Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1895-05-24

/ owe very little at any one time, while
! their employers are always indebted
/ TO them, because wages are not PAID
] in advance; and besides. many or them
! have small deposits In sayings and
other banks In trust companies, In
I buil1jnr associations, and large num-
bers Of them have their lives Insured
| for the benent Of their wi,e G and child
! rem, and consequently they are creditors
of the banks and the insurance COM
panies. The savings bank depositors
In this country last year numbered
I Am. 1857, and the wives and children OF
E the depoaltora who depended upon
] those accumulated earnings for future
J support doubtless numbered l0.0OO,00O
/ more. There were 1,925,3i0 depositors In
I the national banks last year, and Liza
I OF OF them had deposits of less than
/ $1,000 each, while state and private
/ banks and loan and trust companies
l held deposits for l,A3663S people. our
l He Insurance companies. to say nothing
| OF companies lnsuring property against
/ loss by FIRE and otherwise, had 7bO5,SIO
| policies outstanding last year, upon
I which the premiums had been paid or
/ were being paid by the people, and the
I mutual benefit and assessment COM
7 panles had 3B7S,000 members. The
\ building and loan associations had near
| ~ 100000 members, all Of whom had
Q
1 rules Of the body to which they be-
/ longed. Here then are about 2l.00Q,00O
OF our people, generally poor, or at
/ least people OF moderate means. who
| have given credit 10 these great COR
/ porations and companies, and in my
| opinion IL would be a grievious wrong
| to adopt any policy which would de-
| prive them OF the legal right to demand
| and receive just as good money as they
| parted with when they made the de
| poslts In the banks or paid the premi-
ums on their Insurance policies. The
/ hard earned savings OF the poor ought
l not to be sacrificed to the avaTice of
| the wealthy mine owners or the Hmbl-
| ton of aspiring politicians, ana IL the
/ people who have a substantial interest
| In the welfare of the country and Just
/ appreciation OF their responsibilities as
/ citizens win exert their proper innu-
| ence in public affairs this great wrong
can never he perpetrated.
| Mr.. President. but little remains for
/ me to say before bringing these re-
/ marks to a conclusion. II Is not my
/ purpose TO discuss upon this occasion
| the various propositions which have
| been made from time to time for the
| Improvement OF our banking system,
or for the retirement of United States
| notes, because the question involved
| In them are SO important and SO large
| that they connot be properly consid-
| cred in connection with the subject
| to WHICH my time has been devoted.
| We have an abun n nee Of money in
| this country for all the purposes of
| trade, and the disturbances and hard
| times Of 1898 and 1894 were not caused
by scarcity or contraction of the cur
rency, but by the contraction of credit
| resulting from loss of confidence in
| the stability and value of our currency
AA far M Of
rency Is concerned, we had then and
have now an ample supply for all nee
essary purposes, but under the exist
ing system 1t Is not properly dlstrib-
uted and Is not sufficiently elastic to
meet all the changing requirements
of business at different periods of the
year. The United States should go en-
tirely out of the banking business by
the withdrawal OF its arbitrary and
compulsory 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 re-
sources when necessary and adjust the
circulation from time to time TO the
actual demands Of legitimate COM
morce. In what way this shall be ac-
compllshed is question which has al
ready engaged the serious attention
of the people and public authorities.
and II will no doubt continue to be
Investigated and discussed until plan
Is formulated which, II not perfect,
will at least have the merit OF being
great improvement upon the existing
System. In the meantime our highest
duty Is to preserve the present stan
dard Of value, MAINTAIN the parity of
the two metals, keep all the money in
circulation among the people, whether
II Is gold and silver coins, or paper
based upon them, equal in purchasing
power, so that no discrimination will
or can be made between those who re-
ceive silver or paper and those who re-
ceive gold. A great government should
do nothing 10 discredit Its own obli-
cations or diminish the value of the
money in the hands OF Its citizens, nor |
should the people of a great country |
ever consent to the adoption OF a pol |
ley, through experimental financial leg |
islation or otherwise, which would vi |
tiate the obligations OF their contracts. |
Interrupt the regular course of. their |
business and destroy the foundations |
upon which their Industrial and com |
merclal systems have been constructed. |
The spirit Of conservatism is still |
strong among our people, and notwith-
standing the deluslve promises and sell
fish appeals that are now largely in
iiuencing their opinions In some parts
" hhN f'bHAiyt Wv hluNh VIII ulll1nAIe-
ly prevail. and I have no doubt of the
result when the time for final action
comes.
Gentlemen, I thank you for your no.
lite attention and for the opportunity
YOU have given me to say something
upon this great subject to an audience
OF Southern men. We are all Ameri-
cans, all citizens OF the same great
republic, and while II endures the for
tunes OF the North, South, East and
Vest will be bound indissolubIy to-
lether. There. can be no antagonlstic
interest, no prosperity In one section
a. the expense Of another, but we must
NJ stand or fall together So belley-
Ing, / have spoken TO you today with
OFT reservation or exagReratIon In he
hat Of that policy which, In. my judg-
mnt, will most certainly promote the
welfare and preserve the credit and
hotor Of our whole country
y the conclusion OF Secretary Chr
lisHs address there was another noisy
demonstration, followed by cries for
Congressman Josiah Patterson, OF
Mehphls The congressman neltnowi-
edgld the compliment, congratulatinp
the audience on the opportunity thsy
enjHed to hear the able address OF The
SECRETARY OF the treasury, and thank
ing the distinguished guest for tho
ing.