Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1894-04-29

True, we can always draw Il from the
Golfers OF Europe by issuing interest
bearing government bonds 20 entail
now hardships on our people. hut un-
less We resort 20 self-destructlvc meth
DDS Of that sort, we win IND our golu
coinage unsteady and frcQuenuy
brought almost 10 cessation
Does any reasonable man believe
that the gold production can be safely
relied ON TO supply money Tor the
world without being In some way as
slstedY And, " not. To what method
shall the people OF the United States
resorty shall II be paper money! The
national bank circulation T. now far
less than II was i've years ago, and
VIII continue TO decrease Even II these
Institutions were authorized to issue
10 the face value OF their deposited
bonds, this would constitute but q
casual addition to the currency.
or shan we take M the proposition
TO issue government promises 20 pay
or other paper to Circulate as money!
This project can never IND favor with
thinking people, who see in II both a
temptation To extravaganza and n
strain upon government credit which
should never be rcsorted to except IN
time OF war.
To Democrats Federal paper money
suggestion lH sun more Unacceptable,
doubuully authorized by the conHtltu-
tion. In this respect the United States
IL sim moro poorly prepared than Eu-
ropoan governments 20 do buslnoasa
ON a gold basis. for through such In.
strumeutaities ma the bank uf Eng
land. bank of France and the Imperial
bank of Germany the great transact
lRntic countries can expand their cur
reucy by note Issues ON u gold reserve
IN seasons OF financial stress. In this
country we have no self-actinR mn-
chinery Of TINT sort, and under present
conditions our Industrial progress "
narrowed TO hard gold
Where then, shall we turn TO mad
means of monetary expansion and de-
velopmcnt2 We look up from the pages
Of our daily observation ~ find nee
essary why We turn 20 the pages OF
our constitution to find legitimate
way We turn Co the pages Of expert
Cnce to hnd n safe way. In my judy
mcnt we ilnd both IN the free and
unlimited coinage OF silver,
There are some SO fixed hv prepns-
session and SO determined TO ignore sill
Yer that they will scout the promises
upon whlon the argument In its favor
rs constructed, aud asserting that gold
n now aud will continue 10 be the only
money metal Of the world They will
boldly aver their willingness TO commit
the dostiniea OF this country 20 the
chances Of gold policy,
others however, will follow the ar
Eumont up TO this point, aud agree
Ing that the minor OF the world do not
furnish gold enough to supply n Just
volume Ia the money OF the world.
agreeing that there ought 10 be some
plan devised 60 utilize silver for this
purpose, viii not agree that the free
and unlimited coinnge ~ silver by the
| United States IL thai plan, Their OBJ
Icctlona run IN about this circle "'rhe
great nations OF Europe purdue the
l.. u la
line. England, Germany Holland and
France have abandoned silver coinage,
and n we began II the entire silver VI
| the world would be dumped into our
| miuts. that the silver dollar would
dcrreciate In value until u had fallen
| far below par with gold, that the gold
would all leave us and 80 60 Europe
that We would 70 60 silver haRls
| IKE Mexico. that the bullion IN n silver
| dollar IL worth leau thnu 30 cents that
Il law for ooinngc Of silver would there
| fore merely be n bounty to the silver
miners Of Colorado; that silver Ia cheap
money; that the lahorlnE classeH are
| always the first TO suffer from such H.
sues. and that the experiment would
| be attended with disaster"
But many who feoi all proper sollol-
| tudo that the United States shall have
no other money hut sound money feel
| that these objections are unreal, We
| believe the experiment Of free und UNI
| limited coinage Of silver can be en-
tered upon safely, BY free coinage we
mean equal colnngo; that " 10 say.
| TINT the coinage Of silver shall be upon
| the same terms ns the coinage Of gold.
| we do not believe a fair test ~ be
| mettaliYm can he made unlCds the
| two metals are treated alike So II
we run the United states minis free
| Of charge 10 those who Offer gold bul.
| lion, we should run them free ~ charge
| tn those who offer silver bullion Hnv-
| Ing graz ted both metals equal priVll.
| eyes, we can then find out the reh-
| tive commercial value Of tho two mot
! ais We can meyer determine this na
long AZ one ia given legal advantage
denied TO the other
Governmental Hawking business,
Both metals having been put upon
equal footing at the mintp, the next
| and most important step In my Judg-
ment would be TO take the United
States treasury out OF the banking
bgslneaa, and cut M root and branch
| the theory that II IL any business Of
the government to redeem one sort Of
| money IN another, The proposition
that the government should stand
ready va give gold for other Kinds
| OF money on demand puts the whole
people OF the United States al the
mercy Of the gold Spectator. The as-
! fptlHNfN DUNN OF NtN 1Ofk city lOnE
since had the gaEaoity TO protect Thorn
selves from any such rulnous liability
and by clearing house rule more than
ten years ago. forbade any OF tho
| banks 20 open an account payable In
a special kind OF money 80 that as I
| understand ~, II you take ten thoua-
and dollars IN gold 10 u New York
bank today and propose 10 open IN
account with Il, the banker VIII not
\ agree that your gold money shall be
| paid buck IN gold. but the only agree
| ment that he win make ~ 10 pay your
! deposit back ~ r1rrept funds. Now. if
\ the New York bnulgH had the good
sense TO make such a rule to prevent
men from drawing on them FOR gold
| why should not the United Stntca
| treasury adopt the same sensible
course 20 protect isself from gold
drain7
/ Another necessary regulation to be
made IN conjunction with restored ail-
/ yer coinage would hc 10 abolish the
| policy OF isauina noteH or certificates
| on the raw bullion This scheme S.
| In the first place. OF doubtsul constitu-
tlonality but another objection IL that
| people viii never have the necessary
| confidence In bullion. IL seems more
| like a security for money than money
| Itself We should therefore, actually
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