSc-the latter constituting
the currency Of international commerce.
---lias happily, thus far, escaped the in
termeddling OF the government Intel
ligence AID integrity must eventually
become the chief basis If all banking
and when left free they viii provide
currency SUFFICIENT In quantity. Without
faint or defect, In Rouadness and un-
equtled in the refinement OF rs adap;a-
tens to all commercial uses, Coin VIII
then be needed only In very small
transactions and IN the settlement OF
balances And IN order that Dielr
weight and flneness may he certified
by some responsible authority there
ought to be free and unlimited coinage
Of gold and silver and all other metals
that the people want as currency, But
the mandatory quality OF legal tender
should belong TO none. Good money
does not need the mandatory quality,
and to give It to Ind money IL robbery.
Neither has the government any more
right in Justice to force 0ay particular
currency upon It's citizens than II has
TO force any particular food down their
throats. In either cast the citizen Is
entitled to his choice,
will congress adopt the plan out
lined by the secretary?
II fear not. anticipate an cutlery
against II by eli persons who fiVur the
existing monopoly enjoyed b. national
banks and by all the cranlSs who think
that the government alone should fur
nish the currency. and by all who have
heretofore raided the gold In the treas
ury. These three classes are abe 10
bring a powerful Influence 10 bear on
congress and may defeat any Just ard
liberal scheme OF finance"