Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1894-10-20
cHocK PULL or WIND AND WATER.

present suNer dollar rs that II GOES
not contain the equivalent OF one hun
drsd cents worth OF gold.
They cannot endure a dollar that does
not represen. intrinsic value. Any dol
lar tina; does not measure inirinsiealiy
with a gold dollar IS. according to our
single standard friends. a dishonest
dollar. We are sure that no one
Will deny that this Is a fair statement
Of their views.
Referring to the advocacy Of AR
cuiberson OF free coinage OF silver at
the present ratio the Dallas News
says;
When confronted with the vital i'm
portance OF having some guarantee
that the 10 10 ! scheme IN question
should not result IN the suggested ca
laniity by working a fatal disparity
between gold and silve- standard dol
lars he Offers none except the belief
OF himself and other Supporters Of tho
scheme that II would not endanger
the parity OF the two standards"
The coinage OF silver is, in the View
Of the News. ''beset with perils Of de-
probation and species OF imitation
that Is In effect the worst form OF
monetary stringency." This is truly
discouraglng But there IS another
way" says the News. "1ooklng 10
such a currency. and which is beset
with no such perils. This way is pre-
scented ia the plan submitted to and
approved by the American bankers
convention recently held at baltimore.
The most distinctive feature OF the
plan is 10 substitute cash guar
autee fund in place OF deposited bonds
as security Tor the circulating notes
Of banks It proposes that the gov
eminent shall redeem bank notes as
1t now does and that the banks shall
provide the fund for their redemption,
but instead Of depositng Ii4 as tho
condition Of getting $50 in
notes for circulation. IL pro-
yides that cooperating banks shall
contribute a mutual Insurance fund
adequate % meet deficiencies In the
assets OF insolvent banks"
This proposal Is here stated plainly
enough. but lest there should be any
mistake. Il should be observed that the
plan IS that the main volume OF the
trading currency Of the country should
originate with the banks, on heir mo-
tlon, and rest primarily ON thelr credit,
secured by the guaranty OF the gov
enmeut TO save It from loss All tile
banks would contribute ratably.
II is not intended here to discuss
the merits or dement's OF this visionary
scheme further than to say that n one
thing is settled more positively than
another in the minds Of the masses
Of the American people It Is that the
authority TO regulate the currency Of
the country. to expand and to contract
It at pleasure, will never again be
referred 10 any class Of private citizens
or corporations. Congress must eXer-
else that power. out OF regard for the
iutereHts OF the whole people. and no
whlm or prejudice or selfish impulse
or class or Industry must be permitted
to dictate to the country the terms
on which Il may do business. The
purity that darcs to 10 before the pco-
pie with proposal that congress shall
abdicate It's control Of the currency
In favor OF perpetual system Of
banks would not survive the issue Of
a single election.
Passing, however. from this phase
OF the matter. this proposal Is most
suggestive. coming from the source 1t
does, because Of the undiuted hutism
which II Involves. Those who make
1t were greatly alarmed few months
ago lest the government should not
be able to protect it's erect and con-
| tinue to issue silver certificates to the
amount OF about s5O.O0O,OOO year.
based ON silver bullion OF considerably
more than half that value II they
told the truth then. they doubted, and
they commended that the world was
beginning to doubt the solvency OF the
obligations Of the government inoreas-
| ing at the rate OF 25,0Oo,0OO year in
excess OF the market value OF its bull
lion reserve on that account.
They told US then that the govern
ment could not safely issue It's prom
lses to pay FOR paltry sum with sill
| yer In the vault to help redeem its
/ promises, lHcA tel us now thAt tAe
banks Of the country may safely issue
their promises. with nothing in their
vaults or in anybody else's vaults,
with which to redeem them. ana that
these promlssory notes, endorsed by
the government, would furnish
sound currency. Was there ever pro
posed wilder scheme % natlsm than
this? The sub-treasury plan provided
for stores OF staple products, but here
Is substantially the currency provision
OF the sub-treasury plan, with the diff
ference thst the currency is 20 be based
on nothing, and that the banks shall
got the benefit OF it Instead or the
farmers.
The significance OF all this is plain
enough, The talk about hatism In sill
vor Is and has always been inslneere.
The enmity to silver Is not because II
is not thought good enough for stand
ard money. but because II Is too good
to suit the purposes OF the would-be
manlpulators OF the money market
They do not want and they do not
propose that the country shall have,
with their consent. a sufficient amount