Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1894-11-15
wAxrEp-A JACKSON.

'"The Financier," New York hnan-
ciaI Journal. gets much encouragement
from the result Of the elections.
while the congress elections Tues
day were decided mainly on the tariff
issue. the results will have an Import
ant bearing on the problem OF currency
reform Friends OF honest money can
not have failed 10 read In the returns
cheering Indications that the advo-
cates Of cheap currency Rave failed ut
terly In their attempts to delude the
people with their chimarlcai plans for
riches without work, ana the results
arc surprising evidence Of inc weaken
Ing influence Of this class.
Another evidence Of the sentiment
goveruing the people at the last cleo
ton was the population OF the free
silver idea, and the return of repre-
aentatives who maintain sound views
on the money question"
Cheap currency" got n bnckaet. ae-
cordins to the f'inancier. but the VIC
tory did not stop there. It accepts the
election as boost for the new curron-
cy system proposed by the American
Banllers' association and known as
the Baltimore plan:
III Is likely that the amendment 10
the national banking law adopted by
the bankers ASSOCIATION at Baltimore
viii be presented 10 congress at an
early day It's chances for hnnl adop-
ton w some form have been improved
BY the turning down OF statesmen OF
the Hookless brand We have no doubt
that the Baltimore plan, once thor
ouRhly understood, VIII be received
with favor by the house. but It's final
enactment Is not probable at the COM
INF aosalon OF congress. There are
strong reasons for believing, however
mat within TWO years the need OF a
better note currency viii have forced
ltselt 30 prominently 10 the front as
nm issue Independent Of politics TINT
the. question win be taken IN seriously
ana discussed I'm an Intelligent ana
honest manner by congress"
This In all very interesting. indeed.
when II Is remembered that the Sound
currency" which the Tinanoicr indorgeg
Is TO consiat OF $3.50 oOo.Oo0 OF paper
money Issued by tho banks. with no
security Of any sort except the gov
ernmenfs iudoraemcnt, which Is to be
given grntultously.
The banks arr to have the privilege
OF doubling the present volume OF cur
rcncy ana aftcrward to contract or
expand the circulation NJ pleasure. 10
the extcni Of hulf their capital stock.
and not sou OF coin or dollar's
worth Of security OF any sort Is to be
deposited TO give stability To THIS flood
OF paper money. II is to be nat, or
credit money. pure and simple. OF
course, after the scheme Is wen undor
way The government VIII lind It neccl-
sary TO increase lts gold reserve to give
confidence sufficient 10 make this paper
money bearing lts endorsement go. and
OF course It VIII be necessary TO Issue
more bonds 10 set this gold. The banks
furnishing this gold by a little limo.
cent speculation ON the money market
VIII be able TO buy It with the notos
which the government graclouBiy in
dorscd. aud thus 70 land In their vaults
the interest 5eguinr bonds OF the gov
eminent through the motto iaoues TO so-
cure which the bonds will be Issued,
This acheme, as ropncloua as It APP
pears, Is no fancy picture. 1t ia exuci-
~ what Is proposed to be done. and
what will be Hibmi,tyd 20 tie coun,-y
for ratification or rejection at the com
ing election.
II there "a within the ranks OF the
Democratic party an Andrew Jackson.
It's rehabilitation and glorious triumph
are not far on.