The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1895-05-30
CONCLUSION

Mr.. President, but little remains for me
to say before bringing these remarks to
q conclusion. 1t is not my purpose to dis
!. cuss upon this occasion the various prop
ositions which have been made from time
to time for the improvement of our bank
| ing system, or for the retirement of
! United States notes. because the ques-
tons involved in them are so important
and so large that they cannot be properly
considered in connection with the sub
ject to which my time has been devoted
! We have an abundance of money in this
country for all the purposes of trade, and
, the disturbances and hard times of
1893 and 1894 were not caused by n
scarcity or contraction of the currency,
but by contraction of credit resulting
from a loss of confidence in the stability
and value of our currency. So far as
the mere volume of our currency is con-
, cerned we had then and have now an
ample supply for all necessary purposes,
but under the existing system 1t is not
properly distributed and is not sufficiently
elastic to meet all the changing require
ments of business at different periods of
the year. The United States should go
/ entirely out of the banking business by
the withdrawal of its arbitrary and COM
| pulSOry issues of notes and afford the
people an opportunity to supply their
: own currency, based upon their own
, means and credit, thus enabling every
! community to utilize its own resources
! when necessary and adjust the circula-
! ton from time to time to the actual de-
mandS of legitimate commerce. In what
way this shall be accomplished is Il ques-
ton which has already engaged the seri-
Gus attention of the people and public
authorities, and it will no doubt continue
to be investigated and discussed until 4
plan is formulated which, if not perfect
will at least have the merit of being 4
great improvement on the existing system
i In the meantime our highest duty is tC
preserve the present standard of value
maintain the parity of the two metals
and keep ali the money in circulation
among the people, whether it be gold ans
silver coins, or paper based upon them
equal in purchasing power, so that no dis
elimination will or can be made between
UhOse who receive silver or paper ant
those who receive gold. A great govern
ment should do nothing to discredit it,
own obligations or diminish the value o.
the money in the hands of its citizens
nor should the people of a great countr!
ever consent to the adoption of a policy
through experimental financial Legislation
or otherwise, which would vitiate the oh
| llSdllOnS OIL lllelr COuWuctS, interrupt I'M
regular course of business and destro!
the foundations upon which their indus
trial and commercial systems have beer
constructed. The spirit of conservatism
is still strong among our people, and
notwithstanding the delusive promises ant
selfish appeals that are now largely in
tluencing their opinions in some parts o
the country, the truth will ultimatel,
prevail, and l have no doubt of the re
suit when the time for final action comes
| Gentlemen, | thank you for your polit
attention and for THE opportunity yo,
have given me to say something upoI
this great subject to an audience o
Southern men. We are all Americans
all citizens of the same great republic
and while it endures the fortunes of tn
North, South, Feast and West will b
bound indissOlubly together. There cal
be no antagonistic interest, no prosperit
in one section at the expense of another
but we must all stand or fail together
SO believing, / have spoken to you toda,
without reservation or exaggeration il
behalf of that policy which, in my judg
ment will most certainly promote th
welfare and preserve the credit and homo
''of our whole country.